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AI核心结论
IEX Group delivered 5.8% revenue growth to $3.46B in FY2025, but net income declined 4.3% to $483.2M as SG&A expenses surged 7.9% and higher costs offset top-line gains.
营业收入
$3.46B
同比 ++5.77%
每股收益（基本）
$6.41
同比 -3.75%
毛利率
44.5%
同比 ++0.29%
营业利润
$699.3M
同比 ++3.26%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Idex (IEX) FY2025 营收 $3.46B，同比增长 5.8%。 净利润 $483.2M，同比下降 4.3%，稀释每股收益 $6.41。 毛利率 44.5%。
IEX achieved revenue of $3.46B in FY2025, up 5.8% from $3.27B in the prior year, reflecting continued demand for its services. Gross profit grew 6.5% to $1.54B, slightly outpacing revenue growth and indicating modest improvement in the cost of revenue efficiency.
来源: Source: 10-K Income Statement
Selling, General & Administrative expenses rose 7.9% year-over-year to $818.8M, outpacing revenue growth of 5.8%. This elevated cost growth contributed to a contraction in operating margin from 20.7% to 20.2%, signaling increased overhead or investment in sales and administrative functions.
来源: Source: 10-K Income Statement
Net income fell 4.3% to $483.2M from $505.0M in the prior year, with diluted EPS declining from $6.64 to $6.41. The divergence between revenue growth and net income decline suggests meaningful below-the-line cost pressures or higher tax/interest expenses.
来源: Source: 10-K Income Statement
Investing cash outflows improved dramatically to -$137.6M from -$1.01B in the prior year (an 86.3% improvement), suggesting the company completed a major acquisition or capital investment cycle in FY2024. Long-term debt was reduced by 7.2% to $1.83B, reflecting active balance sheet management.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
IEX initiated a share repurchase program in FY2025, deploying $247.8M in buybacks compared to zero in the prior year. This contributed to the significant swing in financing cash flow from +$465.9M to -$632.6M, signaling management's confidence in the company's financial position and commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement
SG&A expenses grew 7.9% to $818.8M, significantly outpacing revenue growth of 5.8%. If this trend continues, operating and net margins will face further compression. The company's ability to scale revenue faster than overhead costs is a key profitability risk.
来源: Source: 10-K Income Statement
Net income fell 4.3% to $483.2M even as revenue grew 5.8%, indicating that cost pressures or non-operating items are eroding bottom-line performance. This disconnect between top-line and bottom-line growth could signal structural margin challenges that may persist.
来源: Source: 10-K Income Statement
IEX carries $1.83B in long-term debt with a debt-to-equity ratio of 0.72. While the company has been actively reducing debt (down 7.2% YoY), the debt load still represents a meaningful obligation relative to equity. Rising interest rates could increase the cost of refinancing this debt.
来源: Source: 10-K Balance Sheet
Cash and equivalents declined 6.6% to $580.0M, partly driven by the initiation of $247.8M in share buybacks and debt repayment. While the current ratio remains healthy at 2.86, continued capital returns without proportional cash generation could tighten liquidity over time.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
R&D expenditure grew only 3.9% to $70.0M, below the 5.8% revenue growth rate, which may indicate underinvestment in innovation relative to the company's scale. For a company in a competitive industry, insufficient R&D spending could impair long-term competitive positioning.
来源: Source: 10-K Income Statement
FY2025 实际 EPS $2.10，分析师一致预期 $2.06，超预期 +1.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.46B | $3.27B | +5.77% |
营业成本 | $1.92B | $1.82B | +5.21% |
毛利润 | $1.54B | $1.45B | +6.48% |
营业利润 | $699.3M | $677.2M | +3.26% |
净利润 | $483.2M | $505M | -4.32% |
每股收益（基本） | $6.41 | $6.66 | -3.75% |
每股收益（稀释） | $6.41 | $6.64 | -3.46% |
研发费用 | $70M | $67.4M | +3.86% |
销售及管理费用 | $818.8M | $758.7M | +7.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $6.93B | $6.75B | +2.69% |
流动资产 | $1.64B | $1.59B | +3.17% |
总负债 | $2.9B | $2.95B | -1.71% |
流动负债 | $575.4M | $629.7M | -8.62% |
股东权益 | $4.03B | $3.79B | +6.13% |
现金及等价物 | $580M | $620.8M | -6.57% |
长期债务 | $1.83B | $1.97B | -7.18% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $680.4M | $668.1M | +1.84% |
投资活动现金流 | $-137.6M | $-1.01B | +86.33% |
筹资活动现金流 | $-632.6M | $465.9M | -235.78% |
股票回购 | $247.8M | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 44.5% | 44.2% | +0.29% |
营业利润率 | 20.2% | 20.7% | -0.49% |
净利率 | 14.0% | — | — |
净资产收益率 | 12.0% | — | — |
总资产收益率 | 7.0% | — | — |
流动比率 | $2.856 | — | — |
资产负债率 | $0.72 | — | — |
Industrial Machinery & Supplies & Components 行业其他公司
IEX grew revenue 5.8% to $3.46B in FY2025, but net income declined 4.3% to $483.2M. The divergence was driven by SG&A expenses rising 7.9% to $818.8M, which outpaced revenue growth and compressed both operating and net margins.
Despite revenue growing 5.8%, IEX's net income fell to $483.2M from $505.0M because SG&A costs surged 7.9% and below-the-line costs (likely interest expense) further reduced profitability. Operating margin contracted from 20.7% to 20.2%, and the gap between operating margin (20.2%) and net margin (14.0%) points to significant interest or tax burdens.
Yes, IEX initiated a share repurchase program in FY2025, spending $247.8M on buybacks compared to zero in the prior year. This was a key driver of the swing in financing cash flow from +$465.9M to -$632.6M.
IEX's balance sheet appears solid, with a current ratio of 2.86, stockholders' equity of $4.03B, and operating cash flow of $680.4M. The company also reduced long-term debt by 7.2% to $1.83B, though the declining net income trend and rising SG&A costs are areas to monitor.
Based on the financial data, the most notable risks include rapidly rising SG&A expenses (up 7.9%) compressing margins, a 4.3% decline in net income despite revenue growth, and $1.83B in long-term debt that could become more costly if interest rates remain elevated. The company's R&D spending grew only 3.9%, potentially lagging competitive investment needs.