IDEX CORP /DE/IEX
IDEX CORP /DE/ Segments Disclosure
Business Segments and Geographic Information
IDEX has three operating business segments, which are the same as our reportable business segments: HST, FMT and FSDP. The Company has determined its segments based on how financial information is reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions and allocate resources.
The Company’s CODM is the Chief Executive Officer. The Company’s CODM evaluates the performance of the segments and allocates resources to them based on Adjusted EBITDA. Segment Adjusted EBITDA includes intersegment revenues as well as charges allocating certain corporate overhead costs. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Adjusted EBITDA is the Company’s measure of segment performance.
For all segments, the CODM uses Adjusted EBITDA in the annual budgeting and forecasting process. The CODM considers Adjusted EBITDA budget and forecast-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. Adjusted EBITDA is also used in determining the compensation of certain employees.
The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, ultra-precision diamond tools, laboratory and commercial equipment and precision photonic solutions, technical ceramics and hermetic sealing products and porous material structures and flow control solutions. HST primarily serves a variety of end markets, including life sciences, industrial, semiconductor, energy, space and defense and food and beverage.
The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services. FMT primarily serves the industrial, water, energy, chemical and agriculture markets.
The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems, engineered stainless steel banding and clamping devices and precision equipment for dispensing, metering and mixing colorants and paints. FSDP primarily serves the fire suppression, paint dispensing, rescue tools, automotive and aviation and industrial markets.
Financial information for the Company’s reportable business segments is presented below:
| For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | 1,490.7 | $ | 1,222.5 | $ | 744.3 | $ | 3,457.5 | $ | — | $ | 3,457.5 | |||||||||||||||||||||||
| Intersegment sales | 4.8 | 1.5 | 1.0 | 7.3 | (7.3) | — | |||||||||||||||||||||||||||||
| Net sales | 1,495.5 | 1,224.0 | 745.3 | 3,464.8 | (7.3) | 3,457.5 | |||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | (885.5) | (622.8) | (417.1) | (1,925.4) | 7.3 | (1,918.1) | |||||||||||||||||||||||||||||
Other segment expenses(2) | (212.2) | (194.4) | (114.7) | (521.3) | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | 397.8 | 406.8 | 213.5 | 1,018.1 | |||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | 1,294.0 | $ | 1,231.8 | $ | 743.0 | $ | 3,268.8 | $ | — | $ | 3,268.8 | |||||||||||||||||||||||
| Intersegment sales | 4.1 | 1.4 | 1.3 | 6.8 | (6.8) | — | |||||||||||||||||||||||||||||
| Net sales | 1,298.1 | 1,233.2 | 744.3 | 3,275.6 | (6.8) | 3,268.8 | |||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | (769.5) | (639.4) | (411.9) | (1,820.8) | 6.8 | (1,814.0) | |||||||||||||||||||||||||||||
Other segment expenses(2) | (181.8) | (187.5) | (118.2) | (487.5) | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | 346.8 | 406.3 | 214.2 | 967.3 | |||||||||||||||||||||||||||||||
| For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| HST | FMT | FSDP | Total Segments | Eliminations | IDEX | ||||||||||||||||||||||||||||||
| NET SALES | |||||||||||||||||||||||||||||||||||
| External customers | $ | 1,313.5 | $ | 1,244.2 | $ | 716.2 | $ | 3,273.9 | $ | — | $ | 3,273.9 | |||||||||||||||||||||||
| Intersegment sales | 2.9 | 2.9 | 2.6 | 8.4 | (8.4) | — | |||||||||||||||||||||||||||||
| Net sales | 1,316.4 | 1,247.1 | 718.8 | 3,282.3 | (8.4) | 3,273.9 | |||||||||||||||||||||||||||||
Adjusted segment cost of sales(1) | (783.1) | (650.1) | (400.6) | (1,833.8) | 8.4 | (1,825.4) | |||||||||||||||||||||||||||||
Other segment expenses(2) | (173.8) | (180.9) | (109.6) | (464.3) | |||||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | 359.5 | 416.1 | 208.6 | 984.2 | |||||||||||||||||||||||||||||||
(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges. There were step-up charges of $0.6 million, $9.6 million, and $1.6 million recorded during the years ended December 31, 2025, 2024 and 2023, respectively. All step-up charges were recorded within the HST segment.
