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Idexx Laboratories (IDXX) stock

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NASDAQ: IDXX Nasdaq Health Care Equipment Next results ~February 1, 2027

B+ Fundamentals grade

Idexx Laboratories is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$350

Cash-flow model

Base case. Range ~$270–$470 across our lower- and higher-growth cases (5.5%–15.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 47% below it.

Price used: $671.64, November 2, 2026

Idexx Laboratories valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Idexx Laboratories files

Where Idexx Laboratories stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.55bn, up 12.8% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 27.5% from 19.4% a year earlier. The diluted share count is down 2.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $343 a share, against a share price of $555. At that price, our model says the market is pricing in about 19.8% a year of cash-flow growth for five years, faster than the 7.2% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

Idexx Laboratories's trailing-twelve-month revenue grew 11.9% year on year, with a free-cash-flow margin of 28.0%. Where it stands out: operating margin of 32.3% ranks 4 of 132 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$350 per share in the base case (~$270–$470 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 35.3% while net income grew 15.1%: a 20pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 32.3% of revenue is left as operating profit, against a median of -8.3% for health care equipment companies we cover.
  • Strong cash generation. 28.0% of revenue turned into free cash flow, against a median of -3.4% for health care equipment companies we cover.
  • Shrinking share count. Diluted shares fell 2.2% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $671.64 is 47% above our value per share of $350.
  • High earnings multiple. The shares trade at 45 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 6 insiders sold $38M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$4.01 against an average estimate of $3.71: beat by 8.0%
Revenue
$1.21bn, up 9.9% on a year earlier
Guidance given
revenue $4,700m to $4,745m (2026); reported revenue growth growth 9.1% to 10.3% (2026)
Next report
November 2, 2026; average EPS estimate $3.27

Idexx Laboratories' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+21.8%
  • 1 week+17.8%
  • 1 month+29.6%
  • This year-0.7%
  • 1 year+6.7%
  • 5 years+7.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.7B
Operating margin
32.3%
Net margin
25.4%
EPS (TTM, diluted)
$14.82

Growth

Revenue growth
+11.9%
Change in growth rate
−0.9 pts
Share count change
−2.2%

Cash

Free cash flow (TTM)
$1.3B
FCF margin
28.0%
Stock pay % of revenue
1.4%

Earnings

Last results
November 2, 2026
Next results (est.)
February 1, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Results
  4. Product
  5. Deal
  6. Insider trade
  7. Product
  8. Results
  9. Guidance
  10. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Idexx Laboratories valuation models and calculator

What the price is pricing in

The share price implies about 21.4% a year of cash-flow growth for five years.That is faster than the 7.7% a year revenue growth Idexx Laboratories has delivered.

  • Priced in21.4%
  • Last 12 months11.9%
  • 3 years a year9.1%
  • 5 years a year7.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($666.18, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$350
Price used
$666.18close November 3, 2026
Implied change
▼ 47%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Idexx Laboratories's free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2026 Q3 TTM), growing 8.9% and 9.9% in the next two years (forecasts, guidance and its record), then back to 10.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$270–~$470 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Idexx Laboratories's free cash flow after stock-based pay ( $1.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Idexx Laboratories as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$350 ~$270–$470 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$270 ~$240–$430 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$160–$210 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$290 ~$180–$350 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Idexx Laboratories with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +21%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $191$262$357$481$644$853
8.5% $144$196$264$353$469$618
10% $116$156$208$277$365$478

