# Idex (IEX.US)

Canonical: https://gigainvestors.com/s/IEX

Analysis as of: 2026-10-16T07:29:17.634Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $236.42 per share; close as of 2026-10-15.

Estimated value: low $107.55 per share, central $121.35 per share, high $139.72 per share. Buy at or below the central value $121.35 per share. Valuation as of 2026-10-16T07:29:17.634Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.24×

- FY2019: 0.24×

- FY2020: 0.23×

- FY2021: 0.24×

- FY2022: 0.25×

- FY2023: 0.22×

- FY2024: 0.21×

- FY2025: 0.21×

- LTM to Jun 2026: 0.21×

### moat: pass

- ROIC, median of available years: 45.5%

- ROIC, second-lowest year: 29.2%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 46.8%

- Recent gross margin (lower of latest and 3-year median): 44.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 15.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 56.0%

- FY2018: 66.8%

- FY2019: 61.2%

- FY2020: 55.7%

- FY2021: 51.3%

- FY2022: 39.7%

- FY2023: 35.5%

- FY2024: 28.8%

- FY2025: 29.2%

- LTM to Jun 2026: 30.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.2B

- Net income, five-year total: $2.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 22.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.09×

- FY2023: 1.10×

- FY2024: 1.22×

- FY2025: 1.30×

- LTM to Jun 2026: 1.26×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 56.0% vs 29.2%

- Per-share earnings: 3.63 to 6.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: $6.5B

- Cumulative retained earnings: $2.7B

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.9%

- Per-share value change: $3.03

- Per-share value, starting three-year median: $3.63

- Per-share value, ending three-year median: $6.65

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $3.0B

- Cumulative net income, 10 years: $4.4B

- ROIC, first three-year median: 56.0%

- ROIC, last three-year median: 29.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.53

- FY2017: $4.36

- FY2018: $5.29

- FY2019: $5.56

- FY2020: $4.95

- FY2021: $5.88

- FY2022: $7.72

- FY2023: $7.85

- FY2024: $6.65

- FY2025: $6.42

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 4.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -2.8%

- FY2018: -2.0%

- FY2019: -2.7%

- FY2020: -4.3%

- FY2021: -2.4%

- FY2022: 0.5%

- FY2023: -2.1%

- FY2024: -2.4%

- FY2025: -2.8%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 9.7% a year for ten years · sales +3.7%

Story as of 2026-10-16T09:58:56.480Z; price observation 2026-10-15.

Price needs cash profits to grow 9.7% a year for ten years

- 2025-05-01: IDEX tops quarterly estimates on demand for health and science products ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/idex-tops-quarterly-estimates-demand-123201080.html))

- 2025-07-30: IDEX Corp slashes 2025 profit forecast on slow demand for industrial equipment ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/idex-corp-slashes-2025-profit-113106028.html))

- 2025-10-30: IEX Q3 Deep Dive: Organic Growth and Platform Integration Offset Cautious Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/iex-q3-deep-dive-organic-054150997.html))

- 2026-02-05: Why IDEX (IEX) Is Up 8.1% After Q4 Earnings Beat And Record AI-Linked Orders ([finance.yahoo.com](https://finance.yahoo.com/news/why-idex-iex-8-1-141727606.html))

- 2026-04-30: IDEX Beats Q1 Earnings Estimates on HST Momentum, Raises View ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/idex-beats-q1-earnings-estimates-172700565.html))

- 2026-07-29: IDEX Beats Q2 Earnings Estimates on HST Momentum, Raises View ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/idex-beats-q2-earnings-estimates-153200574.html))

### Sales · FY2025–2026

sales +3.7%; source https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm; observed 2026-02-19.

- FY2017: $2.3B 

- FY2018: $2.5B 

- FY2019: $2.5B 

- FY2020: $2.4B 

- FY2021: $2.8B 

- FY2022: $3.2B 

- FY2023: $3.3B 

- FY2024: $3.3B 

- FY2025: $3.5B 

- FY2026: $3.6B 

### Gross margin · FY2026

gross margin 44.7%; source https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm; observed 2026-02-19.

- FY2017: 46.7% 

- FY2018: 46.9% 

- FY2019: 51.1% 

- FY2020: 49.2% 

- FY2021: 49.2% 

- FY2022: 50.1% 

- FY2023: 44.2% 

- FY2024: 46.4% 

- FY2025: 44.5% 

- FY2026: 44.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm (filed 2026-02-19); FY2025: revenue 3457500000; grossProfit 1538800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IEX.US: 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.

### Why customers stay

Margins ranged from 44.2% to 46.4% during 2023–25; it earns 45.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 46.4%.

- Source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 44.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2017,0.5599572380125476],[2018,0.667718820088508],[2019,0.6118096596714238],[2020,0.5568621537078231],[2021,0.513006621234565],[2022,0.396748192143376],[2023,0.35539587232568837],[2024,0.28821782863518897],[2025,0.2918591559292069],[2026,0.3001520804414234]]; median 0.4548774066889705. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 247.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 38242000; owner earnings 319759000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 43858000; owner earnings 377615000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 60089000; owner earnings 428028000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 50912000; owner earnings 451509000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 51545000; owner earnings 409755000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 72700000; owner earnings 479700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 68000000; owner earnings 638600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 89900000; owner earnings 658300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 65100000; owner earnings 615500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 63600000; owner earnings 626100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,102650000],[2017,111172000],[2018,127478000],[2019,147208000],[2020,151838000],[2021,161100000],[2022,177400000],[2023,190700000],[2024,205300000],[2025,212600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 247800000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IEX.US SharesStats.PercentInsiders = 0.22200000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.7% yearly over ten years; actual growth was 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.12618139106992732. Price 236.42; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.067498589237162 → FY2025 8.314741035856574. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $86.44 per share

