Revenue growth remains sensitive to end-market cycles, fluctuating from a 5.3% contraction in 2024Q1 to a 10.1% expansion by 2025Q3, while operating margins have struggled to surpass the 22% threshold.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.53B | 3.46B | 3.27B | 3.27B | 3.18B | 2.76B | 2.35B | 2.49B | 2.48B | 2.29B | 2.11B | 2.02B | 2.15B | 2.02B | 1.95B | 1.84B | 1.51B | 1.33B | 1.49B | 1.36B | 1.15B | 1.04B | 928.3M | 797.92M | 742.01M | 726.95M | 704.28M | 655M | 640.1M | 552.2M | 562.6M |
| Revenue Growth % | 7.54% | 5.77% | -0.16% | 2.89% | 15.09% | 17.57% | -5.73% | 0.44% | 8.58% | 8.25% | 4.57% | -5.92% | 6.11% | 3.58% | 6.3% | 21.5% | 13.79% | -10.73% | 9.63% | 17.64% | 10.7% | 12.39% | 16.34% | 7.53% | 2.07% | 3.22% | 7.52% | 2.33% | 15.92% | -1.85% | 15.45% |
| Cost of Goods Sold | 1.96B | 1.92B | 1.75B | 1.65B | 1.59B | 1.4B | 1.19B | 1.22B | 1.32B | 1.22B | 1.13B | 1.08B | 1.16B | 1.12B | 1.11B | 1.05B | 862.79M | 777.67M | 862.54M | 762.08M | 652.73M | 573.49M | 536.26M | 488.6M | 460.58M | 463.23M | 401.42M | 375.1M | 364.5M | 313.1M | 329.5M |
| COGS % of Revenue | - | 55.49% | 53.6% | 50.43% | 49.89% | 50.76% | 50.76% | 48.94% | 53.06% | 53.26% | 53.39% | 53.42% | 54.03% | 55.13% | 57.01% | 56.95% | 57.02% | 58.49% | 57.91% | 56.09% | 56.52% | 54.97% | 57.77% | 61.23% | 62.07% | 63.72% | 57% | 57.27% | 56.94% | 56.7% | 58.57% |
| Gross Profit | 1.57B | 1.54B | 1.52B | 1.62B | 1.59B | 1.36B | 1.16B | 1.27B | 1.17B | 1.07B | 984.87M | 941.32M | 987.41M | 908.16M | 840.1M | 791.35M | 650.16M | 551.09M | 626.95M | 596.55M | 502.21M | 437.77M | 392.04M | 309.32M | 281.44M | 263.72M | 302.86M | 279.9M | 275.6M | 239.1M | 233.1M |
| Gross Margin % | 44.42% | 44.51% | 46.4% | 49.57% | 50.11% | 49.24% | 49.24% | 51.06% | 46.94% | 46.74% | 46.61% | 46.58% | 45.97% | 44.87% | 42.99% | 43.04% | 42.97% | 41.45% | 42.09% | 43.91% | 43.48% | 41.96% | 42.23% | 38.77% | 37.93% | 36.28% | 43% | 42.73% | 43.06% | 43.3% | 41.43% |
| Gross Profit Growth % | - | 1.46% | -6.54% | 1.78% | 17.11% | 17.58% | -9.1% | 9.26% | 9.06% | 8.55% | 4.63% | -4.67% | 8.73% | 8.1% | 6.16% | 21.72% | 17.98% | -12.1% | 5.1% | 18.79% | 14.72% | 11.66% | 26.74% | 9.91% | 6.72% | -12.92% | 8.2% | 1.56% | 15.27% | 2.57% | 16.09% |
| Operating Expenses | 833.6M | 818.8M | 819.8M | 872.1M | 804.9M | 707.5M | 621.13M | 672.09M | 581.72M | 566.04M | 533.69M | 510.41M | 539.52M | 509.45M | 480.89M | 451.9M | 390.07M | 355.05M | 372.89M | 341.47M | 285M | 256.74M | 242.65M | 199.46M | 181.27M | 179.06M | 186.34M | 175.3M | 166.1M | 135.5M | 134.7M |
| OpEx % of Revenue | - | 23.68% | 25.08% | 26.64% | 25.3% | 25.59% | 26.41% | 26.94% | 23.42% | 24.75% | 25.26% | 25.26% | 25.12% | 25.17% | 24.61% | 24.58% | 25.78% | 26.7% | 25.04% | 25.13% | 24.68% | 24.61% | 26.14% | 25% | 24.43% | 24.63% | 26.46% | 26.76% | 25.95% | 24.54% | 23.94% |
