IDEX CorporationIEX
NYSE•Industrials•Specialty Industrial Machinery
IDEX Corporation, together with its subsidiaries, provides applied solutions in the United States, North America, Europe, Asia, and internationally. 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.
IDEX Corporation (IEX) reported trailing twelve months revenue of $3.53B as of March 2026, a 7.5% increase year-over-year. Quarterly revenue reached $886.90M, reflecting continued top-line momentum.
IDEX Corporation generated $507.70M in TTM net income, with quarterly EBITDA of $226.10M. The operating margin contracted from 19.7% to 19.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (19.4%) and net margin (13.5%) indicates moderate non-operating costs. Net margin has improved from 11.7% a year ago, signaling stronger bottom-line efficiency.
IEX trades at a P/E of 26.9x (in line with broad market averages) and a P/S of 3.9x. The price-to-book ratio of 3.4x reflects a moderate premium to book value.
The company generated $86.00M in free cash flow over the trailing twelve months, a 5.9% decrease year-over-year, indicating cash generation ability. The balance sheet shows $6.92B in total assets with $1.87B in long-term debt against $4.05B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~21.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.8% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~10.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.8% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation