IDEXX Laboratories (IDXX)
Market Price (7/9/2026): $555.17 | Market Cap: $44.2 BilSector: Health Care | Industry: Health Care Equipment
IDEXX Laboratories (IDXX)
Market Price (7/9/2026): $555.17Market Cap: $44.2 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Stock buyback supportStock Buyback 3Y Total is 2.5 Bil Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Sustainable Resource Management. Show more. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -57% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 37x, P/EPrice/Earnings or Price/(Net Income) is 40x Key risksIDXX key risks include [1] subdued U.S. Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 32% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Stock buyback supportStock Buyback 3Y Total is 2.5 Bil |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Sustainable Resource Management. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -57% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 37x, P/EPrice/Earnings or Price/(Net Income) is 40x |
| Key risksIDXX key risks include [1] subdued U.S. Show more. |
Qualitative Assessment
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IDEXX Laboratories (IDXX) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Robust Q1 Fiscal Year 2026 Financial Performance and Raised Full-Year Outlook.
IDEXX Laboratories reported strong financial results for fiscal Q1 2026, which ended March 31, 2026, beating analyst expectations. The company announced diluted earnings per share (EPS) of $3.47, surpassing the consensus estimate of $3.41 by $0.06, representing a 17% increase year-over-year. Revenue reached $1.14 billion, a 14% increase (11% organic) year-over-year, exceeding analysts' expectations of $1.12 billion. Following these results, IDEXX raised its full-year 2026 revenue guidance to a range of $4,675 million to $4,760 million and its EPS outlook to $14.45 to $14.90, reflecting confidence in continued growth.
2. Innovation-Driven Growth in Companion Animal Group Offsetting Market Headwinds.
The company's Companion Animal Group (CAG), its largest segment, was a primary driver of performance, with revenue growing 15% as reported and 12% organically in fiscal Q1 2026. This growth was fueled by strong recurring diagnostic revenue (up 14% reported, 11% organic) and significant capital instrument placements, including approximately 1,100 IDEXX inVue Dx analyzers. These advancements, along with the momentum of the IDEXX Cancer Dx platform, enabled IDEXX to outgrow a roughly 1% decline in U.S. same-store clinical veterinary visits during Q1 2026 by about 1,100 basis points through increased diagnostic frequency and utilization.
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IDEXX Laboratories (IDXX) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Robust Q1 Fiscal Year 2026 Financial Performance and Raised Full-Year Outlook.
IDEXX Laboratories reported strong financial results for fiscal Q1 2026, which ended March 31, 2026, beating analyst expectations. The company announced diluted earnings per share (EPS) of $3.47, surpassing the consensus estimate of $3.41 by $0.06, representing a 17% increase year-over-year. Revenue reached $1.14 billion, a 14% increase (11% organic) year-over-year, exceeding analysts' expectations of $1.12 billion. Following these results, IDEXX raised its full-year 2026 revenue guidance to a range of $4,675 million to $4,760 million and its EPS outlook to $14.45 to $14.90, reflecting confidence in continued growth.
2. Innovation-Driven Growth in Companion Animal Group Offsetting Market Headwinds.
The company's Companion Animal Group (CAG), its largest segment, was a primary driver of performance, with revenue growing 15% as reported and 12% organically in fiscal Q1 2026. This growth was fueled by strong recurring diagnostic revenue (up 14% reported, 11% organic) and significant capital instrument placements, including approximately 1,100 IDEXX inVue Dx analyzers. These advancements, along with the momentum of the IDEXX Cancer Dx platform, enabled IDEXX to outgrow a roughly 1% decline in U.S. same-store clinical veterinary visits during Q1 2026 by about 1,100 basis points through increased diagnostic frequency and utilization.
3. High Valuation and Mixed Analyst Sentiment.
Despite strong operational results, the stock's elevated valuation, with a trailing price-to-earnings (P/E) ratio of 41.99 as of July 7, 2026, likely tempered significant upward movement, as much of its growth potential may already be factored into the price. While the overall analyst consensus remained a "Moderate Buy," a notable portion of analysts maintained "Hold" ratings (4 out of 11 analysts), suggesting a balanced perspective on the stock's near-term appreciation potential. The average price target of $751.00 as of July 7, 2026, implies a significant upside, but the stock has experienced fluctuations, trading between approximately $530 and $580 since March 31, 2026.
