# IDEX Corporation (IEX)

> Source: Nexqual · https://nexqual.com/IEX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, IDEX Corporation (IEX), nexqual.com/IEX" · informational, not investment advice.

**Price:** USD 226.88 (-3.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 235.43 · day 223.25–232.26 · 52w 160.6–243.8 · market cap $16.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.59B, net income $520M (14.5% margin), free cash flow $642M (SEC filings).
- Valuation: P/E 32.2x (avg 28.9x at the last 3 fiscal year-ends), EV/EBITDA 21.9x, net debt $1.25B.
- 2 of 80 tracked superinvestors hold IEX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $3.4M; 2 not under a Rule 10b5-1 plan ($3.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +36.6% vs S&P 500 +14.9%; 5Y +9.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 2.24, revenue estimate $934M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.76B | $3.18B | $3.27B | $3.27B | $3.46B | $3.59B |
| Gross profit | $1.22B | $1.43B | $1.45B | $1.45B | $1.54B | — |
| Operating income | $637M | $751M | $733M | $677M | $699M | $742M |
| Net income | $449M | $587M | $596M | $505M | $483M | $520M |
| EPS (diluted) | $5.88 | $7.71 | $7.85 | $6.64 | $6.41 | — |
| Free cash flow | $493M | $489M | $627M | $603M | $617M | $642M |
| Gross margin | 44.3% | 44.8% | 44.2% | 44.2% | 44.5% | — |
| Operating margin | 23.0% | 23.6% | 22.4% | 20.7% | 20.2% | 20.7% |
| Net margin | 16.3% | 18.4% | 18.2% | 15.4% | 14.0% | 14.5% |
| Revenue growth | +17.6% | +15.1% | +2.9% | -0.2% | +5.8% | — |
| Cash + short-term investments | $855M | $430M | $534M | $621M | $580M | — |
| Total debt | $1.20B | $1.48B | $1.33B | $1.97B | $1.83B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.2x · P/S 4.7x · EV/EBITDA 21.9x · EV/Sales 5.0x · P/FCF 26.1x · P/B 4.2x · FCF yield 3.84% · Earnings yield 3.11% · Dividend yield (paid, TTM) 1.28% · Buyback yield (TTM) 1.80% · Net debt $1.25B · EV $18.0B
P/E at fiscal year-ends: Dec 2025 27.7x, Dec 2024 31.5x, Dec 2023 27.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold IEX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Wallace Weitz | Weitz Investment Management | 3.97% | $57.3M | Reduced -4.5% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $908K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | Anderson Lisa M | SVP, GC, CAO & Corp Sec | 385 | $92K | 8.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Ashleman Eric D | CEO and President | 15,385 | $3.3M | 18.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Oppenheimer | Target raised | Outperform | $270 → $275 |
| 2026-10-14 | RBC Capital | Target raised | Outperform | $280 → $285 |
| 2026-09-09 | Oppenheimer | Target raised | Outperform | $265 → $270 |
| 2026-08-12 | Mizuho | Upgrade | Neutral → Outperform | $210 → $280 |
| 2026-08-06 | DA Davidson | Target raised | Neutral | $230 → $240 |
| 2026-08-06 | Argus Research | Target raised | Buy | $250 → $260 |
| 2026-07-30 | Citigroup | Target raised | Buy | $252 → $269 |
| 2026-07-30 | RBC Capital | Target raised | Outperform | $261 → $280 |
| 2026-07-30 | Stifel | Target raised | Buy | $257 → $268 |
| 2026-07-30 | TD Cowen | Target raised | Buy | $260 → $275 |
| 2026-07-21 | Oppenheimer | Target raised | Outperform | $250 → $260 |
| 2026-07-20 | Stifel | Target raised | Buy | $250 → $257 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.6% | +9.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.8% | +1.8% |
| Volatility (annualized) | 22.1% | 22.9% |
| Max drawdown | -14.5% (Feb 2026→Mar 2026) | -33.8% (Mar 2024→Aug 2025) |

## Peers (Specialty Industrial Machinery)
NDSN (Nordson Corporation) USD 318.71 -3.87% · GGG (Graco Inc.) USD 69.28 -15.32% · INIO (INNIO N.V.) USD 15.11 -10.43% · WTS (Watts Water Technologies, Inc.) USD 356.94 -1.78% · XYL (Xylem Inc.) USD 109.26 +2.74% · GNRC (Generac Holdlings Inc.) USD 188.02 -7.44%

## More
Full page: https://nexqual.com/IEX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Health & Science Technologies | $414.0M | 45.0% | +13.8% |
| Fluid & Metering Technologies | $316.7M | 34.4% | +2.0% |
| Fire & Safety/Diversified Products | $189.9M | 20.6% | -0.6% |
| Total revenue | $920.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $467.1M | 50.7% | +7.2% |
| Europe | $221.9M | 24.1% | +0.8% |
| Asia | $156.2M | 17.0% | +10.7% |
| Other Geographical Areas | $45.0M | 4.9% | +14.8% |
| North America Excluding United States | $31.8M | 3.5% | +1.0% |
| Total revenue | $920.6M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 3% of revenue from unnamed direct customers (10-K, filed 2026-02-19).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.24 | $2.19 | +2.2% | $934.4M | 12 |
| Next quarter (ends 2026-12-31) | $2.29 | $2.20 | +3.8% | $952.2M | 11 |
| Current fiscal year (ends 2026-12-31) | $8.83 | $8.50 | +3.9% | $3.69B | 14 |
| Next fiscal year (ends 2027-12-31) | $9.64 | $9.25 | +4.2% | $3.91B | 15 |