Idexx Laboratories Inc (IDXX)
Health Care · Health Care Equipment · US stock · S&P 500 component
$566.76
▲ +13.28 (2.40%)
Fair valueFair
$525 −7.4% to fair value
$262fair band $447–$636$787
Day's range
$558.99 – $568.67
52-week range
$500.61 – $769.98
About Idexx Laboratories Inc
Idexx Laboratories makes diagnostic tests and software for veterinarians, as well as testing products for water and livestock. It sells in-clinic analyzers and recurring consumables, runs a network of reference laboratories and provides practice management software. Revenue comes mostly from repeat purchases of tests and lab services, so it follows the number of veterinary visits and diagnostic testing.
Revenue at Idexx Laboratories Inc was $4.6 billion across the last twelve months. Across three years, sales expanded by 8.5% a year. Operating profit was 32.0% of revenue. It earned a return on invested capital of 59%. Debt after cash comes to 0.2 times EBITDA. There is no dividend. On the site's X-Ray Score, it rates 66 out of 100.
Price chart
52-wk range $500.61 – $769.98Volume 430,106Daily, split-adjusted
Vitals
Market cap$45.0B
52-week range$500.61 – $769.98
Volume (last day)430,106
P/E (TTM)39.9
EBIT / EV yield3.2%
Free-cash-flow yield2.8%
Dividend yieldNo dividend
Revenue (TTM)$4.6B
Net income (TTM)$1.1B
Operating margin32.0%
Return on capital58.6%
Debt incl. leases$577M
Cash & securities$197M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$525middle half of models $546 – $606
Fair
−7.4% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $567
Undervalued < $447Fair $447 – $636Overvalued > $636
P/E multiple
$588
P/B multiple
$592
P/S multiple
$546
EV/EBITDA multiple
$550
EV/EBIT multiple
$615
EV/revenue multiple
$549
10-year DCF, EBITDA exit
$606
5-year DCF, EBITDA exit
$635
10-year DCF, revenue exit
$599
5-year DCF, revenue exit
$625
10-year DCF, growth exit
$313
5-year DCF, growth exit
$291
Earnings power value
$312
Growth the price implies
20.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
32/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.2%
Free-cash-flow yield2.8%
Fair value vs price0.9×
Growth
Strong
74/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)8.5%
EPS growth (3y)17.7%
Growth consistency100%
Profitability
Strong
86/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital58.6%
Operating margin32.0%
Gross profitability82.6%
Financial health
Strong
78/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA0.2×
Interest cover38.6×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+3.6%
Mar '25
+10.6%
Jun '25
+13.3%
Sep '25
+14.3%
Dec '25
+14.3%
Mar '26
+9.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.2B, diluted EPS $4.27.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 BSX Boston Scientific Corp67Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Idexx Laboratories Inc
Strengthsinside the company
- Return on invested capital is 58.6%, against a median of 10.1% for industry peers.
- Operating margin of 32.0% is well above the 18.1% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 17.7% a year over three years.
- Net debt is only 0.2x EBITDA.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Trades at 39.4x earnings, 33% above the 29.5x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare IDXX with peers and sector
Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABT 41, ISRG 62, MDT 57, SYK 56, BSX 67, BDX 47.