| Selling, General & Admin | 826.1M | 818.8M | 749M | 696.2M | 648.1M | 573.2M | 490.63M | 523.29M | 533.72M | 523.64M | 494.29M | 476.81M | 502.72M | 476.45M | 444.49M | 415.9M | 358.27M | 325.45M | 343.39M | 313.37M | 260.2M | 232.94M | 221.41M | 199.46M | 181.27M | 164.89M | 149.64M | 140.5M | 132.6M | 110.6M | 111.5M |
| SG&A % of Revenue | - | 23.68% | 22.91% | 21.27% | 20.37% | 20.73% | 20.86% | 20.98% | 21.49% | 22.89% | 23.39% | 23.6% | 23.41% | 23.54% | 22.74% | 22.62% | 23.68% | 24.48% | 23.05% | 23.06% | 22.53% | 22.33% | 23.85% | 25% | 24.43% | 22.68% | 21.25% | 21.45% | 20.72% | 20.03% | 19.82% |
| Research & Development | 0 | 0 | 178.6M | 175.9M | 156.8M | 133M | 130.5M | 148.8M | 48M | 42.4M | 39.4M | 33.6M | 36.8M | 33M | 36.4M | 36M | 31.8M | 29.6M | 29.5M | 28.1M | 24.8M | 23.8M | 21.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 5.46% | 5.37% | 4.93% | 4.81% | 5.55% | 5.96% | 1.93% | 1.85% | 1.86% | 1.66% | 1.71% | 1.63% | 1.86% | 1.96% | 2.1% | 2.23% | 1.98% | 2.07% | 2.15% | 2.28% | 2.29% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.1M | 0 | -107.8M | 0 | 0 | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.16M | 36.7M | 34.8M | 33.5M | 24.9M | 23.2M |
| Operating Income | 734.4M | 720M | 696.9M | 750.7M | 789.5M | 654M | 536.79M | 601.75M | 584.17M | 503.04M | 451.17M | 430.91M | 447.9M | 398.71M | 359.21M | 339.44M | 260.08M | 196.03M | 254.06M | 255.08M | 217.21M | 181.03M | 149.38M | 109.86M | 100.37M | 73.44M | 116.52M | 104.6M | 109.5M | 103.6M | 98.4M |
| Operating Margin % | 20.8% | 20.82% | 21.32% | 22.93% | 24.81% | 23.65% | 22.83% | 24.12% | 23.52% | 21.99% | 21.35% | 21.32% | 20.85% | 19.7% | 18.38% | 18.46% | 17.19% | 14.74% | 17.06% | 18.77% | 18.81% | 17.35% | 16.09% | 13.77% | 13.53% | 10.1% | 16.54% | 15.97% | 17.11% | 18.76% | 17.49% |
| Operating Income Growth % | - | 3.31% | -7.17% | -4.91% | 20.72% | 21.84% | -10.79% | 3.01% | 16.13% | 11.5% | 4.7% | -3.79% | 12.34% | 11% | 5.82% | 30.51% | 32.67% | -22.84% | -0.4% | 17.44% | 19.98% | 21.19% | 35.97% | 9.45% | 36.68% | -36.97% | 11.39% | -4.47% | 5.7% | 5.28% | 14.15% |
| EBITDA | 944.7M | 926.5M | 872.5M | 902.8M | 909.2M | 757M | 620.28M | 678.62M | 661.72M | 587.25M | 538.07M | 509.03M | 524.8M | 478.05M | 437.52M | 411.83M | 318.19M | 252.38M | 302.66M | 293.58M | 247.62M | 211.68M | 180.91M | 139.92M | 130.48M | 117.73M | 153.22M | 139.4M | 143M | 128.5M | 121.6M |
| EBITDA Margin % | 26.76% | 26.8% | 26.69% | 27.58% | 28.57% | 27.38% | 26.38% | 27.2% | 26.64% | 25.67% | 25.46% | 25.19% | 24.43% | 23.62% | 22.39% | 22.4% | 21.03% | 18.98% | 20.32% | 21.61% | 21.44% | 20.29% | 19.49% | 17.54% | 17.58% | 16.2% | 21.76% | 21.28% | 22.34% | 23.27% | 21.61% |
| EBITDA Growth % | 7.57% | 6.19% | -3.36% | -0.7% | 20.11% | 22.04% | -8.6% | 2.56% | 12.68% | 9.14% | 5.7% | -3.01% | 9.78% | 9.26% | 6.24% | 29.43% | 26.08% | -16.61% | 3.09% | 18.56% | 16.98% | 17.01% | 29.3% | 7.23% | 10.82% | -23.16% | 9.91% | -2.52% | 11.28% | 5.67% | 17.72% |
