AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 19/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Proprietary products and contractual design protections establish differentiation, but their economic breadth is insufficient to establish a structural moat.
durability · — · The catalog lacks protection lifetimes and sustained evidence that alternatives cannot erode customer economics. Specific enforcement proceeds do not resolve portfolio durability.
customer dependency · — · Custom engineering and reuse restrictions suggest dependency, but cancellation protections are not proof of durable repeat demand or material supplier replacement costs.
erosion resilience · — · Realized pricing and order growth are favorable, but mixed price/cost outcomes and missing competitive substitution evidence prevent establishing structural resilience.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Reported net price capture in 2024, positive pricing across segments in 2025 and first-quarter 2026, and positive pricing in second-quarter 2026 demonstrate repeated realization. Magnitudes and competitive premiums remain undisclosed. Expected tariff-related rebates reduce net revenue and qualify the result.
retention · 2/4 · Indirect operating evidence is mixed: historically insignificant cancellations and record order growth support demand continuity, while lower segment volumes and a discontinued customer application limit the inference. Cancellation reimbursement provides order protection, not a measured renewal or retention rate.
margin resilience · 2/4 · Pricing and productivity supported results, but adjusted gross margin was flat in 2025 and first-quarter 2026 gross margin faced price/cost pressure. First-half positive price/cost depended on tariff refunds overcoming a difficult comparison. These are mixed pass-through outcomes.
contractual freedom · 3/4 · The covered Health & Science units can adjust quoted prices for extraordinary market conditions, including input inflation and tariffs, with buyers required to pay the increases. Cancellation approval and reimbursement rights also strengthen terms. This is strong documented freedom within the stated scope; final proposals and separate agreements can override it, and enterprise-wide coverage is unknown.
Predictability93
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 5.70
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.27
Financial strength78
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 72.11
- netDebtEbitGrade
- 64.51
- interestCoverageGrade
- 76.58
- currentRatioGrade
- 100.00
- Debt / FCF (x)
- 2.95
- Net debt / operating income (x)
- 1.77
- Current ratio (x)
- 2.86
- cashInterestPaid
- 72.20
- cashInterestCoverage
- 9.42
Capital allocation90
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 15.06
- 3-year average dilution (%)
- -0.18
- 3-year average SBC / revenue (%)
- 0.75
- cashConversionGrade
- 100.00
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 operating cash flow of $303.7 million covered $40.7 million of capital expenditures, and weighted average shares declined. Tariff-assisted cash generation, increased revolving draws alongside larger repurchases and acquisition financing qualify the positives. Acquisition returns and repurchase value creation remain unestablished.
incentive alignment · 3/4 · Actual incentive outcomes include a 99% short-term payout and a settled 2022 PSU award paying 65% of target, demonstrating performance sensitivity. Post-vest holding and hedging restrictions strengthen alignment. Retirement acceleration and CEO eligibility weaken service retention. Beneficial ownership amounts are unavailable, and unvested awards are not treated as achieved performance.
execution · 2/4 · Realized productivity savings, repeated price capture, second-quarter 2026 organic sales and EPS growth, and record orders support execution through operating evidence. Declining 2023–2025 net income, 2026 impairments and tariff-assisted improvement make the broader record mixed. Management's strategic praise and guidance are not counted as achieved results.
governance · 3/4 · Independent standing committees, a Non-Executive Chair, demonstrated director attendance and the auditor's effective-control opinion support strong governance practices. The classified board and three-year director terms qualify shareholder accountability. Exceptional governance durability is not established.
Evidence
Microfluidics is the exclusive producer of the Microfluidizer family of high shear fluid processors for uniform nano-emulsion formation, lipid nanoparticle creation, robust cell disruption and particle size reduction.
Business / Microfluidics product exclusivity · Filed 19/02/2026
•Precision Polymer Engineering (“PPE”) is a provider of proprietary high performance seals and advanced sealing solutions for a diverse range of global industries and applications, including hazardous duty, analytical instrumentation, semiconductor, process technologies, oil and gas, pharmaceutical, electronics and food applications.