| Metric | IDXX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 66 | 56 | 49 |
| Valuation | 32 | 60 | 55 |
| Growth | 74 | 66 | 47 |
| Profitability | 86 | 49 | 49 |
| Financial health | 78 | 55 | 48 |
| Dividends | – | 46 | 51 |
Sector leaders: highest X-Ray Score in Health Care
IDXX ranks #9 of 60 in Health Care and #5 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for IDXX
Each factor is rated by where IDXX stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 14 Good · 2 Average · 7 Bad of 23
Growth: 2 · 1 · 0
Profitability: 4 · 1 · 0
Financial strength: 3 · 0 · 1
Valuation: 0 · 0 · 5
Cash flow: 3 · 0 · 1
Efficiency: 2 · 0 · 0
| Factor | IDXX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +8.5% | Average beats 66% | +5.5% | – | – |
| Revenue growth, last year | +10.4% | Good beats 73% | +7.1% | +8.7% | ≈ In line |
| EPS growth, 3 years a year | +17.7% | Good beats 71% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 62.4% | Average beats 45% | 65.0% | 59.8% | ≈ In line |
| Operating margin | 32.0% | Good beats 93% | 16.4% | 29.0% | ▲ Better |
| Net margin | 25.0% | Good beats 85% | 11.1% | 23.1% | ≈ In line |
| Return on invested capital | 58.6% | Good beats 93% | 12.2% | – | – |
| Return on equity | 70.7% | Good beats 90% | 13.7% | 66.0% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 0.2x | Good beats 83% | 2.0x | 0.3x | ≈ In line |
| Interest cover | 38.6x | Good beats 70% | 9.4x | 31.3x | ▲ Better |
| Current ratio | 1.17 | Bad beats 26% | 1.52 | 1.25 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 39.4x | Bad beats 29% | 28.2x | 51.7x | ▲ Better |
| Price / book | 27.9x | Bad beats 5% | 3.7x | 34.1x | ▲ Better |
| Price / sales | 9.9x | Bad beats 9% | 3.7x | 12.7x | ▲ Better |
| EV / EBITDA | 28.1x | Bad beats 25% | 17.6x | 36.6x | ▲ Better |
| Free cash flow yield | 2.8% | Bad beats 24% | 4.4% | 1.7% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 27.5% | Good beats 83% | 16.3% | 20.7% | ▲ Better |
| Cash from operations / net income | 1.20 | Bad beats 25% | 1.61 | 1.05 | ▲ Better |
| Free cash flow growth, 3 years a year | +38.9% | Good beats 89% | +4.3% | – | – |
| Accruals (lower is better) | −6.7% | Good beats 78% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 4.4x | Good beats 69% | 2.9x | 4.0x | ≈ In line |
| Days sales outstanding | 50 days | Good beats 79% | 62 days | 44 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 11 Good · ● 3 Average · ● 2 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 67/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.2B | $3.4B | $3.7B | $3.9B | $4.3B |
| Operating income | $932M | $899M | $1.1B | $1.1B | $1.4B |
| Net income | $745M | $679M | $845M | $888M | $1.1B |
| Operating cash flow | $756M | $543M | $907M | $929M | $1.2B |
| Operating margin | 29.0% | 26.7% | 30.0% | 29.0% | 31.6% |
| Free cash flow | $636M | $394M | $773M | $808M | $1.1B |
| Diluted EPS | $8.60 | $8.03 | $10.06 | $10.67 | $13.08 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Bullish
8 bullish · 1 neutral · 3 bearish
Monthly
Neutral
4 bullish · 1 neutral · 3 bearish
Moving averages (daily)
| SMA 10 | 543.3 | Bullish |
| EMA 10 | 547.0 | Bullish |
| SMA 20 | 531.8 | Bullish |
| EMA 20 | 537.8 | Bullish |
| SMA 50 | 533.1 | Bullish |
| EMA 50 | 537.0 | Bullish |
| SMA 100 | 547.1 | Bullish |
| EMA 100 | 547.7 | Bullish |
| SMA 200 | 577.2 | Bearish |
| EMA 200 | 564.3 | Bullish |
Oscillators (daily)
| RSI (14) | 66.00 | Neutral |
| MACD (12, 26) | 8.34 | Bullish |
| Momentum (12) | 9.96 | Bullish |
| Stochastic %K (14) | 97.17 | Bearish |
| Williams %R (14) | -2.83 | Bearish |
| CCI (20) | 149.1 | Bearish |
Pivot points (classic, last session)
S3 551.3 | S2 555.1 | S1 560.9 | Pivot 564.8 | R1 570.6 | R2 574.5 | R3 580.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold IDXX
| ETF | Share of the fund |
|---|---|
| PHO Invesco Water Resources | 6.47% |
| IHI iShares U.S. Medical Devices | 4.27% |
| PWB Invesco Dynamic Large Cap Growth | 1.47% |
| QQQE Direxion NASDAQ-100 Equal Weighted Ind... | 1.01% |
| RPG Invesco S&P 500 Pure Growth | 0.99% |
| IWP iShares Russell Mid-Cap Growth | 0.96% |
| VOT Vanguard Mid-Cap Growth | 0.91% |
| IYH iShares U.S. Healthcare | 0.73% |
The eight funds with the largest weight in IDXX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
IDXX stock splits
IDXX has split its stock 4 times since 1993. The latest was a 2-for-1 split on 16 Jun 2015.
Full IDXX stock split history →IDXX SEC filings
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Director or officer change
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.