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1. Company Snapshot

1.a. Company Description

IDEX Corporation, together with its subsidiaries, provides applied solutions worldwide.The company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST), and Fire & Safety/Diversified Products (FSDP).The FMT segment designs, produces, and distributes positive displacement pumps, small volume provers, flow meters, injectors, and other fluid-handling pump modules and systems, as well as offers flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries.


The HST segment designs, produces, and distributes precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions, and precision gear and peristaltic pump technologies.This segment serves food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research, and defense markets.The FSDP segment designs, produces, and distributes firefighting pumps, valves and controls, rescue tools, lifting bags, and other components and systems for the fire and rescue industry; engineered stainless steel banding and clamping devices for various industrial and commercial applications; and precision equipment for dispensing, metering, and mixing colorants and paints used in retail and commercial businesses.


IDEX Corporation was incorporated in 1987 and is headquartered in Northbrook, Illinois.

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1.b. Last Insights on IEX

Breaking News: IDEX Corporation reported Q4 2025 earnings on February 4 2026. The company beat estimates with quarterly earnings of $2.1 per share versus $2.04 expected. Revenue rose 4% year over year with organic revenue growth of 1% in Q4 2025. Adjusted EBITDA margin expanded 40 basis points. The company guides for continued organic growth in 2026. Zacks and other analysts currently rate the stock as a hold with some recommending a buy. RBC Capital Markets and Robert W. Baird & Co. give a buy recommendation.

1.c. Company Highlights

2. IDEX Corporation's Q4 2025 Earnings: A Closer Look

IDEX Corporation reported a better-than-expected fourth-quarter 2025 performance, with organic sales growth of 1% and adjusted EBITDA margin expansion of 40 basis points year-over-year. The company's adjusted EPS came in at $2.1, beating estimates of $2.04. The revenue growth was largely driven by a 3.5% price contribution in Q4, with volumes remaining relatively flat. For the full year 2025, IDEX achieved organic revenue growth of 1%, adjusted EBITDA margin expansion of 40 basis points, and adjusted EPS above the guided range.

Publication Date: Feb -08

📋 Highlights
  • Q4 Outperformance:: Organic sales growth of 1% and adjusted EBITDA margin expansion of 40 bps driven by HST strength.
  • HST Order Growth:: 34% organic order growth in 2025, with $493M backlog from data center, semiconductor, and defense demand.
  • Free Cash Flow Strength:: $617M generated in 2025 (103% of adjusted net income), $250M in share buybacks, and $75M/share quarterly repurchase guidance for 2026.
  • 2026 Guidance:: 1-2% organic growth, 26-27% adjusted EBITDA margin, and $8.15-$8.35 adjusted EPS, with HST at mid-single-digit growth.
  • Cost Savings & Reinvestment:: $60M in 2025 savings ($40M structural), with $20M temporarily saved, to be reinvested in 2026 growth areas.

Segment Performance

The Health & Science Technologies (HST) segment was a standout, with organic orders growing 34% in 2025, driven by growth in data center applications, semiconductor consumables, and space and defense. This growth led to a record-high order book of $493 million. In contrast, the Fluid & Metering Technologies (FMT) segment saw organic orders and sales growth of 4% and 1%, respectively, while the Fire & Safety Diversified Products (FSDP) segment had flat organic orders and a 5% decline in organic sales.

Outlook and Guidance

For 2026, IDEX expects organic growth of 1% to 2%, adjusted EBITDA margin of 26% to 27%, and adjusted EPS of $8.15 to $8.35, representing low to mid-single-digit growth year-over-year. The guidance assumes mid-single-digit growth in HST and flat to slightly down performance in FMT and FSDP. The company's capital allocation strategy focuses on bolt-on acquisitions and buybacks rather than larger acquisitions.

Valuation and Metrics

With a P/E Ratio of 32.72 and an EV/EBITDA of 18.99, IDEX's valuation suggests that the market is pricing in a certain level of growth and profitability. The company's ROE of 12.11% and ROIC of 8.67% indicate a relatively healthy return on equity and invested capital. Analysts estimate next year's revenue growth at 4.3%, which may be achievable given the company's strong order book and growth momentum in the HST segment.