| D&A (Non-Cash Add-back) | 210.3M | 206.5M | 175.6M | 152.1M | 119.7M | 103M | 83.5M | 76.88M | 77.54M | 84.22M | 86.89M | 78.12M | 76.91M | 79.33M | 78.31M | 72.39M | 58.11M | 56.35M | 48.6M | 38.5M | 30.41M | 30.65M | 31.53M | 30.05M | 30.11M | 44.3M | 36.7M | 34.8M | 33.5M | 24.9M | 23.2M |
| EBIT | 728.8M | 697M | 683.8M | 812M | 790.1M | 617.5M | 521.11M | 570.92M | 579.55M | 506.82M | 420.98M | 426.95M | 427.11M | 387.9M | 120.82M | 297.02M | 239.22M | 177.89M | 211.43M | 258.52M | 218.25M | 181.59M | 148.64M | 109.86M | 100.17M | 84.66M | 116.52M | 104.6M | 109.5M | 103.6M | 87.7M |
| Net Interest Income | -64.3M | -64.4M | -44.5M | -51.7M | -40.7M | -37.7M | -50.77M | -38.01M | -50.61M | -51.54M | -52.47M | -34.61M | -34.67M | -34.78M | -34.61M | -23.14M | -7.34M | -9.07M | -19.2M | -23.35M | -16.35M | -14.37M | -14.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 64.3M | 64.4M | 44.5M | 51.7M | 40.7M | 37.7M | 50.77M | 38.01M | 50.61M | 51.54M | 52.47M | 34.61M | 34.67M | 34.78M | 34.61M | 23.14M | 7.34M | 9.07M | 19.2M | 23.35M | 16.35M | 14.37M | 14.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -69.3M | -87.4M | -57.6M | 9.6M | -40.1M | -74.2M | -66.45M | -68.84M | -55.23M | -47.77M | -82.66M | -38.56M | -55.46M | -45.58M | -273.01M | -65.56M | -28.21M | -27.21M | -61.83M | -19.92M | -15.31M | -13.81M | -15.51M | -13.19M | -16.48M | -20.01M | -15.49M | -17.4M | -21.8M | -19.1M | -8.8M |
| Pretax Income | 665.1M | 632.6M | 639.3M | 760.3M | 749.4M | 579.8M | 470.34M | 532.9M | 528.94M | 455.27M | 368.51M | 392.35M | 392.44M | 353.13M | 86.2M | 273.88M | 231.87M | 168.83M | 198.7M | 235.16M | 201.89M | 168.93M | 133.88M | 96.67M | 83.89M | 53.43M | 101.03M | 87.2M | 87.7M | 84.5M | 78.9M |
| Pretax Margin % | 18.84% | 18.3% | 19.56% | 23.22% | 23.55% | 20.97% | 20% | 21.36% | 21.3% | 19.9% | 17.44% | 19.42% | 18.27% | 17.45% | 4.41% | 14.9% | 15.32% | 12.7% | 13.34% | 17.31% | 17.48% | 16.19% | 14.42% | 12.12% | 11.31% | 7.35% | 14.34% | 13.31% | 13.7% | 15.3% | 14.02% |
| Income Tax | 158.1M | 150.1M | 134.7M | 164.7M | 162.7M | 130.5M | 92.56M | 107.38M | 118.37M | 118.02M | 97.4M | 109.54M | 113.05M | 97.91M | 48.57M | 80.02M | 74.77M | 55.44M | 67.34M | 79.3M | 68.17M | 59.13M | 47.47M | 34.32M | 29.78M | 20.72M | 37.58M | 32.8M | 33.3M | 31M | 28.7M |
| Effective Tax Rate % | 23.77% | 23.73% | 21.07% | 21.66% | 21.71% | 22.51% | 19.68% | 20.15% | 22.38% | 25.92% | 26.43% | 27.92% | 28.81% | 27.73% | 56.35% | 29.22% | 32.25% | 32.84% | 33.89% | 33.72% | 33.77% | 35% | 35.46% | 35.5% | 35.5% | 38.78% | 37.2% | 37.61% | 37.97% | 36.69% | 36.38% |
| Net Income | 507.7M | 483.2M | 505M | 596.1M | 586.9M | 449.4M | 377.8M | 425.52M | 410.57M | 337.26M | 271.11M | 282.81M | 279.39M | 255.22M | 37.63M | 193.86M | 157.1M | 113.39M | 131.36M | 155.15M | 146.67M | 109.8M | 86.41M | 62.35M | 54.11M | 32.71M | 63.45M | 54.4M | 64.6M | 58.7M | 50.2M |
| Net Margin % | 14.38% | 13.98% | 15.45% | 18.21% | 18.45% | 16.25% | 16.07% | 17.06% | 16.53% | 14.74% | 12.83% | 14% | 13.01% | 12.61% | 1.93% | 10.54% | 10.38% | 8.53% | 8.82% | 11.42% | 12.7% | 10.52% | 9.31% | 7.81% | 7.29% | 4.5% | 9.01% | 8.31% | 10.09% | 10.63% | 8.92% |
