At a glance
IDEX Corporation is worth $17.37B, about 37 times its fiscal 2025 earnings. Revenue grew 5.8% to $3.46B in fiscal 2025, with 14.0% kept as profit; over 5 years it has grown 8.0% a year. It pays a 1.23% dividend yield, raised every year for at least 5 years, and returned $1.37B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +39.8% over the past year with dividends reinvested and +1.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.3% in the 2020 crash (S&P 500: 33.7%) and 26.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months after the low.
The business in plain English
IDEX makes specialized engineered parts and equipment for niche markets, where a small component often does a critical job. Products include pumps, valves, flow meters, seals, optical coatings, air compressors and powder-processing machines. Customers include makers of lab instruments, medical equipment and semiconductor equipment, plus drug, food, chemical and energy producers. More than 50 wholly owned businesses operate with wide independence, and the company has grown partly through acquisitions, such as the precision optics business Micro-LAM in July 2025.
IDEX reports three segments. Health & Science Technologies, the largest, brought in 43% of fiscal 2025 sales of $3.46 billion. Its products range from fluidics and optics for lab and diagnostic instruments to seals and drug-processing equipment. Fluid & Metering Technologies (35%) makes positive displacement pumps, which move a fixed amount of fluid with each cycle, along with valves and flow meters, and has units focused on water, energy and agriculture. Fire & Safety/Diversified Products (22%) houses the Fire & Safety, Dispensing and BAND-IT units.
Fluid & Metering is the most profitable for its size: in 2025 it produced 35% of segment sales but 40% of segment adjusted EBITDA, a profit measure before interest, taxes, depreciation and amortization. About half of sales came from the United States, a quarter from Europe and 16% from Asia.
Price history
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IEX +39.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| HST | $1.49B | 43.1% |
| FMT | $1.22B | 35.4% |
| FSDP | $744.3M | 21.5% |
By geography
| U.S. Plans | $1.76B | 50.9% |
| Europe | $846.2M | 24.5% |
| Asia | $563.0M | 16.3% |
| Other | $165.1M | 4.8% |
| North America, excluding U.S. | $129.7M | 3.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $951.7M, up 8.3% from a year earlier, and net income was $144.1M (+12.8%).
- For fiscal 2025, revenue was $3.46B (+5.8% year over year; +8.0% a year from FY2020 to FY2025) with a 14% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.0% good |
|---|---|
| Operating margin | 20.2% good |
| Free cash flow margin | 17.8% good |
| Return on equity (FY2025) | 12% watch |
| Return on assets (FY2025) | 7% watch |
| Net cash (cash minus debt) | $-1.16B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.35B | $377.8M | $517.7M |
| FY2021 | $2.76B | $449.4M | $492.6M |
| FY2022 | $3.18B | $586.9M | $489.4M |
| FY2023 | $3.27B | $596.1M | $626.8M |
| FY2024 | $3.27B | $505.0M | $603.0M |
| FY2025 | $3.46B | $483.2M | $616.8M |
Valuation snapshot
| Market value | $17.37B |
|---|---|
| P/E ratio | 36.9 |
| Dividend yield | 1.23% |
Rank among 1514 US companies
Market value at each year end
IDEX’s market value went from $6.87B at the end of 2016 to $17.37B on Nov 2, 2026, about 2.5 times as much; since the end of 2025 it is up 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $17.37B | +30.4% |
| 2025 | $13.32B | -16.0% |
| 2024 | $15.85B | -3.5% |
| 2023 | $16.42B | -4.7% |
| 2022 | $17.22B | -4.2% |
| 2021 | $17.97B | +19.1% |
| 2020 | $15.08B | +15.3% |
| 2019 | $13.08B | +35.1% |
| 2018 | $9.69B | -3.9% |
| 2017 | $10.08B | +46.8% |
| 2016 | $6.87B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IEX price data to Nov 2, 2026 | +34.7% | +39.8% | +8.4% | +1.7% | +12.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.7% |
| 2025 | -13.7% |
| 2024 | -2.4% |
| 2023 | -3.8% |
| 2022 | -2.2% |
| 2021 | +19.8% |
| 2020 | +17.2% |
| 2019 | +38.0% |
| 2018 | -3.2% |
| 2017 | +48.5% |
| 2016 | +19.5% |
| 2015 | +0.1% |
| 2014 | +7.0% |
| 2013 | +61.3% |
| 2012 | +27.9% |
| 2011 | -3.6% |
| 2010 | +27.8% |
| 2009 | +31.5% |
| 2008 | -32.1% |
| 2007 | +16.6% |
| 2006 | +16.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 55.2% over that stretch · deepest drop along the way 58.3%, back to its old high 20.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.9% over that stretch · deepest drop along the way 34.3%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.4% over that stretch · deepest drop along the way 26.1%, back to its old high 4.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 1 open-market purchases ($102K) and 3 sales ($3.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Eric D Ashleman CEO and President, Director | sell | $2.3M |
| May 11, 2026 | Eric D Ashleman CEO and President, Director | sell | $1.1M |
| Nov 5, 2025 | Carl R Christenson Director | buy | $102K |
| Aug 12, 2026 | Lisa M Anderson SVP, GC, CAO & Corp Sec | sell | $92K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.09% | Mar 31, 2026 |
| Wellington Management Group LLP | 2.3% | Mar 31, 2026 |
ETFs with the most weight in IEX
| TBLU Tortoise Global Water ESG Fund | 4.32% |
| PHO Invesco Water Resources ETF | 3.86% |
| FIW First Trust Water ETF | 3.37% |
| PIO Invesco Global Water ETF | 2.46% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 2.22% |
| IPDP Dividend Performers ETF | 1.82% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 1.16% |
| RBLD First Trust Alerian US NextGen Infrastructure ETF | 0.89% |
What could go wrong
- Growth depends heavily on acquisitions. IDEX has grown partly through acquisitions and expects to keep doing so. Deals may not perform as planned, may bring hidden liabilities or may add substantial debt. Shedding units also carries costs and risks.
