Idexx Laboratories (IDXX)
Health Care · $41.1B market cap · SEC CIK 0000874716
fundamentals score out of 100
Next reports on Nov 2, 2026, before the open, with analysts expecting $3.80 in earnings per share.
The case for IDXX
- Generated $1.1B of free cash flow in FY2025, 25% of revenue.
- Earns 72% on shareholder equity.
- 25% of revenue drops through to net profit.
- Revenue growing 12.8% year over year.
- Gross margin of 62% absorbs cost shocks.
The case against
- Pricey at 36.1× earnings, against a long-run market average nearer 20×.
- Down 21.5% over the past year.
- Priced at 26× book value. Very little hard asset backing here.
- Near the bottom of its 52-week range, 32% below the high. Falling prices usually have a reason; find it first.
- Swings harder than the market (beta 1.57).
- Price/sales of 9.0× is higher than 90% of Health Care companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 24 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 70 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 89 |
| Momentumhow the price has behaved lately | 21 |
| Stabilityhow violently it moves, what it owes and what it pays you | 59 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 36.1× |
|---|---|
| Price / book | 25.75× |
| Price / sales | 9.0× |
| Revenue growth (YoY) | +12.8% |
| EPS growth (YoY) | +18.4% |
| Gross margin | 62% |
| Operating margin | 32% |
| Net margin | 25% |
| Return on equity | 72% |
| Debt / equity | 0.60× |
| Current ratio | 1.17 |
| Dividend yield | none |
| Beta | 1.57 |
| 52-week range | $500.61 – $769.98 |
| Position in that range | 8% of the way up |
| 3-month return | -8.3% |
| 1-year return | -21.5% |
Five years of financials, as filed
Pulled from Idexx Laboratories's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.3B | $3.9B | $3.7B | $3.4B | $3.2B |
| Gross profit | $2.7B | $2.4B | $2.2B | $2.0B | $1.9B |
| Operating income | $1.4B | $1.1B | $1.1B | $899M | $932M |
| Net income | $1.1B | $888M | $845M | $679M | $745M |
| Operating cash flow | $1.2B | $929M | $907M | $543M | $756M |
| Capital expenditure | $125M | $121M | $134M | $149M | $120M |
| Total assets | $3.4B | $3.3B | $3.3B | $2.7B | $2.4B |
| Total liabilities | $1.7B | $1.7B | $1.8B | $2.1B | $1.7B |
| Shareholder equity | $1.6B | $1.6B | $1.5B | $609M | $690M |
| Cash | $180M | $288M | $454M | $113M | $144M |
| Long-term debt | $375M | $450M | $623M | $694M | $775M |
| Free cash flow | $1.1B | $808M | $773M | $394M | $636M |
| Gross margin | 61.8% | 61.0% | 59.8% | 59.5% | 58.8% |
| Operating margin | 31.6% | 29.0% | 30.0% | 26.7% | 29.0% |
| Net margin | 24.6% | 22.8% | 23.1% | 20.2% | 23.2% |
| Diluted shares | 81.0M | 83.2M | 84.0M | 84.6M | 86.6M |
Share count is down 6.4% over 4 years. Buybacks have been shrinking the pie.
What Idexx Laboratories says it does
, Marketing and Distribution" included in this Annual Report on Form 10-K for additional information regarding distribution channels. Effects of Patent Expiration . Although certain patents and licenses of patents and technologies from third parties periodically expire, the expiration of these patents or licenses, individually or in the aggregate, is not expected to have a material effect on our financial position or future operations due to a range of factors as described in "Part I, Item 1. Intellectual Property, Including Patents and License." Non-GAAP Financial Measures . The following revenue analysis and discussion includes organic revenue growth, and references in this analysis and discussion to "revenue," "revenues," or "revenue growth" apply equally to revenue growth reported in accordance with U.S. GAAP and to "organic revenue growth." Organic revenue growth is a non-GAAP financial measure and represents the percentage change…
Risk factors IDXX lists in its 10-K
- Business Combinations: (Topic 805) Clarifying the Definition of a Business
- Segment and Other Income from Operations
- Twelve Months Ended December 31, 2025,
- Compared to Twelve Months Ended December 31, 2024
- Percentage Change from Acquisitions
- Total Company - Results of Operations
- Reference laboratory diagnostic and consulting services
- CAG Diagnostics services and accessories
- CAG Diagnostics capital - instruments
- Veterinary software, services, and diagnostic imaging systems
- Trailing 12 Months Adjusted EBITDA
- Commitments, Contingencies and Guarantees
- (in thousands, except per share amounts)
- Interest Rate Risk and Effects of Inflation