4. Broader Veterinary Industry Challenges.
The veterinary industry continues to navigate macroeconomic challenges, including rising operational costs for practices, tighter client budgets, and persistent, albeit easing, staffing shortages. While the global veterinary services market is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2026 to 2033, these underlying industry pressures may exert a moderating influence on investor enthusiasm and the stock's upward trajectory, despite IDEXX's individual strong performance.
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Stock Movement Drivers
Fundamental Drivers
The -1.1% change in IDXX stock from 3/31/2026 to 7/8/2026 was primarily driven by a -4.6% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 561.89 | 555.67 | -1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,304 | 4,446 | 3.3% |
| Net Income Margin (%) | 24.6% | 24.6% | 0.1% |
| P/E Multiple | 42.4 | 40.4 | -4.6% |
| Shares Outstanding (Mil) | 80 | 80 | 0.3% |
| Cumulative Contribution | -1.1% |
Market Drivers
3/31/2026 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IDXX | -1.1% | |
| Market (SPY) | 14.6% | 37.1% |
| Sector (XLV) | 10.7% | 47.2% |
Fundamental Drivers
The -17.9% change in IDXX stock from 12/31/2025 to 7/8/2026 was primarily driven by a -23.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 676.53 | 555.67 | -17.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,167 | 4,446 | 6.7% |
| Net Income Margin (%) | 24.7% | 24.6% | -0.1% |
| P/E Multiple | 52.7 | 40.4 | -23.4% |
| Shares Outstanding (Mil) | 80 | 80 | 0.6% |
| Cumulative Contribution | -17.9% |
Market Drivers
12/31/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IDXX | -17.9% | |
| Market (SPY) | 9.6% | 45.0% |
| Sector (XLV) | 5.3% | 45.9% |
Fundamental Drivers
The 3.6% change in IDXX stock from 6/30/2025 to 7/8/2026 was primarily driven by a 13.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 536.34 | 555.67 | 3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,932 | 4,446 | 13.1% |
| Net Income Margin (%) | 22.8% | 24.6% | 8.2% |
| P/E Multiple | 48.7 | 40.4 | -17.1% |
| Shares Outstanding (Mil) | 81 | 80 | 2.1% |
| Cumulative Contribution | 3.6% |
Market Drivers
6/30/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IDXX | 3.6% | |
| Market (SPY) | 21.7% | 36.4% |
| Sector (XLV) | 22.0% | 35.2% |
Fundamental Drivers
The 10.6% change in IDXX stock from 6/30/2023 to 7/8/2026 was primarily driven by a 29.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 502.23 | 555.67 | 10.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,431 | 4,446 | 29.6% |
| Net Income Margin (%) | 20.4% | 24.6% | 20.9% |
| P/E Multiple | 59.6 | 40.4 | -32.2% |
| Shares Outstanding (Mil) | 83 | 80 | 4.2% |
| Cumulative Contribution | 10.6% |
Market Drivers
6/30/2023 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IDXX | 10.6% | |
| Market (SPY) | 74.1% | 45.7% |
| Sector (XLV) | 28.0% | 42.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IDXX Return | 32% | -38% | 36% | -26% | 64% | -16% | 14% |
| Peers Return | 31% | -30% | 15% | -17% | -11% | -0% | -22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| IDXX Win Rate | 58% | 42% | 50% | 42% | 58% | 29% | |
| Peers Win Rate | 67% | 35% | 56% | 46% | 40% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| IDXX Max Drawdown | -17% | -51% | -30% | -29% | -23% | -27% | |
| Peers Max Drawdown | -16% | -44% | -30% | -28% | -40% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ZTS, HSIC, NEOG, TMO. See IDXX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/8/2026 (YTD)
How Low Can It Go
| Event | IDXX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.9% | -18.8% |
| % Gain to Breakeven | 24.9% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.7% | -9.5% |
| % Gain to Breakeven | 42.2% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.6% | -24.5% |
| % Gain to Breakeven | 94.4% | 32.4% |
| Time to Breakeven | 1025 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.1% | -33.7% |
| % Gain to Breakeven | 59.1% | 50.9% |
| Time to Breakeven | 45 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.4% | -19.2% |
| % Gain to Breakeven | 35.9% | 23.8% |
| Time to Breakeven | 129 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.8% | -12.2% |
| % Gain to Breakeven | 21.6% | 13.9% |
| Time to Breakeven | 64 days | 62 days |
In The Past
IDEXX Laboratories's stock fell -19.9% during the 2025 US Tariff Shock. Such a loss loss requires a 24.9% gain to breakeven.