(2) Other segment expenses consists primarily of selling, general and administrative expenses.
| 2025 | 2024 | 2023 | |||||||||||||||
| ADJUSTED EBITDA | |||||||||||||||||
| Health & Science Technologies | $ | 397.8 | $ | 346.8 | $ | 359.5 | |||||||||||
| Fluid & Metering Technologies | 406.8 | 406.3 | 416.1 | ||||||||||||||
| Fire & Safety/Diversified Products | 213.5 | 214.2 | 208.6 | ||||||||||||||
| Segment Adjusted EBITDA | 1,018.1 | 967.3 | 984.2 | ||||||||||||||
Corporate and other(1) | (92.2) | (93.0) | (84.6) | ||||||||||||||
| Interest expense - net | (64.4) | (44.5) | (51.7) | ||||||||||||||
| Depreciation | (75.8) | (68.5) | (57.2) | ||||||||||||||
| Amortization of intangible assets | (130.7) | (107.1) | (94.9) | ||||||||||||||
| Fair value inventory step-up charges | (0.6) | (9.6) | (1.6) | ||||||||||||||
| Restructuring expenses and asset impairments | (20.7) | (9.3) | (10.9) | ||||||||||||||
| Gain on sale of businesses - net | — | 4.0 | 84.7 | ||||||||||||||
Loss on sale of assets | (1.1) | — | — | ||||||||||||||
Credit loss on note receivable from collaborative partner(2) | — | — | (7.7) | ||||||||||||||
| Income before income taxes | $ | 632.6 | $ | 639.3 | $ | 760.3 | |||||||||||
(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and other.
(2) Represents a reserve recorded on an investment with a collaborative partner in Other expense (income) – net during 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method investment with zero value. See Note 3, “Collaborative Investments,” for further detail.
| 2025 | 2024 | 2023 | |||||||||||||||
| DEPRECIATION | |||||||||||||||||
| Health & Science Technologies | $ | 47.9 | $ | 41.2 | $ | 33.2 | |||||||||||
| Fluid & Metering Technologies | 17.9 | 17.3 | 14.1 | ||||||||||||||
| Fire & Safety/Diversified Products | 9.2 | 9.0 | 8.9 | ||||||||||||||
| Total Segments | 75.0 | 67.5 | 56.2 | ||||||||||||||
| Corporate and other | 0.8 | 1.0 | 1.0 | ||||||||||||||
| Total depreciation | $ | 75.8 | $ | 68.5 | $ | 57.2 | |||||||||||
| AMORTIZATION OF INTANGIBLE ASSETS | |||||||||||||||||
| Health & Science Technologies | $ | 103.7 | $ | 79.7 | $ | 65.8 | |||||||||||
| Fluid & Metering Technologies | 21.6 | 21.1 | 22.7 | ||||||||||||||
| Fire & Safety/Diversified Products | 5.4 | 6.3 | 6.4 | ||||||||||||||
| Total amortization | $ | 130.7 | $ | 107.1 | $ | 94.9 | |||||||||||
| CAPITAL EXPENDITURES | |||||||||||||||||
| Health & Science Technologies | $ | 32.9 | $ | 40.1 | $ | 55.1 | |||||||||||
| Fluid & Metering Technologies | 21.3 | 14.8 | 24.2 | ||||||||||||||
| Fire & Safety/Diversified Products | 8.9 | 10.2 | 9.7 | ||||||||||||||
| Total Segments | 63.1 | 65.1 | 89.0 | ||||||||||||||
| Corporate and other | 0.5 | — | 0.9 | ||||||||||||||
| Total capital expenditures | $ | 63.6 | $ | 65.1 | $ | 89.9 | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Health & Science Technologies | $ | 4,301.1 | $ | 4,142.6 | |||||||
| Fluid & Metering Technologies | 1,694.4 | 1,609.4 | |||||||||
| Fire & Safety/Diversified Products | 825.2 | 794.1 | |||||||||
| Total Segments | 6,820.7 | 6,546.1 | |||||||||
| Corporate and other | 106.3 | 199.2 | |||||||||
| Total assets | $ | 6,927.0 | $ | 6,745.3 | |||||||
Information about the Company’s long-lived assets in different geographical regions as of December 31, 2025 and 2024 is shown below.
| December 31, 2025 | December 31, 2024 | ||||||||||
| LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT | |||||||||||
| U.S. | $ | 273.6 | $ | 271.7 | |||||||
| North America, excluding U.S. | 19.2 | 20.6 | |||||||||
Netherlands | 50.2 | 51.4 | |||||||||
Europe, excluding Netherlands | 83.6 | 71.6 | |||||||||
| Asia | 41.1 | 44.7 | |||||||||
Other(1) | 0.3 | 0.4 | |||||||||
| Total long-lived assets - net | $ | 468.0 | $ | 460.4 | |||||||
(1) Other includes: South America, Middle East, Australia and Africa.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.