IDEX Corporation · Stock — Industrials · graded on the House framework — is the payout covered, is the yield real or a trap, and does it compound or just pay? Snapshot · Week of October 19, 2026
IEXIDEX CorporationStock — Industrials
Yield
1.20%
Trailing $2.86 paid in the 12 months to Oct 28, 2026 / $238.54 close, Oct 28, 2026. Indicated $2.92 annualized ($0.73 x 4).
Payout ratio
30.5%
FY2025 dividends $191m / free cash flow $627m (operating cash flow $717m less capital expenditures $90m), EDGAR 10-K.
Dividend
$0.73/qtr
Declared dividend rose every year in the record shown: $0.89 in 2015, $1.48 in 2019, $2.00 in 2021-2022, $2.16, $2.40, $2.56 in 2025; indicated $2.92 annualized. No cut in 10 years.
Net debt / EBITDA
~1.7x
Net debt $1,451m (long-term debt $1,971m + current $101m, less cash $621m) / approximate EBITDA $843m (operating income $733m + depreciation and amortization about $110m, 2023 level, stated approximation), FY2025, EDGAR 10-K.
House verdictRaised every year, covered three times over, and levered inside the pass band. IDEX pays $0.73 a quarter, $2.92 annualized, with the declared dividend rising every year in the record shown, from $0.89 in 2015 to $2.56 in 2025. Dividends of $191 million are 30% of 2025 free cash flow of $627 million, a pass, and net debt is about 1.7x EBITDA, a pass. No caution applies on any check, so the card grades good.
Key risk: IDEX grows by acquisition and carries the debt for it; a bad deal or an industrial downturn would tighten the balance sheet before it touched the dividend.
Changes if: Free-cash-flow payout crosses 60%, leverage passes 3x, or the raise streak breaks.
- ✓Cash-flow cover 30.5% of FY2025 free cash flow, pass (<60%).
- ✓Leverage 1.7x net debt/EBITDA, pass (<3x).
- ✓Dividend history Raised every year in the record shown; no cut in 10 years.
- ✓Trap screen Yield 1.20%, payout under 100%, no cut; not a trap pattern.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.
Figures are the snapshot from the week of October 19, 2026, checked against the company's SEC filings (EDGAR) and announcements — not a live feed, and not financial advice. Read the full disclaimers.
