IEXMEDIUM SIGNALOPERATIONAL10-K

IDEX reorganized its segment reporting structure, elevating Health Science Technologies (HST) to the primary segment position while expanding its Life Sciences market definition to include analytical instruments and pharmaceutical/medical sales.

This restructuring signals IDEX's strategic pivot toward higher-margin healthcare markets, with HST now representing 43% of net sales compared to 39% previously, while generating 39% of adjusted EBITDA. The expanded Life Sciences definition suggests the company is consolidating related healthcare businesses to present a more cohesive growth story in attractive end markets.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a company investing for growth but facing higher costs, with inventory up 11.6% to $479.4M and accounts receivable rising 11% to $511.9M, indicating either organic growth or recent acquisitions requiring working capital investment. Interest expense jumped 27% to $51.7M, suggesting increased debt levels likely used to fund expansion initiatives. Overall, the metrics reflect a company actively deploying capital for growth while managing the associated financing costs.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+27%
$40.7M→$51.7M

Interest costs rose 27% — monitor debt levels and coverage ratio in rising rate environment.

Inventory
Balance Sheet
+11.6%
$429.7M→$479.4M

Inventory built 11.6% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+11%
$461.0M→$511.9M

Receivables grew 11% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
34 ) 36 Consolidated Statements of Income 39 Consolidated Statements of Comprehensive Income 40 Consolidated Balance Sheets 41 Consolidated Statements of Equity 42 Consolidated Statements of Cash Flows 43 Notes to Consolidated Financial Statements 44 Note 1.
End Markets and Products The following table summarizes the percentage of total IDEX sales generated by each end market served: * Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales.
The Company has three reportable segments: Health Science Technologies ( HST ), Fluid Metering Technologies ( FMT ) and Fire Safety/Diversified Products ( FSDP ).
Year Ended December 31, 2025 Year Ended December 31, 2024 HST FMT FSDP HST FMT FSDP Net sales 43% 35% 22% 39% 38% 23% Adjusted EBITDA (1) 39% 40% 21% 36% 42% 22% (1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $92.2 million and $93.0 million for the years ended December 31, 2025 and 2024, respectively.
The following table summarizes the percentage of total HST sales generated by each end market served: *Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales.
+7 more — sign up free →
REMOVED
and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries; the impact of catastrophic weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks and wars; the Company s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; cybersecurity incidents; the relationship of the U.S.
34 ) 37 Consolidated Statements of Income 40 Consolidated Statements of Comprehensive Income 41 Consolidated Balance Sheets 42 Consolidated Statements of Equity 43 Consolidated Statements of Cash Flows 44 Notes to Consolidated Financial Statements 45 Note 1.
End Markets and Products The following table summarizes the percentage of total IDEX sales generated by each end market served: The Company has three reportable segments: Fluid Metering Technologies ( FMT ), Health Science Technologies ( HST ) and Fire Safety/Diversified Products ( FSDP ).
The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the years ended December 31, 2024 and 2023.
Year Ended December 31, 2024 Year Ended December 31, 2023 FMT HST FSDP FMT HST FSDP Net sales 38% 39% 23% 38% 40% 22% Adjusted EBITDA (1) 42% 36% 22% 42% 37% 21% 3 (1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $93.0 million and $84.6 million for the years ended December 31, 2024 and 2023, respectively.
+7 more — sign up free →
MORE OPERATIONAL SIGNALS
HOFTHIGHHOFT completed a major divestiture of its Pulaski and Samuel Lawrence furniture ...
2026-04-17
CTRNHIGHCTRN underwent a dramatic operational turnaround with a complete repositioning f...
2026-04-15
ORBSHIGHORBS has undergone a complete business transformation from packaging and e-comme...
2026-04-15
BRFHHIGHBRFH completed a transformative acquisition of Arps Dairy in October 2025, drama...
2026-04-15
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →