IDEX Corporation (IEX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-18.4%

$194.72

vs $238.57 price

Levered DCF

$145.89

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.7

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.76×	31.38×	27.55×	29.46×	39.99×	39.92×	30.55×	23.51×
P/B	3.33×	4.18×	4.63×	5.69×	6.41×	5.94×	5.74×	4.84×
P/S	3.88×	4.85×	5.01×	5.43×	6.5×	6.42×	5.21×	3.88×
EV / EBITDA	16.23×	20.02×	17.97×	20.27×	25.55×	25.17×	20.54×	15.26×
Gross margin	44.5%	46.4%	49.6%	50.1%	49.2%	49.2%	51.1%	46.9%
Operating margin	20.8%	21.3%	22.9%	24.8%	23.7%	22.8%	24.1%	23.5%
Net margin	14.0%	15.4%	18.2%	18.4%	16.3%	16.1%	17.1%	16.5%
Current ratio	2.86×	2.53×	2.89×	2.57×	3.5×	4.15×	3.52×	3×
Debt / equity	0.46×	0.52×	0.41×	0.52×	0.46×	0.45×	0.41×	0.43×
Interest coverage	11.18×	15.66×	14.52×	19.4×	17.35×	10.57×	15.83×	11.54×
Dividend yield	1.6%	1.3%	1.2%	1.0%	0.9%	1.0%	1.1%	1.3%
Payout ratio	44.0%	40.7%	32.0%	30.2%	35.8%	40.2%	34.6%	31.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	13.3%	16.8%	19.3%	16.0%	14.9%	18.8%	20.6%
Return on invested capital	8.6%	8.8%	10.9%	12.4%	11.4%	10.7%	13.8%	14.6%
Return on assets	7.0%	7.5%	10.2%	10.6%	9.1%	8.6%	11.2%	11.8%
Free cash flow yield	4.6%	3.8%	3.8%	2.8%	2.7%	3.4%	3.7%	4.3%
Earnings yield	3.6%	3.2%	3.6%	3.4%	2.5%	2.5%	3.3%	4.3%
Enterprise value	$14.7B	$17.2B	$17.3B	$18.4B	$18.4B	$15.2B	$13.3B	$10B
Net debt / EBITDA	1.4×	1.59×	0.95×	1.27×	0.62×	0.21×	0.47×	0.58×
Cash conversion cycle (days)	104	100	101	111	97	88	90	84