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$72.92$117.27$156.38$186.02$261.13$499.87$658.46$407.96$555.05$413.44$676.53$671.64
Market value$6.8bn$10.7bn$14.0bn$16.5bn$22.9bn$43.3bn$57.0bn$34.5bn$46.6bn$34.4bn$54.8bn$53.6bn
+ Net debt (− = net cash)$1.0bn$1.0bn−$188m−$124m$898m$525m$780m$907m$494m$580m$668m$651m
Enterprise value$7.9bn$11.7bn$13.8bn$16.3bn$23.8bn$43.9bn$57.8bn$35.4bn$47.1bn$35.0bn$55.5bn$54.2bn
Multiples
Price / sales 4.3x6.0x7.1x7.4x9.5x16.0x17.7x10.2x12.7x8.8x12.7x11.5x
Price / earnings 35.6x48.0x53.2x43.6x53.4x74.5x76.5x50.8x55.2x38.8x51.7x45.3x
Price / free cash flow 49.2x38.9x46.9x57.9x75.2x80.1x89.6x87.6x60.3x42.6x51.9x41.1x
EV / EBITDA 21.3x27.3x27.9x28.4x37.1x55.5x55.7x35.0x38.9x27.8x36.9x32.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

97 /100

Strong moat

How hard Idexx Laboratories's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 39.4% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 59.0%, moving by 2.3 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.5%; its worst year was 20.9%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.1% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.1% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $15.00 +15% $4.7bn +10%
Next $16.79 +12% $5.2bn +9%

Next year's EPS estimate has moved +1.3% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.8% on 90 days ago. In the last 30 days, 11 analysts raised Idexx Laboratories's forecast and 0 cut it.

Consensus EPS forecast Idexx Laboratories, last 90 days
$14.00 $15.00 $16.00 $17.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.73 Current fiscal year, 60 days ago: $14.84 Current fiscal year, 30 days ago: $14.83 Current fiscal year, 7 days ago: $14.88 Current fiscal year, Now: $15.00 $15.00 Next fiscal year, 90 days ago: $16.57 Next fiscal year, 60 days ago: $16.74 Next fiscal year, 30 days ago: $16.74 Next fiscal year, 7 days ago: $16.73 Next fiscal year, Now: $16.79 $16.79

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.73$16.57
60 days ago $14.84$16.74
30 days ago $14.83$16.74
7 days ago $14.88$16.73
Now $15.00$16.79