- 2016-11: $93.61 per share

- 2016-12: $90.06 per share

- 2017-01: $90.16 per share

- 2017-02: $92.19 per share

- 2017-03: $93.51 per share

- 2017-04: $104.76 per share

- 2017-05: $108.47 per share

- 2017-06: $113.01 per share

- 2017-07: $116.54 per share

- 2017-08: $117.58 per share

- 2017-09: $121.47 per share

- 2017-10: $128.21 per share

- 2017-11: $135.57 per share

- 2017-12: $131.97 per share

- 2018-01: $143.48 per share

- 2018-02: $136.80 per share

- 2018-03: $142.51 per share

- 2018-04: $133.66 per share

- 2018-05: $138.68 per share

- 2018-06: $136.48 per share

- 2018-07: $153.58 per share

- 2018-08: $153.21 per share

- 2018-09: $150.66 per share

- 2018-10: $126.82 per share

- 2018-11: $137.40 per share

- 2018-12: $126.26 per share

- 2019-01: $137.86 per share

- 2019-02: $144.10 per share

- 2019-03: $151.74 per share

- 2019-04: $156.66 per share

- 2019-05: $152.71 per share

- 2019-06: $172.14 per share

- 2019-07: $168.22 per share

- 2019-08: $164.71 per share

- 2019-09: $163.88 per share

- 2019-10: $155.53 per share

- 2019-11: $162.74 per share

- 2019-12: $172.00 per share

- 2020-01: $163.85 per share

- 2020-02: $148.00 per share

- 2020-03: $138.11 per share

- 2020-04: $153.63 per share

- 2020-05: $159.37 per share

- 2020-06: $158.04 per share

- 2020-07: $164.82 per share

- 2020-08: $180.23 per share

- 2020-09: $182.41 per share

- 2020-10: $170.39 per share

- 2020-11: $193.15 per share

- 2020-12: $199.20 per share

- 2021-01: $186.19 per share

- 2021-02: $195.17 per share

- 2021-03: $209.32 per share

- 2021-04: $224.20 per share

- 2021-05: $222.66 per share

- 2021-06: $220.05 per share

- 2021-07: $226.69 per share

- 2021-08: $224.00 per share

- 2021-09: $206.95 per share

- 2021-10: $222.57 per share

- 2021-11: $224.59 per share

- 2021-12: $236.32 per share

- 2022-01: $215.44 per share

- 2022-02: $191.90 per share

- 2022-03: $191.73 per share

- 2022-04: $189.82 per share

- 2022-05: $191.55 per share

- 2022-06: $181.63 per share

- 2022-07: $208.75 per share

- 2022-08: $201.21 per share

- 2022-09: $199.85 per share

- 2022-10: $222.31 per share

- 2022-11: $237.49 per share

- 2022-12: $228.33 per share

- 2023-01: $239.68 per share

- 2023-02: $224.98 per share

- 2023-03: $231.03 per share

- 2023-04: $206.32 per share

- 2023-05: $199.16 per share

- 2023-06: $215.26 per share

- 2023-07: $225.81 per share

- 2023-08: $226.40 per share

- 2023-09: $208.02 per share

- 2023-10: $191.41 per share

- 2023-11: $201.68 per share

- 2023-12: $217.11 per share

- 2024-01: $211.50 per share

- 2024-02: $235.90 per share

- 2024-03: $244.02 per share

- 2024-04: $220.46 per share

- 2024-05: $208.64 per share

- 2024-06: $201.20 per share

- 2024-07: $208.48 per share

- 2024-08: $206.48 per share

- 2024-09: $214.50 per share

- 2024-10: $214.64 per share

- 2024-11: $230.63 per share

- 2024-12: $209.29 per share

- 2025-01: $224.31 per share

- 2025-02: $194.33 per share

- 2025-03: $180.97 per share

- 2025-04: $173.97 per share

- 2025-05: $180.91 per share

- 2025-06: $175.57 per share

- 2025-07: $163.51 per share

- 2025-08: $164.50 per share

- 2025-09: $162.76 per share

- 2025-10: $171.46 per share

- 2025-11: $173.93 per share

- 2025-12: $177.94 per share

- 2026-01: $198.55 per share

- 2026-02: $209.47 per share

- 2026-03: $189.55 per share

- 2026-04: $217.85 per share

- 2026-05: $210.83 per share

- 2026-06: $226.95 per share

- 2026-07: $230.45 per share

- 2026-08: $228.64 per share

- 2026-09: $227.98 per share

- 2026-10: $236.42 per share

## Annual estimated value (USD per share)

- FY2016: low $47.57 per share, central $53.78 per share, high $62.05 per share

- FY2017: low $53.19 per share, central $59.94 per share, high $68.92 per share

- FY2018: low $60.31 per share, central $67.88 per share, high $77.96 per share

- FY2019: low $85.79 per share, central $121.65 per share, high $141.65 per share

- FY2020: low $82.95 per share, central $105.92 per share, high $121.85 per share

- FY2021: low $91.60 per share, central $115.68 per share, high $133.55 per share

- FY2022: low $110.75 per share, central $159.35 per share, high $186.45 per share

- FY2023: low $112.58 per share, central $151.84 per share, high $176.96 per share

- FY2024: low $113.22 per share, central $146.16 per share, high $169.82 per share

- FY2025: low $101.29 per share, central $114.31 per share, high $131.66 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:00.484Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.