Upside case
Bull case
$376+72.5%
IEX would need investors to value it at roughly 45x earnings — about 19x more generous than today's 26x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
IDEX Corporation (IEX) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
29
analysts
14 bullish · 0 bearish · 29 covering IEX
Strong Buy
0
Buy
14
Hold
15
Sell
0
Strong Sell
0
Consensus Target
$242
+11.0% vs today
Scenario Range
$212 – $376
Model bear to bull value window
Coverage
29
Published analyst ratings
Valuation Context
25.9x
Forward P/E · Market cap $16.2B
IEX price targets
Three scenarios for where IEX stock could go
Current
~$218
Confidence
65 / 100
Updated
May 1, 2026
Where we are now
Current · $218
Bear
$212
Base
$276
Bull
$376
Market caseClosest to today
Base case
$276+26.4%
At 33x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$212-2.7%
If investor confidence fades or macro conditions deteriorate, a 1x multiple contraction could push IEX down roughly 3% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
IDEX Corporation
IEX · NYSEIndustrialsIndustrial - MachineryDecember year-end
IDEX Corporation is a diversified industrial manufacturer that designs and produces highly engineered fluidics, metering, and safety equipment. It generates revenue through three main segments — Fluid & Metering Technologies (~40%), Health & Science Technologies (~35%), and Fire & Safety/Diversified Products (~25%) — selling pumps, valves, seals, and safety systems to industrial, medical, and fire protection customers. The company's competitive advantage lies in its deep application expertise across niche industrial markets and its portfolio of proprietary, mission-critical components that are difficult to replace.
Market Cap
$16.2B
Revenue TTM
$3.5B
Net Income TTM
$508M
Net Margin
14.4%
IEX Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
+4.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$2.07/$2.00
Revenue
$865M/$872M
Q4 2025
EPS
$2.03/$1.93
Revenue
$879M/$861M
Q1 2026
EPS
$2.10/$2.04
Revenue
$899M/$882M
Q2 2026
EPS
$2.00/$1.78
Revenue
$887M/$846M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $2.07/$2.00 | +3.5% | $865M/$872M | -0.8% |
| Q4 2025 | $2.03/$1.93 | +5.2% | $879M/$861M | +2.0% |
| Q1 2026 | $2.10/$2.04 | +2.9% | $899M/$882M | +1.9% |
| Q2 2026 | $2.00/$1.78 | +12.4% | $887M/$846M | +4.9% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.7B
+4.7% YoY
FY2
$3.9B
+5.3% YoY
EPS Outlook
FY1
$7.57
+11.0% YoY
FY2
$8.10
+7.0% YoY
Trailing FCF (TTM)$611M
FCF Margin: 17.3%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
IEX beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
IEX Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $3.5B
Product Mix
Latest annual revenue by segment or product family
Health And Science Technologies
43.2%
+15.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
53.4%
+8.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Health And Science Technologies is the largest disclosed segment at 43.2% of FY 2025 revenue, up 15.2% YoY.
UNITED STATES is the largest reported region at 53.4%, up 8.6% YoY.
IEX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fairly Valued
Fair value est. $204 — implies -4.9% from today's price.