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.71 $4.01 +8.0%
Jun 2026 $3.93 $4.27 +8.5%
Mar 2026 $3.41 $3.47 +1.7%
Dec 2025 $2.94 $3.08 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • revenue 2026 $4,700m to $4,745m Narrowed
    “Narrows 2026 revenue guidance to $4,700 million - $4,745 million, up $5 million at midpoint, reflecting benefit of CAG Diagnostics recurring revenue performance, and net of $15 million headwind from updated foreign exchange estimates.” source
  • reported revenue growth 2026 9.1% growth to 10.3% growth GAAP Raised
    “Raises midpoint for 2026 reported revenue growth outlook to 9.7%, reflecting a range of 9.1% - 10.3%, and CAG Diagnostics recurring revenue reported growth of 10.1% - 11.3%, with projected 2026 organic revenue growth of 8.5% - 9.7% and CAG Diagnostics recurring revenue organic growth of 9.5% - 10.7%.” source
  • organic revenue growth 2026 8.5% growth to 9.7% growth Non-GAAP Raised
    “The Company is increasing its outlook for organic revenue growth to 8.5% - 9.7%, an increase of 0.4% at midpoint, reflecting operational performance.” source
  • EPS 2026 $14.69 to $14.94 Raised
    “Increases 2026 EPS outlook to $14.69 - $14.94, reflecting an increase of $0.14 compared to prior guidance midpoint, supported by a raised revenue outlook at midpoint while advancing incremental investments aligned with commercial and innovation priorities.” source
  • EPS reported growth 2026 12% growth to 14% growth GAAP Raised
    “The Company updated its EPS outlook range to $14.69 - $14.94, reflecting increased reported growth of 12% - 14% and 13% - 15% comparable growth.” source
  • EPS comparable growth 2026 13% growth to 15% growth Non-GAAP Raised
    “The Company updated its EPS outlook range to $14.69 - $14.94, reflecting increased reported growth of 12% - 14% and 13% - 15% comparable growth.” source
Show 13 more items
  • operating margin 2026 32.3% to 32.5% GAAP Raised
    “The Company increased its full year reported operating margin outlook to 32.3% - 32.5%, bringing the projected full year operating profit margin expansion to 70 - 90 basis points as reported and on a comparable basis.” source
  • operating margin expansion 2026 70 to 90 Raised
    “The Company increased its full year reported operating margin outlook to 32.3% - 32.5%, bringing the projected full year operating profit margin expansion to 70 - 90 basis points as reported and on a comparable basis.” source
  • CAG Diagnostics recurring revenue reported growth 2026 10.1% growth to 11.3% growth GAAP Raised
    “Raises midpoint for 2026 reported revenue growth outlook to 9.7%, reflecting a range of 9.1% - 10.3%, and CAG Diagnostics recurring revenue reported growth of 10.1% - 11.3%, with projected 2026 organic revenue growth of 8.5% - 9.7% and CAG Diagnostics recurring revenue organic growth of 9.5% - 10.7%.” source
  • CAG Diagnostics recurring revenue organic growth 2026 9.5% growth to 10.7% growth Non-GAAP Raised