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| Event | IDXX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.7% | -9.5% |
| % Gain to Breakeven | 42.2% | 10.5% |
| Time to Breakeven | 47 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.6% | -24.5% |
| % Gain to Breakeven | 94.4% | 32.4% |
| Time to Breakeven | 1025 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.1% | -33.7% |
| % Gain to Breakeven | 59.1% | 50.9% |
| Time to Breakeven | 45 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.4% | -19.2% |
| % Gain to Breakeven | 35.9% | 23.8% |
| Time to Breakeven | 129 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.0% | -17.9% |
| % Gain to Breakeven | 31.5% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.7% | -53.4% |
| % Gain to Breakeven | 116.0% | 114.4% |
| Time to Breakeven | 420 days | 1085 days |
In The Past
IDEXX Laboratories's stock fell -19.9% during the 2025 US Tariff Shock. Such a loss loss requires a 24.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About IDEXX Laboratories (IDXX)
IDEXX Laboratories, Inc. (IDXX) is a global leader in developing, manufacturing, and distributing diagnostic products and services across various markets. The company's core focus is on enhancing the health and well-being of companion animals, but it also plays a significant role in the livestock, poultry, dairy, and water testing industries. IDEXX provides essential tools and services that assist veterinarians in making critical health decisions for pets, help producers manage animal health in agriculture, and ensure the safety of water supplies worldwide.
For companion animal veterinarians, IDEXX offers a comprehensive portfolio including point-of-care diagnostic instruments like chemistry and hematology analyzers, rapid assay test kits (e.g., SNAP tests), and extensive veterinary reference laboratory diagnostic services. The company further supports veterinary practices with practice management software and diagnostic imaging systems. In the livestock, poultry, and dairy sectors, IDEXX provides diagnostic and health-monitoring products crucial for herd and flock management.
Beyond animal health, IDEXX is a primary provider of water quality products, offering tests such as Colilert for detecting total coliforms and E. coli, vital for public health and environmental monitoring. Additionally, the company serves the biomedical research community with health monitoring and laboratory animal diagnostic services and has a presence in human point-of-care medical diagnostics with specialized analyzers and tests, including SARS-CoV-2 RT-PCR.
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Abbott Laboratories for the veterinary industry.
The Quest Diagnostics for pets and livestock.
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- Veterinary Diagnostic Instruments & Consumables: Provides point-of-care instruments, rapid assay test kits, and consumables for in-clinic veterinary diagnostics.
- Veterinary Reference Laboratory Services: Offers comprehensive diagnostic testing and consulting services through reference laboratories for veterinarians.
- Veterinary Practice Management & Imaging Systems: Supplies software and systems for managing veterinary clinics and advanced diagnostic imaging.
- Livestock, Poultry & Dairy Diagnostics: Delivers products and services for health monitoring and disease detection in livestock, poultry, and dairy industries.
- Water Quality Testing Products: Manufactures tests and systems designed to detect various microbiological contaminants in water.
- Biomedical Research Diagnostics: Offers health monitoring, biological materials testing, and diagnostic instruments and services for the biomedical research community.
- Human Point-of-Care Diagnostics: Provides analyzers for electrolytes and blood gas, and SARS-CoV-2 RT-PCR tests for human medical diagnostics.
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Major Customers of IDEXX Laboratories (IDXX)
IDEXX Laboratories primarily sells its products and services to other companies and organizations, rather than directly to individuals. Based on the company description, its major customer categories include:
- Veterinary Clinics, Hospitals, and Reference Laboratories: This encompasses independent veterinary clinics, corporate veterinary groups, animal hospitals, and veterinary reference laboratories that utilize IDEXX's diagnostic products, practice management software, and consulting services for companion animals.
- Agricultural Businesses: This category includes businesses in the livestock, poultry, and dairy industries that use IDEXX's diagnostic and health-monitoring products for their animals.
- Water Testing Entities: This segment includes municipalities, water utilities, industrial facilities, and environmental agencies that rely on IDEXX's products for testing water for various microbiological contaminants.
