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IDEX
(NYSE:IEX)
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Rating:75Outperform
Price Target:
$253.00
▲(13.32% Upside)
Action:Reiterated
Date:07/29/26
Overall score reflects strong fundamentals and a notably positive earnings update: durable free cash flow, manageable leverage, and raised 2026 guidance supported by strong order momentum and ongoing buybacks. These strengths are partially offset by a relatively expensive valuation (P/E ~33) and some evidence of margin compression versus prior peak years, while the technical trend is positive but lacks supporting momentum indicator data.
Positive Factors
Strong free cash flow generation
Consistent, large FCF supports durable capital flexibility: funds buybacks, dividends, debt paydown, bolt-on M&A and targeted capex without relying on external financing. High cash conversion underpins long-term shareholder returns and resilience through industrial cycles.
Negative Factors
Margin compression versus prior peaks
Material step-down in margins versus recent peaks suggests lasting pricing, mix or cost pressures. Lower margins reduce intrinsic earnings power and ROE, requiring sustained productivity or higher-margin sales to restore historical profitability levels over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent, large FCF supports durable capital flexibility: funds buybacks, dividends, debt paydown, bolt-on M&A and targeted capex without relying on external financing. High cash conversion underpins long-term shareholder returns and resilience through industrial cycles.
Read all positive factors
IDEX Key Performance Indicators (KPIs)
Any
Revenue By Segment
Analyzes revenue from different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Analyzes revenue from different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyIDEX (IEX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.99B
Dividend Yield1.25%
Average Volume (3M)664.49K
Price to Earnings (P/E)33.1
Beta (1Y)0.96
Revenue Growth7.32%
EPS Growth12.36%
CountryUS
Employees8,700
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)6.97
Shares Outstanding73,719,894
10 Day Avg. Volume666,430
30 Day Avg. Volume664,485
Financial Highlights & Ratios
PEG Ratio-7.12
Price to Book (P/B)3.33
Price to Sales (P/S)3.88
P/FCF Ratio21.72
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$264.67Price Target Upside18.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)8.71
Revenue Forecast (FY)$3.67B
IDEX Business Overview & Revenue Model
Company Description
IDEX Corporation is an international enterprise specializing in engineered solutions across diverse sectors. The company operates through three primary business units: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and F...
How the Company Makes Money
IDEX makes money primarily by selling engineered products and systems across its operating segments to OEMs, distributors, and end users. Revenue is largely generated from (1) equipment and component sales: higher-value, specialized pumps, valves,...
IDEX Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call conveyed strong underlying operational performance and demand momentum, with multiple material positives: organic revenue and EPS growth, significant order expansion (28% overall; HST 47%), margin expansion, record orders and improved leverage and cash generation. Management raised full-year guidance and endorsed continued share repurchases while increasing targeted CapEx to support visible future volumes. Key headwinds were limited: segment-level softness in FMT and FSDP (small or single-digit revenue impacts and margin compression from mix/volume deleverage), and a one-time reporting effect from tariff refunds that reduced reported organic growth by ~2% but provided margin/earnings benefit. Overall the positives materially outweigh the challenges.Positive Updates
Revenue and Earnings Growth
Consolidated organic sales grew 5% year-over-year in Q2 2026; adjusted EPS increased 12% to $2.32 and adjusted gross margin expanded 110 basis points to 46.4%.
Negative Updates
Fluid & Metering Technologies (FMT) Mixed Performance
FMT organic orders grew 11% but organic sales only increased 1% year-over-year in Q2; FMT adjusted EBITDA margin declined ~20 basis points due to unfavorable mix despite tariff-related margin benefits. Some end-market softness noted in agriculture, chemical and energy.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Earnings Growth
Consolidated organic sales grew 5% year-over-year in Q2 2026; adjusted EPS increased 12% to $2.32 and adjusted gross margin expanded 110 basis points to 46.4%.