    “Raises midpoint for 2026 reported revenue growth outlook to 9.7%, reflecting a range of 9.1% - 10.3%, and CAG Diagnostics recurring revenue reported growth of 10.1% - 11.3%, with projected 2026 organic revenue growth of 8.5% - 9.7% and CAG Diagnostics recurring revenue organic growth of 9.5% - 10.7%.” source
  • capital expenditures 2026 about $180m
    “To estimate projected 2026 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of approximately $180 million.” source
  • Effective tax rate 2026 about 21.1%
    “Effective tax rate ~ 21.1%” source
  • Free Cash Flow (% of Net Income) 2026 90% to 100% Non-GAAP
    “Free Cash Flow (% of Net Income) 90% - 100%” source
  • Operating Cash Flow (% of Net Income) 2026 110% to 120%
    “Operating Cash Flow (% of Net Income) 110% - 120%” source
  • Net interest expense 2026 about $35m
    “Net interest expense ~ $35” source
  • Share-based compensation tax benefit 2026 about $19m
    “Share-based compensation tax benefit ~ $19” source
  • Share-based compensation EPS impact 2026 about $0.24
    “Share-based compensation EPS impact ~ $0.24” source
  • Reduction in average shares outstanding 2026 1.5% to 2%
    “Reduction in average shares outstanding 1.5% - 2%” source
  • Share-based compensation tax rate benefit 2026 about 1.3%
    “Share-based compensation tax rate benefit ~ 1.3%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Idexx Laboratories's revenue by +8.9% next year and +9.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.4%, weight 51%) , management guidance (+8.1%, weight 21%) and the company's own record (+10.5%, weight 28%) . How the weights are set.

Analyst recommendations

14 analysts, Nov 2026
Buy964%
Hold429%
Sell17%

Monthly trend

  1. Nov 2026454114
  2. Oct 2026454114
  3. Sep 2026444113
  4. Aug 2026445114

Counts of recommendations published by analysts covering Idexx Laboratories, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
3.68
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.2%
of shares
Employees
11,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.7%

$629.51 on October 31, 2025 to $671.64

ThenNowEffect
Revenue (last 12 months) $4.0bn $4.6bn +12.8%
Net margin 24.4% 25.0% +2.5%
P/E multiple 52.5x 47.2x −9.9%
Share count 82m 80m +2.5%

Biggest factor: revenue.

Last 3 years +56.5%

$429.30 on November 3, 2023 to $671.64

ThenNowEffect
Revenue (last 12 months) $3.5bn $4.6bn +29.6%
Net margin 22.5% 25.0% +11.1%
P/E multiple 45.6x 47.2x +3.7%
Share count 84m 80m +4.8%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IDXX+32%−38%+36%−26%+64%−1%
Industry peers (median)−9%−37%−9%−19%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IDXX58%42%50%42%58%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IDXX−17%−51%−30%−30%−23%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from August 5, 2021 to October 14, 2022. Getting back needed a 117% gain, reached on November 3, 2025, 1116 days after the low.