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Jay Mazelsky, President and Chief Executive Officer
Jay Mazelsky has served as President and Chief Executive Officer of IDEXX since October 2019. Prior to this, he held roles as Interim President and CEO from June to October 2019, and as Executive Vice President leading the North American Companion Animal Group Commercial Organization and innovation portfolio from August 2012 to June 2019. Before joining IDEXX, he was a Senior Vice President and General Manager at Philips Healthcare from 2010 to 2012, and held various leadership roles at Philips starting in 2001. From 1997 to 2002, he held executive positions at Agilent Technologies, including leading the integration of its Healthcare Group into Philips. Earlier, he worked in finance, marketing, and business planning at Hewlett Packard from 1988 to 1996. He also serves on the board of directors of Dentsply Sirona, Inc.
Andrew Emerson, Executive Vice President, Chief Financial Officer and Treasurer
Andrew Emerson assumed the role of Executive Vice President, Chief Financial Officer, and Treasurer, effective March 1, 2025. He joined IDEXX in November 2015, initially leading the finance organization for the Companion Animal Group business. In March 2020, he took on additional responsibility for corporate finance functions, including investor relations, financial planning and analysis, accounting, tax, and treasury. Before IDEXX, he was Vice President, Finance and Business Unit Controller at Medtronic plc, having joined the company through its acquisition of Covidien plc, where he held various finance positions.
Michael Erickson, Executive Vice President and General Manager, Global Point of Care Diagnostics and Telemedicine
Michael Erickson serves as the Executive Vice President and General Manager of Global Point of Care Diagnostics and Telemedicine business lines. He is slated to succeed Jay Mazelsky as President and Chief Executive Officer effective May 12, 2026. Dr. Erickson joined IDEXX in 2011 and has held senior positions across diagnostics, software, strategy, and corporate accounts. Prior to his tenure at IDEXX, he worked as an Associate Principal at McKinsey & Company, where he advised healthcare, biotechnology, and pharmaceutical companies.
Michael Lane, Executive Vice President and General Manager, Global Reference Laboratories, Diagnostic Solutions and Information Technology
Michael Lane has been the Executive Vice President and General Manager, Global Reference Laboratories, Diagnostic Solutions and Information Technology since January 2025. His responsibilities include Global Reference Laboratories, IDEXX BioAnalytics, Water, OPTI Medical, Livestock, Poultry and Dairy businesses, and the Information Technology function. Mr. Lane has served as an Executive Vice President of IDEXX since January 2020, and previously as a Corporate Vice President from July 2015 to January 2020, and a Vice President from 2012 to July 2015. He became General Manager of IDEXX's Global Reference Laboratories business in November 2016, following his role as General Manager of U.S. Reference Laboratories from June 2014 to November 2016. He first joined IDEXX in 1997, focusing on strategic planning and business development for diagnostic laboratory services.
Martin Smith, Executive Vice President, Global Operations and R&D
Dr. Martin Smith has been Executive Vice President, Global Operations and R&D since January 2025. He joined IDEXX in August 2021 as Executive Vice President and Chief Technology Officer, a position he held until December 2024. Before joining IDEXX, he was Vice President and Chief Technology Officer of Cytiva, part of Danaher Corporation, from August 2020 to July 2021. He previously held various leadership positions, including Chief Technology Officer from 2014 to 2020, at Pall Corporation, also a Danaher company, where he worked from 2006 to 2020. Earlier in his career, from 1997 to 2005, Dr. Smith held roles such as VP R&D and VP Marketing/Business Development at Whatman plc. He holds multiple U.S.-issued patents in separations science.
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The key risks to IDEXX Laboratories (IDXX) include intense competition and pricing pressure, macroeconomic conditions impacting pet care spending, and the potential for technological obsolescence and the need for continuous innovation.
- Competition and Pricing Pressure: IDEXX operates in a highly competitive veterinary diagnostics market. Competitors often utilize aggressive pricing strategies, discounted bundled offerings for diagnostic and IT solutions, and pursue exclusive, long-term contracts with large corporate veterinary groups. This can lead to pricing pressure on IDEXX's products and services and potentially slow instrument placements that underpin recurring consumables revenue. The consolidation of veterinary practices also increases buyer power, which can lead to stronger demands for discounts and lower-cost alternatives.
- Macroeconomic Conditions and Pet Care Spending: Economic weakness or perceived economic weakness, particularly in key geographies like the U.S., can lead to softness in clinical visits and a reduction in demand for diagnostic products and services. As pet care can be discretionary, an unfavorable macroeconomic environment could reduce pet owners' willingness to spend on veterinary diagnostics, thereby negatively impacting IDEXX's sales and profitability.
