IDEX Corporation

IEX

Industrial - Machinery · Industrials

Price

$224.94

-4.02 (-1.76%)

Market Cap

$16.65B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−1.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 76.4M (2021) → 75.3M (2025)

IDEX Corporation makes specialized pumps, flow meters, and fluid-handling equipment. Its products move, measure, and control liquids in industries like water treatment, fire suppression, agriculture, and life sciences. The company owns well-known brands such as Banjo, Viking Pump, and Hurst Jaws of Life.

IDEX earns revenue by selling this equipment directly to industrial customers, municipalities, and original equipment manufacturers. It operates globally, with significant sales in North America and Europe, and generates roughly $3.3 billion in annual revenue. Its competitive advantage comes from highly engineered, niche products that are deeply embedded in customers' operations, making switching costs high. The main growth driver is increased demand for water infrastructure and life sciences equipment, while the key risk is exposure to slowing industrial spending during economic downturns, which can cause customers to delay equipment purchases.

Winston Score History

Politician Trades

8 trades / 12mo

4 Congressional buys and 4 sells on IEX in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+27.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$586M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

IDEX Corporation is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

44.9%

Healthy — 44.9% gross margin

Operating Margin

19.4%

Healthy — 19.4% operating margin

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+7.5%

Steady sales growth (7.5% YoY)

EPS YoY

+7.3%

Modest earnings growth (7.3% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

134%

Turns 134% of profit into real cash

FCF Margin

17.3%

Converts sales into free cash efficiently (17.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.46

Conservative — low debt load (0.46)

Interest Cover

11.42x

Comfortably covers interest (11.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

33.2x

Pricey — P/E 33.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+8.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.2 → 24.5)

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Dividends

Dividend Yield

1.27%

Small dividend — 1.27% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+2.9%

Dividend flat

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