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IDEXX Laboratories, Inc.

IDXX Healthcare Diagnostics & Research

IDEXX Laboratories, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, up 10.4% from fiscal 2024.

Revenue
+9.86%
EPS
+17.3%
Free cash flow
+17.6%
Total debt
−28.6%

Quarter to September 2026, against a year earlier

669.01 29.54 −4.23%
Market cap
$52.8B
P/E
44.8×
Fwd P/E
37.3×
Dividend yield
—
F-score
8/9
Altman Z
24.09
Beneish M
−2.50
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • CAG
  • Water segment revenue
  • LPD

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 58.43
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 1 — — — — — 1 — 4
Insider Ownership 0.42%

Capital & Financial Ratios $m

Size
Market Cap 52,840.00
Revenue ttm 4,662.22
Net income ttm 1,182.19
Free cash flow ttm 1,300.00
Net debt Q 177.34
Valuation
P/E 44.83 (above 35: high)
Forward P/E 37.30 (above 35: high)
Price / sales 11.31 (above 10: high)
Forward P/S Powerpack
Price / FCF 40.57
Price / book 28.21 (above 6: high)
Financial health
Current ratio Q 1.19
Debt / equity Q 0.20 (at or below 0.5: strong)
Interest coverage Q 53.94
Growth
Revenue growth Q +9.86% (above 0%: growing)
Operating income growth Q +13.39% (above 0%: growing)
EPS, this year +13.67%
EPS, next year A +13.12%
Revenue, next year A +9.77%
EPS, past 5 yrs +14.28%
EPS, next 5 yrs A +13.61%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.3×, against a ten-year median of 10.3×; over the ten years it ranged from 4.2× in 2016 to 19.2× in 2021.
P/E against its own 10 years 21.78%
10-year low 10-year high
P/S against its own 10 years 68.10%
10-year low 10-year high
P/B against its own 10 years 20.39%
10-year low 10-year high
EV/Sales against its own 10 years 67.14%
10-year low 10-year high
EV/FCF against its own 10 years 5.76%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 454 288 180 198
Receivables 457 474 552 616
Inventory 380 382 378 391
Other 204 256 304 296
1,495 1,400 1,414 1,500
2023 2024 2025 Q'26
Payables 111 114 110 154
ST’ Debt 75 168 75 75
Other — — — —
952 1,068 1,149 1,264

Compound Annual Growth %

10y 5y 3y
Sales 10.39% 9.72% 8.52%
Cash Flow 18.21% 12.77% 29.59%
Earnings 18.62% 12.74% 15.98%
Book Value 0.00% 20.47% 38.16%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.71 Actual 3.98

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.93 3.08 Beat by 0.15
Q1 FY26 3.42 3.47 Beat by 0.05
Q2 FY26 3.95 4.27 Beat by 0.32
Q3 FY26 3.71 3.98 Beat by 0.27
Q4 FY26 3.36 — Reports 1 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.47 4.27 4.01 — —
’25 2.96 3.63 3.40 3.08 13.08
’24 2.81 2.44 2.80 2.62 10.67
’23 2.55 2.67 2.53 2.32 10.06
’22 2.27 1.56 2.15 2.05 8.03
’21 2.35 2.34 2.03 1.89 8.60
’20 1.29 1.72 1.69 2.01 6.71
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,141 1,217 1,214 — —
’25 998 1,109 1,105 1,091 4,304
’24 964 1,004 976 954 3,898
’23 900 944 916 902 3,661
’22 837 861 842 829 3,367
’21 778 826 810 801 3,215
’20 626 638 722 721 2,707
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 266 347 450 — —
’25 238 186 402 356 1,182
’24 199 248 220 262 929
’23 184 200 272 250 907
’22 115 66 189 173 543
’21 124 234 187 210 756
’20 28 208 193 219 648
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 232 321 421 — —
’25 208 152 358 326 1,044
’24 91 215 192 223 798
’23 144 173 238 217 773
’22 73 36 151 124 384
’21 100 211 142 178 636
’20 (22) 184 174 205 540
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.9% a year for ten years. It grew 18.5% a year over the last ten.

