Latest Ratios: P/E Ratio 31.4x · EV/EBITDA 18.4x · ROE 12.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.7B | $13.4B | $15.9B | $16.5B | $17.4B | $18.1B | $15.2B | $13.2B | $9.8B | $10.2B | $6.9B |
| Enterprise Value | $18.0B | $14.7B | $17.3B | $17.4B | $18.5B | $18.5B | $15.3B | $13.5B | $10.2B | $10.7B | $7.7B |
| P/E Ratio → | 31.35 | 27.76 | 31.52 | 27.66 | 29.58 | 40.19 | 40.32 | 30.88 | 23.87 | 30.27 | 25.51 |
| P/S Ratio | 4.57 | 3.88 | 4.86 | 5.03 | 5.45 | 6.53 | 6.47 | 5.27 | 3.94 | 4.46 | 3.27 |
| P/B Ratio | 4.25 | 3.33 | 4.19 | 4.65 | 5.71 | 6.44 | 5.99 | 5.81 | 4.91 | 5.41 | 4.48 |
| P/FCF | 25.08 | 21.72 | 26.34 | 26.29 | 35.46 | 36.65 | 29.40 | 27.56 | 23.36 | 26.24 | 19.11 |
| P/OCF | 24.59 | 19.69 | 23.78 | 22.99 | 31.13 | 31.94 | 26.73 | 24.90 | 20.43 | 23.58 | 17.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.24 | 5.28 | 5.31 | 5.82 | 6.69 | 6.53 | 5.39 | 4.10 | 4.67 | 3.64 |
| EV / EBITDA | 18.36 | 15.83 | 19.77 | 19.26 | 20.36 | 24.44 | 24.74 | 19.82 | 15.38 | 18.20 | 14.30 |
| EV / EBIT | 25.00 | 21.04 | 25.23 | 21.42 | 23.43 | 29.96 | 29.45 | 23.56 | 17.56 | 21.09 | 18.27 |
| EV / FCF | — | 23.78 | 28.61 | 27.74 | 37.82 | 37.56 | 29.65 | 28.19 | 24.27 | 27.48 | 21.27 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.5% | 44.5% | 46.4% | 49.6% | 50.1% | 49.2% | 49.2% | 51.1% | 46.9% | 46.7% | 46.6% |
| Operating Margin | 20.8% | 20.8% | 21.3% | 22.9% | 24.8% | 23.7% | 22.8% | 24.1% | 23.5% | 22.0% | 21.4% |
| Net Profit Margin | 14.0% | 14.0% | 15.4% | 18.2% | 18.4% | 16.3% | 16.1% | 17.1% | 16.5% | 14.7% | 12.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.4% | 12.4% | 13.8% | 18.1% | 20.1% | 16.8% | 15.7% | 20.0% | 21.2% | 19.7% | 18.2% |
| ROA | 7.1% | 7.1% | 8.0% | 10.5% | 11.3% | 9.6% | 9.2% | 11.7% | 12.0% | 10.3% | 9.1% |
| ROIC | 10.3% | 10.3% | 10.9% | 13.0% | 15.9% | 16.6% | 15.4% | 18.3% | 18.5% | 16.1% | 15.8% |
| ROCE | 11.6% | 11.6% | 12.1% | 14.5% | 16.8% | 15.5% | 14.4% | 18.3% | 19.0% | 17.1% | 16.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.52 | 0.41 | 0.52 | 0.46 | 0.45 | 0.41 | 0.43 | 0.46 | 0.66 |
| Debt / EBITDA | 2.00 | 2.00 | 2.28 | 1.60 | 1.75 | 1.72 | 1.86 | 1.38 | 1.28 | 1.46 | 1.89 |
| Net Debt / Equity | — | 0.32 | 0.36 | 0.26 | 0.38 | 0.16 | 0.05 | 0.13 | 0.19 | 0.26 | 0.50 |
| Net Debt / EBITDA | 1.37 | 1.37 | 1.57 | 1.01 | 1.27 | 0.59 | 0.21 | 0.44 | 0.58 | 0.82 | 1.45 |
| Debt / FCF | — | 2.06 | 2.26 | 1.45 | 2.36 | 0.91 | 0.25 | 0.63 | 0.91 | 1.24 | 2.15 |
| Interest Coverage | 10.82 | 10.82 | 15.37 | 15.71 | 19.41 | 16.38 | 10.26 | 15.02 | 11.45 | 9.83 | 8.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.86 | 2.86 | 2.53 | 2.89 | 2.57 | 3.50 | 4.15 | 3.52 | 3.00 | 2.78 | 2.66 |
| Quick Ratio | 2.02 | 2.02 | 1.85 | 2.05 | 1.71 | 2.72 | 3.43 | 2.70 | 2.23 | 2.06 | 1.84 |
| Cash Ratio | 1.01 | 1.01 | 0.99 | 1.07 | 0.79 | 1.88 | 2.57 | 1.77 | 1.28 | 1.04 | 0.76 |
| Asset Turnover | — | 0.50 | 0.48 | 0.56 | 0.58 | 0.56 | 0.53 | 0.65 | 0.72 | 0.67 | 0.67 |
| Inventory Turnover | 4.00 | 4.00 | 4.08 | 3.92 | 3.37 | 3.79 | 4.12 | 4.16 | 4.71 | 4.69 | 4.46 |
| Days Sales Outstanding | — | 55.07 | 52.02 | 47.69 | 50.79 | 47.05 | 45.50 | 43.63 | 45.88 | 46.94 | 47.12 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.6% | 1.3% | 1.2% | 1.0% | 0.9% | 1.0% | 1.1% | 1.3% | 1.1% | 1.5% |
| Payout Ratio | 44.0% | 44.0% | 40.7% | 32.0% | 30.2% | 35.8% | 40.2% | 34.6% | 31.0% | 33.0% | 37.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.6% | 3.2% | 3.6% | 3.4% | 2.5% | 2.5% | 3.2% | 4.2% | 3.3% | 3.9% |
| FCF Yield | 4.0% | 4.6% | 3.8% | 3.8% | 2.8% | 2.7% | 3.4% | 3.6% | 4.3% | 3.8% | 5.2% |
| Buyback Yield | 1.5% | 1.8% | 0.0% | 0.1% | 0.9% | 0.0% | 0.7% | 0.4% | 1.8% | 0.3% | 0.8% |
| Total Shareholder Yield | 2.7% | 3.4% | 1.3% | 1.3% | 1.9% | 0.9% | 1.7% | 1.5% | 3.1% | 1.4% | 2.3% |
| Shares Outstanding | — | $75M | $76M | $76M | $76M | $76M | $76M | $76M | $78M | $77M | $77M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying IEX stock.