Business / proprietary sealing products · Filed 19/02/2026
13. Intellectual Property Rights
All drawings, designs, know-how, inventions, devices, works of authorship, technology, Seller’s confidential information or that of any IDEX Health & Science Unit, improvements thereto, and all associated patent, patent applications, copyright, including applications and registrations, trade secret, or other similar proprietary or intellectual property rights (collectively, “Seller IP”) in or related to the conception, creation, development, reduction to practice, design, production, delivery, operation, use, application or performance of Products or Services, are and will remain the sole and exclusive property of Seller.
Customer sales terms / intellectual property ownership · Retrieved 19/10/2026
(3) Gain on legal settlement represents settlement funds received in excess of legal costs incurred related to a patent infringement lawsuit within the FMT segment.
Non-GAAP reconciliation / patent infringement settlement · Filed 29/04/2026
The Company’s competitors may develop products that are superior, may develop methods of more efficiently and effectively providing products and services or may adapt quicker to new technologies or evolving customer requirements.
Risk factors / competing products and technological adaptation · Filed 19/02/2026
Further, if intellectual property is infringed, challenged, invalidated or circumvented, this could reduce barriers to entry into the Company’s existing lines of business and may result in a loss of market share and adversely impact the Company’s competitive position.
Risk factors / intellectual property circumvention and entry barriers · Filed 19/02/2026
IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers’ specifications.
MD&A / products built to customer specifications · Filed 19/02/2026
As between Buyer and its customers, on the one hand, and Seller and other IDEX Health & Science Units, on the other hand, Seller and/or another IDEX Health & Science Unit shall own and retain all right, title and interest in and to all prototypes, drawings, schematics, designs, specifications, samples, molds and other tooling, and technical documentation that may be prepared, created or provided wholly or partially by Seller and/or another IDEX Health & Science Unit in connection with any Products or Services (“Prototypes, Drawings, Etc.”), notwithstanding any suggestion or other contribution that Buyer or any of its customers may make relative to improvements in, or changes with respect to, such Prototypes, Drawings, Etc.
Customer sales terms / retained designs and tooling · Retrieved 19/10/2026
2. Orders and Releases
Once accepted by Seller, an order or release from Buyer for Products or Services may be suspended, delayed or cancelled by Buyer only with the written approval of Seller.
Customer sales terms / cancellation approval · Retrieved 19/10/2026
Seller may impose cancellation and other charges in connection with the suspension, delay or cancellation of an order or release for Products and Services, and, in addition to any other rights and remedies, may require that Buyer (i) purchase from Seller any and all completed custom or non-standard Products produced for such order or release, and any quantities of other completed Products produced for such order or release that exceed the quantities of such other Products that can be readily sold by Seller to third parties, and (ii) reimburse Seller for its inventory cost of any and all work-in-process, materials, components or parts for such order or release that cannot be readily used or reworked for other products that can be readily sold by Seller to third parties, any reworking costs related to reworking work-in-process, materials, components or parts for such order or release, and any cancellation and other charges payable to suppliers of materials, components or parts for such order or release.
Customer sales terms / cancellation charges and custom inventory reimbursement · Retrieved 19/10/2026
All Products supplied and all Services provided by or through Seller will be deemed to be supplied and provided solely upon and subject to the provisions of the Agreement, unless Buyer and Seller have negotiated and signed a separate formal written agreement for the supply of Products and/or the provision of Services that specifically refers to the Agreement and expressly states that it controls over the Agreement (an “Other Agreement”), in which event, if there should be any conflict between such Other Agreement and the Agreement, the provisions of such Other Agreement will control, but solely with respect to the particular Products supplied and/or the particular Services provided under such Other Agreement.
Customer sales terms / separately negotiated agreement overrides · Retrieved 19/10/2026
In the third quarter of 2022, the Company was informed by the customer of its decision to discontinue further investment in commercializing its COVID-19 testing application.
Restructuring / customer discontinued commercialization · Filed 20/02/2025
Inventory and Backlog
The Company is primarily a short cycle business and backlog is not generally considered a significant factor as relatively short delivery periods and rapid inventory turnover are characteristic of most of the Company’s products.
Business / short-cycle orders and delivery periods · Filed 19/02/2026
Despite market choppiness, our businesses achieved strong productivity through both net price capture and operational excellence and delivered reported and adjusted diluted earnings per share of $6.64 and $7.89, respectively.
