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 $59.2B against $40.2B — 1.5× the size. Natera, Inc. has negative trailing earnings, so its P/E is not meaningful; IDEXX Laboratories, Inc. trades at 36.2×. 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 36.24 n/m 33.95
P/S 9.00 21.84 4.87
P/B 25.42 32.45 3.12
Price to free cash flow 33.14 702.06 34.02
EV/EBITDA 25.58 n/m 25.20
EV/Sales 9.06 21.57 5.66
Earnings yield 2.76% (0.33%) (1.75%)
Free cash flow yield 3.02% 0.14% (0.13%)

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% —
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 0.78

Dividend

Metric IDXX NTRA Diagnostics & Research median
Dividend yield — — 0.70%
Payout ratio 0.00 0.00 0.00

Size

Metric IDXX NTRA Diagnostics & Research median
Market cap 40.18b 59.17b 2.56b

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