A Business at a Glance
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IDEXX LABORATORIES INC /DE
IDXX
$44.1B
Mkt Cap
$544.32
+0.92%
IDEXX LABORATORIES INC /DE (IDXX) has a current P/E ratio of 41.6, compared to its historical median P/E of 53.3. The stock is currently considered Cheap based on its historical valuation range.
IDEXX LABORATORIES INC /DE (IDXX) has a 5-year average return on invested capital (ROIC) of 53.6%. This indicates strong capital allocation and a potential competitive advantage.
IDEXX LABORATORIES INC /DE (IDXX) has a market capitalization of $43.1B. It is classified as a large-cap stock.
IDEXX LABORATORIES INC /DE (IDXX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 2.71%.
Based on historical P/E analysis, IDEXX LABORATORIES INC /DE (IDXX) appears cheap. The current P/E of 41.6 is 22% below its historical median of 53.3. The estimated fair value CAGR (P/E method) is 15.1%.
IDEXX LABORATORIES INC /DE (IDXX) operates in the In Vitro & In Vivo Diagnostic Substances industry, within the Healthcare sector.
IDEXX Laboratories develops, manufactures, and distributes diagnostic products and services across three primary segments: Companion Animal Group (CAG), Water quality products, and Livestock, Poultry and Dairy, with an additional Other segment for human medical diagnostics. The CAG segment, the company's largest business, provides point-of-care diagnostic instruments and consumables (including chemistry, hematology, urinalysis, and cytology analyzers), rapid assay test kits (such as SNAP tests for vector-borne diseases and heartworm), reference laboratory diagnostic services through approximately 80 laboratories globally, and integrated software platforms including VetConnect PLUS and practice management systems (ezyVet, Cornerstone, Animana, IDEXX Neo). The company's business model combines recurring revenue from consumables and reference laboratory testing with capital equipment sales and software-as-a-service offerings; veterinary practices purchase instruments and then generate ongoing revenue through consumable usage and testing services. IDEXX's competitive moat derives from its integrated diagnostic ecosystem—combining point-of-care instruments, cloud-based software, reference laboratory capabilities, and proprietary AI-enabled image analysis—that creates switching costs and drives customer retention. The company serves independent veterinary clinics and corporate veterinary groups globally, with geographic presence in developed markets including North America, Europe, Australia, Japan, New Zealand, South Africa, and South Korea. Water quality products test for microbiological contaminants in drinking water, wastewater, and recreational water using proprietary nutrient-indicator technology, serving government laboratories, water utilities, and certified laboratories in compliance with regulatory standards. The Livestock, Poultry and Dairy segment provides diagnostic and health-monitoring products for production animals.
【Innovation-driven recurring revenue expansion】 Management expects continued strong execution in the Companion Animal Group diagnostics business, with organic recurring revenue growth of 8.7%-10.7% for full-year 2026 supported by global net price realization of approximately 4% and benefits from new product launches including the IDEXX Cancer Dx Panel expansion to canine mast cell tumor detection and fine needle aspirate (FNA) testing on the inVue Dx platform. The company anticipates solid placement levels for premium instruments, including 5,500 inVue Dx analyzer placements for 2026, with utilization of new testing categories tracking to expectations and supporting consumable growth. Management notes a modestly improved industry outlook for the companion animal sector, with trailing 12-month clinical visit declines averaging approximately 1.5%, though U.S. same-store clinical visits are expected to decline approximately 2% for full-year 2026. The company plans to maintain strong capital deployment toward share repurchases while supporting a 1%-2% year-over-year reduction in diluted shares outstanding and expects free cash flow conversion of 85%-95% of net income with capital spending of approximately $180 million.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 7.7%–9.7% | FY2026 |
| CAG Diagnostics recurring revenue growth (organic) | 8.7%–10.7% | FY2026 |
| EPS | $14.45–$14.90 per share | FY2026 |
| Operating margin | 32.1%–32.5% | FY2026 |
| Capital spending | approximately $180 million | FY2026 |
| InViewDX instrument placements | 5,500 units | FY2026 |
Organic revenue growth (FY2026): “Our updated full-year overall organic revenue growth outlook is for 7.7%-9.7%, with an organic CAG Diagnostics recurring revenue growth of 8.7%-10.7%”