| Net Income Growth % | 5.97% | -4.32% | -15.28% | 1.57% | 30.6% | 18.95% | -11.21% | 3.64% | 21.74% | 24.4% | -4.14% | 1.22% | 9.47% | 578.22% | -80.59% | 23.4% | 38.55% | -13.68% | -15.33% | 5.78% | 33.58% | 27.08% | 38.58% | 15.23% | 65.43% | -48.44% | 16.63% | -15.79% | 10.05% | 16.93% | 10.82% |
| Net Income (Continuing) | 507M | 482.5M | 504.6M | 595.6M | 586.7M | 449.3M | 377.78M | 425.52M | 410.57M | 337.26M | 271.11M | 282.81M | 279.39M | 255.22M | 37.63M | 193.86M | 157.1M | 113.39M | 127.03M | 155.86M | 133.72M | 108.58M | 86.41M | 62.35M | 54.11M | 32.71M | 63.45M | 54.4M | 54.4M | 53.5M | 44.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.4M | -1.3M | -600K | -200K | 300K | 0 | 123K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.82 | 6.41 | 6.64 | 7.85 | 7.72 | 5.88 | 4.94 | 5.57 | 5.29 | 4.36 | 3.53 | 3.62 | 3.45 | 3.09 | 0.45 | 2.32 | 1.90 | 1.40 | 1.53 | 1.89 | 1.81 | 1.39 | 1.12 | 0.83 | 0.74 | 0.47 | 0.92 | 0.80 | 0.92 | 0.87 | 0.75 |
| EPS Growth % | 7.13% | -3.46% | -15.41% | 1.68% | 31.29% | 19.03% | -11.31% | 5.29% | 21.33% | 23.51% | -2.49% | 4.93% | 11.65% | 586.67% | -80.6% | 22.11% | 35.71% | -8.5% | -19.05% | 4.42% | 30.22% | 24.11% | 34.94% | 12.16% | 57.45% | -48.91% | 15% | -13.04% | 5.75% | 16% | 10.29% |
| EPS (Basic) | - | 6.41 | 6.67 | 7.88 | 7.75 | 5.91 | 4.99 | 5.63 | 5.37 | 4.41 | 3.57 | 3.65 | 3.48 | 3.11 | 0.45 | 2.34 | 1.93 | 1.41 | 1.55 | 1.92 | 1.84 | 1.43 | 1.15 | 0.85 | 0.76 | 0.48 | 0.95 | 0.82 | 0.94 | 0.89 | 0.77 |
| Diluted Shares Outstanding | 74.4M | 75.3M | 75.9M | 75.9M | 76M | 76.4M | 76.4M | 76.45M | 77.56M | 77.33M | 76.76M | 77.97M | 80.73M | 82.49M | 83.64M | 83.54M | 81.98M | 80.73M | 82.32M | 82.09M | 80.98M | 79.08M | 77.02M | 74.96M | 73.09M | 69.86M | 68.92M | 67.69M | 67.62M | 67.66M | 66.77M |
| Basic Shares Outstanding | 74.3M | 75.3M | 75.7M | 75.6M | 75.7M | 76M | 75.74M | 75.59M | 76.41M | 76.23M | 75.8M | 77.13M | 79.72M | 81.52M | 82.69M | 82.14M | 80.47M | 79.72M | 81.12M | 80.67M | 79.53M | 77.09M | 75.11M | 73.19M | 71.26M | 68M | 66.88M | 66.47M | 66M | 65.64M | 64.85M |
| Dividend Payout Ratio | - | 44% | 40.65% | 31.99% | 30.23% | 35.85% | 40.18% | 34.59% | 31.05% | 32.96% | 37.86% | 34.01% | 30.68% | 28.57% | 170.31% | 28.17% | 29.49% | 34.07% | 29.99% | 24.02% | 20.72% | 22.48% | 24.78% | 29.32% | 32.75% | 52.16% | 26.45% | 30.33% | 24.46% | 23.85% | 24.5% |
Bioprocessing demand volatility
According to recent quarterly filings, IDEX's revenue growth has fluctuated significantly, ranging from a 5.3% contraction in 2024Q1 to a 10.1% expansion by 2025Q3, suggesting that the company's top-line performance remains sensitive to the specific industrial and life science end-market cycles it serves.