Growth Drivers

The company's growth platform strategy, powered by cross-business collaboration and innovation, is working, with HST performing well and driving growth and margin expansion. The industrial and automotive side of HST now accounts for 20% of the segment, while life sciences, analytical instrumentation, and pharma-exposed markets make up about a third of the segment. With a strong order book and growth momentum in key areas, IDEX is well-positioned to capitalize on growth opportunities.

3. NewsRoom

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Nuance Investments LLC Purchases 82,223 Shares of IDEX Corporation $IEX

Feb -09

Source: defenseworld.net

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IDEX Corporation $IEX Shares Sold by Truist Financial Corp

Feb -05

Source: defenseworld.net

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IDEX Q4 Earnings Call Highlights

Feb -05

Source: defenseworld.net

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Machina Capital S.A.S. Sells 6,176 Shares of IDEX Corporation $IEX

Feb -05

Source: defenseworld.net

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IDEX (NYSE:IEX) Sets New 12-Month High on Strong Earnings

Feb -05

Source: defenseworld.net

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IDEX Corp (IEX) Q4 2025 Earnings Call Highlights: Strong HST Segment Growth Amid Market Challenges

Feb -04

Source: gurufocus.com

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IDEX Q4 Earnings Surpass Estimates, Sales Increase Year Over Year

Feb -04

Source: zacks.com

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IDEX Corporation (IEX) Q4 2025 Earnings Call Transcript

Feb -04

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.06%)

6. Segments

Health & Science Technologies

Expected Growth: 5%

IDEX Corporation's Health & Science Technologies segment growth is driven by increasing demand for precision fluidics, growing adoption of genetic sequencing, and rising need for bioprocessing and medical technologies. Additionally, expansion in emerging markets, strategic acquisitions, and innovative product launches contribute to the segment's 5% growth.

Fluid & Metering Technologies

Expected Growth: 4%

IDEX Corporation's Fluid & Metering Technologies segment growth is driven by increasing demand for precision flow control and metering solutions in industries such as chemical processing, oil and gas, and water treatment. Additionally, the segment benefits from its diversified product portfolio, strategic acquisitions, and investments in digital technologies, enabling it to capitalize on emerging trends in industrial automation and IoT.

Fire & Safety/Diversified Products

Expected Growth: 7%

IDEX Corporation's Fire & Safety/Diversified Products segment growth is driven by increasing demand for fire suppression systems, clean agent solutions, and rescue equipment. Additionally, the segment benefits from a strong aftermarket presence, a growing need for safety and security products, and strategic acquisitions that expand its product portfolio and geographic reach.

7. Detailed Products

Fluid & Metering Technologies

IDEX Corporation's Fluid & Metering Technologies segment designs, manufactures, and distributes a wide range of fluidics systems and components, including pumps, valves, and meters.

Health & Science Technologies

IDEX Corporation's Health & Science Technologies segment develops and manufactures a range of precision equipment and consumables for the healthcare, life sciences, and industrial markets.

Fire & Safety/Diversified Products

IDEX Corporation's Fire & Safety/Diversified Products segment designs, manufactures, and distributes a range of products, including firefighting equipment, rescue tools, and engineered components.

8. IDEX Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

IDEX Corporation's products are highly specialized and customized, making it difficult for substitutes to emerge. However, the company's reliance on a few key customers increases the threat of substitutes.

Bargaining Power Of Customers

IDEX Corporation's customers are large and have significant bargaining power, which can lead to downward pressure on prices and margins.

Bargaining Power Of Suppliers

IDEX Corporation's suppliers are fragmented and lack bargaining power, giving the company an upper hand in negotiations.

Threat Of New Entrants

The high barriers to entry in IDEX Corporation's industries, including the need for specialized equipment and expertise, make it difficult for new entrants to emerge.

Intensity Of Rivalry

While IDEX Corporation operates in a competitive landscape, the company's diversified portfolio and strong brand recognition help to mitigate the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.24%
Debt Cost 4.98%
Equity Weight 72.76%
Equity Cost 8.87%
WACC 7.81%
Leverage 37.43%

11. Quality Control: IDEX Corporation passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 6.7

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Momentum: 8.0

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Yield: 3.0

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A-Score: 4.7/10

Value: 2.9

Growth: 4.9

Quality: 7.0

Yield: 3.0

Momentum: 2.0

Volatility: 8.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

210.75$

Current Price

210.75$

Potential

-0.00%

Expected Cash-Flows