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Side-by-side financial comparison of IDEX Corporation (IEX) and Waters Corporation (WAT). Click either name above to swap in a different company.
Waters Corporation is the larger business by last-quarter revenue ($932.4M vs $899.1M, roughly 1.0× IDEX Corporation). Waters Corporation runs the higher net margin — 24.2% vs 14.3%, a 9.9% gap on every dollar of revenue. On growth, Waters Corporation posted the faster year-over-year revenue change (6.8% vs 4.2%). Over the past eight quarters, Waters Corporation's revenue compounded faster (21.0% CAGR vs 6.0%).
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
IEX vs WAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $899.1M | $932.4M |
| Net Profit | $128.3M | $225.2M |
| Gross Margin | 43.1% | 61.1% |
| Operating Margin | 20.4% | 29.0% |
| Net Margin | 14.3% | 24.2% |
| Revenue YoY | 4.2% | 6.8% |
| Net Profit YoY | 4.1% | -2.7% |
| EPS (diluted) | $1.71 | $3.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $899.1M | $932.4M | ||
| Q3 25 | $878.7M | $799.9M | ||
| Q2 25 | $865.4M | $771.3M | ||
| Q1 25 | $814.3M | $661.7M | ||
| Q4 24 | $862.9M | $872.7M | ||
| Q3 24 | $798.2M | $740.3M | ||
| Q2 24 | $807.2M | $708.5M | ||
| Q1 24 | $800.5M | $636.8M |
| Q4 25 | $128.3M | $225.2M | ||
| Q3 25 | $127.8M | $148.9M | ||
| Q2 25 | $131.6M | $147.1M | ||
| Q1 25 | $95.5M | $121.4M | ||
| Q4 24 | $123.2M | $231.4M | ||
| Q3 24 | $119.1M | $161.5M | ||
| Q2 24 | $141.3M | $142.7M | ||
| Q1 24 | $121.4M | $102.2M |
| Q4 25 | 43.1% | 61.1% | ||
| Q3 25 | 44.5% | 59.0% | ||
| Q2 25 | 45.3% | 58.3% | ||
| Q1 25 | 45.3% | 58.2% | ||
| Q4 24 | 42.5% | 60.1% | ||
| Q3 24 | 44.3% | 59.3% | ||
| Q2 24 | 45.4% | 59.3% | ||
| Q1 24 | 44.6% | 58.9% |
| Q4 25 | 20.4% | 29.0% | ||
| Q3 25 | 21.1% | 24.0% | ||
| Q2 25 | 21.7% | 24.4% | ||
| Q1 25 | 17.4% | 22.9% | ||
| Q4 24 | 19.2% | 33.5% | ||
| Q3 24 | 21.0% | 28.5% | ||
| Q2 24 | 22.6% | 26.7% | ||
| Q1 24 | 20.1% | 21.0% |
| Q4 25 | 14.3% | 24.2% | ||
| Q3 25 | 14.5% | 18.6% | ||
| Q2 25 | 15.2% | 19.1% | ||
| Q1 25 | 11.7% | 18.3% | ||
| Q4 24 | 14.3% | 26.5% | ||
| Q3 24 | 14.9% | 21.8% | ||
| Q2 24 | 17.5% | 20.1% | ||
| Q1 24 | 15.2% | 16.0% |
| Q4 25 | $1.71 | $3.76 | ||
| Q3 25 | $1.70 | $2.50 | ||
| Q2 25 | $1.74 | $2.47 | ||
| Q1 25 | $1.26 | $2.03 | ||
| Q4 24 | $1.61 | $3.88 | ||
| Q3 24 | $1.57 | $2.71 | ||
| Q2 24 | $1.86 | $2.40 | ||
| Q1 24 | $1.60 | $1.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $580.0M | $587.8M |
| Total DebtLower is stronger | $1.8B | $1.4B |
| Stockholders' EquityBook value | $4.0B | $2.6B |
| Total Assets | $6.9B | $5.1B |
