IDEX Corporation (IEX) · Q2 2026 results and valuation

At 2.8% growth a year (3-year revenue growth), the model's fair value is $99.02 a share — the stock trades 142% above it. Today's price assumes 13.6% growth a year.

1. Guidance ↑

   IEX raised adjusted EBITDA margin expectations to a range of 27% to 27.3%, up from 26.5% to 27%.

   Source quote

   “We are raising adjusted EBITDA margin expectations to a range of 27% to 27.3%, up from 26.5% to 27%.”

2. Guidance ↑

   2026 adjusted per-share earnings guidance raised to $8.70–$8.85 from $8.35–$8.55.

   Source quote

   “Taken together, we are raising adjusted EPS guidance for 2026 from a range of $8.35 to $8.55 to a range of $8.70 to $8.85, representing high single-digit to low...”

3. Fading

   Fluid & Metering orders grew 9% year-over-year, and strong backlog build supports solid growth through year-end and into 2027.

   Source quote

   “Finally, orders in our Fluid & Metering Technologies, or FMT segment, grew 9% organic year-over-year. This was driven by strong... The strong backlog build in HST improves our visibility to deliver continued solid growth for the balance of the year and into 2027. This was driven by strong order activity in our water platform and our pumps businesses.”

4. Fading

   Productivity improvements, positive volume leverage, and positive price cost drove a 50 basis-point expansion year-over-year.

   Source quote

   “Adjusted EBITDA margin expanded 50 basis points year-over-year on productivity improvements, positive volume leverage and positive price cost, partially offset... Organic revenue growth of 5% was better than we forecasted, with notable strength in HST. And adjusted EPS came in significantly higher than our guided range in the first quarter.”

Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 90% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.

Sentences that drove the tone

“Additionally, we are increasing our capital expenditures forecast from $90 million to approximately $110 million as we make select investments and capacity expansions to support our highest growth and high-return...”

“Strong orders, growing backlog and increasing contributions from the markets where we've invested most intentionally give us confidence in both our updated outlook for 2026 and the opportunities for sustainable...”

“Finally, we continue to meaningfully implement 8020 with a focus on newly acquired businesses, many of them producing the highest growth rates in the company to set up greater margin...”