# IDEX Corporation (IEX) — Stock CV

IDEX Corporation is a $17.3B industrial company. Revenue grew 7.3% over the last year, it keeps 14¢ of every dollar of sales as profit, and its net debt equals ~1.9 years of free cash flow. It trades at 33.2× earnings — in the most expensive third of its own history.

> Idex manufactures pumps, flow meters, valves, and fluidic systems for customers in a variety of end markets, including industrial, fire and safety, life science, and water.

## Identity

- **Ticker**: IEX
- **Sector**: Industrials
- **Industry**: Pumps & Pumping Equipment
- **Headquarters**: NORTHBROOK, IL
- **Employees**: 8 700
- **Website**: https://www.idexcorp.com
- **Market cap**: $17.3B
- **Last price**: $234.29
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $3.59B
- **Net income**: $520M
- **Free cash flow**: $642M
- **Net debt**: $1.24B
- **P/E**: 33.2
- **Revenue growth (YoY)**: 7.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 55 |
| Profitability | 64 |
| Health | 62 |
| Quality | 100 |
| Moat | 90 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +7.3% YoY
- [x] Profitable — $520M TTM
- [ ] Profit growing — -6.0% YoY
- [x] Generates cash — $642M TTM
- [x] Debt under control — ~1.9y of cash flow to repay
- [x] Established company — $17.3B market cap
- [x] Not printing shares — -1.4% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 50/100
- [x] Pays a dividend — yield 1.24%
- [x] Valuation not extreme — P/E 33.2

## Experience (career milestones)

- **FY2023** — Best year on record: $596M net income
- **2022** — IDEX announced that it would acquire the Netherlands-based micro-precision technology…
- **2018** — IDEX Corporation announced its acquisition of Phantom Controls, a company that manufactures pump systems
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.11B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2011** — IDEX acquired Microfluidics International, a company that designs and manufactures equipment that used to…
- **1994** — IDEX reached an agreement to acquire Hale Products, Inc., of Conshohocken, Pa., for $90 million
- **1989** — The company raised $3.3 million with its initial public offering in June 1989
- **1988** — IDEX was formed in 1988, when Kohlberg Kravis Roberts purchased several divisions of Houdaille Industries

## Strengths

- High gross margin (44.7%)
- Strong cash conversion — FCF is 17.9% of revenue
- Interest covered 10.8× by operating earnings
- Piotroski F-Score 8/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.76B | $449M | $493M |
| FY2022 | $3.18B | $587M | $489M |
| FY2023 | $3.27B | $596M | $627M |
| FY2024 | $3.27B | $505M | $603M |
| FY2025 | $3.46B | $483M | $617M |

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Source: https://stockcv.com/IEX — derived from company filings; may be delayed or incomplete. Information, not investment advice.