{"schemaVersion":1,"research":true,"symbol":"iex","name":"IDEX","topic":"moat","path":"/stock/iex/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:26:39.569Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"IDEX demonstrates specialized products, intellectual property ownership and realized pricing gains across several periods. These support current differentiation but do not establish durable barriers, customer switching costs or protected niche economics. Pricing and operational resilience are evident, although volume weakness, price/cost pressure and tariff refunds qualify that evidence. The supplied disclosures leave the moat unproven rather than establish a weak competitive position.","advantages":[{"mechanism":"intangible_assets","claim":"Existing intellectual property and specialized processing products support differentiation. Exclusive production of the Microfluidizer product family establishes control of that family, but does not establish exclusivity over competing applications or superior customer economics.","durability":"Potential protection depends on enforceable intellectual property and continued technical relevance. Patent lives, substitute performance, market shares and the economic contribution of protected products are not supplied.","risks":"Competitor innovation and intellectual property circumvention could erode differentiation. These are disclosed possibilities, not demonstrated losses. Positive realized pricing provides operating support but does not identify its structural cause.","invalidation":"The differentiation thesis would weaken if comparable substitutes won customers on equivalent performance and lower cost, protected technology became readily replicable, or product-level pricing premiums and share declined persistently.","competitors":[],"evidenceIds":["e1","e2","e3","e10","e11"],"counterEvidenceIds":["e4","e5","e6"]},{"mechanism":"switching_costs","claim":"Customized processing equipment and products supporting repeatable formulations suggest potential integration friction. Historically insignificant order cancellations support order stability, but do not establish repeat purchasing, qualification barriers or costly supplier replacement.","durability":"Customer dependency could persist where equipment is embedded in production processes, but the passages provide no switching-cost measurements, qualification timelines or installed-base replacement economics.","risks":"Short delivery cycles and customer destocking limit the inference from order stability. A customer abandoned a funded testing application, demonstrating that customization does not ensure continuing demand; that event does not establish supplier substitution.","invalidation":"The dependency thesis would weaken if customers routinely replaced IDEX equipment without substantial qualification, downtime or process costs, or if repeat demand declined persistently despite stable end-market activity.","competitors":[],"evidenceIds":["e7","e8","e9"],"counterEvidenceIds":["e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1A, intellectual property ownership and research investment","excerpt":"The Company owns patents, trademarks, licenses and other forms of intellectual property related to its products and continuously invests in research and development that may result in technological innovations and general intellectual property rights."},{"id":"e2","sourceId":"filing-1","location":"Business, Microfluidics product family","excerpt":"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."},{"id":"e3","sourceId":"filing-1","location":"Business, Matcon processing systems","excerpt":"Matcon’s innovative products consist of the original cone valve powder discharge system and filling, mixing and packaging systems, all of which support its customers’ automation and process requirements."},{"id":"e4","sourceId":"filing-1","location":"Item 1A, potential competitor innovation","excerpt":"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."},{"id":"e5","sourceId":"filing-1","location":"Item 1A, intellectual property erosion and barriers to entry","excerpt":"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."},{"id":"e6","sourceId":"filing-1","location":"Item 1A, potential competitive pricing pressure","excerpt":"Pricing pressures may require the Company to adjust the prices of products to stay competitive."},{"id":"e7","sourceId":"filing-1","location":"Business, customized Fitzpatrick systems","excerpt":"Fitzpatrick designs and manufactures customized size reduction and roll compaction systems to support their customers’ product development and manufacturing processes."},{"id":"e8","sourceId":"filing-1","location":"Business, formulation reliability and customer processes","excerpt":"These products are critical to its customers’ need to maintain clean, reliable and repeatable formulations of prepackaged foods and pharmaceuticals while helping them achieve lean and agile manufacturing."},{"id":"e9","sourceId":"filing-1","location":"Business, historical order cancellations and expectations","excerpt":"Further, the Company has not historically experienced significant order cancellations and does not expect significant order cancellations in the future."},{"id":"e10","sourceId":"filing-3","location":"Executive compensation, 2025 operating and pricing results","excerpt":"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."},{"id":"e11","sourceId":"filing-6","location":"MD&A, first-quarter 2026 pricing across segments","excerpt":"The increase also reflects positive price across all segments."},{"id":"e12","sourceId":"filing-1","location":"Business, short-cycle orders and backlog","excerpt":"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."},{"id":"e13","sourceId":"filing-1","location":"Business, customer destocking and normalized lead times","excerpt":"While backlog was elevated in recent years due to global supply chain constraints, which extended lead times, shifted customer order patterns and resulted in increased inventory to support production, customer destocking efforts beginning in 2023 have resulted in orders stabilizing with backlog and lead times returning to more normalized levels in 2025."},{"id":"e14","sourceId":"filing-4","location":"Restructuring disclosure, customer discontinuation of testing application","excerpt":"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."},{"id":"e15","sourceId":"filing-4","location":"MD&A, 2024 net price capture and operating performance","excerpt":"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."},{"id":"e16","sourceId":"filing-6","location":"MD&A, first-quarter 2026 gross profit and price/cost pressure","excerpt":"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."},{"id":"e17","sourceId":"filing-2","location":"MD&A, tariff refund contribution to gross margin and price/cost","excerpt":"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."},{"id":"e18","sourceId":"filing-2","location":"MD&A, second-quarter 2026 sales and earnings results","excerpt":"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."},{"id":"e19","sourceId":"filing-2","location":"Liquidity, operating cash flow and capital expenditure reconciliation","excerpt":"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."},{"id":"e20","sourceId":"filing-2","location":"Liquidity, tariff refund cash receipts and working capital","excerpt":"Improved operational results and cash received for IEEPA tariff refunds of $21.1 million was partially offset by higher operating working capital discussed above."},{"id":"e21","sourceId":"filing-2","location":"Liquidity, revolving facility draws and repurchases","excerpt":"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."},{"id":"e22","sourceId":"filing-2","location":"Note 5, weighted average shares and dilution","excerpt":"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."},{"id":"e23","sourceId":"filing-4","location":"Liquidity, acquisition financing in 2024","excerpt":"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."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation, incentive metrics and actual payout results","excerpt":"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."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation, PSU post-vesting holding requirement","excerpt":"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."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation, hedging and pledging prohibition","excerpt":"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."},{"id":"e27","sourceId":"filing-3","location":"Termination provisions, accelerated option and restricted award vesting","excerpt":"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."},{"id":"e28","sourceId":"filing-3","location":"Termination provisions, CEO retirement vesting eligibility","excerpt":"Mr. Ashleman satisfied the retirement vesting conditions as of December 31, 2025."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance, standing committee independence","excerpt":"All standing Board committees are, and throughout fiscal year 2025 were, composed entirely of independent directors."},{"id":"e30","sourceId":"filing-3","location":"Corporate governance, appointment of Non-Executive Chair","excerpt":"On October 1, 2022, Ms. Helmkamp became Non-Executive Chair of the Board."},{"id":"e31","sourceId":"filing-3","location":"Corporate governance, actual director attendance in 2025","excerpt":"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."},{"id":"e32","sourceId":"filing-1","location":"Independent auditor report, effective internal control opinion","excerpt":"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."},{"id":"e33","sourceId":"filing-3","location":"Annual meeting agenda, classified board and three-year director terms","excerpt":"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."},{"id":"e34","sourceId":"filing-3","location":"Executive compensation, realized productivity and optimization savings","excerpt":"Improved operational results included productivity improvements together with platform optimization savings resulting from restructuring and other cost containment actions taken during 2025."