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Not Investment Advice

IDXX

NASDAQ · USD
IDEXX Laboratories, Inc.
Healthcare · Medical - Diagnostics & Research
CEO Michael Erickson Employees 11,000 R&D / revenue 5.8%
Last price
$560.36+2.41%last session
Market cap
$44.1B
P/E (TTM)
39.4x
From 52w high
−27.2%
From 52w low
+11.9%
1-year return
−12.1%
RSI 14 · vs SMA200
66.0 · −3.3%
IS score
80.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

IDXX   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116IDXX 88

Score DNA

Each bar is a 0-100 score within the scored universe
99
Profitability
68
Growth
30
Value
85
Momentum
100
Risk (safety)
94
Quality
70
Balance sheet
69
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for IDXX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Cost AdvantagePiotroski 9 / 9Altman Z 19.6Beta 1.543 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $1.2M
Form 144 notices (12m): 9, $38.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−11
118 new holders, 108 closed
1,296 filers hold 93.0% · 473 added, 503 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+301
1,337 funds adding shares
1,036 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.3%
20-day avg 48.8%, 50-day avg 42.3%
Latest 6.5 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.3B
Revenue growth YoY+10.4%
Gross margin61.8%
Operating income$1.4B
Operating margin31.6%
Net income$1.1B
Net margin24.6%
EPS (diluted)$13.08
Cash flow
Operating cash flow$1.2B
Capital expenditure$124.7M
Free cash flow$1.1B
FCF conversion (FCF / OCF)89.4%
Stock-based compensation$0
FCF less SBC$1.1B
Buybacks$1.2B
Dividends$0
Balance sheet & returns
Cash & short-term investments$180.1M
Total debt$976.1M
Net debt$796.0M
Shareholders' equity$1.6B
Goodwill & intangibles$523.8M
Debt / equity0.68
ROE (TTM)72.0%
ROIC (TTM)40.9%
Operating margin by fiscal year
29.0%FY202126.7%FY202230.0%FY202329.0%FY202431.6%FY2025
Revenue $3.2B (FY2021) to $4.3B (FY2025), a 7.6% CAGR.

Valuation

P/E (TTM)39.4x
EV / EBITDA27.8x
Price / sales9.70x
Price / FCF35.3x
FCF yield2.83%
Buyback yield2.76%
SBC / revenue-0.2%
Price / book27.83x
Forward P/E FY202638.0x
Forward P/E FY202733.4x
Forward P/E FY202829.4x
Forward multiples divide today's price by Street EPS estimates. Street mean target $690.00 across 3 analysts last quarter is theirs, not ours.

IDXX vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 62.4% 48.5% Operating margin 32.0% -9.4% Net margin 25.0% -9.5% ROIC 40.9% -2.5%
IDXX (TTM)Industry median Asset turnover 1.32 vs industry 0.54 · financial leverage 2.13

Earnings delivery

Next report 2026-11-02 · consensus EPS $3.72
100%
beat rate, 12 of 12 quarters
+6.0%
median EPS surprise
12
longest beat streak
+7+9+5+5+4+10+4+11+8+5+2+8
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
IDXX IDEXX Laboratories, Inc. $44.1B39.4x72.0%25.0%+10.4% −12.1%
IQV IQVIA Holdings Inc. $43.9B32.8x23.0%5.9%+8.2% +29.8%
WAT Waters Corporation $42.9B108.7x1.9%-8.3%+52.5% +30.5%
A Agilent Technologies, Inc. $48.8B34.0x21.0%19.3%+8.6% +22.6%
ILMN Illumina, Inc. $39.6B48.5x32.4%17.9%+4.9% +173.7%
NTRA Natera, Inc. $56.7Bn/m-12.5%-8.9%+37.8% —
MTD Mettler-Toledo International $32.5B36.4x-736.4%22.7%+6.9% —
DGX Quest Diagnostics Incorporat $25.9B24.6x14.4%10.5%+9.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Exhibits
2026-05-05Earnings Release; Exhibits
2026-03-26Officer/Director Change; Exhibits
2026-02-13Departure/Election of Directors; Appointment of Officers
2026-02-02Results of Operations and Financial Condition; Financial Statements and Exhibits
2026-01-13Departure/Election of Directors; Appointment of Officers; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding78,781,116
Free float99.6%
Institutional ownership93.0%
Beta1.54
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$535.84 / $580.28
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where IDXX sits among 30 scored companies in Medical - Diagnostics & Research (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureIDXXIndustry medianIndustry percentileSector median
P/E (TTM) 38.7x 35.5x
65th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 2.68 2.73
38th		 1.28
Price / sales 9.7x 5.7x
83rd		 3.7x
Price / book 27.4x 4.1x
93rd		 3.6x
Price / tangible book 38.5x 9.0x
100th		 5.8x
Price / free cash flow 35.3x 34.4x
58th		 21.2x
Price / operating cash flow 32.3x 26.0x
65th		 17.1x
Enterprise value $45.0B $16.3B
79th		 $2.5B
EV / sales 9.9x 5.9x
79th		 3.8x
EV / EBITDA 27.8x 25.4x
71st		 16.2x
EV / EBIT 30.8x 29.2x
59th		 23.0x
EV / free cash flow 36.0x 35.1x
58th		 24.6x
Earnings yield 2.6% 1.7%
62nd		 -0.3%
FCF yield 2.8% 2.5%
62nd		 1.7%
Operating cash flow yield 3.1% 3.2%
48th		 2.9%
Graham number (per share) $79.71 $65.89
65th		 $26.70

