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IDEX Corporation

Rank #322Capital Return

IEX · NYSE · Industrials

IDEX Corporation (IEX) — Rank #322 by gross profitability (GP/assets 0.22) · ROE 12.1% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · CIK 0000832101 · all metrics point-in-time as of the filing date.

About

IDEX Corporation, together with its subsidiaries, provides applied solutions in the United States, North America, Europe, Asia, and internationally.

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It operates through three segments: Health & Science Technologies (HST), Fluid & Metering Technologies (FMT) and Fire & Safety/Diversified Products (FSDP). The HST segment designs, produces, and distributes a range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, and custom mechanical and shaft seals. This segment also offers engineered hygienic mixers and valves, biocompatible medical devices and implantable products, air compressors and blowers, optical components and coatings, ultra-precision diamond tools, and laboratory and commercial equipment, as well as precision photonic solutions, technical ceramics, hermetic sealing products, porous material structures, and flow control solutions. The FMT segment designs, produces, and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors, other fluid-handling pump modules, and systems; and provides flow monitoring and other services. The FSDP segment designs, produces, and distributes firefighting pumps, valves and controls, and rescue tools; lifting bags and other components and systems; engineered stainless steel banding and clamping devices; and precision equipment for dispensing, metering, and mixing colorants and paints.

The company was incorporated in 1987 and is headquartered in Northbrook, Illinois.

Industry
Specialty Industrial Machinery
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Price History

IEX+7.5% · +1.4% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$16.36B

P/E (annual)

34.6

P/S (annual)

4.7

P/B

4.1

P/OCF (annual)

24.1

Shareholder Yield

2.1%

Employees

8,700

Industry

Specialty Industrial Machinery

Exchange

NYSE

Signal Flags

2 green1 red
Revenue growth acceleratingGrowth rate increasing year over year
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.22
Return on equity
12.1%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.73
Current ratio
3.05×
Net cash
-$1.24B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.8%

Growth

2/2 pass
Revenue growth
5.8%
Piotroski F-Score
8 / 9
Share dilution
-0.8%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

11.8%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -0.8% — per-share value needs a total required return of 11.0% once share-count change is priced in.

vs. own 6-year median revenue growth: 4.3%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

7.3%

r = 10% (base)

11.8%

r = 12%

15.8%

Net debt / market cap: 7.4%

Base FCF: $616.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

32.4xExpensive
26.2xmed 30.6x39.9x

P / S

Price / revenue per share

4.5xCheap
3.4xmed 4.9x6.4x

P / B

Price / book value per share

3.9xCheap
3.9xmed 5.4x5.9x

P / GP

Price / gross profit per share

10.2xCheap
7.6xmed 11.1x14.7x

P / FCF

Price / free cash flow per share

25.4xCheap
19.6xmed 27.6x35.0x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.22

Primary signal (Novy-Marx).

29th pctl of 36 SIC 35 peers

Return on equity

12.1%

Gross margin

44.5%

63rd pctl of 36 SIC 35 peers

Revenue growth (YoY)

5.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

2.8%

Revenue CAGR (5Y)

8.0%

Earnings CAGR (3Y)

-6.3%

FCF CAGR (3Y)

8.0%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.73

69th pctl of 36 SIC 35 peers (best = lowest)

Current ratio

3.05×

89th pctl of 36 SIC 35 peers

Quick ratio

2.00×

Net cash

-$1.24B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Moderate
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-5.7%Mild decline
Worst year on record(any fiscal year, not recession-limited)
-5.9%Mild decline

Cash-flow health

Free cash flow

$616.80M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.28

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.8%

Stock-based comp intensity.

Dividend safety

Composite score

3.8 / 5

Good
Payout ratio
44.0%4/5 Strong
FCF coverage
2.90×4/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 0.73 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Capital Return
Value
View full financial statements →