IEX IDEX CORP /DE/

Overview and Growth

IDEX CORP /DE/ generated $3.46B of revenue in fiscal 2025, with net income of $483.20M and an operating cash inflow of $680.40M. At $3.46B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 5.8% above fiscal 2024 revenue of $3.27B, marking a year-over-year increase. Diluted earnings per share were $6.41, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $6.64 in fiscal 2024, the current result was 3.5% lower. Revenue equaled 0.5x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $1.54B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 44.5% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $699.30M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 20.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $483.20M, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 14.0% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $632.60M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 18.3%, adding a pre-tax profitability layer between revenue and net income. The company recognized $150.10M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 23.7% of pretax income, showing the tax burden absorbed by the year’s earnings.

Liquidity and Capital Structure

The company held $6.93B of assets against $2.90B of liabilities and $4.03B of equity, revealing how the asset base was financed. At period end, current assets of $1.64B compared with current liabilities of $575.40M, defining the company’s short-term resource position. At 2.86x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $580.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 100.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $1.82B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.45x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 26.3%, comparing borrowing with the total asset balance. Liabilities represented 41.9% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 8.4%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $680.40M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.41x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $63.60M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 9.3% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $616.80M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 17.8%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 8.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.