Idex
IEX on NYSE. IDEX sells pumps, valves, and other parts to industrial, health, and safety customers. Market value $17.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.68 of spare cash in the past 12 months. A savings account pays about $4.
You pay 25.2 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 97 of 100. Price score: 45 of 100. Our list needs 70 on quality and 60 on price.
$236.28 a share, 48% above its 1-year low
Over the past year the price has ranged from $159.27 to $243.80.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.8bn | $3.2bn | $3.3bn | $3.3bn | $3.5bn |
| Operating margin | |||||
| Operating margin | 23.0% | 23.6% | 22.4% | 20.7% | 20.2% |
| Debt to equity | |||||
| Debt to equity | 0.42 | 0.49 | 0.38 | 0.52 | 0.45 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.08bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.45× equity
- Revenue growth, five yearsSlow, 8.0% a year
- Buying back its own sharesYes, 2% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $921 million last quarter, up 6% on a year ago.
- Profit: $143 million, up 9% on a year ago.
- It keeps 21 cents of each $1 of sales as operating profit, up from 20 cents a year earlier.
- Spare cash over the past 12 months: $642 million, up from $587 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1.2 billion more than cash, down from $1.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $798m |
| December 2024 | $863m |
| March 2025 | $814m |
| June 2025 | $865m |
| September 2025 | $879m |
| December 2025 | $899m |
| March 2026 | $887m |
| June 2026 | $921m |
| Quarter to | Amount |
|---|---|
| September 2024 | $119m |
| December 2024 | $123m |
| March 2025 | $96m |
| June 2025 | $132m |
| September 2025 | $128m |
| December 2025 | $128m |
| March 2026 | $120m |
| June 2026 | $143m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 28 October 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
10 long-term investors we follow own it, down from 11 last quarter. 687 funds in all.
- Fenimore Asset Management (FAM Funds)John Fox
- Value
- $181m
- Share of fund
- 3.8%
- GAMCO InvestorsMario Gabelli
- Value
- $35m
- Share of fund
- 0.3%
- Mairs & PowerAndy Adams
- Value
- $907,800
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $857,417
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Fenimore Asset Management (FAM Funds)John Fox | $181m | 3.8% | |
| Findlay Park PartnersFindlay Park team | $73m | 1.0% | Cut |
| Weitz Investment ManagementWally Weitz | $57m | 4.0% | Cut |
| GAMCO InvestorsMario Gabelli | $35m | 0.3% | |
| Boston PartnersBoston Partners team | $14m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $14m | <0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $6m | 0.3% | Added |
| Nuance InvestmentsScott Moore | $2m | 0.3% | Cut |
| Mairs & PowerAndy Adams | $907,800 | <0.1% | |
| First Manhattan Co.First Manhattan partners | $857,417 | <0.1% |
Sold out this quarter
Largest holders overall
- BlackRock$1.3bn
- Vanguard Capital Management$1.1bn
- Vanguard Portfolio Management$847m
- State Street$753mAdded
- Primecap Management$749m
- Morgan Stanley$640mCut
- Millennium Management$538mAdded
- Geode Capital Management$474m
- Nordea Investment Management AB$419m
- Victory Capital Management$346m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Wellington Management Company LLPPassive investor8.0%+1.6 ptsSince 30 June 2025
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.1%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 2.3%−6.0 pts(filed with 2 related holders)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Wellington Management Company LLP Passive investor | 8.0%+1.6 pts | 30 June 2025 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.1% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 2.3%−6.0 pts (filed with 2 related holders) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $101,646 of shares on the open market. 2 sold $3m.
- Anderson Lisa MSVP, GC, CAO & Corp SecSold
- Date
- 12 August 2026
- Shares
- 385
- Price
- $238.59
- Value
- $91,859
- ASHLEMAN ERIC DCEO and President, DirectorSold
- Date
- 11 May 2026
- Shares
- 15,385
- Price
- $215.22
- Value
- $3m
- Christenson Carl RDirectorBought
- Date
- 5 November 2025
- Shares
- 600
- Price
- $169.41
- Value
- $101,646
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 August 2026 | Anderson Lisa M SVP, GC, CAO & Corp Sec | Sold | 385 | $238.59 | $91,859 |
| 11 May 2026 | ASHLEMAN ERIC D CEO and President, Director | Sold | 15,385 | $215.22 | $3m |
| 5 November 2025 | Christenson Carl R Director | Bought | 600 | $169.41 | $101,646 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 25.2× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.