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Diversified manufacturer of fluidics, pumps and instrumentation products for industrial, life sciences and fire/safety applications.
Diversified manufacturer of fluidics, pumps and instrumentation products for industrial, life sciences and fire/safety applications.
Buys niche industrial businesses and runs them as separate units, each making a specialised pump, meter, valve or optical component that sits inside a customer's own equipment, so it is paid per component and again for replacement parts as units wear. Acquisitions have been central to its growth.
Moat: narrow (brand, installed base, scale). Portfolio of niche market-leading brands across fragmented, specialized industrial end markets.
Headquarters: Northbrook, Illinois, US · Founded: 1988 · Employees: 8,700
Size IDEX (IEX) is a United States Industrials company (Industrial Machinery) with a market value of $16.7B, the 559th largest of 3,117 United States companies the cockpit tracks. Shares closed at $226.99 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against -11.9% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +7.5%); the operating margin is 21.3% (peer median 17.8%).
Valuation It trades at 23.7× forward earnings against a peer median of 23.1× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.7 points above its cost of capital (9.2% WACC).
Credit IDEX has 3 bonds outstanding ($1.50B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 76 bp.
Short interest Short interest is 3.4% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.66B | $3.46B | $3.27B | $3.27B | $3.18B |
| Revenue growth | — | +6% | 0% | +3% | — |
| Gross profit | $1.54B | $1.60B | $1.52B | $1.62B | $1.59B |
| EBITDA | $993M | $931M | $872M | $903M | $909M |
| Net income | $536M | $483M | $505M | $596M | $587M |
| Free cash flow | $667M | $617M | $603M | $627M | $489M |
| Capital expenditure | $85.6M | $63.6M | $65.1M | $89.9M | $68.0M |
| Total debt | $1.78B | $1.94B | $1.99B | $1.45B | $1.59B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IDEX IEX | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% |
| Dover DOV | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% |
| Roper Technologies ROP | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IEX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.0% | -5.3% | 7th highest of 21 |
| 6-month return | +5.0% | -11.9% | 5th highest of 21 |
| Distance from 52-week high | -6.9% | -32.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +6.9% | +7.5% | 9th lowest of 21 |
| Operating margin | 21.3% | 17.8% | 6th highest of 21 |
| Forward P/E | 23.7× | 23.1× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.7% | 15.0% | 10th least demanding of 19 |
| Growth delivered (Del g) | +8.0% | +9.0% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | +6.7 pp | +3.3 pp | 6th most demanding of 19 |
| ROIC minus cost of capital | +2.7 pp | +6.5 pp | 6th lowest of 20 |
| EV / EBITDA | 18.0× | 15.0× | 8th most expensive of 18 |
| Net debt / EBITDA | 1.2× | 1.0× | 7th most indebted of 19 |
| Bond spread | 76 bp | 74 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
IDEX has 3 bonds outstanding with $1.50B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.33%, a spread of 76 bp over government bonds.