CAG Diagnostics recurring revenue growth (organic) (FY2026): “with an organic CAG Diagnostics recurring revenue growth of 8.7%-10.7%”
EPS (FY2026): “We're also updating our full-year EPS outlook to $14.45 - $14.90 per share, an increase of $0.13 per share at midpoint, net of a $0.05 negative impact from a loss on an equity investment in Q1, reflecting 11%-15% comparable EPS growth”
Operating margin (FY2026): “we're updating our reported operating margin outlook to 32.1% - 32.5% for 2026, reflecting increased expectations of 50 basis points- 90 basis points of full-year comparable operating margin improvement”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.4B | 4.3B | 3.9B | 3.7B | 3.4B | 3.2B |
| Net Income | 1.1B | 1.1B | 888M | 845M | 679M | 745M |
| EPS | $13.73 | $13.08 | $10.67 | $10.06 | $8.03 | $8.60 |
| Free Cash Flow | 1.1B | 1.1B | 808M | 773M | 394M | 636M |
| ROIC | 62.3% | 55.4% | 47.9% | 56.1% | 51.0% | 57.8% |
| Gross Margin | 62.1% | 61.8% | 61.0% | 59.8% | 59.5% | 58.8% |
| Debt/Equity | 0.29 | 0.36 | 0.46 | 0.55 | 1.46 | 1.39 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.4B | 1.4B | 1.1B | 1.1B | 899M | 932M |
| Operating Margin | 31.6% | 31.6% | 29.0% | 30.0% | 26.7% | 29.0% |
| ROE | 70.4% | 66.2% | 57.7% | 80.7% | 104.6% | 112.7% |
| Shares Outstanding | 79M | 81M | 83M | 84M | 85M | 87M |
IDEXX LABORATORIES INC /DE passes 8 of 9 quality checks, indicating strong fundamentals.
IDEXX LABORATORIES INC /DE trades at 41.6x trailing earnings, compared to its 15-year median P/E of 53.3x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 41.0x vs a median of 59.2x. The company's 5-year average ROIC is 53.6% with a gross margin of 60.2%. Total shareholder yield (buybacks) is 2.7%. At current prices, the estimated annualized return to fair value is +17.7%.
IDEXX LABORATORIES INC /DE (IDXX) reported annual revenue of $4.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
IDEXX LABORATORIES INC /DE (IDXX) has a net profit margin of 24.6%. This is a strong margin indicating high profitability.
IDEXX LABORATORIES INC /DE (IDXX) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
IDEXX LABORATORIES INC /DE (IDXX) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
IDEXX LABORATORIES INC /DE (IDXX) reported earnings per share (EPS) of $13.08 in its most recent fiscal year.
IDEXX LABORATORIES INC /DE (IDXX) has a return on equity (ROE) of 66.2%. This indicates the company generates strong returns for shareholders.
IDEXX LABORATORIES INC /DE (IDXX) has a 5-year average gross margin of 60.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for IDEXX LABORATORIES INC /DE (IDXX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
IDEXX LABORATORIES INC /DE (IDXX) has a book value per share of $19.82, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong execution in the Companion Animal Group diagnostics business, with organic recurring revenue growth of 8.7%-10.7% for full-year 2026 supported by global net price realization of approximately 4% and benefits from new product launches including the IDEXX Cancer Dx Panel expansion to canine mast cell tumor detection and fine needle aspirate (FNA) testing on the inVue Dx platform. The company anticipates solid placement levels for premium instruments, including 5,500 inVue Dx analyzer placements for 2026, with utilization of new testing categories tracking to expectations and supporting consumable growth. Management notes a modestly improved industry outlook for the companion animal sector, with trailing 12-month clinical visit declines averaging approximately 1.5%, though U.S. same-store clinical visits are expected to decline approximately 2% for full-year 2026. The company plans to maintain strong capital deployment toward share repurchases while supporting a 1%-2% year-over-year reduction in diluted shares outstanding and expects free cash flow conversion of 85%-95% of net income with capital spending of approximately $180 million.
Based on recent SEC filings and earnings calls, IDEXX LABORATORIES INC /DE (IDXX) has provided the following forward guidance: Organic revenue growth: 7.7%–9.7% (FY2026); CAG Diagnostics recurring revenue growth (organic): 8.7%–10.7% (FY2026); EPS: $14.45–$14.90 per share (FY2026); Operating margin: 32.1%–32.5% (FY2026); Capital spending: approximately $180 million (FY2026), plus 1 additional metric.
Capital spending (FY2026): “For a full-year, we're maintaining our outlook for free cash flow conversion of 85%-95% of net income, including full-year capital spending of approximately $180 million”
InViewDX instrument placements (FY2026): “We're planning for solid placement levels for full year 2026 across our premium instrument install base categories, including 5,500 inVue Dx instruments”
No recent press releases.