- Technological Obsolescence and Innovation: The diagnostic industry is characterized by continuous technological advancements. There is a risk of technological disruption, including from companies specializing in human biomarker testing, which could impact IDEXX's competitive position. To maintain its leadership, IDEXX must continually invest in research and development to introduce innovative products and adapt to new technologies, such as AI-powered diagnostic tools. Failure to keep pace with innovation or effectively integrate new technologies could impact its market share and growth.
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IDEXX Laboratories, Inc. (IDXX) operates in several key addressable markets globally for its products and services.
Companion Animal Group (CAG) Diagnostics
The global companion animal diagnostics market was estimated at USD 7.06 billion in 2025 and is projected to reach USD 14.41 billion by 2033. North America held the largest revenue share of this market in 2025.
Water Quality Products
The global water quality monitoring market was valued at USD 6.16 billion in 2025 and is projected to grow to USD 13.01 billion by 2034. North America dominated the water quality monitoring systems market with a 36.0% share in 2024.
Livestock and Poultry Diagnostics (LPD)
The global livestock diagnostics market was estimated at USD 3.4 billion in 2025 and is projected to reach USD 8.1 billion by 2033. North America dominated this market with the largest revenue share of 40.1% in 2025.
Dairy Testing
The global dairy testing market size was valued at USD 7.58 billion in 2025 and is projected to grow to USD 15.73 billion by 2034. Europe accounted for the largest revenue market share of dairy testing in 2024.
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IDEXX Laboratories (IDXX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Sustained Growth in Companion Animal Group (CAG) Diagnostics Recurring Revenue: IDEXX anticipates continued strong performance in its CAG Diagnostics recurring revenue, supported by solid volume gains and an estimated 4% full-year benefit from net price improvement. This segment remains a primary growth engine, outpacing overall sector growth.
- Successful Adoption and Commercialization of Innovative Diagnostic Platforms: The company is focused on the successful launch and meaningful adoption of new diagnostic innovations. Notably, IDEXX Cancer Dx for canine lymphoma and the IDEXX inVue Dx cellular analyzer are highlighted as key products expanding the role of diagnostics in earlier disease detection and improving veterinary efficiency.
- Expansion of the Global Premium Instrument Installed Base: Record placements of premium instruments, including the IDEXX inVue Dx and Catalyst analyzers, are crucial. This expanding installed base directly drives higher recurring revenue from consumables and services in the long term.
- Growth in Veterinary Software and Services: Revenue growth in veterinary software, services, and diagnostic imaging systems is expected to contribute to overall expansion. This is led by continued adoption and expansion of cloud-native software installed bases, which generate recurring revenue.
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Capital Allocation Decisions for IDEXX Laboratories (IDXX)
Share Repurchases
- IDEXX allocated $208 million to share repurchases in the second quarter of 2024, leading to a 0.7% year-on-year reduction in diluted shares outstanding.
- For the full fiscal year 2024, the company repurchased $837.03 million of stock, a significant increase from $71.92 million in 2023.
- In December 2024, IDEXX's Board of Directors authorized an increase in its ongoing share repurchase program, allowing for the repurchase of up to five million additional shares, supplementing the 1.3 million shares remaining under previous authorizations as of December 3, 2024.
Share Issuance
- The company's shares outstanding have shown a declining trend over the last few years, indicating net share repurchases. Shares outstanding decreased by 2.67% in 2025, 0.87% in 2024, and 0.74% in 2023.
- IDEXX's 3-Year Share Buyback Ratio was 1.20% as of December 2025, reflecting net share buybacks over the period.
Capital Expenditures
- IDEXX's capital expenditures averaged $126 million for the fiscal years ending December 2020 to 2024.
- The company's estimated capital spending for the full year 2024 is approximately $180 million, with projections for 2025 at around $160 million.
