IDEX Corporation is an applied solutions provider specializing in the manufacturing of fluid and metering technologies, health and science technologies, and fire, safety, and other diversified products . The company operates through three main segments, offering a range of products that serve various industries. IDEX's offerings include positive displacement pumps, precision fluidics, and firefighting pumps, catering to markets such as food, life sciences, and fire and rescue .
- Health & Science Technologies (HST) - Offers precision fluidics, pneumatic components, and biocompatible medical devices, catering to markets such as life sciences and pharmaceuticals .
- Fluid & Metering Technologies (FMT) - Includes products such as positive displacement pumps, valves, and flow meters, serving industries like food, chemical, and energy .
- Fire & Safety/Diversified Products (FSDP) - Provides firefighting pumps, rescue tools, and dispensing equipment for paints, serving the fire and rescue industry and various commercial applications .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Abhishek Khandelwal Executive | Senior Vice President and Chief Financial Officer | None | Abhishek Khandelwal rejoined IDEX in November 2023 as CFO, having previously held finance roles at IDEX and other companies. He holds a BS in Finance and an MBA. | |
Allison S. Lausas Executive | Vice President and Chief Accounting Officer | None | Allison S. Lausas joined IDEX in 2021 and served as Interim CFO in 2023. She has a strong background in finance and accounting. | |
Eric D. Ashleman Executive | Chief Executive Officer and President | Director at Modine Manufacturing Co. | Eric D. Ashleman has been with IDEX since March 2008, serving in various leadership roles before becoming CEO in December 2020. He has contributed significantly to IDEX's culture and strategy. | View Report → |
Lisa M. Anderson Executive | Senior Vice President, General Counsel, and Corporate Secretary | None | Lisa M. Anderson joined IDEX in October 2016 and has held various legal roles, becoming SVP, General Counsel, and Corporate Secretary in February 2022. | |
Melissa S. Flores Executive | Senior Vice President and Chief Human Resources Officer | None | Melissa S. Flores has been with IDEX since March 2015, focusing on talent management and development. She became CHRO in February 2021. | |
Roopa Unnikrishnan Executive | Senior Vice President, Strategy and Corporate Development | None | Roopa Unnikrishnan joined IDEX in March 2022, bringing experience from roles at Vontier and Harman International. | |
Alejandro Quiroz Centeno Board | Director | Member of the US-Mexico Foundation, Latino Corporate Directors Association | Alejandro Quiroz Centeno joined IDEX in June 2022, with leadership experience in manufacturing and strategic initiatives. | |
Carl R. Christenson Board | Director | None | Carl R. Christenson has been a director at IDEX since June 2019, with a background as CEO and Chairman of Altra Industrial Motion Corp.. | |
David C. Parry Board | Director | None | David C. Parry has been a director at IDEX since December 2012, bringing strategic and operating leadership skills from his international business experience. | |
Katrina L. Helmkamp Board | Non-Executive Chair of the Board | Independent Director at Federal Signal Corporation, Independent Director at KPMG LLC | Katrina L. Helmkamp has been with IDEX since 2015, serving as an Independent Director before becoming Non-Executive Chair in October 2022. | |
L. Paris Watts-Stanfield Board | Director | Board of Feeding America | L. Paris Watts-Stanfield joined IDEX in February 2022, with a strong background in finance and audit from roles at Alcon, Medtronic, and Alcoa. | |
Lakecia N. Gunter Board | Director | Chief Technology Officer at Microsoft Corporation | Lakecia N. Gunter joined IDEX in January 2021, with extensive experience in technology and strategic leadership roles at Microsoft and Intel. | |
Livingston L. Satterthwaite Board | Director | None | Livingston L. Satterthwaite has been a director at IDEX since April 2011, with extensive experience in industrial manufacturing and leadership roles at Cummins, Inc.. | |
Mark A. Beck Board | Director | Co-founder and CEO of B-Square Precision, LLC | Mark A. Beck has been a director at IDEX since January 2018, with a background in leadership roles at JELD-WEN and Danaher Corporation. | |
Mark A. Buthman Board | Director | None | Mark A. Buthman joined IDEX in April 2016, bringing extensive financial leadership experience from Kimberly-Clark Corporation. |
- Given the pullback in project commitments due to economic and political uncertainties, how confident are you in your ability to meet your guidance for the back half of the year, and what specific measures are you taking to mitigate these risks?
