Idexx Laboratories key statistics and ratios

In fiscal 2025, Idexx Laboratories had return on equity of 66.2%, an operating margin of 31.6%, debt equal to 52.8% of equity and a current ratio of 1.23. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Idexx Laboratories: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	23.8%	26.0%	29.1%	30.3%	32.5%	57.2%	—	—	—	—	—	143.7%	112.7%	104.6%	80.7%	57.7%	66.2%	68.0%
Return on assets	15.1%	16.6%	16.8%	16.7%	16.1%	13.9%	13.4%	14.8%	16.1%	22.4%	24.8%	28.2%	31.5%	26.2%	28.1%	27.1%	31.9%	33.5%
Asset turnover	1.28	1.29	1.26	1.21	1.18	1.14	1.12	1.18	1.20	1.32	1.39	1.31	1.36	1.30	1.22	1.19	1.30	1.32
Current ratio	1.47	1.62	1.20	1.40	1.36	0.93	0.96	0.90	0.97	0.83	0.94	1.82	1.25	0.89	1.57	1.31	1.23	1.19
Debt to equity	23.9%	23.1%	45.7%	33.7%	82.7%	765.0%	—	—	—	—	556.8%	143.8%	133.9%	167.5%	63.9%	54.4%	52.8%	45.4%
Interest cover (operating income ÷ interest)	91.8x	84.4x	66.6x	68.2x	49.5x	16.9x	10.3x	10.9x	11.1x	14.1x	17.8x	21.0x	31.3x	22.5x	26.4x	36.2x	35.0x	43.5x
Effective tax rate	30.0%	30.1%	31.0%	31.6%	28.7%	26.2%	29.7%	31.0%	30.9%	17.6%	18.1%	12.1%	17.5%	21.0%	20.4%	20.0%	20.0%	20.1%
R&D as % of revenue	6.3%	6.2%	6.2%	6.3%	6.4%	6.6%	6.2%	5.7%	5.5%	5.3%	5.5%	5.2%	5.0%	7.6%	5.2%	5.6%	5.8%	5.7%
Capital spending as % of revenue	4.9%	3.5%	4.1%	4.5%	5.6%	4.1%	5.2%	3.6%	3.8%	5.2%	6.4%	4.0%	3.7%	4.4%	3.7%	3.1%	2.9%	2.5%
Free cash flow ÷ net income	101.7%	99.0%	104.0%	92.4%	89.7%	96.4%	72.3%	123.5%	113.6%	75.4%	71.1%	93.0%	85.4%	58.0%	91.5%	91.0%	99.8%	110.3%
Dividends and buybacks ÷ free cash flow	66.9%	102.3%	151.9%	80.3%	218.4%	352.6%	289.4%	110.9%	94.5%	129.9%	99.2%	33.8%	117.4%	208.0%	9.3%	103.6%	115.1%	80.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Idexx Laboratories: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	59.8%	62.4%	62.6%	61.8%	60.3%	63.4%	64.0%	62.9%
Operating margin	27.4%	31.7%	33.6%	32.1%	28.9%	31.8%	35.0%	33.1%
Net margin	22.7%	24.3%	26.5%	24.8%	22.8%	24.4%	27.8%	26.1%
Free-cash-flow margin	24.4%	20.8%	13.7%	33.6%	29.9%	20.5%	26.5%	34.7%
Current ratio	1.31	1.16	1.11	1.18	1.23	1.12	1.17	1.19
Debt to equity	38.7%	42.9%	36.0%	33.6%	28.0%	28.9%	27.9%	20.1%
R&D as % of revenue	6.0%	5.9%	5.6%	5.7%	6.1%	5.8%	5.4%	5.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Idexx Laboratories's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Idexx Laboratories.