Implied
15.9%
10 years, reported
18.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,775 1,969 2,213 2,407 2,707 3,215 3,367 3,661 3,898 4,304 4,662 +10.3% 4,724 5,143 5,610 +9.2%
Gross margin, % 54.94 55.73 56.10 56.73 58.04 58.76 59.52 59.82 61.04 61.80 62.72 +6.9 pt
EBT 322 381 458 522 662 903 860 1,061 1,110 1,324 1,479 +17.0%
EBT margin, % 18.13 19.35 20.68 21.70 24.46 28.07 25.54 28.99 28.48 30.77 31.72 +12.6 pt
Net income 222 263 377 428 582 745 679 845 888 1,059 1,182 +19.0%
Per share, $
Per share, $ Revenue 19.79 22.43 25.48 27.95 31.72 37.74 40.27 44.07 47.26 53.51 59.15 +11.7%
Earnings 2.47 3.00 4.34 4.97 6.82 8.74 8.12 10.17 10.77 13.17 14.92 +20.4%
Cash flow 3.78 4.25 4.61 5.33 7.59 8.87 6.49 10.91 11.27 14.69 18.00 +16.3%
Capex (0.72) (0.87) (1.42) (1.80) (1.26) (1.40) (1.90) (1.61) (1.59) (1.72) (1.51) +10.1%
Free cash flow 3.06 3.38 3.19 3.53 6.33 7.46 4.59 9.30 9.68 12.98 16.49 +17.4%
Book value (1.21) (0.61) (0.11) 2.07 7.41 8.10 7.28 17.87 19.34 19.96 23.71 n/m
Shares, m 90 88 87 86 85 85 84 83 82 80 79 (1.2%)
Valuation, ×
Valuation, × P/E 47.42 52.60 42.96 52.65 73.40 75.34 50.00 53.85 38.39 51.33 44.83 53.8
P/S 5.94 7.03 7.30 9.34 15.76 17.45 10.08 12.43 8.75 12.64 11.31 10.7
P/B 0.00 0.00 0.00 126.46 67.42 81.31 55.77 30.65 21.37 33.89 28.21 41.7
EV/Sales 6.06 7.10 7.52 9.72 15.95 17.67 10.28 12.49 8.83 12.71 11.35 10.8
EV/FCF 39.23 47.16 60.54 78.85 79.91 89.94 90.09 59.95 47.74 57.16 40.70 65.1
Cash, $m
Cash, $m Operating cash flow 339 373 400 459 648 756 543 907 929 1,182 1,419 +14.9%
Capex (65) (77) (123) (155) (108) (120) (159) (134) (131) (138) (119) +8.8%
Free cash flow 274 297 277 304 540 636 384 773 798 1,044 1,300 +16.0%
Balance, $m
Balance, $m Working capital (89) (33) (116) (46) 480 192 (134) 544 332 265 236 n/m
Net debt 812 789 877 913 525 706 657 244 329 270 177 (11.5%)
Shareholders’ equity (108) (54) (9) 178 633 690 609 1,485 1,595 1,605 1,869 n/m
Returns, %
Returns, % ROA 14.77 16.22 23.20 25.39 28.19 31.48 26.20 28.14 27.10 31.89 33.33 +17.1 pt
ROIC 31.09 35.11 35.41 31.69 37.51 41.74 44.39 39.67 36.64 45.33 46.00 +14.2 pt
ROE (231.05) (324.76) (1,195.50) 507.40 143.54 112.62 104.58 80.74 57.66 66.20 68.93 +297.3 pt
People
People Employees 7,365 7,600 8,377 9,200 9,300 10,350 10,780 11,000 11,000 11,000 — +4.6%
Revenue/emp, $m 0.24 0.26 0.26 0.26 0.29 0.31 0.31 0.33 0.35 0.39 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

IDEXX Laboratories is headquartered in Westbrook and develops, makes and distributes diagnostic products and provides services for companion-animal veterinary practices, livestock, poultry, dairy and water testing. It also sells point-of-care diagnostic products for human medical hospitals and clinics. [item1]

Its main business is Companion Animal Group, or CAG. For a veterinary practice, that can mean instruments used inside the clinic to test blood, urine and other samples; single-use rapid tests; and samples sent to an IDEXX reference laboratory for more extensive testing and specialist consultation. The company connects results from its instruments, laboratories and imaging systems through software such as VetConnect PLUS, so veterinarians can view and share a patient’s diagnostic history. [item1]

