Idexx Laboratories (IDXX)

Health Care · $54.2B market cap · SEC CIK 0000874716

Next reports on Feb 1, 2027, after the close, with analysts expecting $3.42 in earnings per share.

52-week range $500.61 to $769.98. 10% below its 52-week high and 39% above its low.

The case for IDXX

• Generated $1.1B of free cash flow in FY2025, 25% of revenue.
• Earns 71% on shareholder equity.
• 25% of revenue drops through to net profit.
• Revenue growing 11.9% year over year.
• Gross margin of 63% absorbs cost shocks.

The case against

• Expensive for its growth: 45.8× earnings, where 12% a year of growth would justify about 26×.
• Priced at 22× book value. Very little hard asset backing here.
• Swings harder than the market (beta 1.51).
• Price/sales of 11.6× is higher than 93% of Health Care companies.
• Free-cash-flow yield of 2.0% is lower than 89% 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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.

The financials

The financials, five years deep

Pulled from Idexx Laboratories's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Idexx Laboratories says it does

COMPANY OVERVIEW IDEXX was incorporated in Delaware in 1983. We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary; livestock, poultry and dairy; and water testing industries. We also manufacture and sell human medical point-of-care diagnostic products. Our primary products and services are: • Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits; • Veterinary reference laboratory diagnostic and consulting services; • Practice management systems, software and diagnostic imaging systems and services used by veterinarians; • Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community; • Diagnostic and health-monitoring products for livestock, poultry, and dairy; and • Products that test water for certain microbiological contaminants. Our…

Risk factors IDXX lists in its 10-K

• Our business lines are highly attractive and highly competitive. Our failure to successfully execute certain strategies in this competitive environment could have a material negative impact on our future growth and profitability
• Our dependence on third-party suppliers could negatively affect our ability to sell certain products or deliver our cloud-based software solutions, which could negatively affect our operating results
• Our biologic products are complex and difficult to manufacture, which could
• affect our ability to supply our customers
• Issues in our use of AI may result in reputational harm or liability and adversely affect our business
• Various U.S. and foreign government regulations could limit or delay our ability to market and sell our products or otherwise negatively impact our business
• Our success is heavily dependent on our continued differentiated product and service innovation
• Increased competition from and technological advances by our competitors could negatively affect our operating results
• Consolidation in our customer base, including through increased corporate hospital ownership, and prevalence of buying consortiums could negatively affect our business
• Changes in testing patterns could negatively affect our operating results
• We sell many products through distributors, which presents risks that could negatively affect our operating results
• We depend on the efforts of key personnel and talent to succeed and compete effectively
• Factors and events beyond our control could disrupt our operations, supply chain, and logistics network and adversely affect our business
• Since our business is global in nature, geopolitical risks and other risks associated with doing business internationally could negatively affect our business, financial condition, and operating results
• A weak worldwide economy, or actual or perceived economic weakness in any significant geography, could result in reduced demand for our products and services or increased customer credit risk
• We are subject to risks associated with public health issues, including pandemics, which could have a material adverse effect on our financial condition and results of operations
• Our operations and reputation may be impaired if we, our products, or our services do not comply with our global privacy policy or evolving laws, regulations, and industry standards regarding data privacy and protection
• Climate change, or legal, regulatory or market measures to address climate change, could adversely affect our business, financial condition, and results of operation
• Future operating results could be negatively affected by changes in tax rates, the adoption of new tax legislation or exposure to additional tax liabilities
• Strengthening of the rate of exchange for the U.S. dollar has a negative effect on our business
• or our inability to obtain financing on favorable terms may increase our cost of borrowing and limit our activities
• Fluctuations in our quarterly or annual results may cause our stock price to decline
• The market price of our common stock may be volatile, and you may not be able to resell your shares at or above the price you paid

Filings

Other Health Care companies