Profitability (TTM)

MeasureIDXXIndustry medianIndustry percentileSector median
Gross margin 62.4% 52.9%
69th		 65.1%
EBITDA margin 35.5% 15.0%
93rd		 6.6%
Operating margin 32.0% 11.0%
97th		 3.5%
EBIT margin 32.1% 9.1%
97th		 2.4%
Net margin 25.0% 7.5%
100th		 0.3%
NOPAT margin 25.6% 9.5%
100th		 2.7%
FCF margin 27.5% 9.2%
97th		 4.3%
Operating cash flow margin 30.0% 15.0%
93rd		 7.1%
R&D / revenue 5.7% 7.2%
38th		 12.4%
SG&A / revenue 24.7% 29.8%
34th		 37.9%
Stock comp / revenue —
Effective tax rate 20.0% 20.5%
48th		 21.0%

Returns on capital

MeasureIDXXIndustry medianIndustry percentileSector median
ROE (on average equity) 74.2% 4.7%
96th		 0.8%
ROA 33.7% 3.2%
100th		 -0.3%
ROIC 46.5% 5.6%
93rd		 5.5%
ROCE 67.9% 4.0%
97th		 2.3%
Return on tangible assets 43.2% 3.5%
100th		 1.7%
Cash ROIC (OCF / invested capital) 54.5% 11.8%
93rd		 9.7%
Gross profitability (GP / assets) 82.6% 22.3%
97th		 29.9%
ROIC, 3-yr average 35.4% 3.7%
96th		 2.6%
ROIC, 5-yr average 43.0% 5.7%
96th		 3.2%
ROE, 5-yr average 81.9% 3.1%
96th		 -4.9%
Incremental ROIC —

Growth

MeasureIDXXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 12.8% 8.1%
68th		 10.5%
Revenue growth (QoQ) 6.6% 8.1%
41st		 7.2%
Revenue CAGR, 3 yr 9.0% 4.9%
63rd		 10.7%
Revenue CAGR, 5 yr 8.4% 7.0%
52nd		 12.1%
Gross profit CAGR, 3 yr 10.5% 5.3%
70th		 10.6%
Operating income CAGR, 3 yr 11.7% 6.4%
73rd		 11.7%
Net income growth (TTM YoY) 15.6% 11.8%
56th		 17.5%
Net income CAGR, 3 yr 12.9% 6.7%
92nd		 11.3%
EPS growth (TTM YoY) 16.1% 15.1%
56th		 19.2%
EPS CAGR, 3 yr 14.4% 9.3%
92nd		 14.0%
EPS CAGR, 5 yr 11.0% -1.0%
79th		 8.1%
FCF growth (TTM YoY) 61.5% 12.4%
89th		 18.6%
FCF CAGR, 3 yr 27.5% 7.7%
86th		 15.4%
Operating cash flow CAGR, 3 yr 22.4% 8.0%
71st		 11.9%
Book value CAGR, 3 yr 15.3% 2.6%
88th		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 74.2% 10.3%
94th		 12.2%

Margin history & stability

MeasureIDXXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 61.5% 53.7%
75th		 62.6%
Operating margin, 3-yr average 30.6% 8.7%
96th		 1.0%
Net margin, 3-yr average 23.9% 4.1%
100th		 -2.6%
FCF margin, 3-yr average 22.9% 10.5%
96th		 3.2%
Revenue stability (0-1) 0.97 0.82
89th		 0.80
Earnings stability (0-1) 0.87 0.46
96th		 0.37
Margin stability (0-1) 0.98 0.93
86th		 0.93

Liquidity (latest quarter)

MeasureIDXXIndustry medianIndustry percentileSector median
Cash & short-term investments $196.9M $520.8M
21st		 $330.9M
Net cash (− = net debt) −$899.1M −$874.6M
48th		 $8.4M
Working capital $221.8M $404.8M
24th		 $381.1M
Current ratio 1.17 2.13
14th		 3.02
Quick ratio 0.87 1.77
10th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.15 0.96
7th		 1.43
Defensive interval (days) 247 days 466 days
10th		 415 days

Leverage & solvency (latest quarter)

MeasureIDXXIndustry medianIndustry percentileSector median
Total debt $1.1B $1.7B
45th		 $289.1M
Debt / equity 0.68 0.50
63rd		 0.45
Net debt / equity 0.56 0.30
74th		 −0.13
Debt / assets 31.8% 28.5%
55th		 24.4%
Debt / capital 40.5% 33.6%
61st		 31.1%
Debt / EBITDA 0.68 3.30
10th		 2.62
Net debt / EBITDA 0.56 2.39
19th		 1.42
Interest coverage (EBIT / interest) 37.4x 2.9x
92nd		 2.1x
Cash interest coverage 35.0x 6.7x
88th		 3.6x
Debt payback (years of OCF) 0.8 yrs 3.8 yrs
13th		 2.7 yrs
Liabilities / assets 53.2% 45.2%
62nd		 49.8%
IS credit model rating AAA — —
Implied credit spread (bps) 50 175
0th		 225

Efficiency

MeasureIDXXIndustry medianIndustry percentileSector median
Asset turnover 1.34 0.56
97th		 0.56
Fixed asset turnover 5.32 4.31
79th		 4.87
Inventory turnover 4.4 7.2
32nd		 2.7
Receivables turnover 7.3 6.5
72nd		 6.4
Days sales outstanding 50 days 56 days
28th		 57 days
Days inventory outstanding 84 days 51 days
68th		 136 days
Days payables outstanding 26 days 45 days
31st		 59 days
Cash conversion cycle (days) 108 days 67 days
76th		 70 days
Capex / revenue 2.6% 3.4%
31st		 2.6%
Capex / depreciation 0.76 0.69
62nd		 0.55
Operating expense ratio 29.1% 45.1%
31st		 56.5%

Cash flow & earnings quality

MeasureIDXXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.20 1.58
24th		 1.61
FCF / net income 1.10 1.14
41st		 1.36
FCF / operating cash flow 91.4% 76.8%
87th		 81.2%
Capex / operating cash flow 8.6% 23.2%
13th		 18.8%
Accruals ratio -6.7% -4.3%
31st		 -5.4%
Sloan accruals ratio -2.1% -1.5%
41st		 -1.3%
Earnings quality score (0-1) 0.75 1.00
0th		 0.75

Dividends & buybacks

MeasureIDXXIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 2.7% 0.9%
79th		 0.0%
Shareholder yield (dividends + buybacks) 2.7% 1.1%
76th		 0.0%
Share count change (YoY) -0.4% -0.7%
54th		 2.0%
Buybacks, last 5 years $4.1B $129.7M
86th		 $0

Scores & forensic checks

MeasureIDXXIndustry medianIndustry percentileSector median
IS score 80 50
97th		 46
IS profitability 99 36
100th		 22
IS growth 68 55
79th		 60
IS value 30 40
14th		 39
IS momentum 85 72
82nd		 67
IS risk (safety) 100 80
62nd		 80
IS quality 94 62
100th		 49
IS balance sheet 70 51
72nd		 55
IS earnings quality 69 69
48th		 56
IS cash flow 89 50
93rd		 41
Piotroski F-score (0-9) 9 6
100th		 5
Altman Z-score 19.6 3.4
90th		 3.2
Beneish M-score −2.71 −2.60
21st		 −2.62
Ohlson O-score −9.27 −8.12
17th		 −7.16
IS credit score 96 67
100th		 62

