IEX
IDEX Corporation
IEX's fundamentals are strong: it turned 18% of its revenue into free cash flow and revenue grew 6.9%. At 33x earnings, it's trading in line with its usual 30x. Analysts expect earnings growth.
IEX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Healthy |
IEX's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
IEX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $238 | — |
| Cheap | 27x | $194 | -18% |
| Fair | 30x | $219 | -8.1% |
| Current | 33x | $238 | — |
| Expensive | 39x | $279 | +17% |
Historical ranges are pointers, not guarantees.
IEX's PE is in its expensive range at 33x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its cheap range.
IEX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for IEX, with profitability improving.
IEX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.57 | +33% |
| Q3 2026 | $7.20 | +14% |
| Q2 2026 | $6.95 | +12% |
| Q1 2026 | $6.76 | +7.3% |
| Q4 2025 | $6.41 | -3.5% |
| Q3 2025 | $6.31 | -2.5% |
| Q2 2025 | $6.18 | -19% |
| Q1 2025 | $6.30 | -17% |
| Q4 2024 | $6.64 | -15% |
IEX earned $7.20 per share over the past year, up 14% from the year before.
IEX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $951.7M | +8.3% |
| Q2 2026 | $920.6M | +6.4% |
| Q1 2026 | $886.9M | +8.9% |
| Q4 2025 | $899.1M | +4.2% |
| Q3 2025 | $878.7M | +10% |
| Q2 2025 | $865.4M | +7.2% |
| Q1 2025 | $814.3M | +1.7% |
| Q4 2024 | $862.9M | +9.4% |
IEX's revenue has grown year over year for nine quarters in a row: $952M last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 22% | +0.7 points |
| Q2 2026 | 22% | 0 points |
| Q1 2026 | 19% | +2 points |
| Q4 2025 | 20% | +1.3 points |
| Q3 2025 | 21% | +0.1 points |
| Q2 2025 | 22% | -0.9 points |
| Q1 2025 | 17% | -2.7 points |
| Q4 2024 | 19% | -1.2 points |
IEX's operating margin was 22% last quarter, up 0.7 points from the same quarter a year ago.
IEX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $214.3M | +14% |
| Q2 2026 | $177M | +20% |
| Q1 2026 | $86M | -5.9% |
| Q4 2025 | $189.8M | +21% |
| Q3 2025 | $188.7M | -1.5% |
| Q2 2025 | $146.9M | +25% |
| Q1 2025 | $91.4M | -33% |
| Q4 2024 | $157.1M | -12% |
IEX's free cash flow has been positive every quarter for seven years: $667M over the past year, up 14% from the year before.
IEX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -200K shares |
| 1 year | -1.6% | -1.2M shares |
| 3 years | -2.5% | -1.9M shares |
| 5 years | -3.2% | -2.5M shares |
| Available history | -3.4% | -2.6M shares |
IEX has 74M diluted shares, down 1.6% from a year ago, with $301M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $74.6M |
| Q2 2026 | $77.1M |
| Q1 2026 | $76.3M |
| Q4 2025 | $72.8M |
| Q3 2025 | $75M |
| Q2 2025 | $50M |
| Q1 2025 | $50M |
| Q4 2024 | — |
IEX spent $301M buying back its own shares over the past year, up 72% from the year before.
IEX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | 1.5x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.6x | Healthy |
| Q4 2024 | 1.6x | Healthy |
IEX's net debt is about 1.2 years of its operating earnings (EBITDA), down from 1.5 years a year ago.
IEX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.3 | Neutral |
| Stochastic | 57.2 | Neutral |
IEX's weekly RSI is 61 (neutral) and its Stochastic is 57 (neutral).
IEX PE vs Industrials Sector
| Metric | IEX | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 24x | 38% above |
| PE % | 71 | 58 | 13 pts above |
IEX is trading at 33x earnings, a 38% premium to the Industrials sector's median of 24x.
IEX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $232.6 | 2.3% above |
| 20 week MA | $229.8 | 3.6% above |
| 50 week MA | $212.1 | 12% above |
| 100 week MA | $196.2 | 21% above |
| 200 week MA | $205.5 | 16% above |
IEX has climbed back above all five of its weekly moving averages, and it's now 16% above its 200-week average.
IEX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $172.6 | $196.6 | +14% |
| 2021 | $196.6 | $230.6 | +17% |
| 2022 | $230.6 | $229.3 | -0.6% |
| 2023 | $229.3 | $217.1 | -5.3% |
| 2024 | $217.1 | $211.1 | -2.8% |
| 2025 | $211.1 | $180.3 | -15% |
| 2026 YTD | $180.3 | $238.0 | +32% |
IEX has finished four years in a row lower, and it's up 32% so far in 2026.