One-glance verdict
Overvalued
$170.44 our estimate vs market $223.57
Wall Street consensus: $238.29 (39.8% higher than our fair-value estimate)
31% above our estimate, beyond the bull case
Fundamentals snapshot
IDEX Corporation
IEX · NYQ · Industrials · Specialty Industrial Machinery
Current price
$223.57
52-week range
$157.25 - $225.99
Market cap
$16.55B
Balance sheet
Watch
11.18x Adequate
Net debt $1.31B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 2.1% last year.
- Reward Free cash flow was positive in 10/10 years.
- Risk Stock trades 13.7% above its 5-year average P/E.
- Risk Net debt grew 9.7% over 3 years.
What this company does
IDEX Corporation
IDEX Corporation makes a wide variety of essential, highly-engineered parts, from firefighting pumps and rescue tools to components for medical and scientific equipment. By selling these necessary items to many different types of customers, the company avoids relying too heavily on any single industry, which can provide stability for its business.
How the company got here
IDEX Corporation was formed in 1988 through a buyout of several manufacturing companies from a larger corporation called Houdaille Industries. The company's name stands for Innovation, Diversity, and Excellence. From the beginning, its strategy was to acquire smaller, specialized industrial businesses. This approach of buying other companies has been a key part of its growth, and by 1996 it had already acquired ten other businesses.
What it actually does
IDEX makes a wide variety of specialty industrial products, from the 'Jaws of Life' rescue tools used by firefighters to precise pumps and valves used in scientific labs and factories. You wouldn't typically find their products in a retail store, as they are often components that go into other companies' larger machines and systems. Their equipment is used to move, measure, and control liquids and gases in many different industries, including agriculture, pharmaceuticals, and fire safety.
Health & Science Technologies (HST)
This is IDEX's largest segment, and it creates highly precise components for the medical and scientific industries. For example, they make tiny pumps and valves that are used in analytical instruments for testing, as well as optical filters that help identify specific cells or molecules. Companies that build diagnostic equipment, conduct drug research, or perform chemical analysis buy these parts to build into their own machines. This segment has been a major focus for growth, particularly in life sciences.
Fluid & Metering Technologies (FMT)
This part of the company makes heavy-duty pumps, meters, valves, and other equipment for managing all kinds of fluids. Their products are used in a wide range of industries, from chemical processing plants to water treatment facilities and agriculture. For example, a company might use an IDEX pump to move corrosive chemicals safely, or a water utility might use their meters to measure water flow. This segment also provides software to automate and manage fluid handling at large terminals.
Fire & Safety/Diversified Products (FSDP)
This segment produces well-known brands for emergency responders, including Hurst 'Jaws of Life' rescue tools, Hale firefighting pumps, and Vetter lifting bags used in rescue situations. Fire departments and rescue organizations around the world are the primary customers for these products. Beyond emergency gear, this division also makes stainless steel banding and clamping devices for industrial uses and precision equipment for mixing paints.
What management is betting on now
IDEX's main focus is on growing through strategic acquisitions (the process of buying other companies) that fit well with their existing businesses, especially in high-growth areas like life sciences. They are also investing in technology, such as developing 'smart' connected products that can be monitored remotely. Another key priority is expanding their business in the Asia-Pacific region by tailoring products for local markets.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$117.70M
FY2024 Q3
$191.60M
FY2024 Q4
$157.10M
FY2025 Q1
$91.40M
FY2025 Q2
$146.90M
FY2025 Q3
$188.70M
FY2025 Q4
$189.80M
FY2026 Q1
$86.00M
Revenue
$886.90M
Net income
$120.00M
Diluted EPS
1.61
Operating cash flow
$103.70M
Free cash flow
$86.00M
Fetching…
Sources
Revenue
$899.10M
Net income
$128.30M
Diluted EPS
1.71
Operating cash flow
$209.50M
Free cash flow
$189.80M
Fetching…
Sources
Revenue
$878.70M
Net income
$127.80M
Diluted EPS
1.70
Operating cash flow
$203.50M
Free cash flow
$188.70M
Fetching…
Sources
Revenue
$865.40M
Net income
$131.60M
Diluted EPS
1.74
Operating cash flow
$161.70M
Free cash flow
$146.90M
Fetching…
Sources
Revenue
$814.30M
Net income
$95.50M
Diluted EPS
1.26
Operating cash flow
$105.70M
Free cash flow
$91.40M
Fetching…
Sources
Revenue
$862.90M
Net income
$123.20M
Diluted EPS
1.61
Operating cash flow
$172.60M
Free cash flow
$157.10M
Fetching…
Sources
Revenue
$798.20M
Net income
$119.10M
Diluted EPS
1.57
Operating cash flow
$205.30M
Free cash flow
$191.60M
Fetching…
Sources
Revenue
$807.20M
Net income
$141.30M
Diluted EPS
1.86
Operating cash flow
$133.60M
Free cash flow
$117.70M
Fetching…
Sources
Is it cheap or expensive?
Fair value $170.44 vs current price $223.57
Wall Street consensus is the average analyst price target: $238.29 (39.8% higher than our fair-value estimate).
Our most-likely fair value is $170.44 a share — about 23.8% below today's price of $223.57, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $1.3B. Interest coverage 11.2x.
Net debt
$1.31B
Interest coverage
11.18x
IDEX Corporation is healthier than 0 of 1 peers on balance-sheet leverage.
Watch
Worse cushion
Baseline
Better cushion
IEX
BASELINE
IDEX Corporation
Total debt $1.90B Interest coverage 11.18x This is the baseline the peer rows are being compared against.
What you should know
The case for and against IEX
3 Rewards
3 Risks
Rewards
-
Revenue grew 2.1% last year.
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 1.3% with 32-year payout history.
Risks
-
Stock trades 13.7% above its 5-year average P/E.
-
Net debt grew 9.7% over 3 years.
-
Operating margin compressed from 24.3% to 19.9% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
33.12x
Forward P/E
24.22x
P/B
4.10x
P/S
4.69x
EV/EBITDA
18.65x
PEG ratio
1.87x
Profitability
How much profit each dollar creates
Gross margin
44.4%
Operating margin
19.9%
Net margin
14.4%
ROE
12.7%
ROA
6.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.47x
Current ratio
3.39x
Quick ratio
2.25x
Total debt
$1.90B
Total cash
$586.20M
Growth
How the business has been compounding
Revenue TTM
$3.53B
Revenue 5Y CAGR
5.7%
EPS TTM
6.75
EPS 5Y CAGR
-6.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$678.40M
Free CF TTM
$616.80M
FCF margin
17.5%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
42.0%
Last ex-div date
2026-05-22