Read all positive updates
Company Guidance
IDEX raised its 2026 outlook, now forecasting full‑year organic revenue growth of 5–6% (up from 3–4%), driven by roughly low‑double‑digit growth in HST and slight year‑over‑year gains in FMT and FSDP; adjusted EBITDA margin is now guided to 27.0–27.3% (up from 26.5–27%) and adjusted EPS to $8.70–$8.85 (was $8.35–$8.55), implying high‑single‑digit to low‑double‑digit EPS growth. For Q3 the company expects 5–7% organic growth, adjusted EBITDA margin of 27–27.5% and adjusted EPS of $2.20–$2.25. Management increased 2026 capital expenditures to approximately $110M (from $90M), plans to maintain share repurchases at ~ $75M per quarter (Q2 buybacks were $77M), and noted Q2 cash metrics of $177M free cash flow, >$1.1B liquidity, and gross leverage down to 1.9x (from 2.1x); they also disclosed the Q2 IEEPA tariff refunds provided a $0.08 benefit to adjusted EPS and ~130 bps to adjusted EBITDA margin, and said stronger orders (organic orders +28% in Q2) and backlog supported the raised guidance.IDEX Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
72
Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.59B | 3.46B | 3.27B | 3.27B | 3.18B | 2.76B |
| Gross Profit | 1.60B | 1.54B | 1.52B | 1.62B | 1.59B | 1.36B |
| EBITDA | 904.40M | 903.50M | 859.40M | 964.10M | 909.80M | 720.50M |
| Net Income | 519.50M | 483.20M | 505.00M | 596.10M | 586.90M | 449.40M |
Balance Sheet | ||||||
| Total Assets | 6.93B | 6.93B | 6.75B | 5.87B | 5.51B | 4.92B |
| Cash, Cash Equivalents and Short-Term Investments | 621.30M | 580.00M | 620.80M | 534.30M | 430.20M | 900.70M |
| Total Debt | 1.86B | 1.85B | 1.99B | 1.45B | 1.59B | 1.30B |
| Total Liabilities | 2.92B | 2.90B | 2.95B | 2.32B | 2.47B | 2.11B |
| Stockholders Equity | 4.01B | 4.03B | 3.79B | 3.54B | 3.04B | 2.80B |
Cash Flow | ||||||
| Free Cash Flow | 641.50M | 616.80M | 603.00M | 626.80M | 489.40M | 492.60M |
| Operating Cash Flow | 716.70M | 680.40M | 668.10M | 716.70M | 557.40M | 565.30M |
| Investing Cash Flow | -155.80M | -137.60M | -1.01B | -283.80M | -917.20M | -698.10M |
| Financing Cash Flow | -491.50M | -632.60M | 465.90M | -344.70M | -37.80M | -9.50M |
IDEX Technical Analysis
Positive
223.27
Price Trends
222.74
Positive
212.12
Positive
198.21
Positive
Market Momentum
3.78
Negative
61.69
Neutral
61.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IEX, the sentiment is Positive. The current price of 223.27 is below the 20-day moving average (MA) of 227.54, above the 50-day MA of 222.74, and above the 200-day MA of 198.21, indicating a bullish trend. The MACD of 3.78 indicates Negative momentum. The RSI at 61.69 is Neutral, neither overbought nor oversold. The STOCH value of 61.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IEX.
IDEX Risk Analysis
IDEX disclosed 1 risk factors in its most recent earnings report. IDEX reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IDEX Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $12.86B | 24.58 | 20.27% | 1.46% | 4.58% | 12.51% | |
75 Outperform | $16.59B | 31.65 | 17.12% | 1.11% | 7.37% | 20.50% | |
75 Outperform | $16.99B | 33.06 | 12.91% | 1.29% | 7.32% | 12.36% | |
75 Outperform | $17.52B | 34.38 | 10.35% | 0.75% | 16.63% | -9.75% | |
66 Neutral | $12.33B | 36.87 | 16.19% | 0.43% | 13.85% | 8.45% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $11.60B | 44.70 | 9.54% | ― | 0.61% | -27.77% |
* Industrials Sector Average
IEX
IDEX
234.46
79.24
51.05%
GNRC
Generac Holdings
212.22
15.70
7.99%
GGG
Graco
83.54
1.54
1.88%
ITT
ITT
213.13
48.77
29.68%
NDSN
Nordson
310.11
102.23
49.18%
CR
Crane Company
219.88
26.51
13.71%
IDEX Corporate Events
Executive/Board ChangesShareholder Meetings
IDEX Shareholders Back Board, Executive Pay and Auditor
Positive
May 8, 2026
On May 6, 2026, IDEX Corporation held its Annual Meeting of Stockholders, at which shareholders elected four Class I directors — Mark A. Beck, Carl R. Christenson, Katrina L. Helmkamp and Alejandro Quiroz Centeno — to three-year terms ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.