IDEXX Laboratories, Inc. IDXX

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 672.04 USD on Nov 3, 2026, −0.7% year to date

Quant rating

Quant rating A Rank 56 of 565 in Health Care

Growth B 158 of 565
Valuation B 138 of 565
Quality A 2 of 565
Revisions B 152 of 565
Momentum C 302 of 565

Wall Street consensus Buy (2.13)Average target 714.45 USD +6.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 52.9B
Enterprise value: 53.6B
52-week range: 501.19 – 769.09
3-year range: 361.04 – 769.09
Dividend yield: –
Beta (5 years): 1.51
Shares outstanding: 78.8M
Next earnings: Nov 2, 2026

About the company

IDEXX Laboratories, Inc. develops, manufactures, and distributes products and provides services primarily for the companion animal veterinary; livestock, poultry and dairy; and water testing industries. It also manufactures and sells human medical point-of-care diagnostic products. Its products and services include point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits. It also includes veterinary reference laboratory diagnostic and consulting services. It offers practice management systems, software and diagnostic imaging systems and services used by veterinarians. It also offers health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community. The Company provides diagnostic and health-monitoring products for livestock, poultry, and dairy; and products that test water for certain microbiological contaminants.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,304	3,898	3,661	3,367	3,215	–
Revenue growth	10.4%	6.5%	8.7%	4.7%	18.8%	9.7%
EPS (basic, normalized)	13.08	10.67	10.06	8.03	8.60	–
EPS growth	22.6%	6.1%	25.3%	−6.6%	–	–
Gross margin	61.8%	61.0%	59.8%	59.5%	58.8%	60.2%
Net margin	24.6%	22.8%	23.1%	20.2%	23.2%	22.8%
ROE	66.2%	57.7%	80.7%	104.6%	112.7%	84.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	198
Current ratio	1.19x
Long-term debt (mil)	300
Net debt (mil)	651
Total equity (mil)	1,869
Net debt / equity	0.35x
Net debt / EBITDA	0.43x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,304	+10.4%	12.5x	1,505	+16.8%	35.6x	13.08	+22.6%	51.4x
2026	4,745	+10.3%	11.3x	1,689	+12.2%	31.7x	14.99	+14.6%	44.8x
2027	5,166	+8.9%	10.4x	1,862	+10.2%	28.8x	16.81	+12.2%	40.0x
2028	5,635	+9.1%	9.5x	2,077	+11.6%	25.8x	19.11	+13.7%	35.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,745	+0.5%	+0.5%	+1.0%	14.99	+0.9%	+1.7%	+2.7%
2027	5,166	+0.6%	+0.7%	+1.3%	16.81	+0.5%	+0.9%	+2.0%
2028	5,635	+0.8%	+0.8%	+1.4%	19.11	+0.8%	+1.4%	+2.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	964	1,004	976	954	998	1,109	1,105	1,091	1,141	1,217
Sales mean (mil)	966	1,006	979	935	998	1,067	1,073	1,073	1,109	1,201
Surprise	−0.2%	−0.3%	−0.4%	+2.1%	0.0%	+4.0%	+3.0%	+1.7%	+2.9%	+1.3%
EPS reported	2.81	3.02	2.80	2.62	2.96	3.63	3.40	3.08	3.47	4.27
EPS mean	2.67	2.88	2.68	2.40	2.85	3.30	3.13	2.93	3.40	3.94
Surprise	+5.2%	+4.9%	+4.5%	+9.0%	+3.8%	+10.0%	+8.6%	+5.2%	+2.1%	+8.3%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IDXX IDEXX Laboratories, Inc.	52.9B	0.43x	24.6%	28.33x	44.8x	40.0x	31.7x	28.8x
ABT Abbott Laboratories	189.3B	2.36x	14.7%	3.70x	19.8x	18.4x	16.4x	14.9x
COR Cencora, Inc.	65.0B	1.93x	0.5%	21.30x	19.0x	17.3x	13.8x	12.9x
VEEV Veeva Systems Inc.	49.1B	−4.92x	28.4%	6.60x	32.8x	29.6x	25.5x	22.8x
MDLN Medline Inc.	44.8B	5.02x	4.1%	3.87x	22.2x	21.8x	18.5x	16.9x
RMD ResMed Inc.	31.9B	−0.27x	26.9%	5.37x	18.7x	17.2x	14.0x	12.9x
Mean		0.76x	16.5%	11.53x	26.2x	24.1x	20.0x	18.2x
Median		1.18x	19.7%	5.99x	21.0x	20.1x	17.4x	15.9x