- Capital expenditures are primarily focused on advancing the company's innovation agenda, including new platform development, and supporting high-quality placements of Companion Animal Group (CAG) Diagnostics capital instruments.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.22 |
| Mkt Cap | 31.7 |
| Rev LTM | 9,509 |
| Op Inc LTM | 1,406 |
| FCF LTM | 1,068 |
| FCF 3Y Avg | 901 |
| CFO LTM | 1,210 |
| CFO 3Y Avg | 1,033 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.4% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 4.7% |
| Op Inc Chg 3Y Avg | 3.7% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 17.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 18.3% |
| CFO/Rev 3Y Avg | 19.4% |
| FCF/Rev LTM | 14.9% |
| FCF/Rev 3Y Avg | 16.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.7 |
| P/S | 3.3 |
| P/Op Inc | 12.7 |
| P/EBIT | 13.8 |
| P/E | 24.2 |
| P/CFO | 22.9 |
| Total Yield | 3.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.1% |
| 3M Rtn | -6.1% |
| 6M Rtn | -17.2% |
| 12M Rtn | 12.5% |
| 3Y Rtn | 0.3% |
| 1M Excs Rtn | 2.7% |
| 3M Excs Rtn | -16.4% |
| 6M Excs Rtn | -24.8% |
| 12M Excs Rtn | -6.8% |
| 3Y Excs Rtn | -69.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Companion Animal Group (CAG) | 3,953 | 3,574 | 3,352 | 3,059 | 2,890 |
| Water | 201 | 185 | 168 | 156 | 147 |
| Livestock, Poultry and Dairy (LPD) | 132 | 122 | 122 | 123 | 136 |
| Other revenue | 17 | 16 | 19 | 30 | 43 |
| Total | 4,304 | 3,898 | 3,661 | 3,367 | 3,215 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Companion Animal Group (CAG) | 1,013 | 801 | 824 | 575 | 463 |
| Water | 74 | 73 | 65 | 59 | 62 |
| Livestock, Poultry and Dairy (LPD) | 10 | 20 | 29 | 40 | 25 |
| Other revenue | 0 | 5 | 14 | 21 | 4 |
| Total | 1,097 | 899 | 932 | 695 | 553 |
| $ Mil | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| CAG | 635 | 551 | 519 | 501 | |
| Unallocated Amounts | 241 | 208 | 152 | 132 | |
| LPD | 65 | 57 | |||
| Water | 45 | 42 | 44 | 41 | 38 |
| Other revenue | 45 | 38 | 36 | 33 | |
| PAS | 58 | 58 | |||
| Companion Animal Group (CAG) | 483 | ||||
| Production Animal Segment | 52 | ||||
| Total | 1,031 | 897 | 809 | 765 | 573 |
Price Behavior
| Market Price | $555.67 | |
| Market Cap ($ Bil) | 44.3 | |
| First Trading Date | 06/24/1991 | |
| Distance from 52W High | -27.5% | |
| 50 Days | 200 Days | |
| DMA Price | $554.64 | $626.29 |
| DMA Trend | down | down |
| Distance from DMA | 0.2% | -11.3% |
| 3M | 1YR | |
| Volatility | 32.7% | 42.6% |
| Downside Capture | 110.56 | 141.99 |
| Upside Capture | 42.16 | 113.50 |
| Correlation (SPY) | 36.1% | 36.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.50 | 0.58 | 0.85 | 1.01 | 1.24 | 1.05 |
| Up Beta | -0.04 | 0.64 | 0.85 | 0.83 | 1.51 | 1.16 |
| Down Beta | 1.31 | 1.25 | 0.63 | 1.10 | 0.80 | 0.80 |
| Up Capture | -2% | 3% | 46% | 58% | 119% | 93% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 20 | 32 | 62 | 127 | 373 |
| Down Capture | 70% | 57% | 143% | 136% | 129% | 105% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 21 | 31 | 63 | 124 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDXX | |
|---|---|---|---|---|
| IDXX | 1.9% | 42.5% | 0.14 | - |
| Sector ETF (XLV) | 22.5% | 15.7% | 1.09 | 35.3% |
| Equity (SPY) | 21.2% | 12.5% | 1.26 | 36.6% |
| Gold (GLD) | 21.9% | 27.8% | 0.70 | 13.7% |
| Commodities (DBC) | 25.0% | 18.7% | 1.06 | -9.5% |
| Real Estate (VNQ) | 12.7% | 13.9% | 0.62 | 30.9% |
