IDEXX Laboratories (IDXX)
Market Price (3/10/2026): $608.4 | Market Cap: $48.6 BilSector: Health Care | Industry: Health Care Equipment
IDEXX Laboratories (IDXX)
Market Price (3/10/2026): $608.4Market Cap: $48.6 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% | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -42% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x, P/EPrice/Earnings or Price/(Net Income) is 46x |
| 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% | Key risksIDXX key risks include [1] subdued U.S. Show more. | |
| Low stock price volatilityVol 12M is 44% | ||
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Sustainable Resource Management. 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% |
| Low stock price volatilityVol 12M is 44% |
| 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 -26%, 3Y Excs Rtn is -42% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 36x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 41x, P/EPrice/Earnings or Price/(Net Income) is 46x |
| Key risksIDXX key risks include [1] subdued U.S. Show more. |
Qualitative Assessment
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IDEXX Laboratories (IDXX) stock has lost about 20% since 11/30/2025 because of the following key factors:
1. IDEXX Laboratories reported a slight miss on fourth-quarter 2025 earnings per share (EPS) and a lower-than-anticipated gross margin, which contributed to investor caution. On February 2, 2026, the company announced Q4 2025 EPS of $2.92, narrowly missing analysts' consensus estimates of $2.93 by $0.01. Despite revenue growing 14.3% year-over-year to $1.09 billion and exceeding consensus, the reported Q4 gross margin of 60.3% fell below the 61% consensus, tempering investor confidence.
2. The company's initial 2026 guidance suggested a deceleration in growth compared to previous periods, particularly in key segments. IDEXX provided an initial 2026 revenue guidance range of $4.632 billion to $4.720 billion, reflecting reported growth of 7.6% to 9.6% and organic growth of 7.0% to 9.0%. This outlook indicated a "cooler pace of growth" than the prior year. Furthermore, a decline in instrument revenues is anticipated as the company laps a high-growth launch period, and while Companion Animal Group (CAG) Diagnostics recurring revenues are projected to grow 8% to 10% organically, this is a step down from the double-digit organic growth observed in Q4 2025.
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1. IDEXX Laboratories reported a slight miss on fourth-quarter 2025 earnings per share (EPS) and a lower-than-anticipated gross margin, which contributed to investor caution. On February 2, 2026, the company announced Q4 2025 EPS of $2.92, narrowly missing analysts' consensus estimates of $2.93 by $0.01. Despite revenue growing 14.3% year-over-year to $1.09 billion and exceeding consensus, the reported Q4 gross margin of 60.3% fell below the 61% consensus, tempering investor confidence.
2. The company's initial 2026 guidance suggested a deceleration in growth compared to previous periods, particularly in key segments. IDEXX provided an initial 2026 revenue guidance range of $4.632 billion to $4.720 billion, reflecting reported growth of 7.6% to 9.6% and organic growth of 7.0% to 9.0%. This outlook indicated a "cooler pace of growth" than the prior year. Furthermore, a decline in instrument revenues is anticipated as the company laps a high-growth launch period, and while Companion Animal Group (CAG) Diagnostics recurring revenues are projected to grow 8% to 10% organically, this is a step down from the double-digit organic growth observed in Q4 2025.
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Stock Movement Drivers
Fundamental Drivers
The -18.9% change in IDXX stock from 11/30/2025 to 3/9/2026 was primarily driven by a -21.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 752.88 | 610.45 | -18.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,167 | 4,304 | 3.3% |
| Net Income Margin (%) | 24.7% | 24.6% | -0.1% |
| P/E Multiple | 58.7 | 46.0 | -21.6% |
| Shares Outstanding (Mil) | 80 | 80 | 0.3% |
| Cumulative Contribution | -18.9% |
Market Drivers
11/30/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IDXX | -18.9% | |
| Market (SPY) | -0.7% | 46.3% |
| Sector (XLV) | -2.2% | 33.9% |
Fundamental Drivers
The -5.7% change in IDXX stock from 8/31/2025 to 3/9/2026 was primarily driven by a -12.8% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 647.09 | 610.45 | -5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,038 | 4,304 | 6.6% |
| Net Income Margin (%) | 24.4% | 24.6% | 0.8% |
| P/E Multiple | 52.8 | 46.0 | -12.8% |
| Shares Outstanding (Mil) | 80 | 80 | 0.7% |
| Cumulative Contribution | -5.7% |
Market Drivers
8/31/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IDXX | -5.7% | |
| Market (SPY) | 5.4% | 38.7% |
| Sector (XLV) | 12.8% | 29.0% |
Fundamental Drivers
The 39.7% change in IDXX stock from 2/28/2025 to 3/9/2026 was primarily driven by a 14.2% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 437.11 | 610.45 | 39.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,898 | 4,304 | 10.4% |
| Net Income Margin (%) | 22.8% | 24.6% | 8.1% |
| P/E Multiple | 40.3 | 46.0 | 14.2% |
| Shares Outstanding (Mil) | 82 | 80 | 2.4% |
| Cumulative Contribution | 39.7% |
Market Drivers
2/28/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IDXX | 39.7% | |
| Market (SPY) | 15.2% | 45.6% |
| Sector (XLV) | 5.0% | 35.8% |
Fundamental Drivers
The 29.0% change in IDXX stock from 2/28/2023 to 3/9/2026 was primarily driven by a 27.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 473.24 | 610.45 | 29.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,367 | 4,304 | 27.8% |
| Net Income Margin (%) | 20.2% | 24.6% | 22.1% |