The inconsistent revenue trajectory appears to reflect the company's reliance on both transactional component sales and longer-cycle project-based orders. Investors should monitor whether the recent growth recovery is sustainable or merely a reflection of easier year-over-year comparisons in the Fluid & Metering Technologies segment.
As reported in financial statements, IDEX has maintained a structural gross margin profile hovering near 44%, demonstrating consistent pricing power despite the 2024Q4 dip to 38.8% which likely stemmed from temporary cost pressures or shifts in the product mix within its specialized industrial segments.
The ability to sustain mid-40s gross margins suggests that the company's 'high-mix, low-volume' engineering strategy effectively insulates it from the commoditization seen in broader industrial peers. However, the volatility in quarterly operating margins warrants investigation into whether the 80/20 efficiency program is reaching a point of diminishing returns.
Based on reported figures, IDEX's net income has faced periodic pressure from stock-based compensation, which reached $15.8 million in 2026Q1, potentially masking the underlying operational performance and creating a divergence between GAAP earnings and the company's core cash-generating capabilities during certain reporting periods.
The variability in EPS growth, which swung from a 42.9% decline in 2024Q3 to a 27.8% increase in 2026Q1, suggests that investors should focus on organic growth metrics rather than headline GAAP figures. The recurring nature of restructuring charges associated with the 80/20 model further complicates the assessment of true normalized profitability.
While IDEX has historically leveraged its 80/20 operational model to drive margin expansion, the recent stagnation in operating margins suggests that the low-hanging fruit of operational pruning may be exhausted, leaving the company vulnerable to margin compression if organic growth fails to offset rising input costs.
Short-term margin volatility may indicate that the company is struggling to pass through inflationary pressures as effectively as in previous cycles. If the HST segment's growth continues to decelerate, the company may find it difficult to maintain its current valuation premium relative to less specialized industrial conglomerates.
Quick answers to the most common questions about buying IEX stock.
For fiscal year 2025, IDEX Corporation (IEX) reported total revenue of $3.46B. This represents a 514.6% increase compared to $562.6M in 1996.
IDEX Corporation (IEX) is profitable, generating $483.2M in net income for the fiscal year ending 2025 with a net profit margin of 14.0%.
IDEX Corporation (IEX) reported an operating income of $720.0M, resulting in an operating profit margin of 20.8%. This margin reflects the operational efficiency of the business before interest and taxes.
IDEX Corporation (IEX) generated $1.54B in gross profit for the year, representing a gross profit margin of 44.5%. This demonstrates the company's core pricing power and production efficiency.