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what it is
IDEX makes the small, critical parts that keep lab tools, fuel systems, and fire trucks working when failure is not an option.
how it gets paid
Last year Idex made $3.5B in revenue. Fluid and Metering Technology was the main engine at $1.3B, or 38% of sales.
why it's growing
Revenue grew 5.8% last year. The 28% vs. prior year growth for that operation was primarily driven by acquisition-related benefits of mott corp.
what just happened
Latest earnings came in at $2.10 per share, ahead of the $2.05 estimate.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
22.7x trailing p/e — priced about right
1.6% dividend yield — cash in your pocket every quarter
11.5% return on capital — nothing to write home about
xvary composite: 74/100 — average
What they do
IDEX makes the small, critical parts that keep lab tools, fuel systems, and fire trucks working when failure is not an option.
IDEX wins by selling small parts that control expensive systems you cannot afford to shut down. Health and Science Technologies was 39.6% of 2024 sales, and international revenue was 50.4%, so you are not betting on one niche or one country. Switching costs (changing suppliers after your system is built in) → replacing validated parts inside critical equipment → so what: customers stay because downtime costs more than the part.
How they make money
$3.5B
annual revenue · their business grew +5.8% last year
Fluid and Metering Technology
$1.3B
Fire and Safety/Diversified Products
$794M
other
$1.4B
The products that matter
health and science technologies
Health & Science Technologies
$381M latest-quarter sales
this segment reached $381M in the latest quarter, up 28% from a year ago. that is the fastest growth on the page, but management says Mott acquisition benefits did a lot of the lifting.
fastest growth
fluid handling and metering
Fluid & Metering Technologies
$317.1M latest-quarter sales
sales improved 5% to $317.1M. that is steadier than flashy, which is usually how this company earns its reputation.
steady core
fire, safety, and diversified products
Fire & Safety / Diversified Products
$181.9M latest-quarter sales
sales fell 3% to $181.9M. when one segment is growing 28% and another is shrinking, you do not have one clean demand story. you have a portfolio.
lagging segment
Key numbers
29.0%
operating margin
Operating margin → profit after running the business → so what: IDEX keeps $0.29 from each sales dollar before interest and taxes.
4.0%
projected EPS growth
EPS growth → profit growth per share → so what: the business is expected to grow slower than the stock's premium usually implies.
$1.9B
long-term debt
Long-term debt → money owed over many years → so what: debt is manageable at 12% of capital, but it is still real leverage.
50.4%
international sales
International sales → revenue from outside the U.S. → so what: you get diversification, plus currency and macro risk.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 2 — safer than 80% of stocks
- price stability 90 / 100
- long-term debt $1.9B (12% of capital)
- net profit margin 17.9% — keeps 18 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in IEX 3 years ago → it's now worth $8,130.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Latest earnings came in at $2.10 per share, ahead of the $2.05 estimate.
Revenue reached about $899 million in the quarter, and the strongest growth came from Health and Science Technologies, which rose 28% vs. prior year with acquisition help from Mott.
$899M
revenue
$2.10
eps
45.0%
gross margin
the number that mattered
The 28% growth in Health and Science matters most because that segment is already 39.6% of sales, so strength there moves the whole company.
-
idex corp. achieved double-digit top-line growth in the 2025 third quarter.
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the manufacturer of various missioncritical products saw the strongest growth within its health & science technologies segment, reaching sales of $381 million.
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the 28% vs. prior year growth for that operation was primarily driven by acquisition-related benefits of mott corp., which added filtration capabilities for high-purity applications.
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meanwhile, the fluid & metering technologies division improved sales by 5%, over the same span, to $317.1 million.
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but the fire & safety/diversified products business saw the top line retreat 3%, to $181.9 million.elsewhere, idex appears likely to have saved about $60 million in 2025 through streamlining operations.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a fade in health & science growth once the Mott acquisition anniversary passes.
med
acquisition-boosted growth normalizes
Health & Science Technologies hit $381M in latest-quarter sales, up 28% from a year ago. Management said Mott-related benefits helped. If that tailwind fades, the market loses its cleanest growth lane.
This matters because the fastest-growing segment is also the most obvious source of upside optimism in the current story.
med
portfolio divergence gets worse
Fluid & Metering grew 5% to $317.1M while Fire & Safety / Diversified Products fell 3% to $181.9M. That is not one synchronized business. It is three demand cycles wearing one ticker.
When segment mix turns against you, consolidated revenue can still look fine while quality underneath gets weaker.
med
premium multiple without premium returns
The stock trades at 22.7x trailing earnings with 11.0% return on capital and 5.8% revenue growth. That is a quality multiple for a business that is good, not unstoppable.
If growth slips or margins soften from 17.2%, the multiple has more room to compress than expand.
med
institutions keep reducing exposure
Last quarter showed 280 institutional buyers against 320 sellers, with 75.9M shares still held overall. That is not panic, but it is not support either.
A stock can be fundamentally fine and still go nowhere if the marginal buyer keeps walking past it.
A 17.2% margin business with one segment up 28%, one up 5%, and one down 3% is sturdy, but it is not simple. The risk is that the market stops paying 22.7x earnings for a portfolio that looks more mixed than premium.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
whether EPS moves past $8.35
That is the FY2026 earnings setup. If IDEX clears it cleanly, the “steady but slow” label starts to loosen.
trend
health & science after the 28% jump
$381M is a big quarter. The real question is how much of that growth is durable once acquisition comparisons get tougher.
risk
fire & safety staying negative
A 3% sales decline to $181.9M is manageable once. Two or three more quarters and it becomes part of the thesis.
next check-in
whether institutions come back
320 sellers versus 280 buyers is a small but clear message. Next quarter tells you whether that was rotation noise or a real sentiment shift.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they still think the stock can work even if the chart looks tired.
risk profile
safer than most
stability score 2 — safer than roughly 80% of stocks. This is the kind of industrial name that usually disappoints slowly, not all at once.
chart momentum
bottom 5%
technical score 5 — the weakest reading in the set. The fundamentals say steady. The chart says the market is not in a hurry to agree.
earnings predictability
90 / 100
Management usually lands close to plan. That lowers surprise risk, but it also lowers the odds of a sudden narrative breakout.
source: institutional data
Institutional activity
280 buyers vs. 320 sellers in 3q2025. total institutional holdings: 75.9M shares.
source: institutional data
Price targets
3-5 year target range
$147
$278
$180
current price
$213
target midpoint · +19% from current · 3-5yr high: $310 (+75% · 16% ann'l return)
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