Premium to Fair Value
4.9%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
IEX
34.0x
vs
S&P 500
25.2x
+35% premium
vs Industrials Trailing P/E
IEX
34.0x
vs
Industrials
25.9x
+32% premium
vs IEX 5Y Avg P/E
Today
34.0x
vs
5Y Average
31.3x
+9% premium
Forward PE
25.9x
S&P 500
19.1x
+36%
Industrials
20.8x
+25%
5Y Avg
—
—
Trailing PE
34.0x
S&P 500
25.2x
+35%
Industrials
25.9x
+32%
5Y Avg
31.3x
+9%
PEG Ratio
6.36x
S&P 500
1.75x
+265%
Industrials
1.59x
+301%
5Y Avg
—
—
EV/EBITDA
18.8x
S&P 500
15.3x
+24%
Industrials
13.9x
+36%
5Y Avg
19.9x
-5%
Price/FCF
26.3x
S&P 500
21.3x
+23%
Industrials
20.6x
+27%
5Y Avg
29.3x
-10%
Price/Sales
4.7x
S&P 500
3.1x
+50%
Industrials
1.6x
+195%
5Y Avg
5.2x
-9%
Dividend Yield
1.29%
S&P 500
1.88%
-31%
Industrials
1.24%
+5%
5Y Avg
1.19%
+9%
| Metric | IEX | S&P 500 | Industrials | 5Y Avg IEX |
|---|---|---|---|---|
| Forward PE | 25.9x | 19.1x+36% | 20.8x+25% | — |
| Trailing PE | 34.0x | 25.2x+35% | 25.9x+32% | 31.3x |
| PEG Ratio | 6.36x | 1.75x+265% | 1.59x+301% | — |
| EV/EBITDA | 18.8x | 15.3x+24% | 13.9x+36% | 19.9x |
| Price/FCF | 26.3x | 21.3x+23% | 20.6x+27% | 29.3x-10% |
| Price/Sales | 4.7x | 3.1x+50% | 1.6x+195% | 5.2x |
| Dividend Yield | 1.29% | 1.88% | 1.24% | 1.19% |
IEX trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolIEX Financial Health
Verdict
Strong
IEX generates $611M in free cash flow at a 17.3% margin — 10.4% ROIC signals a durable competitive advantage · returns 2.8% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.5B
Revenue Growth
TTM vs prior year
+7.5%
Gross Margin
Gross profit as a share of revenue
44.4%
Operating Margin
Operating income divided by revenue
20.8%
Net Margin
Net income divided by revenue
14.4%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$6.82
Free Cash Flow (TTM)
Cash generation after capex
$611M
FCF Margin
FCF as share of revenue — the primary cash quality signal
17.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
10.4%
ROA
Return on assets, trailing twelve months
7.3%
Cash & Equivalents
Liquid assets on the balance sheet
$580M
Net Debt
Total debt minus cash
$1.2B
Debt Serviceability
Net debt as a multiple of annual free cash flow
2.0× FCF
~2.0 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
12.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.8%
Dividend
1.3%
Buyback
1.5%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$248M
Dividend / Share
Annualized trailing dividend per share
$2.82
Payout Ratio
Share of earnings distributed as dividends
44.0%
Shares Outstanding
Declining as buybacks retire shares
74M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageIEX Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Regulatory Changes
The introduction of 'market coupling' by the Central Electricity Regulatory Commission (CERC) has significantly reduced IEX's competitive advantage, leading to a substantial drop in its stock price. This regulatory change has pooled bids from all exchanges, lowering barriers for competitors and increasing market competition.
High Risk
Options Exchange Criticism
IEX's proposal to launch a U.S. options exchange has faced significant criticism, particularly from Citadel Securities, over concerns regarding its 'Options Risk Parameter'. Critics argue this mechanism could disadvantage retail investors and lacks transparency, potentially setting a dangerous precedent for other exchanges.
Medium
Increased Competition
Regulatory changes, especially market coupling, have leveled the playing field for new exchanges, allowing them to enter the market without the disadvantage of thin liquidity. This increased competition may lead to lower transaction fees and further pressure IEX's market share.
Medium
Adverse Selection Risks
IEX's approach to its options exchange aims to mitigate adverse selection risks faced by market makers due to unstable prices. However, the effectiveness and potential impact of these proposed mechanisms are still under scrutiny, which could affect IEX's operational stability.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why IEX Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Dominant Market Share
IEX holds a significant market share, around 95%, in India's power exchange market. This near-monopoly has been a key factor in its historical success.
Strong Financial Health
The company boasts a debt-free balance sheet with substantial cash and investments. It operates with high EBITDA margins, often around 80%.
Robust Revenue Growth
IEX has demonstrated robust revenue and profit growth, with Q4 FY26 showing a 24.3% year-on-year increase in traded electricity volume. This growth reflects the company's strong operational performance.
Increasing Exchange Penetration
Electricity traded through exchanges in India is currently a small percentage of total generated power. A rise in exchange penetration to 15% could lead to a 27% volume growth for IEX, even if its market share drops to 50%.
Institutional Investor Confidence
Despite regulatory challenges, both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) have been consistently increasing their stakes in IEX. This trend indicates strong institutional confidence in the company's long-term prospects.