| Bitcoin (BTCUSD) | -41.4% | 42.8% | -1.13 | 14.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDXX | |
|---|---|---|---|---|
| IDXX | -2.8% | 35.5% | -0.01 | - |
| Sector ETF (XLV) | 6.8% | 14.9% | 0.27 | 51.0% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 56.0% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 11.0% |
| Commodities (DBC) | 7.8% | 19.5% | 0.30 | 4.8% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 48.5% |
| Bitcoin (BTCUSD) | 12.1% | 53.5% | 0.41 | 22.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDXX | |
|---|---|---|---|---|
| IDXX | 20.4% | 33.1% | 0.64 | - |
| Sector ETF (XLV) | 10.9% | 16.6% | 0.54 | 54.8% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 58.1% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 10.6% |
| Commodities (DBC) | 6.4% | 18.0% | 0.28 | 11.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 44.3% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 13.6% |
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Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.0% | -5.5% | -0.4% |
| 2/2/2026 | -4.6% | -3.9% | -5.2% |
| 11/3/2025 | 14.8% | 12.5% | 15.3% |
| 8/4/2025 | 27.5% | 22.9% | 19.4% |
| 5/1/2025 | 9.0% | 12.5% | 18.7% |
| 2/3/2025 | 11.1% | 8.9% | 4.6% |
| 10/31/2024 | -9.8% | -6.1% | -6.5% |
| 8/6/2024 | 3.1% | 5.5% | 3.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 13 |
| # Negative | 11 | 9 | 11 |
| Median Positive | 6.3% | 5.8% | 5.9% |
| Median Negative | -4.5% | -4.8% | -5.2% |
| Max Positive | 27.5% | 22.9% | 19.4% |
| Max Negative | -9.8% | -22.0% | -12.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -0.0% | -5.5% | -0.4% |
| 2/2/2026 | -4.6% | -3.9% | -5.2% |
| 11/3/2025 | 14.8% | 12.5% | 15.3% |
| 8/4/2025 | 27.5% | 22.9% | 19.4% |
| 5/1/2025 | 9.0% | 12.5% | 18.7% |
| 2/3/2025 | 11.1% | 8.9% | 4.6% |
| 10/31/2024 | -9.8% | -6.1% | -6.5% |
| 8/6/2024 | 3.1% | 5.5% | 3.6% |
| 5/1/2024 | -5.0% | -1.8% | 1.4% |
| 2/5/2024 | 8.5% | 8.5% | 5.9% |
| 11/1/2023 | -1.0% | 5.8% | 16.6% |
| 8/1/2023 | -4.0% | -8.4% | -7.8% |
| 5/2/2023 | -4.5% | -0.8% | -5.1% |
| 2/6/2023 | 0.6% | 0.7% | -1.7% |
| 11/1/2022 | 9.8% | 7.1% | 18.4% |
| 8/2/2022 | 0.2% | 2.2% | -12.4% |
| 5/4/2022 | -5.7% | -22.0% | -11.4% |
| 2/2/2022 | 4.0% | 1.6% | 4.9% |
| 11/2/2021 | -5.9% | -4.8% | -10.1% |
| 7/30/2021 | -3.6% | 0.2% | -5.1% |
| 5/4/2021 | -4.2% | -4.5% | -0.4% |
| 2/2/2021 | 2.9% | 0.7% | 1.1% |
| 10/29/2020 | 4.5% | 11.0% | 7.4% |
| 7/31/2020 | 6.3% | 4.2% | 2.6% |
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 13 |
| # Negative | 11 | 9 | 11 |
| Median Positive | 6.3% | 5.8% | 5.9% |
| Median Negative | -4.5% | -4.8% | -5.2% |
| Max Positive | 27.5% | 22.9% | 19.4% |
| Max Negative | -9.8% | -22.0% | -12.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 4.67 Bil | 4.72 Bil | 4.76 Bil | 0.9% | Raised | Guidance: 4.68 Bil for 2026 | |
| 2026 Revenue Growth | 8.6% | 9.6% | 10.6% | 11.6% | 1.0% | Raised | Guidance: 8.6% for 2026 |
| 2026 Organic Revenue Growth | 7.7% | 8.7% | 9.7% | 8.8% | 0.7% | Raised | Guidance: 8.0% for 2026 |
| 2026 Operating Margin | 32.1% | 32.3% | 32.5% | 0.2% | 0.0% | Raised | Guidance: 32.25% for 2026 |
| 2026 EPS | 14.4 | 14.7 | 14.9 | 0.9% | Raised | Guidance: 14.5 for 2026 | |
| 2026 Capital Expenditures | 180.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |||
Prior: Q4 2025 Earnings Reported 2/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 4.63 Bil | 4.68 Bil | 4.72 Bil | 9.1% | Higher New | Actual: 4.29 Bil for 2025 | |
