One-glance verdict
Overvalued
$169.43 our estimate vs market $222.14
Wall Street consensus: $255.93 (51.1% 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
$222.14
52-week range
$158.19 - $243.80
Market cap
$16.38B
Balance sheet
Watch
11.18x Adequate
Net debt $1.26B. 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 3.7% last year.
- Reward Returns 13.0% on equity, ahead of 16% of its peers.
- Risk Stock trades 9.7% 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 highly specialized and essential parts that other businesses rely on to make their own products or run their operations. The company's sales come from three main areas: Health & Science (like lab equipment and medical device parts), Fluid & Metering (like pumps and meters for factories), and Fire & Safety (like rescue tools and firefighting equipment). Because IDEX sells so many different critical components to so many different industries, it is not overly reliant on the success of any single type of customer.
How the company got here
IDEX started in 1988 when a large investment firm bought several business units from a company called Houdaille Industries. A year later, in 1989, it became a public company, meaning anyone could buy a small piece of the company, called a share. Since then, IDEX has grown by buying dozens of other specialized manufacturing companies. The name IDEX is short for Innovation, Diversity, and Excellence, which points to the company's focus on creating new ideas and running its businesses well.
What it actually does
IDEX doesn't make products you'd buy at a store, but their creations are critical parts of things we use every day. They are experts in making highly engineered components for specialized markets. Think of them as a company that makes the crucial, hard-to-make parts that other companies need to build their own products. For example, they make the powerful rescue tools known as the "Jaws of Life" that firefighters use to get people out of car wrecks, as well as precise pumps and valves used in medical equipment and agricultural sprayers that help grow our food.
Health & Science Technologies (HST)
This is IDEX's largest business area, making up the biggest slice of its sales. This segment creates very precise and reliable parts for the medical and science industries. For example, they make tiny pumps and valves that go inside medical testing machines that a doctor might use to analyze a blood sample. Companies that build scientific instruments and medical devices buy these components from IDEX to ensure their equipment is accurate and dependable.
Fluid & Metering Technologies (FMT)
This part of the company focuses on making equipment that handles liquids with great precision. They build things like industrial pumps, flow meters (devices that measure the amount of liquid moving through a pipe), and other fluid-handling systems. Their customers are in industries like agriculture, chemical manufacturing, and water treatment. For instance, a company that makes paint might use an IDEX pump to move thick liquids, or a water utility might use their meters to check for leaks in their pipes.
Fire & Safety/Diversified Products (FSDP)
This segment produces well-known emergency rescue equipment, including the "Jaws of Life" tools used by first responders. They also make firefighting pumps, valves, and nozzles that are essential for putting out fires. Beyond emergency gear, this division also creates specialized equipment for other industries, such as the machines you see at home improvement stores that mix paint to a perfect color match, and strong stainless steel clamps used in everything from traffic lights to underwater pipelines.
What management is betting on now
IDEX's main strategy is to focus on what they call '80/20,' which is a business principle that helps them concentrate their efforts on the 20% of their business that brings in 80% of the results. This means they are betting on their most profitable and promising products and customers. They are also focused on buying other specialized companies that fit well with their existing businesses, a strategy known as acquisitions (buying other companies). Additionally, they are putting a lot of effort into growing in markets that are expanding quickly, such as life sciences and environmental technology.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
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
FY2026 Q2
$177.00M
Revenue
$920.60M
Net income
$143.40M
Diluted EPS
1.93
Operating cash flow
$200.00M
Free cash flow
$177.00M
Fetching…
Sources
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
Is it cheap or expensive?
Fair value $169.43 vs current price $222.14
Wall Street consensus is the average analyst price target: $255.93 (51.1% higher than our fair-value estimate).
Our most-likely fair value is $169.43 a share — about 23.7% below today's price of $222.14, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $1.3B. Interest coverage 11.2x.
Net debt
$1.26B
Interest coverage
11.18x
IDEX Corporation's profit covers its interest bill about 11.2 times over.
Watch
Worse cushion
Baseline
Better cushion
IEX
BASELINE
IDEX Corporation
Total debt $1.89B Interest coverage 11.18x This is the baseline the peer rows are being compared against.
Total debt $3.26B Interest coverage 12.51x +12% vs IEX Has roughly the same debt cushion as IEX.
Total debt $52.21M Interest coverage 211.11x +1,788% vs IEX Carries about 18.9x more debt cushion than IEX.
Total debt $1.82B Interest coverage 6.95x -38% vs IEX Carries about 1.6x less debt cushion than IEX.
Total debt $3.83B Interest coverage 14.23x +27% vs IEX Carries about 1.3x more debt cushion than IEX.
Total debt $8.73B Interest coverage 11.56x +3% vs IEX Has roughly the same debt cushion as IEX.
What you should know
The case for and against IEX
3 Rewards
3 Risks
Rewards
-
Revenue grew 3.7% last year.
-
Returns 13.0% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Stock trades 9.7% above its 5-year average P/E.
-
Net debt grew 9.7% over 3 years.
-
Operating margin compressed from 24.3% to 22.2% 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)
31.96x
Forward P/E
23.08x
P/B
4.10x
P/S
4.57x
EV/EBITDA
18.39x
PEG ratio
1.70x
Profitability
How much profit each dollar creates
Gross margin
44.7%
Operating margin
22.2%
Net margin
14.5%
ROE
13.0%
ROA
6.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.47x
Current ratio
3.05x
Quick ratio
2.01x
Total debt
$1.89B
Total cash
$621.30M
Growth
How the business has been compounding
Revenue TTM
$3.59B
Revenue 5Y CAGR
5.7%
EPS TTM
6.95
EPS 5Y CAGR
-6.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$716.70M
Free CF TTM
$616.80M
FCF margin
17.2%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
51.6%
Last ex-div date
2026-07-06