- Goodwill write-downs could hit earnings. Goodwill, the premium paid for acquired companies above the value of their assets, and other intangibles make up a significant share of IDEX's assets. A write-off would cut reported earnings and the company's net worth.
- Oil and commodity slumps can cut orders. A significant or sustained drop in commodity prices, including oil, could lead some customers to spend less. IDEX has a dedicated Energy unit and supplies high-performance seals to oil and gas customers.
- Falling behind on new products. Growth without acquisitions depends largely on launching new products. Competitors could develop better products or adopt new technology, including artificial intelligence, faster than IDEX, which could force price cuts and squeeze profit margins.
- Supply shortages and rising input costs. IDEX relies on outside suppliers for substantial raw materials, parts and components. Supplier disruptions, geopolitical or civil unrest, or price increases could raise costs or disrupt production.
- Global slowdowns and currency swings. Roughly half of fiscal 2025 sales came from outside the United States. An economic slowdown could reduce demand, and a stronger dollar can shrink the value of foreign sales when converted into dollars.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
IDEX has raised its regular dividend for five straight years, from $2.00 a share in fiscal 2020 to $2.84 in fiscal 2025, growth of about 7.3% a year. In 2025 the dividend used 44% of earnings and 34.5% of free cash flow (cash left after running the business and investing in equipment), a moderate share. The yield was 1.22% as of October 28, 2026, so the income is modest. IDEX also spent $420 million on share repurchases from 2021 through 2025, and the share count fell 3.5% between February 2022 and October 2026.
The share price has fallen hard in downturns. It dropped 58% from its June 2008 peak to its March 2009 low, then took about 21 months to recover. It fell 34% in the 2020 COVID crash and 26% in the 2022 market slump, regaining its peak within about five months of the low each time. Single stocks carry more risk than diversified funds.
Questions investors ask
How does IDEX make money?
IDEX makes money by designing and manufacturing specialized components and equipment, such as pumps, valves, flow meters, seals, optics and powder-processing machines, for customers ranging from lab-instrument makers to drug, food and energy producers. Of $3.46 billion in fiscal 2025 sales, Health & Science Technologies brought in 43%, Fluid & Metering Technologies 35% and Fire & Safety/Diversified Products 22%. About half of sales came from the United States. Net income was $483 million.
Does IDEX raise its dividend every year?
It has for five straight years. IDEX raised its regular dividend from $2.00 a share in fiscal 2020 to $2.84 in fiscal 2025, growth of about 7.3% a year. The fiscal 2025 dividend used 44% of earnings and 34.5% of free cash flow. Diluted earnings per share fell from $7.85 in 2023 to $6.41 in 2025 while the dividend rose, so the dividend took a larger share of profits than in 2023. The board sets each increase, and none is guaranteed.
What is IDEX's dividend yield?
IDEX's dividend yield was 1.22% as of October 28, 2026, a modest level of income. The yield falls when the share price rises faster than the dividend, and the price rose 35.9% in 2026 through October 28. In fiscal 2025, IDEX paid $213 million in dividends and spent $248 million on share repurchases, which return cash to shareholders by reducing the share count.
How much debt does IDEX have?
IDEX had about $1.76 billion of total debt as of September 30, 2026, against $602 million of cash and investments, leaving net debt of about $1.16 billion. Shareholders' equity was about $4.02 billion and total assets $6.88 billion. In a September 3, 2026 filing, IDEX reported a major new agreement and a new debt obligation. The company lists interest-rate changes among its risks because higher rates can raise borrowing costs.
How has IDEX stock performed?
Results depend on the period. As of October 28, 2026, the share price was up 44.8% over one year and 35.9% in 2026 through that date, after falling 13.7% in 2025. Over five years it gained an average of 2.7% a year, compared with 12.1% a year over ten years. The price-to-earnings ratio (share price divided by a year's earnings per share) was about 37 on fiscal 2025 earnings, while diluted earnings per share fell from $7.85 in 2023 to $6.41 in 2025.