IDEX Corporation

IEX · NYSE · USD

Analysis

Last 4 earnings calls · through Q2 FY2026

IDEX spent years buying up small data-center, chip-making and space-technology businesses. In 2026 that bet started paying: orders, backlog and guidance all moved up, while the old industrial half only just began to stir. How do HST's growth and margins compare with FMT's over the last two years?

  • The growth platforms are now the whole growth story.

    HST is 45% of revenue and growing low double digits while the other two segments sat flat; management raised the full-year outlook twice. IDEX no longer moves with the industrial cycle; it lives on a few fast-growing technology markets.

  • The industrial core showed its first real pulse.

    The small, quickly-shipped orders management uses as a health check turned up in June and held in July, the first sign in years that factories are spending again. They ship in days and keep a large share of each extra sales dollar. How quickly did the last industrial recovery show up in IDEX's reported sales?

  • Faster orders are arriving ahead of the profit they bring.

    Management is hiring and raised capital spending to $110 million, and its newly bought businesses still earn below the segment average while life sciences stays flat. Only a third of each extra sales dollar at HST drops to profit. How much did capex rise this year versus the last growth cycle?

Bullish
  • HST's record backlog converts on the timeline management gave. The half of IDEX that is actually growing keeps compounding, which is what turned this year's flat outlook into a raise.
  • The short-cycle industrial orders keep building. Those businesses ship in days and keep about 40 cents of each extra sales dollar, so even a small pick-up adds profit.
  • The acquired businesses keep lifting their margins. HST earns more on each sale, so profit starts growing as fast as revenue instead of trailing it.
Bearish
  • The order boom stays concentrated in a few markets. If data-center or chip spending stalls, IDEX loses most of its growth at once, because the rest barely moves.
  • Costs keep landing before the sales they pay for. Staff and equipment are already on the books, so profit looks weak until those orders actually ship.
  • The industrial pickup fades as it did through 2025. Half of IDEX earns nothing extra, so company profit keeps growing more slowly than the order headlines suggest.
PoliticiansInstitutionsInsiders
PoliticianTransactionAmountTradedFiled
Donald Trump
Republican · Executive
Purchase≥$250KJan 6May 13
Ro Khanna
Democratic · House · CA-17
Sale≥$1KMar 10Apr 7
Ro Khanna
Democratic · House · CA-17
Purchase≥$1KJan 29Feb 6
Lisa C. McClain
Republican · House · MI-9
Purchase≥$1KOct 30Nov 21
Lisa C. McClain
Republican · House · MI-9
Sale≥$1KOct 30Nov 21

Congressional trading data provided by QuiverQuant

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Product segmentsGeography
FY2025 · USD

How IDEX turned $3.5B of revenue into $699.3M of operating income.

Revenue
Health And Science Technologies$1.5B▲ 15.21% YoY
Fluid And Metering Technologies$1.2B▼ 0.75% YoY
Fire And Safety Diversified Products$745.3M▲ 0.13% YoY
Total revenue$3.5B
Gross profit$1.5B44.5%
Operating income$699.3M20.2%
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