- With the semiconductor market not yet turning into accelerating releases or increased order positions, and recent deferments in that area, how are you adjusting your strategies within the HST segment to address these challenges?
- Considering that life sciences and analytical instrumentation markets are unlikely to see positive inflection until 2025, what initiatives are in place to drive growth and maintain profitability in these segments until the market recovers?
- You've mentioned stable daily order rates but a pullback in project commitments; can you elaborate on the discrepancy between the relatively optimistic demand outlook and the more severe drop in organic trends for the second half?
- How do you anticipate the recent acquisitions of Mott Corporation and Subterra will contribute to your growth and EBITDA margin expansion, especially in light of current market pressures in your key segments?
Research analysts who have asked questions during IDEX CORP /DE/ earnings calls.
Brett Linzey
Mizuho Securities
7 questions for IEX
Deane Dray
RBC Capital Markets
7 questions for IEX
Nathan Jones
Stifel, Nicolaus & Company, Incorporated
7 questions for IEX
Vladimir Bystricky
Citigroup
7 questions for IEX
Andrew Buscaglia
BNP Paribas
6 questions for IEX
Joseph Giordano
TD Cowen
6 questions for IEX
Michael Halloran
Baird
6 questions for IEX
Robert Wertheimer
Melius Research
4 questions for IEX
Bryan Blair
Oppenheimer
2 questions for IEX
Jeffrey Sprague
Vertical Research Partners
2 questions for IEX
Matt Summerville
D.A. Davidson & Co.
2 questions for IEX
Jeff Sprague
Vertical Research Partners
1 question for IEX
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The Pumps Group of this company (including Blackmer, Wilden, and Ebsray products) competes with IDEX's FMT segment in pumps and small horsepower compressors used in liquefied petroleum gas distribution facilities, rotary gear pumps, and air-operated double-diaphragm pumps. | |
The Precision and Science Technologies (PST) division of this company competes with IDEX's FMT segment in metering, control, rotary gear pumps, and air-operated double-diaphragm pumps. Additionally, its Thomas division competes with IDEX's HST segment in vacuum pumps and compressors. | |
This company competes with IDEX's HST segment in sealing devices. | |
Valco Instruments Co., Inc. | This company competes with IDEX's HST segment in connections, degassers, and valves. |
Alluxa | This company competes with IDEX's HST segment in filters. |
Jenoptik | This company competes with IDEX's HST segment in optical assemblies in life sciences. |
Tecan Trading AG | This company competes with IDEX's HST segment in the life science fluidics market. |
Waterous Company | A unit of American Cast Iron Pipe Company, this company competes with IDEX's FSDP segment in truck-mounted firefighting pumps. |
Holmatro, Inc. | This company competes with IDEX's FSDP segment in rescue tools. |
Corob S.p.A. | This company competes with IDEX's FSDP segment in dispensing and mixing equipment for the paint industry. |
Panduit Corporation | This company competes with IDEX's FSDP segment in stainless steel bands, buckles, and clamping systems. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Mott Corporation | 2024 | Completed on September 5, 2024, the acquisition was executed for a cash consideration of $986.2 million (net of $3.1 million in cash acquired) funded through a mix of cash, borrowings, and debt issuance, with significant recognition of $480.3 million in goodwill and $415.8 million in intangible assets. The deal is strategically aimed at enhancing IDEX’s expertise in micro‑precision solutions across sectors including semiconductor wafer fabrication, medical technologies, and more. |
Subterra AI, Inc. | 2024 | Completed on July 25, 2024, this acquisition was for $7.5 million in cash and brings in digitization technology for underground infrastructure, particularly enhancing IDEX’s analytics for wastewater systems. It integrates into the Fluid Metering and Technologies (FMT) segment under the Intelligent Water platform, complementing existing inspection technologies. |
