IDEX is an industrial conglomerate that designs and manufactures highly engineered, niche components and subsystems for precision fluid handling, measurement, and control applications. IDEX's products are typically small, mission-critical parts that represent a minor fraction of a customer's total system cost but are essential to system performance — a positioning that supports strong pricing power and low customer churn. IDEX operates through three segments: Health & Science Technologies (HST), Fluid & Metering Technologies (FMT), and Fire & Safety/Diversified Products (FSDP). HST, the largest segment, serves life science instruments, semiconductor manufacturing, data centers, and space and defense. FMT covers industrial pumps, water infrastructure monitoring, energy flow metering, and agricultural fluid handling. FSDP includes fire suppression equipment, precision paint-dispensing systems, and industrial banding products. IDEX sells through direct sales forces, distributors, and OEMs, with roughly half of revenue coming from international markets and no single customer exceeding 3% of revenue. IDEX's business model centers on proprietary, difficult-to-replicate components that are typically designed into customer systems at the specification stage, creating meaningful switching costs. The company captures consistent annual price increases of roughly 1.5–3%, and a meaningful portion of revenue is recurring and consumable in nature. M&A is a core growth tool — IDEX acquires niche, differentiated businesses and applies its 8020 operating framework post-acquisition to focus on the highest-margin products and customers. IDEX targets free cash flow conversion of at least 100% of adjusted net income, deploying capital across organic investment, bolt-on M&A, dividends, and share repurchases.