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IDEXX Laboratories, Inc.

Rank #20Capital ReturnWatchlistCompare with other stocks

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 2026-10-30 · 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

Company Snapshot

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

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

11,000

Industry

Diagnostics & Research

Exchange

Nasdaq

12/12

Flags passed

IDXX passes 12/12 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Deferred revenue growing · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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%

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

Profitability

Does it make money well?

No warning flags · GP/assets 92nd percentile of 39 SIC 28 peers

Gross profitability (GP / assets)

0.77

Primary signal (Novy-Marx).

92nd pctl of 39 SIC 28 peers

Return on equity

65.7%

Gross margin

61.8%

66th pctl of 39 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%

Cash Flow Health

Is the cash real?

No warning flags · FCF about equal to net income

Free cash flow

$1.06B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-0.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.4%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $252.93M, F-Score 8/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.13

26th pctl of 35 SIC 28 peers (best = lowest)

Current ratio

1.17×

3rd pctl of 39 SIC 28 peers

Quick ratio

0.64×

Net cash

-$252.93M

Cash & equivalents minus total debt.

Piotroski F-Score

8 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

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 57.9x81.1x

P / S

Price / revenue per share

12.0xCheap
9.7xmed 12.9x17.4x

P / B

Price / book value per share

32.1xCheap
23.6xmed 48.0x74.7x

P / GP

Price / gross profit per share

19.4xCheap
15.8xmed 21.6x30.0x

P / FCF

Price / free cash flow per share

48.7xCheap
46.6xmed 65.6x108.6x

Capital allocation quality

Composite score

3.5 / 5

Good
Share count trend(net buybacks)
-2.7%4/5 Strong
Buyback timing
vs own P/E history4/5 Strong
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
1.8%3/5 Good

Lifecycle Phase History

20202025
Op. Leverage
Capital Return
Value

Price History

IDXX-22.6% · -5.0% CAGRSPY+84.0% · +12.9% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports