revenue growth
-3–-2 pct
Q2 2024
official guidance
WAYFAIR INC.
Last · —$104.78-3.21 (-2.97%)live · yahoo · 1h ago
Market cap$14.53B—
P/E · TTM—fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $12.5B |
|---|---|
| Operating income | $17.0M |
| Net income | $-313.0M |
| Free cash flow | $464.0M |
| Operating margin | 0.1% |
| Net margin | -2.5% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Execution and long-term positioning are attractive, but near-term recovery and HST normalization remain unproven.
IDEX delivered solid cash generation but no meaningful change to the recovery story:
Q1 sales were $801 million, down 6% organically, adjusted EPS was $1.88, and free cash flow was $137 million. Management maintained FY2024 guidance of 0%-2% organic revenue growth, approximately 28% adjusted EBITDA margin, and $8.15-$8.45 adjusted EPS, but HST recovery remains largely a 2025 thesis and Q1 organic flow-through was a weak negative 50%; stance is hold rather than buy until end-market acceleration is visible.
Themes
- Industrial Recovery
- Hst Destocking
- Semiconductor Ai
- Life Science Instrumentation
- Municipal Water
- Price Cost
Near term
Q2 guidance calls for organic revenue down approximately 2%-3%, adjusted EPS of $2.00-$2.05, and adjusted EBITDA margin of approximately 27.5%.
Weekly bellwether industrial orders were volatile—strong in January and February, weaker in March, and stabilized in April—highlighting sensitivity to rates, inflation, elections, and customer confidence.
Monitor HST semiconductor orders and life-science/analytical-instrument demand for evidence that destocking has fully ended; memory-related demand is improving, but higher-end lithography and metrology still await a stronger catalyst.
Price-cost performance was favorable, with approximately 100 basis points of spread exiting Q1 versus the 80-100 basis point full-year target; input costs were slightly better than assumed.
Longer term
HST could regain approximately 30% EBITDA margins when life-science and semiconductor volumes normalize, with management indicating 35%-40% or better incremental margins on the upturn.
Semiconductor exposure is still modest but expanding through acquisitions and positions in advanced lithography, metrology, packaging, and semiconductor water applications tied to AI infrastructure.
Municipal water and wastewater appears to offer a durable multiyear cycle, supported by infrastructure funding and IDEX's diagnostic and analysis role before larger projects are approved.
IDEX continues to target complementary acquisitions in intelligent water, optics, and material-intensive processing, but disciplined valuation limits may delay deployment of capital.
Red flags
HST visibility is still murky: management acknowledged possible remaining inventory pockets at end-device customers, while the highest-end semiconductor markets are waiting for a demand catalyst.
Q1 adjusted EBITDA fell $22 million and the 6% organic sales decline produced negative 50% organic flow-through, underscoring earnings sensitivity if recovery is delayed.
China remains a material open question for life-science demand; management cited regulatory uncertainty and no significant stimulus impact so far.
Management's long-term AI, technology, and M&A opportunity remains strategically credible but is not yet translating into broad-based near-term growth; valuation and acquisition timing were not quantified.
Forward outlook
adjusted eps
2–2.05 $per share
Q2 2024
official guidance
ebitda
27.5 pct
Q2 2024
official guidance
revenue growth
0–2 pct
FY 2024
official guidance
ebitda
28 pct
FY 2024
official guidance
adjusted eps
8.15–8.45 $per share
FY 2024
official guidance
ebitda
30 pct
FY 2025
management framework
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-19
- Current Ratio Low
Red flags
- Current Ratio Low — Current ratio 0.94
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.80
Est. revenue
3.4B