Idexx Laboratories Inc
IDXX
In Vitro & In Vivo Diagnostic Substances
Mkt Cap
$39.11BPE
47.54Debt
$768.8MCash
$331.7MEV
$39.55BFCF
$679.8MP/E Ratio
47.54Debt
$768.8MCash
$331.7MEV
$39.55BFCF
$679.8MIDEXX Laboratories, Inc. develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. It also provides point-of-care veterinary diagnostic products, including instruments, consumables, and rapid assay test kits; veterinary reference laboratory diagnostic and consulting services; practice management and diagnostic imaging systems and services for veterinarians; and health monitoring, biological materials testing, and laboratory animal diagnostic instruments, and services for biomedical research community. In addition, the company offers diagnostic and health-monitoring products for livestock, poultry, and dairy products that test water for various microbiological contaminants; point-of-care electrolytes and blood gas analyzers; OPTI SARS-CoV-2 RT-PCR test kit for human COVID-19 testing; in-clinic chemistry, blood and urine chemistry, hematology, immunoassay, urinalysis, and coagulation analyzers; and SNAP rapid assays test kits. Further, it provides Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, and Quanti-Tray products; and veterinary software and services for independent veterinary clinics and corporate groups. The company markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc. was incorporated in 1983 and is headquartered in Westbrook, Maine.
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DCF
Discounted Cash Flow Valuation of Idexx Laboratories Inc
Value
Growth
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Discount
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Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $679.8M | $815.5M | $964.7M | $1.125B | $1.294B | $1.466B | $1.637B | $1.8B | $1.95B | $2.08B | $2.184B | $21.84B |
| DCF | $709.1M | $729.5M | $739.9M | $739.7M | $728.9M | $707.7M | $676.8M | $637.5M | $591.3M | $539.9M | $5.399B | |
| Value | $12.2B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 22%
Earnings Stability 97%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2014 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 12% | 12% | 13% | 13% | 17% | 18% | 21% | 23% | 20% | 23% |
| ROA | 19% | 21% | 23% | 24% | 32% | 30% | 30% | 38% | 33% | 35% |
| ROE | 150% | -230% | -210% | -490% | -4.1K% | 240% | 92% | 110% | 110% | 63% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +18.83%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +1.6%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +31.32%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +1.72%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is -670.05%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +440.78%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2014 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 2.00 | 4.47 | 2.20 | 2.03 | 2.12 | 2.30 | 1.77 | 1.46 | 2.14 | 1.13 |
| Debt Equity | 2.98 | -7.11 | -5.49 | -11.27 | -65.18 | 3.93 | 1.52 | 1.34 | 1.39 | 0.59 |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 1.13.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -0.06.
What is the Graham’s Stability?
Graham’s Stability measure stands at 1.00.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2015 | 12-2017 | 12-2019 | 12-2021 | Trend |
|---|---|---|---|---|---|
| Revenue | 11% | 11% | 12% | 4.7% | 0.36% |
| Net Income | 20% | 21% | 17% | -8.8% | 1.3% |
| Stockholders Equity | - | - | 51% | -12% | 15% |
| FCF | 17% | 5.7% | 9% | -38% | -1.6% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +11.33%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +0.36%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +20.88%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is +1.34%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is -.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is +15%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +5.69%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -1.61%.