Price behaviour

52-week range
$504.70 – $766.68
From 52-week high
−12.4%
vs 50-day average
+25.2%
vs 200-day average
+17.3%
Volatility (1 year)
39%
Beta vs S&P 500
0.74

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 3 down
typical move ±7.9%
After a week
7 up, 4 down
typical move ±8.3%
After a month
8 up, 3 down
typical move ±7.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 +3.0% +1.6% +3.3% −5.1%
May 5, 2026 +2.9% +2.2% −5.2% +0.3%
February 2, 2026 −5.7% −0.4% −4.6% −3.2%
November 3, 2025 +14.7% −1.0% +12.7% +15.3%
August 4, 2025 +19.9% +1.0% +21.8% +18.4%
May 1, 2025 +9.1% +2.2% +13.3% +19.0%
February 3, 2025 +10.2% 0.0% +10.2% +3.6%
October 31, 2024 −7.5% −1.5% −4.0% −4.5%
August 6, 2024 +2.6% +0.2% +7.2% +3.1%
May 1, 2024 −3.4% +0.6% −1.2% +0.9%
February 5, 2024 +7.6% −0.1% +7.3% +5.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Idexx Laboratories’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Idexx Laboratories in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Idexx Laboratories
$3.5B $4B $4.5B $5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.7B Revenue (TTM), FY24 Q1: $3.7B Revenue (TTM), FY24 Q2: $3.8B Revenue (TTM), FY24 Q3: $3.8B Revenue (TTM), FY24 Q4: $3.9B Revenue (TTM), FY25 Q1: $3.9B Revenue (TTM), FY25 Q2: $4B Revenue (TTM), FY25 Q3: $4.2B Revenue (TTM), FY25 Q4: $4.3B Revenue (TTM), FY26 Q1: $4.4B Revenue (TTM), FY26 Q2: $4.6B Revenue (TTM), FY26 Q3: $4.7B $4.7B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.7B
FY24 Q1 $3.7B
FY24 Q2 $3.8B
FY24 Q3 $3.8B
FY24 Q4 $3.9B
FY25 Q1 $3.9B
FY25 Q2 $4B
FY25 Q3 $4.2B
FY25 Q4 $4.3B
FY26 Q1 $4.4B
FY26 Q2 $4.6B
FY26 Q3 $4.7B
Revenue growth, TTM YoY Idexx Laboratories
4% 6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.7% Revenue growth, TTM YoY, FY24 Q1: 8.6% Revenue growth, TTM YoY, FY24 Q2: 7.7% Revenue growth, TTM YoY, FY24 Q3: 7.2% Revenue growth, TTM YoY, FY24 Q4: 6.5% Revenue growth, TTM YoY, FY25 Q1: 5.6% Revenue growth, TTM YoY, FY25 Q2: 6.7% Revenue growth, TTM YoY, FY25 Q3: 8.4% Revenue growth, TTM YoY, FY25 Q4: 10.4% Revenue growth, TTM YoY, FY26 Q1: 13.1% Revenue growth, TTM YoY, FY26 Q2: 12.8% Revenue growth, TTM YoY, FY26 Q3: 11.9% 11.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.7%
FY24 Q1 8.6%
FY24 Q2 7.7%
FY24 Q3 7.2%
FY24 Q4 6.5%
FY25 Q1 5.6%
FY25 Q2 6.7%
FY25 Q3 8.4%
FY25 Q4 10.4%
FY26 Q1 13.1%
FY26 Q2 12.8%
FY26 Q3 11.9%
Operating margin (TTM) Idexx Laboratories
28% 29% 30% 31% 32% 33% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 30.0% Operating margin (TTM), FY24 Q1: 30.0% Operating margin (TTM), FY24 Q2: 28.6% Operating margin (TTM), FY24 Q3: 28.9% Operating margin (TTM), FY24 Q4: 29.0% Operating margin (TTM), FY25 Q1: 29.1% Operating margin (TTM), FY25 Q2: 31.1% Operating margin (TTM), FY25 Q3: 31.3% Operating margin (TTM), FY25 Q4: 31.6% Operating margin (TTM), FY26 Q1: 31.6% Operating margin (TTM), FY26 Q2: 32.0% Operating margin (TTM), FY26 Q3: 32.3% 32.3%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 30.0%
FY24 Q1 30.0%
FY24 Q2 28.6%
FY24 Q3 28.9%
FY24 Q4 29.0%
FY25 Q1 29.1%
FY25 Q2 31.1%
FY25 Q3 31.3%
FY25 Q4 31.6%
FY26 Q1 31.6%
FY26 Q2 32.0%
FY26 Q3 32.3%
FCF margin (TTM) Idexx Laboratories
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.1% FCF margin (TTM), FY24 Q1: 21.4% FCF margin (TTM), FY24 Q2: 22.2% FCF margin (TTM), FY24 Q3: 20.6% FCF margin (TTM), FY24 Q4: 20.7% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 19.4% FCF margin (TTM), FY25 Q3: 23.1% FCF margin (TTM), FY25 Q4: 24.6% FCF margin (TTM), FY26 Q1: 24.4% FCF margin (TTM), FY26 Q2: 27.5% FCF margin (TTM), FY26 Q3: 28.0% 28.0%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.1%
FY24 Q1 21.4%
FY24 Q2 22.2%
FY24 Q3 20.6%
FY24 Q4 20.7%
FY25 Q1 21.6%
FY25 Q2 19.4%
FY25 Q3 23.1%
FY25 Q4 24.6%
FY26 Q1 24.4%
FY26 Q2 27.5%
FY26 Q3 28.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Idexx Laboratories took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4.3B
  2. Cost of revenue $1.6B · 38.2%
  3. Gross profit $2.7B · 61.8%
  4. Research and development $251M · 5.8%
  5. Selling, general and admin $1B · 24.4%
  6. Operating income $1.4B · 31.6%
  7. Income tax $265M · 6.2%
  8. Interest and other $35.8M · 0.8%
  9. Net income $1.1B · 24.6%

Shares of revenue. Source: Idexx Laboratories's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,032 1,103 1,219 1,293 1,377 1,486 1,602 1,775 1,969 2,213 2,407 2,707 3,215 3,367 3,661 3,898 4,304 4,662
Gross profit 526 579 647 699 756 816 890 975 1,097 1,242 1,366 1,571 1,889 2,004 2,190 2,379 2,660 2,924
EBITDA 226 250 284 315 321 319 369 428 496 575 641 791 1,037 1,011 1,212 1,258 1,505 1,664
Operating income 176 204 236 263 267 260 300 350 413 491 553 695 932 899 1,097 1,128 1,360 1,506
Net income 122 141 162 178 188 182 192 222 263 377 428 582 745 679 845 888 1,059 1,182
Diluted EPS $1.00 $1.19 $1.39 $1.58 $1.74 $1.79 $2.05 $2.44 $2.94 $4.26 $4.89 $6.71 $8.60 $8.03 $10.06 $10.67 $13.08 $14.82
Growth (year on year)
Revenue +0.7% +7.0% +10.4% +6.1% +6.5% +7.9% +7.8% +10.8% +10.9% +12.4% +8.8% +12.5% +18.8% +4.7% +8.7% +6.5% +10.4% +11.9%
EBITDA +2.4% +10.7% +13.8% +10.7% +2.0% −0.7% +15.6% +16.2% +15.8% +15.8% +11.5% +23.4% +31.1% −2.5% +19.9% +3.8% +19.6% +15.1%
Operating income +2.0% +15.9% +15.9% +11.1% +1.6% −2.4% +15.2% +16.8% +17.9% +19.0% +12.5% +25.6% +34.2% −3.6% +22.1% +2.8% +20.5% +15.3%
Net income +5.2% +15.6% +14.5% +10.2% +5.3% −3.1% +5.6% +15.6% +18.5% +43.3% +13.4% +36.0% +28.0% −8.8% +24.4% +5.1% +19.3% +15.1%
Diluted EPS +7.5% +17.9% +17.3% +14.0% +9.8% +2.9% +14.5% +19.0% +20.5% +44.9% +14.8% +37.2% +28.2% −6.6% +25.3% +6.1% +22.6% +17.6%
Margins
Gross margin 51.0% 52.4% 53.0% 54.1% 54.9% 54.9% 55.6% 54.9% 55.7% 56.1% 56.7% 58.0% 58.8% 59.5% 59.8% 61.0% 61.8% 62.7%
EBITDA margin 21.9% 22.6% 23.3% 24.4% 23.3% 21.5% 23.0% 24.1% 25.2% 26.0% 26.6% 29.2% 32.2% 30.0% 33.1% 32.3% 35.0% 35.7%
Operating margin 17.1% 18.5% 19.4% 20.3% 19.4% 17.5% 18.7% 19.7% 21.0% 22.2% 23.0% 25.7% 29.0% 26.7% 30.0% 29.0% 31.6% 32.3%
Net margin 11.8% 12.8% 13.3% 13.8% 13.6% 12.2% 12.0% 12.5% 13.4% 17.0% 17.8% 21.5% 23.2% 20.2% 23.1% 22.8% 24.6% 25.4%
Free-cash-flow margin 12.0% 12.7% 13.8% 12.7% 12.2% 11.8% 8.7% 15.4% 15.2% 12.8% 12.6% 20.0% 19.8% 11.7% 21.1% 20.7% 24.6% 28.0%
Cash flow
Cash from operations 175 179 218 222 246 236 222 339 373 400 459 648 756 543 907 929 1,182 1,419
Capital spending 51 39 50 58 78 61 83 65 74 116 155 107 120 149 134 121 125 115
Free cash flow 124 140 168 165 168 175 139 274 299 284 304 541 636 394 773 808 1,057 1,304
Stock-based pay 12 13 15 16 17 18 20 20 24 25 39 31 38 50 60 60 60 65
Free cash flow after stock pay 113 127 153 149 152 157 119 254 275 259 265 510 598 344 713 748 997 1,239
Balance sheet
Cash 107 157 184 224 279 323 129 155 188 124 90 384 144 113 454 288 180 198
Total debt 123 132 246 215 428 899 1,170 1,205 — — 988 909 924 1,020 948 868 848 849
Net debt (negative = net cash) 16 −24 63 −9 149 576 1,041 1,050 −188 −124 898 525 780 907 494 580 668 651
Diluted shares 121m 119m 116m 112m 108m 102m 94m 91m 90m 88m 88m 87m 87m 85m 84m 83m 81m 80m
Returned to shareholders
Buybacks 83 143 256 132 368 618 402 304 283 369 302 183 747 820 72 837 1,217 1,048
Total returned 83 143 256 132 368 618 402 304 283 369 302 183 747 820 72 837 1,217 1,048

