Latest Ratios: P/E Ratio 35.8x · EV/EBITDA 19.6x · 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 | $16.9B | $13.4B | $15.9B | $16.5B | $17.4B | $18.1B | $15.2B | $13.2B | $9.8B | $10.2B | $6.9B |
| Enterprise Value | $18.2B | $14.7B | $17.3B | $17.4B | $18.5B | $18.5B | $15.3B | $13.5B | $10.2B | $10.7B | $7.7B |
| P/E Ratio → | 35.83 | 27.76 | 31.52 | 27.66 | 29.58 | 40.19 | 40.32 | 30.88 | 23.87 | 30.27 | 25.51 |
| P/S Ratio | 4.90 | 3.88 | 4.86 | 5.03 | 5.45 | 6.53 | 6.47 | 5.27 | 3.94 | 4.46 | 3.27 |
| P/B Ratio | 4.30 | 3.33 | 4.19 | 4.65 | 5.71 | 6.44 | 5.99 | 5.81 | 4.91 | 5.41 | 4.48 |
| P/FCF | 27.45 | 21.72 | 26.34 | 26.29 | 35.46 | 36.65 | 29.40 | 27.56 | 23.36 | 26.24 | 19.11 |
| P/OCF | 24.88 | 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 | 19.64 | 15.83 | 19.77 | 19.26 | 20.36 | 24.44 | 24.74 | 19.82 | 15.38 | 18.20 | 14.30 |
| EV / EBIT | 25.28 | 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 | 2.8% | 3.6% | 3.2% | 3.6% | 3.4% | 2.5% | 2.5% | 3.2% | 4.2% | 3.3% | 3.9% |
| FCF Yield | 3.6% | 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 35.8x. The historical average is 26.2x. This places it at the 90th percentile of its historical range.
IDEX Corporation's current EV/EBITDA is 19.6x. 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 35.8x. This is at the 90th 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 1.23% 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
Life sciences demand volatility
Metrics are mathematically derived from official filings.
Margin Expansion on Mix Shift
Gross margin improved to 46.4% in 2026Q2 from 45.3% a year earlier, reflecting favorable segment mix and pricing power, as reported in recent financial statements.
The 2026Q2 gross margin of 46.4% represents a 110 basis point year-over-year improvement, driven by the higher-margin Health & Science Technologies segment and disciplined 80/20 cost management. Operating margin of 21.7% remains above the 20% threshold, indicating that the company's niche engineering strategy continues to translate into pricing power. However, the 2024Q4 gross margin dip to 38.8% highlights potential volatility from mix shifts or input costs, warranting monitoring of segment-level trends.
Stable Returns on Invested Capital
ROIC has remained in a narrow 2.3%-3.2% quarterly range over the past ten quarters, with 2026Q2 at 2.8%, suggesting stable capital efficiency despite ongoing acquisitions, based on reported figures.
The consistency of ROIC around 2.5-3% per quarter implies that IDEX is effectively deploying capital into high-return niches, though the absolute level is modest due to the intangible-heavy balance sheet. The slight uptick in 2026Q2 to 2.8% from 2.4% in 2026Q1 aligns with the margin expansion and record orders, indicating that returns are not decaying. Investors should compare this to peers like Dover and Graco, where ROIC is often higher, but IDEX's lower capital intensity may justify a premium.
Working Capital Cycle Lengthens Slightly
Cash conversion cycle extended to 106 days in 2026Q2 from 102 days a year earlier, driven by higher inventory days, as per the latest quarterly data.
The CCC increase is primarily due to DIO rising to 94 days from 92 days, reflecting deliberate inventory builds in the HST segment to meet bioprocessing demand. DSO remained stable at 54 days, while DPO improved to 42 days, indicating continued supplier leverage. The modest lengthening is not alarming given the record order book, but investors should monitor whether inventory accumulation signals demand softening or strategic preparation for growth.
Conservative Leverage with Strategic Flexibility
Debt-to-equity declined to 0.47 in 2026Q2 from 0.55 in 2024Q3, with interest coverage at 13.3x, indicating a fortress balance sheet, as disclosed in recent filings.
The low leverage and high interest coverage provide ample headroom for opportunistic M&A, consistent with the 'Organic Growth Plus' strategy. D/EBITDA of 9.37x appears elevated due to low EBITDA relative to debt, but this is a function of the asset-light model and should be interpreted with caution. The balance sheet strength supports the company's ability to weather life sciences volatility and pursue bolt-on acquisitions without straining credit metrics.
Ample Liquidity Buffer Against Cyclicality
Current ratio improved to 3.05 in 2026Q2 from 2.53 in 2024Q4, with cash at $621.3M, providing a strong buffer against short-term obligations, per the latest balance sheet.
The quick ratio of 2.15 indicates that even without inventory, IDEX can cover current liabilities more than twice over, reflecting a conservative working capital policy. This liquidity cushion is particularly valuable given the lumpy nature of life sciences orders and potential input cost spikes. The improvement from 2024Q4 suggests management is prioritizing balance sheet strength, which may come at the cost of higher cash drag but enhances resilience.
Misapplied P/E on Acquisition Amortization
The trailing P/E of 36.57 is inflated by acquisition-related amortization, obscuring true earnings power; adjusting for amortization would lower the multiple, as per recent financial statements.
IDEX's serial acquisition strategy results in significant amortization of intangibles, which depresses GAAP net income and makes the P/E appear artificially high. Investors should use EV/EBITDA (20.02x) or adjust earnings for amortization to better reflect cash earnings. The forward P/E of 26.91 already partially corrects for this, but the market may still be overestimating the cyclicality of the business, given its defensive FSDP segment and recurring revenue streams.