MD&A / 2024 realized net price capture · Filed 20/02/2025
Organic sales increased primarily driven by positive price across all segments.
Full-year 2025 results / positive pricing across segments · Filed 04/02/2026
The increase also reflects positive price across all segments.
First-quarter 2026 results / positive pricing across segments · Filed 29/04/2026
The increase in organic sales was primarily driven by higher volumes in our Health & Science Technologies (“HST”) segment and positive price.
Second-quarter 2026 results / volume and positive pricing · Filed 29/07/2026
Other Items
Below is a summary of the impacts of the IEEPA tariff refunds and the related expected customer rebates discussed above:
Consolidated IDEX
(Dollars in millions, except per share amounts)
Three Months Ended
June 30, 2026
Six Months Ended
June 30, 2026
IEEPA Tariff Impacts:
Net sales
$
(14.7)
$
(14.7)
Organic sales*
(2%)
(1%)
Cost of sales
$
(22.0)
$
(22.0)
Gross profit
$
7.3
$
7.3
Gross margin
150 bps
70 bps
Adjusted gross margin*
150 bps
80 bps
Adjusted EBITDA*
$
7.3
$
7.3
Adjusted EBITDA margin*
130 bps
60 bps
Adjusted diluted EPS attributable to IDEX*
$
0.08
$
0.08
HST
FMT
FSDP
(Dollars in millions)
Three Months Ended June 30, 2026
IEEPA Tariff Impacts:
Net sales
$
(9.3)
$
(3.2)
$
(2.2)
Organic sales*
(2%)
(2%)
(1%)
Cost of sales
$
(10.5)
$
(7.7)
$
(3.8)
Adjusted EBITDA
$
1.2
$
4.5
$
1.6
Adjusted EBITDA margin
90 bps
180 bps
120 bps
Six Months Ended June 30, 2026
IEEPA Tariff Impacts:
Net sales
$
(9.3)
$
(3.2)
$
(2.2)
Organic sales*
(2%)
—%
(1%)
Cost of sales
$
(10.5)
$
(7.7)
$
(3.8)
Adjusted EBITDA
$
1.2
$
4.5
$
1.6
Adjusted EBITDA margin
50 bps
90 bps
60 bps
*Each of these items are non-GAAP measures.
Tariff refund table / consolidated rebates and net benefits · Filed 29/07/2026
Further, the Company has not historically experienced significant order cancellations and does not expect significant order cancellations in the future.
Business / historical order cancellations · Filed 19/02/2026
•Record orders of over $1 billion increased 29% on a reported basis and 28% organically
Second-quarter 2026 highlights / realized order growth · Filed 29/07/2026
During 2025, the Company delivered organic sales growth and margin expansion as positive price across all segments more than offset lower volumes in the Fluid & Metering Technologies (FMT) and Fire & Safety / Diversified Technologies (FSDP) segments.
2025 performance / pricing and lower segment volumes · Filed 26/03/2026
Adjusted gross margin was flat as it excludes the benefit of lower fair value inventory step-up charges.
Full-year 2025 results / adjusted gross margin · Filed 04/02/2026
Gross Profit and Gross Margin
Gross profit and Gross margin for the three months ended March 31, 2026 were positively impacted by volume leverage and net operational productivity improvements, and while gross profit further benefited from positive price/cost, gross margin was pressured by price/cost.
First-quarter 2026 gross profit / productivity and price-cost pressure · Filed 29/04/2026
Positive price/cost was driven by the net benefit of IEEPA tariff refunds of $7.3 million, which benefited Gross margin for the three and six months ended June 30, 2026 by 150 basis points and 70 basis points, respectively, and more than offset a challenging prior year price/cost comparison.
First-half 2026 gross margin / tariff refund contribution · Filed 29/07/2026
Prices set forth in a quote, acknowledgement, or price list are subject to change due to extraordinary market conditions.
Customer sales terms / extraordinary-condition repricing · Retrieved 19/10/2026
As used herein, “extraordinary market conditions” means any increase in the cost of fulfilling and/or delivering an order caused by changes in the market or for any other reason that is outside of Seller's control such as component inflation, tariffs, surcharges, increased logistics costs and fluctuations in currency and raw materials, which results in a price increase above the price listed in the Final Proposal or acknowledgment.