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $3.7bn
Short-term assets $1.5bnLonger-term assets $2.2bn
What it owes, and who funded it · $3.7bn
Short-term liabilities $1.3bnLonger-term liabilities $574mShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.5bn short-term assets against $574m of longer-dated liabilities.
  • More cash than debt $198m of cash against $375m of debt.
  • Debt below 40% of shareholders' equity Debt is 20% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 121% to 20% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $375m of debt.
  • Operating profit covers interest at least five times over Operating income of $1.5bn against $35m of interest.

From Idexx Laboratories's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1B
Returned to shareholders
80%
of free cash flow
Buybacks, last 3 fiscal years
$2.1B
Diluted share count
−2.2%
year over year
Total shareholder yield
2.0%
dividends 0.0% + buybacks 2.0% of market value
R&D spending
5.7%
of revenue
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated IDXX DXCM BLCO RMD STE EW Median
Revenue, last 12 months $4.7bn $5.1bn $5.4bn $5.7bn $6.0bn $6.5bn $99m
Revenue growth, last 12 months 11.9% 13.0% 8.9% 9.0% 8.4% 14.6% 9.2%
Revenue growth, 3-year average 9.1% 14.5% 10.9% 9.4% 9.0% 15.3% 13.5%
Revenue growth, latest quarter 9.9% 11.2% 7.3% 5.9% 7.3% 13.6% 10.2%
Gross margin 62.7% 63.4% — 61.1% 44.4% 77.8% 61.2%
Operating margin 32.3% 24.0% 7.1% 33.0% 18.9% 22.3% −8.5%
Operating margin, 3-year average 30.9% 19.0% 3.8% 31.9% 17.1% 25.2% −17.9%
Net margin 25.4% 19.4% −2.0% 27.8% 13.3% 15.4% −12.0%
Cash from operations / revenue 30.4% 27.7% 10.2% 30.9% 21.3% 26.4% −1.9%
Free-cash-flow margin 28.0% 21.5% 4.7% 28.1% 15.3% 22.0% −3.9%
Free-cash-flow margin, 3-year average 23.9% 19.5% −0.2% 29.9% 14.3% 14.4% −7.0%
Stock pay / revenue 1.4% 3.0% 3.2% 2.0% 1.0% 2.6% 6.1%
Change in share count −2.2% −3.9% 1.2% −1.3% −0.5% −1.6% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 11.9% 9.1% 60 of 129
Change in growth rate Growth -0.9pp -0.6pp 72 of 129
Gross margin Profitability 62.7% 61.9% 58 of 123
Operating margin Profitability 32.3% -8.3% 4 of 132
Net margin Profitability 25.4% -12.0% 8 of 133
Free-cash-flow margin Cash generation 28.0% -3.4% 7 of 128
Stock pay as % of revenue Cash generation 1.4% 6.1% 19 of 123
Long-term debt as % of assets Balance sheet 8.1% 24.2% 21 of 87
Change in share count Balance sheet -2.2% 3.3% 15 of 115
Days sales outstanding Balance sheet 48 days 57 days 37 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $2.5B 59.0% ▲ 12.9%
Services $1.8B 41.0% ▲ 7.0%
Geography
Region Revenue YoY
Americas $3B ▲ 8.7%
United States $2.8B ▲ 8.7%
EMEA $937M ▲ 16.2%
Asia Pacific $356M ▲ 10.9%
Europethe Middle East and Africa Other $230M ▲ 17.2%
Germany $207M ▲ 19.0%
Canada $167M ▲ 9.4%
United Kingdom $154M ▲ 14.7%
France $126M ▲ 13.7%
Asia Pacific Other $124M ▲ 13.0%
Australia $112M ▲ 10.1%
Latin America and Caribbean $90.4M ▲ 8.0%
Japan $83.4M ▲ 14.0%
ES $71M ▲ 14.7%
IT $66.9M ▲ 14.8%
Switzerland $41.7M ▲ 12.1%
Netherlands $40.5M ▲ 19.0%
China $36M ▲ 0.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From Idexx Laboratories's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$38.9B
Institutions reporting
1,285
Shares held vs prior quarter
▲ 1.4%
Positions opened / closed
98 / 106