| 2026 Revenue Growth | 7.6% | 8.6% | 9.6% | -13.6% | -1.4% | Lower New | Actual: 9.95% for 2025 |
| 2026 Organic Revenue Growth | 7.0% | 8.0% | 9.0% | -12.6% | -1.2% | Lower New | Actual: 9.15% for 2025 |
| 2026 Operating Margin | 32.0% | 32.25% | 32.5% | 1.7% | 0.6% | Higher New | Actual: 31.7% for 2025 |
| 2026 EPS | 14.3 | 14.5 | 14.8 | 12.7% | Higher New | Actual: 12.9 for 2025 | |
| 2026 Capital Expenditures | 180.00 Mil | 28.6% | Higher New | Actual: 140.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 4.27 Bil | 4.29 Bil | 4.30 Bil | 1.0% | Raised | Guidance: 4.24 Bil for 2025 | |
| 2025 Revenue Growth | 9.6% | 9.95% | 10.3% | 14.4% | 1.2% | Raised | Guidance: 8.7% for 2025 |
| 2025 Organic Revenue Growth | 8.8% | 9.15% | 9.5% | 14.4% | 1.2% | Raised | Guidance: 8.0% for 2025 |
| 2025 Operating Margin | 31.6% | 31.7% | 31.8% | 0.8% | 0.2% | Raised | Guidance: 31.45% for 2025 |
| 2025 EPS | 12.8 | 12.9 | 13 | 2.6% | Raised | Guidance: 12.6 for 2025 | |
| 2025 Capital Expenditures | 140.00 Mil | -12.5% | Lowered | Guidance: 160.00 Mil for 2025 | |||
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 3052026 | 634.57 | 1,758 | 1,115,577 | 11,511,731 | Form |
| 2 | Mazelsky, Jonathan Jay | President and CEO | Direct | Sell | 3022026 | 657.55 | 23,326 | 15,338,081 | 54,975,573 | Form |
| 3 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 2272026 | 661.54 | 2,693 | 1,781,531 | 13,163,973 | Form |
| 4 | Erickson, Michael G | Executive Vice President | Direct | Sell | 2192026 | 627.38 | 5,371 | 3,369,666 | 7,963,574 | Form |
| 5 | Vandebroek, Sophie V | Direct | Sell | 2192026 | 628.62 | 1,464 | 920,293 | 407,343 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 3052026 | 634.57 | 1,758 | 1,115,577 | 11,511,731 | Form |
| 2 | Mazelsky, Jonathan Jay | President and CEO | Direct | Sell | 3022026 | 657.55 | 23,326 | 15,338,081 | 54,975,573 | Form |
| 3 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 2272026 | 661.54 | 2,693 | 1,781,531 | 13,163,973 | Form |
| 4 | Erickson, Michael G | Executive Vice President | Direct | Sell | 2192026 | 627.38 | 5,371 | 3,369,666 | 7,963,574 | Form |
| 5 | Vandebroek, Sophie V | Direct | Sell | 2192026 | 628.62 | 1,464 | 920,293 | 407,343 | Form | |
| 6 | Fennell, George | Executive Vice President | Direct | Sell | 2112026 | 646.72 | 11,345 | 7,336,993 | 6,352,691 | Form |
| 7 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 11102025 | 703.34 | 9,425 | 6,629,014 | 14,874,974 | Form |
| 8 | Szostak, M Anne | Direct | Sell | 8262025 | 647.33 | 2,187 | 1,415,700 | 169,599 | Form | |
| 9 | Erickson, Michael G | Executive Vice President | Direct | Sell | 8142025 | 649.96 | 406 | 263,813 | 7,336,077 | Form |
| 10 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 8132025 | 656.53 | 1,200 | 787,840 | 11,034,321 | Form |
| 11 | Underberg, Sharon E | EVP, GC & Corporate Secretary | Direct | Sell | 8122025 | 651.60 | 5,450 | 3,551,220 | 4,011,024 | Form |
| 12 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 8082025 | 630.43 | 7,143 | 4,503,163 | 11,352,122 | Form |
| 13 | Mazelsky, Jonathan Jay | President and CEO | Direct | Sell | 8082025 | 631.98 | 29,260 | 18,491,642 | 52,650,813 | Form |
| 14 | Lane, Michael | Executive Vice President | Direct | Sell | 8082025 | 627.74 | 8,411 | 5,279,893 | 4,476,983 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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