Per share

MeasureIDXXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $14.13 $1.54
90th		 −$0.03
Book value per share $19.99 $17.72
55th		 $7.10
Tangible book per share $13.78 $0.32
93rd		 $1.91
Revenue per share $56.44 $26.05
72nd		 $9.38
FCF per share $15.50 $2.08
86th		 $0.46
Operating cash flow per share $16.95 $3.59
83rd		 $0.93
Cash per share $2.44 $6.18
17th		 $3.51

Size (TTM)

MeasureIDXXIndustry medianIndustry percentileSector median
Market cap $44.1B $13.8B
86th		 $2.4B
Revenue $4.6B $2.5B
72nd		 $770.2M
EBITDA $1.6B $438.4M
79th		 $56.1M
Net income $1.1B $139.0M
86th		 −$3.3M
Free cash flow $1.3B $268.0M
83rd		 $41.2M
Total assets $3.4B $3.4B
52nd		 $1.3B
Shareholders' equity $1.6B $1.5B
52nd		 $568.4M
Employees 11,000 6,319
66th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-04Kingsley Lawrence D
Director
 Option exercise 2,203$114.17$251,51711,771
2026-09-04Kingsley Lawrence D
Director
 Open-market sale 2,203$532.08$1.2M9,568
2026-09-04Kingsley Lawrence D
Director
 Option exercise 2,203$114.17$251,5170
2026-08-20Emerson Andrew
EVP, CFO and Treasurer
 Option exercise 265$178.26$47,2394,507
2026-08-20Emerson Andrew
EVP, CFO and Treasurer
 Tax withholding 86——4,421
2026-08-20Emerson Andrew
EVP, CFO and Treasurer
 Option exercise 265$178.26$47,239925
2026-07-30Hooley Joseph L
Director
 Award / grant 49$558.80$27,381325
2026-06-01Fennell George
Executive Vice President
 Option exercise 639——0
2026-06-01Fennell George
Executive Vice President
 Option exercise 639——10,717
2026-06-01Fennell George
Executive Vice President
 Tax withholding 284$566.79$160,96810,433
2026-05-12Vandebroek Sophie V.
Director
 Award / grant 525$533.92$280,308525
2026-05-12Vandebroek Sophie V.
Director
 Award / grant 234——234

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired227,166$2.7M
Open-market saleDisposed12,203$1.2M
Option exerciseAcquired104,476$298,755
Option exerciseDisposed94,219$298,755
Tax withholdingDisposed2370$160,968
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 9 notices · 58,929 shares · $38.4M
FiledFilerShares proposedEst. proceeds
2026-09-04Lawrence D Kingsley2,203$1.2M
2026-05-20Margaret Anne Szostak1,344$744,012
2026-03-03Nimrata K Hunt1,758$1.1M
2026-02-26Jonathan J Mazelsky23,326$15.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 13 trades (2 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$15,001 - $50,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2024-01-22Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-02-14
2024-01-22Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-02-13
2024-01-22Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-02-13
2023-04-03Tommy TubervilleSenatePurchase$1,001 - $15,0002023-05-12
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.8,170,178$4.3B10.37%
VANGUARD CAPITAL MANAGEMENT LLC5,152,213$2.7B6.54%
VANGUARD PORTFOLIO MANAGEMENT LLC3,896,521$2.1B4.95%
STATE STREET CORP3,748,660$2.0B4.76%
Invesco Ltd.3,611,416$1.9B4.58%
GEODE CAPITAL MANAGEMENT, LLC2,562,886$1.3B3.25%
BAMCO INC /NY/1,976,778$1.0B2.51%
Bank of New York Mellon Corp1,187,272$625.0M1.51%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP1,067,078$561.8M1.35%
Fundsmith LLP1,019,887$536.9M1.29%
FMR LLC822,643$433.1M1.04%
AMERICAN CENTURY COMPANIES INC808,358$425.6M1.03%
Capital Research Global Investors789,111$415.5M1.00%
PRINCIPAL FINANCIAL GROUP INC743,246$391.3M0.94%
GOLDMAN SACHS GROUP INC738,708$388.9M0.94%

Institutional ownership by quarter

2023-092026-0693.0%
% of shares held by 13F filers
2023-092026-061,296
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,29693.0%118473503108
2026-03-311,30788.8%127431511171
2025-12-311,373100.3%19047847679
2025-09-301,29089.4%16241348579
2025-06-301,22792.4%20142441491
2025-03-311,13291.8%12445935289
2024-12-311,11389.2%164337433139
2024-09-301,10690.9%10636142485
2024-06-301,09792.7%85417380108
2024-03-311,13689.8%10040840086
2023-12-311,13990.0%19134641682
2023-09-301,04591.3%9137937686

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%5,976,472
2025-04-17SCHEDULE 13G/ABlackRock, Inc.9.4%7,599,078
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.3B
VSMPX0.06%$1.3B
VTI0.06%$1.3B
VTSAX0.06%$1.3B
VOO0.06%$1.1B
VFINX0.06%$1.1B

Share structure

Shares outstanding78,781,116
Float78,482,520
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.2B$3.4B$3.7B$3.9B$4.3B
Cost of revenue$1.3B$1.4B$1.5B$1.5B$1.6B
Gross profit$1.9B$2.0B$2.2B$2.4B$2.7B
R&D$161.0M$254.8M$191.0M$219.8M$251.2M
SG&A$796.4M$850.8M$901.9M$1.0B$1.0B
Operating income$932.0M$898.8M$1.1B$1.1B$1.4B
EBITDA$1.0B$1.0B$1.2B$1.3B$1.5B
Pretax income$902.7M$860.0M$1.1B$1.1B$1.3B
Income tax$157.8M$180.9M$216.1M$222.0M$264.7M
Net income$744.8M$679.1M$845.0M$887.9M$1.1B
EPS, diluted$8.60$8.03$10.06$10.67$13.08
Diluted shares86.6M84.6M84.0M83.2M80.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$144.5M$112.5M$453.9M$288.3M$180.1M
Receivables$425.6M$490.9M$529.5M$561.3M$693.2M
Inventory$269.0M$367.8M$380.3M$381.9M$377.8M
Total current assets$955.7M$1.1B$1.5B$1.4B$1.3B
PP&E, net$692.8M$768.1M$817.7M$829.3M$870.6M
Goodwill & intangibles$458.4M$459.5M$450.5M$516.8M$523.8M
Total assets$2.4B$2.7B$3.3B$3.3B$3.4B
Accounts payable$116.1M$110.2M$110.6M$114.2M$110.4M
Total current liabilities$763.6M$1.2B$951.5M$1.1B$1.1B
Long-term debt$775.2M$694.4M$622.9M$449.8M$476.0M
Total liabilities$1.7B$2.1B$1.8B$1.7B$1.7B
Shareholders' equity$690.0M$608.7M$1.5B$1.6B$1.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$744.8M$679.1M$845.0M$887.9M$1.1B
Depreciation & amortization$104.6M$111.9M$114.9M$129.9M$145.2M
Stock-based compensation$37.8M$49.8M$59.7M$60.3M$0
Change in working capital−$137.5M−$273.5M−$72.4M−$133.2M−$227.5M
Operating cash flow$755.5M$543.0M$906.5M$929.0M$1.2B
Capital expenditure−$119.5M−$148.8M−$133.6M−$130.9M−$124.7M
Free cash flow$636.0M$394.1M$772.9M$798.1M$1.1B
Investing cash flow−$293.0M−$195.3M−$125.3M−$207.1M−$136.2M
Net debt issued / repaid$23.5M$430.5M−$404.0M−$75.0M−$30.4M
Buybacks−$746.8M−$819.7M−$71.9M−$837.0M−$1.2B
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin58.8%59.5%59.8%61.1%61.8%
Operating margin29.0%26.7%30.0%29.0%31.6%
Net margin23.2%20.2%23.1%22.8%24.6%
FCF margin19.8%11.7%21.1%20.5%24.5%
ROE112.7%104.6%80.7%57.7%66.2%
ROIC48.8%36.1%41.6%39.3%43.5%
ROA31.5%26.2%28.1%27.1%31.9%
Debt / equity1.492.410.720.620.67
Interest coverage31.3x22.6x26.5x36.6x34.0x
Current ratio1.250.891.571.311.17
Revenue growth+18.8%+4.7%+8.7%+6.5%+10.4%
EPS growth+29.2%−6.3%+24.3%+6.8%+22.1%
P/E at year end76.2x50.4x55.1x38.4x51.5x
EV / EBITDA at year end55.4x35.0x38.7x27.3x36.8x
FCF yield at year end1.12%1.15%1.66%2.34%1.93%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Up Front Customer Loyalty Programs And Volume Commitment Programs$2.9B$3.2B———
Product——$2.1B$2.2B$2.5B
Service——$1.6B$1.6B$1.8B
Reagent Rental Programs$38.3M$42.8M———
Extended Warranties And Post Contract Support$23.1M$21.3M———
Instrument Rebate Programs$14.3M$12.0M———

Revenue by region · FY2025

UNITED STATES$2.8B · 61%
EMEA$937.3M · 21%
Asia Pacific$355.9M · 8%
Europe, the Middle East, and Africa, Other$230.0M · 5%
CANADA$167.3M · 4%
Latin America$90.4M · 2%

Street estimates by fiscal year

Next report 2026-11-02 · consensus EPS $3.72 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$4.7B$4.7B – $4.7B$14.76$14.71 – $14.821038.0x
2027$5.1B$5.1B – $5.2B$16.75$16.34 – $17.091133.4x
2028$5.6B$5.5B – $5.7B$19.04$18.42 – $19.841029.4x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$3.94$4.27+8.4%$1.2B$1.2B+1.4%
2026-05-05$3.41$3.47+1.8%$1.1B$1.1B+2.0%
2026-02-02$2.93$3.08+5.1%$1.1B$1.1B+1.7%
2025-11-03$3.14$3.40+8.3%$1.1B$1.1B+3.0%
2025-08-04$3.28$3.63+10.7%$1.1B$1.1B+4.4%
2025-05-01$2.85$2.96+3.9%$997.1M$998.4M+0.1%
2025-02-03$2.39$2.62+9.6%$935.1M$954.3M+2.0%
2024-10-31$2.68$2.80+4.5%$980.3M$975.5M−0.5%
2024-08-06$2.88$3.02+4.9%$1.0B$1.0B−0.3%
2024-05-01$2.67$2.81+5.2%$964.4M$964.1M−0.0%
2024-02-05$2.12$2.32+9.4%$891.2M$901.6M+1.2%
2023-11-01$2.37$2.53+6.8%$926.8M$915.5M−1.2%
2023-08-01$2.47$2.67+8.1%$934.4M$943.6M+1.0%
2023-05-02$2.42$2.55+5.4%$892.5M$900.2M+0.9%
2023-02-06$1.94$2.05+5.7%$820.9M$828.6M+0.9%
2022-11-01$2.04$2.15+5.4%$830.0M$841.7M+1.4%
2022-08-02$1.56$1.560.0%$863.1M$860.5M−0.3%
2022-05-04$2.26$2.27+0.4%$837.1M$836.5M−0.1%
2022-02-02$1.71$1.89+10.5%$781.8M$801.1M+2.5%
2021-11-02$1.91$2.03+6.3%$797.1M$810.4M+1.7%
2021-07-30$2.02$2.34+15.8%$786.3M$826.1M+5.1%
2021-05-04$1.72$2.35+36.6%$740.7M$777.7M+5.0%
2021-02-02$1.40$2.01+43.6%$671.2M$720.9M+7.4%
2020-10-29$1.43$1.69+18.2%$610.7M$721.8M+18.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.406-220.506-290.507-060.607-130.307-200.407-270.808-030.408-100.408-170.308-240.408-31
Week ofNotionalSharesTrades
2026-08-31$375.7M692,18236,511
2026-08-24$250.8M453,86828,424
2026-08-17$407.0M735,30235,464
2026-08-10$398.4M690,20835,240
2026-08-03$839.7M1,435,88355,694
2026-07-27$389.6M694,40734,983

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.3%
DateShort shareShort volumeTotal volume
2026-10-1555.3%119,408216,034
2026-10-1452.4%197,787377,183
2026-10-1367.6%107,797159,524
2026-10-1243.7%83,748191,760
2026-10-0941.6%64,926156,091
2026-10-0844.2%122,284276,492
2026-10-0740.0%119,438298,401
2026-10-0645.9%78,554171,022
2026-10-0562.9%130,612207,634
2026-10-0259.4%59,920100,935
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.7Jan+1.8Feb+0.6Mar+2.6Apr+0.7May+3.4Jun+5.6Jul+2.5Aug-1.4Sep-0.8Oct+1.6Nov+2.5Dec
MonthAvg returnUp yearsYears
Jan+2.7%65%20
Feb+1.8%50%20
Mar+0.6%57%21
Apr+2.6%75%20
May+0.7%55%20
Jun+3.4%65%20
Jul+5.6%75%20
Aug+2.5%55%20
Sep−1.4%35%20
Oct−0.8%55%20
Nov+1.6%55%20
Dec+2.5%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1466.0
MFI64.8
ADX16.0
Stochastic %K / %D89.2 / 77.1
Williams %R-9.0
CCI339
TSI / signal4.7 / -7.9
Chaikin money flow0.26
ATR$13.46
Bollinger width9.1%
Volume vs 20-day avg1.34x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$523.67 (+7.0%)
SMA 50$535.25 (+4.7%)
SMA 200$579.67 (−3.3%)
EMA 21$527.40 (+6.2%)
EMA 50$533.27 (+5.1%)
EMA 200$564.50 (−0.7%)
Bollinger upper$547.51 (+2.3%)
Bollinger lower$499.82 (+12.1%)
Parabolic SAR$505.53 (+10.8%)
Open the live chart, 110+ indicators

About IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. is a global enterprise focused on creating, producing, and distributing a wide array of products and services. Its primary client base includes companion animal veterinary practices, the livestock and poultry industries, dairy operations, and water quality testing sectors. The company organizes its operations across several key divisions: the Companion Animal Group (CAG), Water Quality Products, Livestock, Poultry, and Dairy (LPD), and additional segments. For companion animals, IDEXX offers a comprehensive suite of point-of-care veterinary diagnostic tools, such as instruments, consumables, and rapid assay kits. It also provides reference laboratory diagnostic and consultation services, alongside practice management and diagnostic imaging solutions for veterinarians. Furthermore, the company supports the biomedical research community with health monitoring, biological materials testing, and laboratory animal diagnostic instruments and services. In the livestock, poultry, and dairy markets, IDEXX supplies diagnostic and health-monitoring solutions. Its water testing portfolio includes products designed to detect various microbiological contaminants, notably the Colilert, Colilert-18, and Colisure tests for total coliforms and E. coli, as well as Enterolert, Pseudalert, Filta-Max, Filta-Max xpress, Legiolert, and Quanti-Tray products. Beyond these, IDEXX extends its reach to human point-of-care medical diagnostics, offering electrolyte and blood gas analyzers, and SARS-CoV-2 RT-PCR tests. Other key offerings encompass in-clinic chemistry, blood and urine chemistry, hematology, and SediVue Dx analyzers, as well as SNAP rapid assay test kits. Veterinary software and services for both independent clinics and large corporate veterinary groups are also part of its offerings. The company distributes its extensive product and service catalog through its own dedicated marketing, customer service, sales, and technical service teams, supplemented by independent distributors and other resellers. IDEXX Laboratories, Inc. was established in 1983 and maintains its headquarters in Westbrook, Maine.

https://www.idexx.com

Key executives

NameTitlePayBorn
Jonathan J. MazelskyExecutive Chairman$3.8M1961
Michael EricksonPresident, Chief Executive Officer & Director$3.8M1974
Michael J. LaneExecutive Vice President and GM Global Reference Laboratories, Diagnostic Solutions & Information Technology$1.3M1968
Martin SmithExecutive Vice President of Global Operations and R&D$1.2M1968
Andrew EmersonExecutive Vice President, Chief Financial Officer & Treasurer$1.1M1983
Sharon E. UnderbergExecutive Vice President, General Counsel, & Corporate Secretary$881,0531961
Bob AsmannSenior Vice President of Global Operations——
Julie GodonSenior Vice President & Global Marketing Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Jonathan J. Mazelsky President and Chief Executive Officer2025$1.1M$5.4M$2.6M$14.6M
Michael J. Lane Executive Vice President and General Manager, CAG Diagnostics Business Unit2025$594,054$1.3M$627,270$4.0M
Tina Hunt, PhD Executive Vice President, Global Strategy and Commercial2025$594,054$1.3M$627,270$3.9M
Martin Smith, PhD Executive Vice President and Chief Technology Officer, R&D, Global Operations, Information Technology and Information Security2025$594,054$1.3M$627,270$3.9M
Andrew Emerson Executive Vice President and Chief Financial Officer2025$531,146$949,864$577,500$3.0M
Brian P. McKeon Former Executive Vice President, Chief Financial Officer and Treasurer2025$293,404$0$0$351,680

Employees

8k20189k20199k202010k202111k202211k202311k202411k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Cost Advantage · 2026-06-30
Cost advantage87
Intangibles60
Switching costs63
Network effect70
Efficient scale83
Our component scores (0-100) and overall 71.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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