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
CAG 3,953 91.86%
Water segment revenue 201 4.67%
LPD 132 3.06%
Gross margin 61.80%
Operating margin 31.60%
Pre-tax margin 30.77%

Revenue by segment since 2009

IDEXX Laboratories, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IDXX IDEXX Laboratories, Inc. $52.8B 44.8× 37.3× +9.86% (above 0%: growing) +17.30% (above 0%: growing) +17.58% (above 0%: growing) 62.94% 33.14%
NTRA Natera, Inc. $52.4B — (loss-making) — (loss-making) +34.08% (above 0%: growing) n/m −85.80% (below 0%: shrinking) 0.00% (8.60%) Compare
A Agilent Technologies, Inc. $48.4B 33.8× 34.1× +8.06% (above 0%: growing) +8.47% (above 0%: growing) +69.50% (above 0%: growing) 55.48% 23.64% Compare
WAT Waters Corporation $44.5B 194× 81.0× +120.91% (above 0%: growing) −67.02% (below 0%: shrinking) −66.71% (below 0%: shrinking) 50.25% 7.24% Compare
IQV IQVIA Holdings Inc. $43.7B 31.8× 34.8× +8.00% (above 0%: growing) +10.16% (above 0%: growing) −21.25% (below 0%: shrinking) 33.83% 12.92% Compare
MTD Mettler-Toledo International, Inc. $33.6B 37.6× 36.1× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
LH Labcorp Holdings Inc. $29.5B 29.5× 26.7× +6.92% (above 0%: growing) +3.18% (above 0%: growing) +44.73% (above 0%: growing) 29.08% 10.55% Compare
DGX Quest Diagnostics Incorporated $28.0B 25.0× 24.4× +9.98% (above 0%: growing) +29.36% (above 0%: growing) +6.21% (above 0%: growing) 33.65% 15.47% Compare
Median of peers $38.6B 33.8× 34.8× +8.03% +10.16% +19.61% 42.04% 14.20%

All 49 Diagnostics & Research stocks →

From the latest earnings call

Updated

  • CFO Andrew Emerson said recurring diagnostics revenue grew as customers used more tests, even as U.S. same-store clinical visits declined.
  • Emerson said IDEXX raised its revenue and earnings outlook while accounting for acquisition-related costs and continued investment in the business.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
KeyBanc Nov 2, 2026 Initiated Hold —
Goldman Sachs Nov 2, 2026 Initiated Buy 740.00
Jefferies Oct 20, 2026 Target cut — 795.00 → 705.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.03%
Held by the ten largest 44.18%
Holder Shares Stake Change
Vanguard 9.88m 12.53% −40.85k
BlackRock 8.17m 10.36% −195.37k
State Street 3.75m 4.75% +74.48k
Invesco 3.61m 4.58% +261.74k
Geode Capital Management 2.56m 3.25% −98.11k
BAMCO INC /NY/ 1.98m 2.51% +343.41k
Morgan Stanley 1.36m 1.72% +40.15k
UBS 1.28m 1.62% +99.20k
BNY 1.19m 1.51% −311.19k
Arrowstreet Capital 1.07m 1.35% +228.24k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.58m 31.76m 135.34
2024 13.01m 2.33m 82.71
2023 11.52m 22.68m 111.04
2022 9.79m (13.75m) 81.61
2021 9.07m 28.21m 131.73

Ownership

Directors and executive officers, together 0.79%
The Vanguard Group100 Vanguard BoulevardMalvern, Pennsylvania 12.20%
BlackRock, Inc.50 Hudson YardsNew York, New York 9.56%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

IDEXX Laboratories, Inc. (IDXX) Latest News

3 Nov

Impact 3 · · Simply Wall St.

2 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · Business Wire
Impact 3 · · TheStreet
Impact 3 · · TheStreet
Impact 3 · · GuruFocus.com
Impact 3 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · TIKR
Impact 3 · · Moby
Impact 3 · · The Motley Fool
Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

23 Oct

Impact 4 · · Zacks

22 Oct

Impact 4 · · Insider Monkey
Impact 4 · · TipRanks

21 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Trefis

20 Oct

Impact 4 · · Investing.com
Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

15 Oct

Impact 4 · · Barchart

IDXX metrics, ten years each

stockrow.com/IDXX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com