MeritValue

IDEX CORP /DE/

IEXdata completeness 100%18 fiscal years on file
The thesis, from the filings

IDEX CORP /DE/ earns about 10% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $69.5 and $153.95 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.76B1$3.18B2$3.27B3$3.27B3$3.46B3
Net income$449.4M4$586.9M5$596.1M6$505M6$483.2M6
Operating cash flow$565.3M7$557.4M8$716.7M9$668.1M9$680.4M9
Capital expenditure$72.7M10$68M11$89.9M12$65.1M12$63.6M12
Free cash flow (derived)$492.6M7$489.4M8$626.8M9$603M9$616.8M9
Total debt$1.19B13$2.95B14$2.66B15$3.93B16$3.65B16
Cash & equivalents$855.4M17$430.2M18$534.3M19$620.8M20$580M20
Diluted shares76.4M76.0M75.9M75.9M75.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$534.86
your share of equity
Profit it earned you last year
$64.17
Free cash flow it threw off
$81.91
Debt you’d be carrying
$484.81

10 shares is a claim on $534.86 of net worth that earned you $64.17 and generated $81.91 of cash last year, against $484.81 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 15%FY22 11%FY23 11%FY24 7%FY25 7%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 207% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $69.5 and $153.95 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$153.95
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth7.8%
  • fcfBase$616.8M
DCF · Growth Exit 5Y
$122.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth7.8%
  • fcfBase$616.8M
Earnings Power Value
$69.5
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$505M
  • growthAssumed0.0%
Graham Number
$87.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years7.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $122.71
The three cases
Bear0.0%$76.26
Base7.8%$122.71
Bull12.8%$160.05

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 7.8%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000832101-24-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000832101-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000832101-26-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000832101-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000832101-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000832101-26-000003 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000832101-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000832101-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000832101-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000832101-24-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000832101-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000832101-26-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000832101-23-000013 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000832101-24-000009 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000832101-25-000010 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000832101-26-000003 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000832101-23-000013 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000832101-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000832101-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000832101-26-000003 (CashAndCashEquivalentsAtCarryingValue)