},{"id":"e35","sourceId":"filing-1","location":"Consolidated statements of income, 2023–2025 results","excerpt":"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."},{"id":"e36","sourceId":"filing-2","location":"MD&A, 2026 FMT asset impairments","excerpt":"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."}],"changes":["Retain the previous uncertain moat verdict: specialized products and pricing outcomes still do not establish durable structural protection.","The supplied proxy passages permit assessment of actual incentive payouts, award provisions and governance practices; these support numerical management grades without assuming executive ownership.","Broader pricing evidence includes realized capture in 2024, positive price across segments in 2025 and first-quarter 2026, alongside first-quarter margin pressure and second-quarter tariff refund benefits."],"limitations":["No supplied passage identifies a named operating competitor. Companies appearing in director biographies or compensation discussions are not established competitors.","Product leadership, criticality and exclusivity descriptions are issuer assertions. Product-family exclusivity does not establish the absence of functional substitutes.","Customer retention is assessed indirectly from historical cancellations, demand patterns and operating results; customer-level renewal, repeat-purchase and switching data are absent.","Pricing outcomes are disclosed, but price-change magnitudes, competitor-relative premiums and contractual repricing rights or restrictions are missing. Revenue recognition methods do not establish pricing freedom.","The proxy supplies compensation and governance evidence, but the passages do not provide executive beneficial ownership amounts or acquisition-level realized returns.","All source dates have dateKind filed. The latest supplied filing is July 29, 2026 and principally reports through June 30, 2026; no later operating developments are established.","Generic risk disclosures identify possible erosion mechanisms and are not treated as realized competitive failures. Reported margins alone do not establish a moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Intellectual property and specialized products establish differentiation, but their protection against functional substitutes and their economic significance are not demonstrated.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":null,"rationale":"No patent duration, sustained protected share or customer replacement economics establishes how long an advantage would persist.","evidenceIds":["e1","e5"]},{"criterion":"customer_dependency","grade":null,"rationale":"Customized systems and formulation requirements suggest possible dependency. Historical order stability does not establish supplier switching friction, and a customized application was discontinued.","evidenceIds":["e7","e8","e9","e14"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Pricing capture and operating improvement show resilience, but do not establish that a structural advantage resisted substitution or competitive entry.","evidenceIds":["e10","e11","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Reported net price capture in 2024, positive pricing across all segments in 2025 and first-quarter 2026 demonstrate repeated realization. Price magnitudes and competitive premiums are undisclosed; second-quarter tariff refunds are not counted as price increases.","evidenceIds":["e15","e10","e11","e17"]},{"criterion":"retention","grade":2,"rationale":"Indirect evidence is mixed: historically insignificant cancellations and subsequent organic growth support demand continuity, while destocking, lower volumes in two segments during 2025 and a discontinued customer application limit the inference. No retention rate is inferred.","evidenceIds":["e9","e13","e10","e14","e18"]},{"criterion":"margin_resilience","grade":2,"rationale":"Pricing and productivity supported 2025 margin expansion, but first-quarter 2026 price/cost pressured gross margin. Second-quarter positive price/cost depended on tariff refunds that more than offset a difficult comparison. This demonstrates mixed resilience rather than unrestricted pass-through.","evidenceIds":["e10","e34","e16","e17"]},{"criterion":"contractual_freedom","grade":null,"rationale":"The passages do not establish contractual price-setting, escalation, renegotiation or termination rights. Actual price capture supports realized pricing but cannot establish contractual freedom.","evidenceIds":[]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $303.7 million covered $40.7 million of capital expenditure, and weighted average shares declined. These positives are balanced by acquisition financing, higher revolving draws alongside higher repurchases, working-capital absorption and tariff-assisted cash generation. Acquisition returns and repurchase value creation are unproven.","evidenceIds":["e19","e20","e21","e22","e23"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual incentive outcomes include a 99% short-term payout and a 65% payout on the 2022 PSU award, with financial and relative shareholder-return metrics. Post-vesting holding requirements and hedging restrictions strengthen alignment. Retirement acceleration, including CEO eligibility, limits retention-related alignment; beneficial ownership amounts are unavailable.","evidenceIds":["e24","e25","e26","e27","e28"]},{"criterion":"execution","grade":2,"rationale":"Realized productivity savings, pricing capture and second-quarter 2026 organic sales and EPS growth support execution, partly through indirect operating evidence. Declining net income over 2023–2025, 2026 impairments and tariff-assisted improvement make the overall record mixed. Announced strategy and acquisition potential are not counted as achieved outcomes.","evidenceIds":["e34","e10","e18","e35","e36","e17"]},{"criterion":"governance","grade":3,"rationale":"Independent standing committees, a Non-Executive Chair, demonstrated director attendance and an independent auditor's effective-control opinion support strong governance practices. A classified board with three-year terms qualifies shareholder accountability; these disclosures do not establish exceptional governance durability.","evidenceIds":["e29","e30","e31","e32","e33"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"0cac52dd9dfcd3b72fa81c4b171bf979e2a440761b7ba955b106475a85a4a490","updatedAt":"2026-10-18T14:26:39.569Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm","publishedAt":"2026-02-19","sha256":"770ab85e91f148384a11749e58500ed9e05e4ab02001fb9521c15076ad4e10d3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210126000022/iex-20260630.htm","publishedAt":"2026-07-29","sha256":"2eb897b98845bdd9796e7f0e463ed6aaf0f6c53e6601dbf9c62d48d0fe84a9ea","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/832101/000119312526125451/iex-20260325.htm","publishedAt":"2026-03-26","sha256":"5af268192d18b4a239d67e091bee88eabd70170224dea8549fae3d6a6c81e473","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231.htm","publishedAt":"2025-02-20","sha256":"ad9ac67c00d4295879e7cc1b2bf70bfe0663117b173131548afb1e10f85653d0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231.htm","publishedAt":"2024-02-22","sha256":"a89649276c68512280b12ac84718349fd3f3dbd7cd73e681bb19bfcd4d22e168","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210126000009/iex-20260331.htm","publishedAt":"2026-04-29","sha256":"3e98c217806d1432f13dac28cae69231b0bc49eb10fe6ea7ea0f43c777d589b4","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:1ad5d1dc952abec9b4af40db4157a49e651df3178ccff373937114f9514e5bd0","usage":{"input_tokens":81945,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3890,"reasoning_output_tokens":144},"basisSupplement":{"previousHash":"267e13182e5c65e509d1f610da72d653a1f8d6e9d8310c86f30c764ec6bd54fe","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":44.28891782407407,"operating_margin":23.039641203703702,"roic":17.329300589980758,"fcf_margin":17.816840277777775,"sbc_revenue":0.7378472222222221},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":44.84427543291744,"operating_margin":23.614821333165718,"roic":16.304258143931012,"fcf_margin":15.38074735221094,"sbc_revenue":0.6788396869794777},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":44.194996792815914,"operating_margin":22.37392712055958,"roic":13.645051552357268,"fcf_margin":19.145361800910234,"sbc_revenue":0.6658725067961758},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":44.21194322075379,"operating_margin":20.71708272148801,"roic":11.293235867667399,"fcf_margin":18.44713656387665,"sbc_revenue":0.78928046989721},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":44.506146059291396,"operating_margin":20.22559652928416,"roic":10.256694868463043,"fcf_margin":17.839479392624728,"sbc_revenue":0.789587852494577},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210126000003/iex-20251231.htm","publishedAt":"2026-02-19","sha256":"770ab85e91f148384a11749e58500ed9e05e4ab02001fb9521c15076ad4e10d3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210126000022/iex-20260630.htm","publishedAt":"2026-07-29","sha256":"2eb897b98845bdd9796e7f0e463ed6aaf0f6c53e6601dbf9c62d48d0fe84a9ea","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/832101/000119312526125451/iex-20260325.htm","publishedAt":"2026-03-26","sha256":"5af268192d18b4a239d67e091bee88eabd70170224dea8549fae3d6a6c81e473","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231.htm","publishedAt":"2025-02-20","sha256":"ad9ac67c00d4295879e7cc1b2bf70bfe0663117b173131548afb1e10f85653d0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231.htm","publishedAt":"2024-02-22","sha256":"a89649276c68512280b12ac84718349fd3f3dbd7cd73e681bb19bfcd4d22e168","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/832101/000083210126000009/iex-20260331.htm","publishedAt":"2026-04-29","sha256":"3e98c217806d1432f13dac28cae69231b0bc49eb10fe6ea7ea0f43c777d589b4","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}