Customer sales terms / repricing triggers · Retrieved 19/10/2026
Buyer agrees to promptly pay any such increase as set forth in an invoice.
Customer sales terms / payment of price increases · Retrieved 19/10/2026
These Terms and Conditions together with the Final Proposal constitute the “Agreement”, provided, however, that to the extent there is any conflict between these Terms and Conditions and the Final Proposal, the provisions of the Final Proposal shall control over the provisions of these Terms and Conditions.
Customer sales terms / final proposal precedence · Retrieved 19/10/2026
The following table reconciles cash flows provided by operating activities to free cash flow: Six Months Ended June 30, (In millions) 2026 2025 Cash flows provided by operating activities $ 303.7 $ 267.4 Less: capital expenditures 40.7 29.1 Free cash flow $ 263.0 $ 238.3 Cash Requirements Subsequent Share Repurchases Subsequent to June 30, 2026, the Company repurchased 0.1 million shares at a cost of $21.7 million.
Liquidity / operating cash flow and capital expenditures · Filed 29/07/2026
Improved operational results and cash received for IEEPA tariff refunds of $21.1 million was partially offset by higher operating working capital discussed above.
Liquidity / tariff cash receipts and working capital · Filed 29/07/2026
The six months ended June 30, 2026 included $84.4 million of higher net draws under the Revolving Facility and $10.8 million of higher proceeds from stock option exercises, net of shares withheld for taxes, partially offset by $53.4 million of higher share repurchases.
Financing / revolving draws and increased repurchases · Filed 29/07/2026
13 Table of Contents IDEX CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In millions, except per share amounts) (unaudited) Basic weighted average common shares outstanding reconciles to diluted weighted average common shares outstanding as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Basic weighted average common shares outstanding 74.0 75.5 74.2 75.6 Dilutive effect of restricted stock, performance share units and stock options 0.2 — 0.1 0.1 Diluted weighted average common shares outstanding 74.2 75.5 74.3 75.7 Share-based payment awards of approximately 0.4 million and 0.9 million shares of common stock for the three months ended June 30, 2026 and 2025, respectively, and 0.5 million and 0.8 million shares of common stock for the six months ended June 30, 2026 and 2025, respectively, were not included in the computation of Diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.
EPS note / reduced weighted average share count · Filed 29/07/2026
Financing Activities
Cash flows provided by financing activities increased $810.6 million in 2024 primarily due to $774.3 million of net proceeds in connection with the financing of the acquisition of Mott in 2024, as compared with $100.0 million of net proceeds from borrowings in 2023.
Financing / Mott acquisition funding · Filed 20/02/2025
Key 2025 Performance Objectives Incentives Support Performance Objectives 2025 Incentive Plan Result* Profitable growth and operational excellence Customer commitments and price capture Strong cash flow management Growth in shareholder value and quarterly dividends Commitment to our culture, people and environmental stewardship Management Incentive Compensation Plan Adjusted EBITDA (40%) Organic Sales Growth (40%) Cash Flow Conversion (20%) Management Incentive Compensation Plan Payout of 99% of Target Adjusted EBITDA of $906.7M Organic sales growth of 1.4% Cash flow conversion of 103% Disciplined capital deployment Long-Term Incentive Plan PSUs (50%) Stock Options (25%) Restricted Shares / RSUs (25%) 2022 PSU Payout of 65% of Target 12% three-year TSR 41st percentile versus S&P 500 Share settled in February 2025 * A reconciliation from GAAP to non-GAAP financial measures and other related information is included in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Executive compensation / actual incentive results · Filed 26/03/2026
In addition, a one-year post-vest holding requirement was first instituted with the 2020 PSU grant, which we believe further aligns our executives’ interests with those of our stockholders.
Executive compensation / post-vest holding requirement · Filed 26/03/2026
×
Hedging and Pledging: Our insider trading policy prohibits all employees (including officers) and directors from hedging or pledging their economic interest in the Common Stock they hold.
Executive compensation / hedging and pledging prohibition · Filed 26/03/2026
The award agreements for stock options and restricted stock/unit awards provide that if the grantee’s service is terminated by reason of death, disability or retirement, the award will become fully vested and exercisable.
Executive compensation / retirement acceleration · Filed 26/03/2026
Mr. Ashleman satisfied the retirement vesting conditions as of December 31, 2025.
