Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
A collection of wonderful little businesses, sensibly run, priced today as if nothing can go wrong. We admire the machine. We decline to pay this much for it. Charlie always said the first job is to know what you own. IDEX is easy to understand once you see the pattern, and the pattern is this: own the small, mission-critical component that the customer cannot afford to have fail, in a market too small to attract serious competition. IDEX is a Northbrook, Illinois collection of roughly fifty niche engineering businesses organized into three segments (figures below from the Q2 2026 10-Q, quarter ended June 30, 2026): The unifying economics: IDEX's products are typically a low-single-digit percentage of the customer's total system cost but sit at the point of highest consequence.
Recent filings analysed: 8-K (2026-07-29), 10-Q (2026-07-29), 8-K (2026-05-08), 8-K (2026-04-29).
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