Idexx Laboratories Inc

Health Care
Biotechnology: In Vitro & In Vivo Diagnostic Substances
www.idexx.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $38.22B
PE 43
Debt $620.73M
Cash $163.97M
EV $38.67B
FCF $847.70M

Earnings

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Sales & Net Margins

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Earnings	$894.97M
EBIT	$1.15B
ROE	62%
ROA	36%
FCF	$847.70M
Equity	$1.45B
Growth Stability	100%
PE	42.7
PEG	3.78
PB	26.39
P/FCF	45.08
P/S	9.72
Price/Cash	0
Debt/Equity	0.43
Debt/FCF	0.73
Net Margins	24%
Gross Margins	61%
Op. Margins	29%
Earnings CAGR	20%
Sales Growth YoY	4%
Sales Growth QoQ	5%
Sales CAGR	11%
FCF CAGR	16%
Equity CAGR	45%
Earnings Stability	0.94
Earnings Growth YoY	3%
Earnings Growth QoQ	12%

Earnings CAGR 5Y	11%
Sales CAGR 5Y	9%
FCF CAGR 5Y	12%
Equity CAGR 5Y	36%
Earnings CAGR 3Y	7%
Sales CAGR 3Y	7%
FCF CAGR 3Y	35%
Equity CAGR 3Y	63%
Market Cap	$38.22B
Revenue	$3.93B
Assets	$3.21B
Total Debt	$620.73M
Cash	$163.97M
Shares Outstanding	80.74M
EV	38.67B
Earnings Score	95%
Moat Score	98%
Safety Score	96%
Final Score	96%
Working Capital	181.4M
Current Ratio	1.16
Gross Profit	$2.41B
Shares Growth 3y	-1%
Equity Growth QoQ	-9%
Equity Growth YoY	-8%

Assets & ROA

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Stockholders Equity & ROE

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Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets about 38% of its revenue from outside the United States.

SEC Filings

Direct access to Idexx Laboratories Inc (IDXX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Idexx Laboratories Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Idexx Laboratories Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 20%

Stability 94%

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Idexx Laboratories Inc Discounted Cash Flow

Fully customizable DCF calculator online for Idexx Laboratories Inc .

Years

Calculation mode

= $27B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$848M	$986M	$1.1B	$1.3B	$1.6B	$1.8B	$2.1B	$2.4B	$2.9B	$3.3B	$3.9B	$39B
DCF		$897M	$949M	$1B	$1.1B	$1.1B	$1.2B	$1.3B	$1.3B	$1.4B	$1.5B	$15B
Value	$27B

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	12%	13%	13%	17%	18%	21%	23%	20%	23%	23%	24%
ROA	-	23%	24%	32%	30%	30%	38%	33%	34%	34%	36%
ROE	-	-205%	-489%	-4K%	241%	92%	108%	112%	57%	56%	62%

Good Net Margins (24.31%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	2.2	2.03	2.12	2.3	1.77	1.46	2.14	1	0.97	0.73
Debt over Equity	-7.11	-5.49	-11.27	-65.18	3.93	1.52	1.34	1.39	0.52	0.49	0.43
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Good Debt/FCF ratio (0.73)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.43)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

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	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	11%	11%	12%	9%	12%	19%	5%	9%	6%	9%
Earnings YoY growth	-	16%	19%	43%	13%	36%	28%	-9%	24%	5%	11%
Equity YoY growth	-	29%	-50%	-83%	-2K%	256%	9%	-12%	144%	7%	36%
FCF YoY growth	-	102%	11%	-5%	7%	78%	18%	-38%	96%	5%	12%