Technical analysis

1M+29.6%
3M+18.4%
1Y−7.0%
3Y+56.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, IDEXX Laboratories, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,304	3,898	3,661	3,367	3,215	2,707
Cost of revenue	1,644	1,519	1,471	1,363	1,326	1,136
Gross profit	2,660	2,379	2,190	2,004	1,889	1,571
Selling, general & administrative expenses	1,044	1,026	901	847	794	735
Research & development	251	220	191	255	161	141
Interest expense (income), operating	4.2	4.5	1.1	3.4	2.1	0.6
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	1,360	1,128	1,097	899	932	695
Net interest income (expense)	−35.8	−18.5	−36.0	−38.8	−29.4	−32.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,324	1,110	1,061	860	903	662
Provision for taxes	265	222	216	181	158	79.9
Minority interest	–	–	0	0	0	−0.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,059	888	845	679	745	582
Extraordinary items	–	–	–	–	–	–
Net income	1,059	888	845	679	745	582
EBIT, normalized	1,365	1,133	1,100	902	939	698
EBITDA, normalized	1,510	1,263	1,215	1,014	1,044	794
Basic EPS, normalized	13.08	10.67	10.06	8.03	8.60	–

Balance sheet in millions of USD, fiscal years

Balance sheet, IDEXX Laboratories, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	180	288	454	113	144	384
Receivables	693	561	530	491	426	375
Total inventory	378	382	380	368	269	210
Prepaid expenses	57.9	58.6	48.4	41.7	42.0	34.6
Other current assets	105	110	83.1	88.5	74.6	59.6
Total current assets	1,414	1,400	1,495	1,101	956	1,063
Property, plant & equipment	871	829	818	768	693	646
Goodwill	414	405	366	362	359	243
Intangibles	110	112	84.5	97.7	99.0	52.5
Long-term investments	58.5	57.7	56.2	55.5	18.6	12.1
Note receivable	237	186	168	150	124	98.0
Other long-term assets	247	304	272	213	188	180
Total assets	3,351	3,293	3,260	2,747	2,437	2,295
Liabilities
Accounts payable	110	114	111	110	116	74.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	441	440	392	385	416	373
Short-term debt	398	250	250	579	73.5	0
Current portion of long-term debt	75.0	168	75.0	75.0	75.0	50.0
Other current liabilities	124	96.1	124	86.5	82.6	85.2
Total current liabilities	1,149	1,068	952	1,236	764	583
Long-term debt	375	450	623	694	775	858
Minority interest	–	–	–	–	0	0.7
Other liabilities	222	180	201	208	208	221
Total liabilities	1,745	1,698	1,775	2,138	1,747	1,662
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	16.9	16.7	16.3	15.9	16.4	15.1
Additional paid-in capital	1,827	1,674	1,570	1,463	1,377	1,295
Retained earnings (accumulated deficit)	6,392	5,332	4,445	3,600	2,920	2,176
Treasury stock	−6,561	−5,334	−4,475	−4,392	−3,571	−2,800
Other equity	−68.8	−93.6	−71.2	−77.8	−53.5	−53.6
Total equity	1,605	1,595	1,485	609	690	632
Total liabilities & shareholders' equity	3,351	3,293	3,260	2,747	2,437	2,295

Cash flow statement in millions of USD, fiscal years

Cash flow statement, IDEXX Laboratories, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,059	888	845	679	745	582
Depreciation, depletion & amortization	145	130	115	112	105	96.0
Deferred taxes	131	−24.2	−48.3	−35.1	−3.4	−38.1
Non-cash items	73.5	68.6	67.3	60.6	47.0	39.8
Changes in working capital	−228	−133	−72.4	−274	−138	−31.8
Cash from operations	1,182	929	907	543	756	648
Investing activities
Capital expenditures	−138	−131	−134	−159	−120	−108
Other investing cash flows	2.0	−76.1	8.4	−36.5	−173	−1.5
Cash from investing	−136	−207	−125	−195	−293	−109
Financing activities
Financing cash flow items	−11.0	−10.5	−13.1	−17.5	−20.7	−27.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,154	−868	−429	−353	−677	−221
Cash from financing	−1,165	−878	−442	−371	−697	−248
Foreign exchange effects	11.2	−9.5	2.1	−8.6	−4.6	3.3
Net change in cash	−108	−166	341	−31.9	−239	294
Free cash flow	1,044	798	773	384	636	540

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.