Idex (IEX) FY2023 results: revenue $3.3 billion, up 2.9% on the year

Idex Corp. (IEX) reported revenue of $3.3 billion for fiscal 2023, the year ended 31 December 2023, up 2.9% on the year before. Net income was $596 million, up 1.6%, and diluted earnings per share $7.85. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$3.3 billion

+2.9% on the year

FY2016FY2023

Operating margin

22.4%

23.6% a year earlier

FY2016FY2023

Net income

$596 million

+1.6% on the year

FY2016FY2023

Diluted EPS

$7.85

+1.8% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,274	3,182	2,765	+2.9%
Cost of revenue	1,827	1,755	1,540	+4.1%
Gross profit	1,447	1,427	1,224	+1.4%
Gross margin	44.2%	44.8%	44.3%
Research and development	68.4	61.4	50.1	+11.4%
Selling, general and administrative	704	653	578	+7.8%
Operating income	732	751	637	-2.5%
Operating margin	22.4%	23.6%	23.0%
Interest expense	51.7	40.7	41.0	+27.0%
Pre-tax income	760	749	580	+1.5%
Income tax	165	163	130	+1.2%
Effective tax rate	21.7%	21.7%	22.5%
Net income	596	587	449	+1.6%
Net margin	18.2%	18.4%	16.3%
Diluted EPS	$7.85	$7.71	$5.88	+1.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	717	557	565	+28.6%
Capital expenditure	89.9	68.0	72.7	+32.2%
Free cash flow	627	489	493	+28.1%
Free cash flow margin	19.1%	15.4%	17.8%
Cash from investing	-284	-917	-698
Cash from financing	-345	-37.8	-9.5
Depreciation and amortisation	152	120	103	+27.1%
Share-based compensation	21.8	21.6	20.4	+0.9%
Buybacks	24.2	148	0.0	-83.7%
Dividends paid	191	177	161	+7.5%
Dividend per share	$2.56	$2.40	$2.16	+6.7%
Diluted shares, weighted	76m	76m	76m	-0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,541	3,039	2,803	+16.5%
Non-controlling interest	-0.2	0.3	0.0
Short-term borrowings	n/a	n/a	0.0
Debt	1,333	1,478	1,200	-9.8%
Operating lease liabilities	98.1	96.6	93.4	+1.6%
Other liabilities	893	898	821	-0.6%
Total liabilities and equity	5,865	5,512	4,917	+6.4%
Fixed assets	430	382	327	+12.6%
Goodwill	2,838	2,638	2,168	+7.6%
Intangible assets	1,012	948	597	+6.8%
Cash and equivalents	534	430	855	+24.2%
Receivables	419	431	355	-2.9%
Inventory	421	471	370	-10.6%
Other assets	211	212	244	-0.4%
Total assets	5,865	5,512	4,917	+6.4%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.