Long-Term Dividend Growth
IEX has a track record of increasing its dividend for 16 consecutive years, showcasing its commitment to returning value to shareholders and financial stability.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
IEX Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$218.19
52W Range Position
92%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$157.25
+38.8% from the low
52-Week High
$223.84
-2.5% from the high
1 Month
+14.38%
3 Month
+3.23%
YTD
+21.9%
1 Year
+21.5%
3Y CAGR
+1.2%
5Y CAGR
-0.7%
10Y CAGR
+10.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
IEX vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
25.9x
vs 20.4x median
+27% above peer median
Revenue Growth
+4.7%
vs +5.0% median
-5% below peer median
Net Margin
14.4%
vs 11.5% median
+25% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
IEX IEX IDEX Corporation | $16.2B | 25.9x | +4.7% | 14.4% | Hold | +11.0% |
ROP ROP Roper Technologies, Inc. | $36.1B | 16.0x | +9.7% | 21.1% | Buy | +30.7% |
FTV FTV Fortive Corporation | $18.6B | 20.4x | -9.3% | 11.5% | Hold | +0.4% |
PNR PNR Pentair plc | $12.9B | 14.9x | +2.4% | 16.0% | Hold | +42.0% |
XYL XYL Xylem Inc. | $28.2B | 21.4x | +6.5% | 10.7% | Hold | +27.8% |
FEL FELE Franklin Electric Co., Inc. | $4.5B | 22.0x | +5.0% | 6.9% | Hold | -1.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
IEX Dividend and Capital Return
IEX returns 2.8% annually — 1.29% through dividends and 1.5% through buybacks.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
2.8%
Dividend + buyback return per year
Buyback Yield
1.5%
Dividend Yield
1.29%
Payout Ratio
44.0%
How IEX Splits Its Return
Div 1.29%
Buyback 1.5%
Dividend 1.29%Buybacks 1.5%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.82
Growth Streak
Consecutive years of dividend increases
23Y
3Y Div CAGR
6.4%
5Y Div CAGR
7.1%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$248M
Estimated Shares Retired
1M
Approx. Share Reduction
1.5%
Shares Outstanding
Current diluted share count from the screening snapshot
74M
At 1.5%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.71 | — | — | — |
| 2025 | $2.82 | +4.1% | 1.8% | 3.4% |
| 2024 | $2.71 | +7.5% | 0.0% | 1.3% |
| 2023 | $2.52 | +7.7% | 0.1% | 1.3% |
| 2022 | $2.34 | +10.4% | 0.9% | 1.9% |
FAQ
7 questionsIEX Investor Questions
Common questions answered from live analyst data and company financials.
01Is IDEX Corporation (IEX) stock a buy or sell in 2026?
IDEX Corporation (IEX) is rated Hold by Wall Street analysts as of 2026. Of 29 analysts covering the stock, 14 rate it Buy or Strong Buy, 15 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $242, implying +11.0% from the current price of $218. The bear case scenario is $212 and the bull case is $376.
02What is the IEX stock price target for 2026?
The Wall Street consensus price target for IEX is $242 based on 29 analyst estimates. The high-end target is $257 (+17.8% from today), and the low-end target is $214 (-1.9%). The base case model target is $276.
03Is IDEX Corporation (IEX) stock overvalued in 2026?
IEX trades at 25.9x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals fairly valued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for IDEX Corporation (IEX) stock in 2026?
The primary risks for IEX in 2026 are: (1) Regulatory Changes — The introduction of 'market coupling' by the Central Electricity Regulatory Commission (CERC) has significantly reduced IEX's competitive advantage, leading to a substantial drop in its stock price. (2) Options Exchange Criticism — IEX's proposal to launch a U. (3) Increased Competition — Regulatory changes, especially market coupling, have leveled the playing field for new exchanges, allowing them to enter the market without the disadvantage of thin liquidity. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is IDEX Corporation's revenue and earnings forecast?
Analyst consensus estimates IEX will report consensus revenue of $3.7B (+4.7% year-over-year) and EPS of $7.57 (+11.0% year-over-year) for the upcoming fiscal year. The following year, analysts project $3.9B in revenue.
06When does IDEX Corporation (IEX) report its next earnings?
A confirmed upcoming earnings date for IEX is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does IDEX Corporation generate?
IDEX Corporation (IEX) generated $611M in free cash flow over the trailing twelve months — a free cash flow margin of 17.3%. IEX returns capital to shareholders through dividends (1.3% yield) and share repurchases ($248M TTM).