IDEX (IEX)
Forward P/E is 24.68x against a peer median of 17.71x, a ratio of 1.39x, with trailing P/E 32.42x and PEG 2.05. The ratio is well above the 1.15 fair-band ceiling, growth is below the cluster median, and the PEG is above 2, so no growth exception applies. Latest-quarter revenue grew +6.4% year over year (PRIMARY, EDGAR). Delivered demand check: the Industrial machinery & components group's median growth was +7.3% year over year — demand steady.
What would change this label: Move to FAIRLY PRICED if the forward P/E compresses to about 20.4x or below (1.15x the peer median) at unchanged estimates, or if revenue growth rises above 12% year over year for two quarters. Move further from fair value if revenue growth falls below 3% year over year while the forward multiple stays above 20.4x.
IDEX makes pumps and fluid-handling equipment used in factories, farms and medical settings. Its shares cost well above similar machinery companies, even though its sales are growing more slowly than theirs. Paying a large premium for slower growth makes the shares look overvalued.
Both lines start at 100 on 2020-09-01. Over the full window IDEX returned +28.08% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for IDEX: -35.9% (2024-03-21 to 2025-08-11). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 24.68x against a peer median of 17.71x, a ratio of 1.39x, with trailing P/E 32.42x and PEG 2.05. The ratio is well above the 1.15 fair-band ceiling, growth is below the cluster median, and the PEG is above 2, so no growth exception applies. Latest-quarter revenue grew +6.4% year over year (PRIMARY, EDGAR). Delivered demand check: the Industrial machinery & components group's median growth was +7.3% year over year — demand steady. The company’s forward P/E is 24.7× against a peer median of 17.7×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Industrial machinery & components group's median latest-quarter revenue growth was 7.3% year over year (SEC filings) — demand steady. This company grew 6.4%, below the group. Latest-quarter sales growth was +6.4% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| IDEX (IEX) | $233.42 | 24.7× | 32.4× |
| NDSN | — | 25.7× | 32.8× |
| FTV | — | 20.8× | 39.2× |
| SNA | — | 17.7× | 18.6× |
| SWK | — | 17.4× | 24.6× |
| XYL | — | 15.6× | 19.5× |
| Peer median | 17.7× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $921M | 46.4% | $143M | 1.93 | $177M |
| Q/E Mar 2026 2026-03-31 | $887M | 44.9% | $120M | 1.61 | $86M |
| Q/E Dec 2025 2025-12-31 | $899M | 43.0% | $128M | — | $190M |
| Q/E Sep 2025 2025-09-30 | $879M | 44.5% | $128M | 1.70 | $189M |
| Q/E Jun 2025 2025-06-30 | $865M | 45.3% | $132M | 1.74 | $147M |
| Q/E Mar 2025 2025-03-31 | $814M | 45.3% | $96M | 1.26 | $91M |
| Q/E Dec 2024 2024-12-31 | $863M | 42.5% | $123M | — | $157M |
| Q/E Sep 2024 2024-09-30 | $798M | 44.3% | $119M | 1.57 | $192M |
| Q/E Jun 2024 2024-06-30 | $807M | 45.4% | $141M | 1.86 | $118M |
| Q/E Mar 2024 2024-03-31 | $800M | 44.6% | $121M | 1.60 | $137M |
| Q/E Dec 2023 2023-12-31 | $789M | 42.7% | $109M | — | $179M |
| Q/E Sep 2023 2023-09-30 | $793M | 44.1% | $209M | 2.75 | $206M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | IDEX CORP /DE/ |
| Chief executive | Eric D. Ashleman (source: https://www.businesswire.com/news/home/20260729328606/en/IDEX-Reports-Second-Quarter-Results) |
| Sector | Industrials — Industrial Machinery & Supplies & Components — makes pumps, valves and fluid-handling equipment for industrial and health markets |
| Share price (Oct 28, 2026) | $233.42 |
| Market value (market cap) | $17.2B — share price times shares outstanding of 73,719,896 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $3.6B |
| Net income, last twelve months | $520M |
| Free cash flow, last twelve months | $642M |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +28.08% vs +118.28% |
| Worst peak-to-trough fall | -35.9% (2024-03-21 to 2025-08-11) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E (5-year median): not computed in the Phase 1 batch — UNVERIFIED
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000832101.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000832101.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/IEX/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.