IDEXX Laboratories, Inc. (IDXX) vs Natera, Inc. (NTRA)

IDEXX Laboratories, Inc. and Natera, Inc. are both Diagnostics & Research companies. Natera, Inc. is the larger, with a market value of $58.4B against $43.1B — 1.4× the size. Natera, Inc. has negative trailing earnings, so its P/E is not meaningful; IDEXX Laboratories, Inc. trades at 39.1×. Natera, Inc. grew revenue faster over the last twelve months: 37.8% against 12.8%. IDEXX Laboratories, Inc. has the higher net margin (25.0% vs −7.11%) and the higher return on invested capital (48.9% vs −22.3%). Across the 20 metrics below, IDEXX Laboratories, Inc. leads on 15 and Natera, Inc. on 5.

Valuation

Metric IDXX NTRA Diagnostics & Research median
P/E 39.10 n/m 35.56
P/S 9.72 20.75 4.37
P/B 27.44 30.83 3.06
Price to free cash flow 35.76 667.04 35.76
EV/EBITDA 27.59 n/m 24.35
EV/Sales 9.77 20.48 5.51
Earnings yield 2.56% (0.35%) (1.89%)
Free cash flow yield 2.80% 0.15% (0.15%)

Profitability

Metric IDXX NTRA Diagnostics & Research median
Gross margin 62.45% 65.23% 50.89%
Operating margin 32.03% (10.70%) (8.57%)
Net margin 25.03% (7.11%) (6.37%)
Free cash flow margin 27.17% 3.11% 0.00%
Return on equity 74.21% (12.54%) (2.92%)
Return on assets 33.65% (8.71%) (6.71%)
Return on invested capital 48.87% (22.34%) 0.00%

Growth

Metric IDXX NTRA Diagnostics & Research median
Revenue growth (TTM) 12.77% 37.82% 7.69%
EPS growth (last fiscal year) 22.59% 0.65% 25.92%
Revenue growth, 5-year CAGR 9.72% 42.61% 7.40%
Net income growth, 5-year CAGR 12.74% 0.00% 0.00%

Health

Metric IDXX NTRA Diagnostics & Research median
Debt to equity 0.28 0.04 0.11
Current ratio 1.17 3.00 2.02
Net debt to EBITDA 0.18 3.74 0.70

Dividend

Metric IDXX NTRA Diagnostics & Research median
Dividend yield — — 0.66%
Payout ratio — — 0.20

Size

Metric IDXX NTRA Diagnostics & Research median
Market cap 43.11b 58.35b 2.16b

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