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IDEXX Laboratories, Inc.

Rank #20Capital Return

IDXX · Nasdaq · Healthcare

IDEXX Laboratories, Inc. (IDXX) — Rank #20 by gross profitability (GP/assets 0.77) · ROE 65.7% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · CIK 0000874716 · all metrics point-in-time as of the filing date.

About

IDEXX Laboratories, Inc. develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.

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It operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. The company offers point-of-care diagnostic solutions, blood and urine chemistry, hematology, immunoassay, urinalysis, cytology/morphology, and coagulation analyzers; and SNAP rapid assays test kits. It also provides commercial reference laboratory diagnostic and consulting services to veterinarians; veterinary consultation, telemedicine, and advisory services, including radiology, dental radiography, cardiology, internal medicine, and ultrasound consulting; Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, Quanti-Tray products, and Tecta system instruments; UV Viewer Plus, a UV light cabinet which aids in the visual interpretation of fluorescent-based water tests; and veterinary software and services for independent veterinary clinics and corporate groups. In addition, the company offers diagnostic tests, services, and related instrumentation to manage the health status of livestock and poultry; human medical diagnostic products and services; and VetConnect PLUS, a cloud-based technology that enables veterinarians to access and analyze patients, as well as operates VetLab Station. It markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc.

was incorporated in 1983 and is headquartered in Westbrook, Maine.

Industry
Diagnostics & Research
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
idexx.com

Price History

IDXX-25.2% · -5.7% CAGRSPY+80.3% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$40.37B

P/E (annual)

39.1

P/S (annual)

9.4

P/B

25.0

P/OCF (annual)

34.2

Shareholder Yield

2.7%

Employees

11,000

Industry

Diagnostics & Research

Exchange

Nasdaq

Signal Flags

4 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.77
Return on equity
65.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.13
Current ratio
1.17×
Net cash
-$252.93M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
1.4%

Growth

2/2 pass
Revenue growth
10.4%
Piotroski F-Score
8 / 9
Share dilution
-2.7%

Terry Smith quality gate

Passes 4/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

16.9%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -2.7% — per-share value needs a total required return of 14.2% once share-count change is priced in.

vs. own 6-year median revenue growth: 9.6%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

12.0%

r = 10% (base)

16.9%

r = 12%

21.1%

Net debt / market cap: 0.6%

Note: current FCF margin is 1.6σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $1.1B3Y mean FCF: $879.4M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

48.6xCheap
42.4xmed 59.1x86.2x

P / S

Price / revenue per share

12.0xFair
8.4xmed 11.4x17.4x

P / B

Price / book value per share

32.1xCheap
23.6xmed 63.7x142.4x

P / GP

Price / gross profit per share

19.4xFair
15.0xmed 19.5x30.0x

P / FCF

Price / free cash flow per share

48.7xCheap
46.6xmed 67.3x108.7x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.77

Primary signal (Novy-Marx).

91st pctl of 34 SIC 28 peers

Return on equity

65.7%

Gross margin

61.8%

64th pctl of 34 SIC 28 peers

Revenue growth (YoY)

10.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

8.5%

Revenue CAGR (5Y)

9.7%

Earnings CAGR (3Y)

16.0%

FCF CAGR (3Y)

38.9%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.13

30th pctl of 31 SIC 28 peers (best = lowest)

Current ratio

1.17×

3rd pctl of 34 SIC 28 peers

Quick ratio

0.64×

Net cash

-$252.93M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$1.06B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.00

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Op. Leverage
Capital Return
Value
View full financial statements →