Filing Flows › IDEX (IEX) › Takeover & LBO
Is IDEX (IEX) a takeover target?
A leveraged buyout at today's price plus 30% ($303.99 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $167.13 a share (−29% against today's $233.84). Historically 2.7% of companies with its figures were bought within a year (0.54× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $303.99 | today's $233.84 plus 30% |
| × shares | 74.0 million | |
| = Equity value | $22.5B | |
| + Debt refinanced | $1.8B | |
| − Cash | $602M | |
| + Other claims | −$1.5M | preferred stock, minority interests |
| = Enterprise value | $23.7B | 24.2× EBITDA of $978M |
| Fees | $473M | 2% of the price |
| New debt | $5.4B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $18.7B | 78% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.9B | $1.0B | $411M | $421M | $5.0B |
| Year 2 | $4.1B | $1.1B | $379M | $492M | $4.5B |
| Year 3 | $4.3B | $1.2B | $342M | $564M | $3.9B |
| Year 4 | $4.5B | $1.2B | $299M | $633M | $3.3B |
| Year 5 | $4.7B | $1.2B | $250M | $700M | $2.6B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 18.9× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $23.5B | |
| − Debt left | $2.6B | |
| = Buyer's equity | $20.9B | |
| Money multiple | 1.12× | on $18.7B put in |
| Buyer's yearly return (IRR) | 2.2% |
Price against return
What the buyer makes at other premiums over today's $233.84; the IRR reaches 20% at $167.13 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $257.22 | 6.6% |
| 20% | $280.61 | 4.3% |
| 30% | $303.99 | 2.2% |
| 40% | $327.38 | 0.4% |
| 50% | $350.76 | −1.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.7B | |
| EBITDA, last 12 months | $978M | 26.7% of revenue |
| Depreciation and amortization | $214M | |
| Capital spending | $85.6M | |
| Debt | $1.8B | |
| Cash | $602M | |
| Share price | $233.84 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 6.9% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 24% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, IDEX would cost about $327.38 a share, $24.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $268.21 | $19.8B |
| Median | 40% | $327.38 | $24.2B |
| High end (a quarter paid more) | 60.2% | $374.61 | $27.7B |
The odds, from history
Historically 2.7% of companies with its figures were bought within a year (0.54× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
IDEX's latest quarter
IDEX, Q3 2026: revenue $952M (+8% year over year), operating margin 21.9%, net earnings $144M, operating cash flow $240M. The chart follows the revenue to costs, profit and cash.
Questions
Is IDEX being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy IDEX?
A leveraged buyout at today's price plus 30% ($303.99 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $167.13 a share (−29% against today's $233.84).
What would a takeover of IDEX cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, IDEX would cost about $327.38 a share, $24.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.