Top buyers and sellers, Q2 2026: 574 institutions bought and 601 sold ; the biggest buyer was FMR LLC (+540K shares) and the biggest seller Capital World Investors (−498K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.3B 8.2M 11.0% ▼ 2.3%
Vanguard Capital Management LLC $2.7B 5.2M 7.0% ▼ 0.6%
Vanguard Portfolio Management LLC $2.1B 3.9M 5.3% ▼ 0.4%
State Street Corp $2B 3.7M 5.1% ▲ 2.0%
Invesco Ltd. $1.9B 3.6M 4.9% ▲ 7.8%
Geode Capital Management, LLC $1.3B 2.6M 3.5% ▼ 3.7%
BAMCO Inc $1B 2.0M 2.7% ▲ 21.0%
Morgan Stanley $714M 1.4M 1.8% ▲ 3.1%
Bank Of New York Mellon Corp $628M 1.2M 1.6% ▼ 20.7%
Arrowstreet Capital, Limited Partnership $562M 1.1M 1.4% ▲ 27.2%
Fundsmith LLP $537M 1.0M 1.4% ▼ 30.4%
Blair William & Co $484M 919K 1.2% ▼ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Idexx Laboratories's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $37.7M 36 trades by 6 insiders · 0% under pre-set plans
Net ▼ $37.7M net selling
Insider Date Trade Shares Price Value
Kingsley Lawrence D Director September 4, 2026 Sell 2,203 $532.08 $1.2M
Hunt Nimrata Executive Vice President March 3, 2026 Sell 1,758 $634.57 $1.1M
Hunt Nimrata Executive Vice President February 26, 2026 Sell 2,693 $661.54 $1.8M
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 2,589 $663.04 $1.7M
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 1,000 $662.16 $662,157
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 1,200 $661.10 $793,317
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 2,859 $659.75 $1.9M
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 3,660 $658.92 $2.4M
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 2,860 $657.84 $1.9M
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 1,343 $656.85 $882,143
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 1,488 $655.85 $975,905
Mazelsky Jonathan Jay President and CEO February 26, 2026 Sell 1,111 $654.63 $727,293

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 31 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Idexx Laboratories shares.

  • April McClain Delaney(D-MD 6):Sale (full), $1,001 - $15,000, traded January 13, 2026, filed February 2, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded December 2, 2025, filed January 5, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded October 29, 2025, filed November 4, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 4, 2026
  • May 5, 2026
  • February 2, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Idexx Laboratories was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Idexx Laboratories in brief

What does Idexx Laboratories do?
Idexx Laboratories is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Idexx Laboratories's stock ticker?
Idexx Laboratories trades under the ticker IDXX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Idexx Laboratories's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Idexx Laboratories reported revenue of $4.7B, 11.9% higher than a year earlier, according to its SEC filings.
What is Idexx Laboratories's free cash flow?
Idexx Laboratories's free-cash-flow margin is 28.0% of revenue over the trailing twelve months, ranking 7 of the 128 health care equipment companies we cover.
What is Idexx Laboratories's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Idexx Laboratories's free cash flow after stock-based pay gives ~$350 per share in the base case, and ~$270–$470 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Idexx Laboratories's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Idexx Laboratories buying back stock, and does it pay a dividend?
Idexx Laboratories spent $1B on share repurchases over the trailing twelve months, and its diluted share count fell 2.2% over the year.
What is Idexx Laboratories's market cap?
On November 2, 2026, Idexx Laboratories's market capitalisation was about $53.6B, with a price-to-earnings ratio of 45.3 and net debt of $651M. Market figures come from third-party market data and may be delayed.
How much debt does Idexx Laboratories have?
Idexx Laboratories's debt-to-equity ratio is 20.1%, from its latest balance sheet (120.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Idexx Laboratories's competitors?
In our Health Care Equipment peer group, the companies closest to Idexx Laboratories are Dexcom, Bausch & Lomb Corp, ResMed|, Steris and Edwards Lifesciences. The side-by-side comparison below sets their revenue, margins and growth against Idexx Laboratories's.
Are insiders buying or selling Idexx Laboratories stock?
Over the last 12 months, Idexx Laboratories's directors and officers reported 0 open-market purchases and 36 sales on Form 4. The insider trading page charts every trade.
When is Idexx Laboratories's next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Idexx Laboratories announces its own schedule.