IDEXX Laboratories Inc.

IDXX
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
TTM ROIC
39%
FY2025 · NOPAT / tangible invested capital (excl. ~$500M goodwill) · WACC ~8.5% · Moat spread +30.5pp

Financial Snapshot

ticker: IDXX step: 04 generated: 2026-05-12 source: quick-research

IDEXX Laboratories (IDXX) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $3.37B $3.66B $3.90B +6.5%
Gross Margin ~59.5% ~60.5% ~61.2% +0.7pp
Operating Margin ~26.5% ~27.5% ~28.8% +1.3pp
Net Income $766M $845M $888M +5.1%
EPS (diluted) $9.23 $10.17 $10.77 +5.9%

Note: FY2024 operating margin was modestly impacted by a litigation expense accrual in Q2 2024; comparable basis operating margin expanded ~60bps. FY2025 operating margin expanded further to 31.6% on revenue of $4.30B.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.1B (FY2025 actual; FY2024 ~$950M)
Free Cash Flow ~$770M (FY2024 est.) / $1.1B (FY2025)
Cash & Equivalents ~$300M
Total Debt ~$2.0B

Key Ratios (approximate)

  • P/E: ~42x (FY2025 trailing) | EV/EBITDA: ~30x | FCF Yield: ~3%
  • Revenue Growth (FY2024): +6.5% | FCF Margin: ~20%
  • Dividend Yield: <0.1% (minimal; company prioritizes buybacks)

Growth Profile

IDEXX has compounded revenue at ~8–10% annually for over a decade, driven by three structural levers: (1) expansion of diagnostic testing frequency (veterinarians ordering more tests per visit), (2) price realization on consumables under multi-year contracts, and (3) new diagnostic content creation (Cancer Dx, inVue Dx cellular analysis). FY2025 accelerated to 10.4% revenue growth with record instrument placements (+42% in Q4 2025) and Cancer Dx adding ~2pp of growth. Operating leverage has been consistent, with margins expanding toward 30%+.

Forward Estimates

  • FY2026E Revenue: $4.68B–$4.76B (company guidance) — 9–11% organic growth
  • FY2026E EPS: $14.45–$14.90 (company guidance) — ~10–14% growth
  • Medium-term: Management targets operating margin expansion toward 33–35% as Cancer Dx and inVue Dx scale

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $IDXX.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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