IDEX Corporation

IEX

Industrial - Machinery · Industrials

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

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.

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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

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.5% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$621M 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 6% 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

Profit per sale

Gross Margin

46.4%

Healthy — 46.4% gross margin

Profit after running costs

Operating Margin

21.7%

Excellent — 21.7% operating margin

Return on the money invested

ROCE

12.7%

Good — 12.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.3%

Steady sales growth (+7.3% YoY)

Profit growth

EPS YoY

+12.6%

Earnings growing (+12.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

138%

Turns 138% of profit into real cash

Spare cash per sale

FCF Margin

17.9%

Converts sales into free cash efficiently (17.9%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.46

Conservative — low debt load (0.46)

Covers its interest

Interest Cover

11.66x

Comfortably covers interest (11.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

33.6x

no trend

Pricey — P/E 33.6

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

Cheaper or dearer next year

P/E vs Forward

+11.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.6 → 22.4)

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Dividends

Dividend

Dividend Yield

1.25%

no trend

Small dividend — 1.25% yield

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

Dividend record

Dividend Growth

+2.9%

no trend

Dividend flat

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