| Debt / EquityLower = less leverage | 0.45× | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $580.0M | $587.8M | ||
| Q3 25 | $593.8M | $459.1M | ||
| Q2 25 | $568.2M | $367.2M | ||
| Q1 25 | $594.1M | $382.9M | ||
| Q4 24 | $620.8M | $325.4M | ||
| Q3 24 | $633.2M | $331.5M | ||
| Q2 24 | $700.7M | $327.4M | ||
| Q1 24 | $616.3M | $338.2M |
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $4.0B | $2.6B | ||
| Q3 25 | $4.0B | $2.3B | ||
| Q2 25 | $4.0B | $2.2B | ||
| Q1 25 | $3.9B | $2.0B | ||
| Q4 24 | $3.8B | $1.8B | ||
| Q3 24 | $3.8B | $1.6B | ||
| Q2 24 | $3.7B | $1.4B | ||
| Q1 24 | $3.6B | $1.3B |
| Q4 25 | $6.9B | $5.1B | ||
| Q3 25 | $7.0B | $4.9B | ||
| Q2 25 | $6.9B | $4.7B | ||
| Q1 25 | $6.8B | $4.6B | ||
| Q4 24 | $6.7B | $4.6B | ||
| Q3 24 | $7.0B | $4.5B | ||
| Q2 24 | $5.9B | $4.4B | ||
| Q1 24 | $5.9B | $4.5B |
| Q4 25 | 0.45× | 0.55× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.52× | 0.89× | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.36× | — | ||
| Q1 24 | 0.37× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $209.5M | $164.6M |
| Free Cash FlowOCF − Capex | $189.8M | — |
| FCF MarginFCF / Revenue | 21.1% | — |
| Capex IntensityCapex / Revenue | 2.2% | — |
| Cash ConversionOCF / Net Profit | 1.63× | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.5M | $164.6M | ||
| Q3 25 | $203.5M | $187.3M | ||
| Q2 25 | $161.7M | $41.1M | ||
| Q1 25 | $105.7M | $259.6M | ||
| Q4 24 | $172.6M | $240.1M | ||
| Q3 24 | $205.3M | $204.6M | ||
| Q2 24 | $133.6M | $54.5M | ||
| Q1 24 | $156.6M | $262.9M |
| Q4 25 | $189.8M | — | ||
| Q3 25 | $188.7M | — | ||
| Q2 25 | $146.9M | — | ||
| Q1 25 | $91.4M | — | ||
| Q4 24 | $157.1M | — | ||
| Q3 24 | $191.6M | — | ||
| Q2 24 | $117.7M | — | ||
| Q1 24 | $136.6M | — |
| Q4 25 | 21.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 17.0% | — | ||
| Q1 25 | 11.2% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 24.0% | — | ||
| Q2 24 | 14.6% | — | ||
| Q1 24 | 17.1% | — |
| Q4 25 | 2.2% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 2.5% | — |
| Q4 25 | 1.63× | 0.73× | ||
| Q3 25 | 1.59× | 1.26× | ||
| Q2 25 | 1.23× | 0.28× | ||
| Q1 25 | 1.11× | 2.14× | ||
| Q4 24 | 1.40× | 1.04× | ||
| Q3 24 | 1.72× | 1.27× | ||
| Q2 24 | 0.95× | 0.38× | ||
| Q1 24 | 1.29× | 2.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IEX
| Fluid And Metering Technologies | $305.0M | 34% |
| Fireand Safety | $125.0M | 14% |
| Pumps | $105.7M | 12% |
| Water1 | $92.1M | 10% |
| Performance Pneumatic Technologies | $70.2M | 8% |
| Sealing Solutions | $64.0M | 7% |
| Energy | $47.9M | 5% |
| Material Processing Technologies | $37.2M | 4% |
| Dispensing | $33.5M | 4% |
| Valves | $22.7M | 3% |
WAT
Segment breakdown not available.