IDEX Corporation's current P/E ratio is 31.4x. The historical average is 26.2x. This places it at the 83th percentile of its historical range.
IDEX Corporation's current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
IDEX Corporation's return on equity (ROE) is 12.4%. The historical average is 16.2%.
Based on historical data, IDEX Corporation is trading at a P/E of 31.4x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IDEX Corporation's current dividend yield is 1.24% with a payout ratio of 44.0%.
IDEX Corporation has 44.5% gross margin and 20.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
IDEX Corporation's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin peak and valuation compression
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Compounding
IEX trades at a trailing P/E of 34.73 and a forward P/E of 24.90 based on reported figures, a premium that implies investors expect earnings growth to remain durable well above what the 5.8% revenue trajectory alone would justify.
The gap between trailing and forward P/E suggests the market is capitalizing expected EPS growth rather than current earnings, which warrants monitoring given guidance implying a sequential EPS decline. The PEG of 6.49 indicates the growth rate is not sufficient to justify the multiple on a simple growth-adjusted basis, meaning valuation rests heavily on margin durability and quality-compounder perception. Relative to the peer set, where Pentair and Xylem trade at 17.62x and 25.52x, IEX's premium appears structural but leaves limited room for execution slippage.
Margin Recovery Anchored by Mix and Pricing
Based on reported quarterly figures, IEX's operating margin rebounded from 19.7% in 2025Q1 and 19.4% in 2026Q1 to 21.9% in 2026Q3, while gross margin recovered from a 38.8% trough in 2024Q4 to 45.1%.
The gross margin recovery appears driven more by segment mix and pricing realization than by cost-out alone, given that operating margin improvement has been narrower than the gross margin swing. Net margin of 15.1% sits well above the peer median, which suggests earnings quality is strong on a reported basis, though acquisition amortization may depress GAAP figures in ways that obscure underlying earning power. Investors should monitor whether the 2024Q4 trough was an isolated event or a signal of input cost sensitivity.
Returns Stable but Not Compounding Materially
According to reported figures, IEX's ROIC has ranged between 2.3% and 3.2% across the ten quarters, with the latest reading at 3.0%, a level that appears modest relative to the premium valuation and to peers such as Pentair at 12.0%.
Low ROIC in the mid-single digits is largely a function of the substantial goodwill base, which inflates invested capital and dilutes the return metric relative to operating performance. The ROE of 3.6% reflects both the low leverage and the equity base expansion from acquisitions, suggesting the company is not compounding returns on capital in the manner its valuation implies. Management's acquisition-led strategy appears to trade near-term return dilution for long-term franchise expansion, a tradeoff that warrants continued scrutiny.
Conservative Leverage Supports Deployment Optionality
Based on IEX's reported figures, debt-to-equity has eased to 0.44 in 2026Q3 from 0.55 in 2024Q3, while interest coverage has moved to 13.51x, indicating debt service capacity remains comfortable and well within peer ranges.
The declining leverage trend alongside rising interest coverage suggests the balance sheet is strengthening rather than being stretched to fund growth. Debt-to-EBITDA of 6.70 in the latest quarter is higher than the 5.83 seen in 2024Q2, which may reflect lower trailing EBITDA rather than new borrowing, and should be verified against the reported debt schedule. The absence of announced deployment alongside capacity suggests management may be waiting for more attractive acquisition pricing.
Quarterly Working Capital Noise Clouds Trend Read
The most commonly misapplied metric here is the quarterly-annualized cash conversion or CCC, since IEX's CCC swung between 95 and 107 days over ten quarters and DPO moved from 36 to 42 days, a pattern that quarterly ratios can overstate as structural.
Quarterly working capital metrics for a company with seasonal order patterns and episodic large deliveries can make CCC appear to be improving or deteriorating when the underlying trend is flat. A more reliable approach is trailing-twelve-month cash conversion cycle or a rolling four-quarter average, which would dampen timing effects. Investors should avoid reading a single quarter's free cash flow margin of 22.5% as evidence of durable cash generation without confirming against the trailing average, which over the period ranged closer to 15-18%.