Executive compensation / CEO retirement eligibility · Filed 26/03/2026
Improved operational results included productivity improvements together with platform optimization savings resulting from restructuring and other cost containment actions taken during 2025.
2025 performance / realized productivity and optimization savings · Filed 26/03/2026
Highlights (All comparisons are against the same period in 2025 unless otherwise noted) Three Months Ended June 30, 2026 •Reported Net sales of $920.6 million increased 6% overall and increased 5% organically* •Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.93 increased 11% •Adjusted diluted EPS attributable to IDEX* of $2.32 increased 12% •Returned capital to shareholders in the form of $77.1 million of share repurchases and $53.9 million of dividends *These are non-GAAP measures.
Second-quarter 2026 highlights / realized sales and EPS growth · Filed 29/07/2026
38 Table of Contents IDEX CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) For the Year Ended December 31, 2025 2024 2023 Net sales $ 3,457.5 $ 3,268.8 $ 3,273.9 Cost of sales 1,918.7 1,823.6 1,827.0 Gross profit 1,538.8 1,445.2 1,446.9 Selling, general and administrative expenses 818.8 758.7 703.5 Restructuring expenses and asset impairments 20.7 9.3 10.9 Operating income 699.3 677.2 732.5 Gain on sale of businesses – net — (4.0) (84.7) Other expense (income) – net 2.3 (2.6) 5.2 Interest expense – net 64.4 44.5 51.7 Income before income taxes 632.6 639.3 760.3 Provision for income taxes 150.1 134.7 164.7 Net income 482.5 504.6 595.6 Net loss attributable to noncontrolling interest 0.7 0.4 0.5 Net income attributable to IDEX $ 483.2 $ 505.0 $ 596.1 Earnings per common share: Basic earnings per common share attributable to IDEX $ 6.41 $ 6.66 $ 7.87 Diluted earnings per common share attributable to IDEX $ 6.41 $ 6.64 $ 7.85 Share data: Basic weighted average common shares outstanding 75.3 75.7 75.6 Diluted weighted average common shares outstanding 75.3 75.9 75.9 See Notes to Consolidated Financial Statements.
Consolidated income statements / 2023–2025 earnings · Filed 19/02/2026
The six months ended June 30, 2026 also include asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment.
First-half 2026 restructuring / asset impairments · Filed 29/07/2026
All standing Board committees are, and throughout fiscal year 2025 were, composed entirely of independent directors.
Corporate governance / independent standing committees · Filed 26/03/2026
On October 1, 2022, Ms. Helmkamp became Non-Executive Chair of the Board.
Corporate governance / Non-Executive Chair · Filed 26/03/2026
During 2025, each director holding office in 2025 attended more than 75% of the aggregate number of meetings of the Board and of committees of the Board of which he or she was a member, during the period for which each such director served.
Corporate governance / actual director attendance · Filed 26/03/2026
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
Auditor report / effective internal control opinion · Filed 19/02/2026
Election of the four Class I members of the IDEX Board of Directors named in this proxy statement, each for a term of three years 2.
Annual meeting notice / classified board and three-year terms · Filed 26/03/2026
Each of the Company’s segments has multiple competitors, as no single competitor offers all of the same products or serves all of the same markets as IDEX.
Business / segment competition coverage · Filed 19/02/2026
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Terms & Conditions of Sale
Effective June 10, 2025
IDEX Health & Science LLC Units
Bristol, Connecticut, USA
Carlsbad, California, USA
Middleboro, Massachusetts, USA
Oak Harbor, Washington, USA
Rochester, New York USA
Rohnert Park, CA USA
IDEX Health & Science KK
Kawaguchi, Japan
1.
Customer sales terms / June 10, 2025 effective date and covered units · Retrieved 19/10/2026
Prototypes, Drawings, Etc, may be used only for Products supplied by Seller and/or another IDEX Health & Science Unit and Services provided by Seller and/or another IDEX Health & Science Unit and only as authorized by Seller and/or another IDEX Health & Science Unit, and Buyer shall not, and Buyer shall take reasonable measures to ensure that its customers do not, attempt to use Prototypes, Drawings, Etc.
Customer sales terms / restrictions on design and tooling reuse · Retrieved 19/10/2026
