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IDEX Corp - Stock Quote IEX

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Morningstar's IDEX Corp Stock Analysis

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Economic Moat


Capital Allocation


Idex Is a Cash Compounder With an Impressive Record of Capital Allocation and Margin Expansion

Business Strategy and Outlook

| Krzysztof Smalec, CFA |

Idex owns a collection of moaty businesses that tend to be leaders in their respective niche end markets, typically holding the number-one or -two market share. It 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. Furthermore, a common theme across its businesses is that they specialize in making mission-critical equipment that performs a vital function but typically constitute a small part of the customer’s total bill of materials. This aspect of the business contributes to Idex’s narrow moat through customer switching costs and allows the firm to command premium pricing.

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IDEX Corp's Company Profile

Business Description

Idex manufactures pumps, flow meters, valves, and fluidic systems for customers in a variety of end markets, including industrial, fire and safety, life science, and water. The firm’s business is organized into three segments: fluid and metering technologies, health and science technologies, and fire and safety and diversified products. Based in Lake Forest, Illinois, Idex has manufacturing operations in over 20 countries and has over 7,000 employees. The company generated $2.8 billion in revenue and $661 million in adjusted operating income in 2021.

3100 Sanders Road, Suite 301
Northbrook, IL, 60062
T +1 847 498-7070
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 7,536