Carpenter Technology vs IDEX
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KIRA’s take AI analyst
I put Carpenter Technology and IDEX side by side, using each one’s latest annual report. Here is what stands out:
- IDEX is the larger business, with $3.5B of revenue in fiscal 2025 against $3.1B for Carpenter Technology.
- Carpenter Technology grew revenue faster (8.6%, against 5.8%).
- Carpenter Technology kept more of each dollar of sales as operating profit (22.5% operating margin, against 20.2%).
- IDEX turned more of its sales into free cash flow (17.8% FCF margin, against 11.6%).
- Carpenter Technology earned a higher return on the capital invested in it (23.7%, against 10.2%).
- Investors pay more for each dollar of IDEX’s earnings: a P/E of 33.2x against 25.5x for Carpenter Technology.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Carpenter Technology
CRS
8/11
Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
IDEX
IEX
3/11
Gross marginFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | CRS FY26 | IEX FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.5B | $17.1B |
| Revenue | $3.1B | $3.5B |
| Free cash flow | $362M | $617M |
| Net income | $530M | $483M |
| Growth | ||
| Revenue growth | 8.6% | 5.8% |
| 5-year growth | 16.2% | 8.0% |
| Share count change | −0.6% | −0.8% |
| Profitability | ||
| Gross margin | 30.6% | 44.5% |
| Operating margin | 22.5% | 20.2% |
| Net margin | 17.0% | 14.0% |
| FCF margin | 11.6% | 17.8% |
| Return on capital | 23.7% | 10.2% |
| Return on equity | 25.8% | 12.4% |
| Balance sheet | ||
| Net debt | $297M | $1.2B |
| Net debt / EBITDA | 0.4x | 1.4x |
| Dividends and buybacks | $219M | $460M |
| Valuation & quality | ||
| P/E | 25.5x | 33.2x |
| Piotroski F-score | 9 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.