Iridian Spectral Technologies | 2023 | Completed on May 19, 2023, this deal involved a cash consideration of $110.3 million funded entirely from cash on hand, and includes $53.6 million in goodwill along with $45.6 million in intangible assets. The acquisition expands IDEX’s optical technology capabilities in areas such as laser communications, telecommunications, life sciences, and space, integrating into the Scientific Fluidics & Optics unit. |
Muon Group | 2022 | Announced on September 13, 2022 and completed on November 18, 2022, the acquisition was transacted for €700 million using a mix of cash on hand, revolving credit, and new debt issuance. It strategically bolsters IDEX’s portfolio in precision technology for critical applications across medical, semiconductor, and other industries, while enhancing integration within the Health & Science Technologies segment. |
KZValve | 2022 | Completed on May 2, 2022, KZValve was acquired for $120.2 million in cash, fully funded from cash on hand, with goodwill of $56.6 million and intangible assets of $52.0 million recognized. This acquisition strengthens IDEX’s agricultural portfolio by adding advanced electric valve and controller technology within its Agriculture reporting unit under the FMT segment. |
Nexsight, LLC | 2022 | Completed on February 28, 2022, this acquisition was executed for a cash consideration of approximately $114.7 million (noting a later adjustment to $112.5 million) entirely with cash on hand. It strategically fits into IDEX’s Water reporting unit, complementing existing sewer inspection and monitoring solutions, and recognized $56.2 million in goodwill alongside detailed intangible assets. |
Recent press releases and 8-K filings for IEX.
- IDEX Biometrics rolled out a new product portfolio for payment and access solutions alongside a redesigned website to showcase its advanced biometric authentication offerings.
- The launch completes IDEX’s transformation from a component supplier to a fully-fledged product company, strengthening its value proposition and potential for recurring revenue.
- In Q3, IDEX entered into multiple partnerships via Letters of Intent and began product testing, targeting commercial launches throughout 2025.
- The company is focusing on the Zero Trust security market (projected to grow from $42.91 billion in 2025 to $92.42 billion by 2030) and the digital payment fraud detection market (forecast to expand from $8.1 billion to $20.0 billion by 2032).
- Q2 organic orders grew 2% and organic sales 1%, with adjusted EBITDA margin of 27.4% and free cash flow of $147 million (94% conversion).
- Full-year organic revenue growth guidance cut to ~1% (from 1–3%), adjusted EPS lowered to $7.85–$7.95 (from $8.10–$8.45); Q3 organic revenue is now expected at 2–3% with EPS of $1.90–$1.95.
- Trade policy–driven order volatility created “up and down” day rates, slowing larger-order decision-making and moderating back-half expectations, particularly in the MSS platform and Mott segment.
- Strong liquidity of $1.1 billion, including $568 million cash; repurchased $50 million of shares in Q2 ($100 million YTD) with $440 million remaining authorization; prioritizing tuck-in M&A and buybacks.
- Abhishek Khandelwal resigns as CFO effective May 30, 2025 to pursue a new opportunity, with no disputes over accounting or disclosure matters.
- Akhil Mahendra is appointed interim CFO and awarded a restricted stock grant worth $500,000, vesting in three years.
- IDEX delivered Q1 2025 results with record orders of $872M, net sales of $814M (2% YoY increase, 1% organic decline), and record backlog growth alongside improved adjusted EBITDA margins driven by targeted wins and price-cost optimization .
- The company reported diluted EPS of $1.26 (down 21%) and adjusted EPS of $1.75 (down 7%) in Q1 2025 .
- Proactive cost savings initiatives, including an additional $20M reduction to offset volume headwinds, bolstered revenue and margins .
- Full year guidance was maintained with 1-3% organic growth and $8.10-$8.45 adjusted EPS, while Q2 revenue is expected to grow flat to 2% aided by tariff mitigation and strategic pricing adjustments .
- Strategic initiatives focused on integrating business segments through delayering and M&A, complemented by a robust capital deployment program featuring a $50M share repurchase supported by strong free cash flow .