Company Reports

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the company to command premium pricing.

Idex's second-quarter adjusted EPS of $2.32 beat the FactSet consensus estimate by $0.21. Organic sales increased by 5% and adjusted EPS increased by 12% from the prior-year period.

Idex started 2026 in strong fashion, as its first-quarter adjusted earnings per share of $2 easily beat the FactSet consensus estimate by $0.23.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the company to command premium pricing.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the company to command premium pricing.

Idex increased its fourth-quarter sales by 4% and adjusted earnings per share by 3% from the prior-year period. Management anticipates 2026 adjusted EPS of $8.15-$8.35.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the company to command premium pricing.

Idex increased its third-quarter adjusted earnings per share by 7% year over year to $2.03. Management narrowed its full-year adjusted EPS guidance range to $7.86-$7.91, from $7.85-$7.95 previously.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the company to command premium pricing.

Idex's second-quarter adjusted EPS of $2.07 beat the FactSet consensus estimate by $0.08. However, management cut its full-year 2025 adjusted EPS outlook to $7.85-$7.95 from $8.10-$8.45.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the firm to command premium pricing.

Wide-moat-rated Idex started 2025 on a solid note, as its first-quarter adjusted earnings per share of $1.75 came in above management’s guidance of $1.60-$1.65. We’ve maintained our $217 fair value estimate, as our slightly more conservative near-term projections due to tariff headwinds were offset by the time value of money.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the firm to command premium pricing.

Wide-moat-rated Idex's fourth-quarter results were largely in line with our expectations, as its full-year adjusted EPS of $7.89 came in a penny above our estimate. Nonetheless, we've lowered our fair value estimate to $217 per share from $226, which reflects our more muted near-term revenue growth forecast, partially offset by the time value of money. The stock was down by around 9% in intraday trading, which we see as a reaction to the disappointing first-quarter guidance, as management expects a 3%-4% year-over-year organic revenue decline.

Wide-moat-rated Idex’s third-quarter organic sales remained flat from the prior-year period, as growth in fluid and metering technologies as well as fire and safety and diversified products was offset by a decline in health and science technologies. Although nothing in the earnings release materially alters our long-term thesis, we’ve raised our fair value estimate to $226 from $222, mostly due to time value of money since our last update.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the firm to command premium pricing.

After taking a fresh look at Idex, we are upgrading our moat rating to wide from narrow, based on switching costs and intangible assets. We’ve raised our fair value estimate to $222 per share from $214, which reflects the moat upgrade, partially offset by our slightly more conservative revenue growth projections.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s wide moat through customer switching costs and allows the firm to command premium pricing.

We are lowering our fair value estimate for narrow-moat-rated Idex to $214 per share from $220 after the firm reported second-quarter earnings. Although adjusted earnings per share of $2.06 came in above the $2.00-$2.05 guidance range, management cut its full-year outlook because of macroeconomic headwinds. The fair value adjustment reflects our more muted near-term revenue growth and operating margin projections, partially offset by the time value of money.

Idex owns a collection of moaty businesses that tend to be leaders in their niche end markets, typically holding the number-one or -two market share. The company manufactures a wide array of products, ranging from equipment used in DNA sequencing to wastewater pumps to Jaws of Life hydraulic rescue tools. Idex’s Lean manufacturing prowess allows it to effectively operate in a high-mix and low-volume environment, offering customers a wide variety of highly engineered products that are configurable or customizable. A common theme across the businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitutes a small part of the customer’s total bill of materials. This aspect contributes to Idex’s narrow moat through customer switching costs and allows the firm to command premium pricing.