| P/E Multiple | 57.8 | 46.0 | -20.3% |
| Shares Outstanding (Mil) | 83 | 80 | 3.8% |
| Cumulative Contribution | 29.0% |
Market Drivers
2/28/2023 to 3/9/2026| Return | Correlation | |
|---|---|---|
| IDXX | 29.0% | |
| Market (SPY) | 77.5% | 48.1% |
| Sector (XLV) | 26.9% | 42.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IDXX Return | 32% | -38% | 36% | -26% | 64% | -10% | 22% |
| Peers Return | 31% | -30% | 15% | -17% | -11% | 6% | -17% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 79% |
Monthly Win Rates [3] | |||||||
| IDXX Win Rate | 58% | 42% | 50% | 42% | 58% | 0% | |
| Peers Win Rate | 67% | 35% | 56% | 46% | 40% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| IDXX Max Drawdown | -7% | -51% | -4% | -27% | -13% | -10% | |
| Peers Max Drawdown | -7% | -41% | -12% | -22% | -32% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[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 3/9/2026 (YTD)
How Low Can It Go
| Event | IDXX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -54.0% | -25.4% |
| % Gain to Breakeven | 117.4% | 34.1% |
| Time to Breakeven | 1,116 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.1% | -33.9% |
| % Gain to Breakeven | 59.1% | 51.3% |
| Time to Breakeven | 45 days | 148 days |
| 2018 Correction | ||
| % Loss | -30.8% | -19.8% |
| % Gain to Breakeven | 44.4% | 24.7% |
| Time to Breakeven | 151 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -57.3% | -56.8% |
| % Gain to Breakeven | 134.1% | 131.3% |
| Time to Breakeven | 519 days | 1,480 days |
Compare to ZTS, HSIC, NEOG, TMO
In The Past
IDEXX Laboratories's stock fell -54.0% during the 2022 Inflation Shock from a high on 8/5/2021. A -54.0% loss requires a 117.4% gain to breakeven.
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About IDEXX Laboratories (IDXX)
IDEXX Laboratories, Inc. develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through CAG; Water Quality Products; LPD; and Other segments. It 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. The company also offers diagnostic and health-monitoring products for livestock, poultry, and dairy; products that test water for various microbiological contaminants; and point-of-care electrolytes and blood gas analyzers and SARS-CoV-2 RT-PCR that are used in the human point-of-care medical diagnostics market; in-clinic chemistry, blood and urine chemistry, hematology, and SediVue Dx analyzers; SNAP rapid assays test kits. In addition, 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; 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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- Reference Laboratory Services: Provides comprehensive diagnostic testing for companion animals through a global network of veterinary reference laboratories.
- In-house Diagnostic Instruments and Consumables: Offers a range of diagnostic analyzers and test kits that enable veterinary practices to perform immediate on-site testing.
- Veterinary Practice Software and Services: Delivers practice management software, digital imaging solutions, and client communication tools for veterinary clinics.
- Water Quality Products: Manufactures tests and instruments for rapid detection of microbial contaminants in water for municipal, industrial, and commercial applications.
- Livestock, Poultry and Dairy Diagnostics: Develops and supplies diagnostic tests to monitor and control diseases in livestock, poultry, and dairy animals to ensure animal health and food safety.
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IDEXX Laboratories (IDXX) primarily sells its products and services to other companies and organizations, rather than directly to individual consumers. However, its customer base is highly fragmented across numerous businesses worldwide, meaning there are no single "major customer companies" (e.g., publicly traded corporations with symbols) that account for a significant portion of its revenue. Instead, its customers fall into the following categories of businesses and organizations:- Veterinary Practices and Clinics: This is IDEXX's largest customer segment. They sell diagnostic instruments, tests, reference laboratory services, and practice management software directly to independent veterinary clinics, small veterinary groups, and larger corporate veterinary hospital chains globally.
- Livestock and Poultry Producers/Integrators: IDEXX provides diagnostic tests and services for disease detection, prevention, and control in livestock (e.g., cattle, swine) and poultry. These customers include large agricultural operations, integrators, and animal health laboratories supporting the food production industry.
- Water Quality Laboratories and Municipalities: IDEXX offers rapid tests for microbiological water quality, serving municipal water treatment facilities, industrial clients, and government environmental agencies that monitor public health and safety.
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Jay Mazelsky, President and Chief Executive Officer
Jay Mazelsky joined IDEXX as Executive Vice President in August 2012, became Interim President and CEO in June 2019, and was appointed President and CEO in October 2019. Before joining IDEXX, he served as Senior Vice President and General Manager of Computed Tomography, Nuclear Medicine, and Radiation Therapy Planning at Philips Healthcare from 2010 to 2012. Prior to Philips, Mr. Mazelsky held various executive roles at Agilent Technologies from 1997 to 2002, including leading the integration of Agilent's Healthcare Group into Philips. From 1988 to 1996, he was in several roles at Hewlett Packard, focusing on finance, marketing, and business planning. He currently serves as a Board Director for Dentsply Sirona Inc. since May 2023.
Andrew Emerson, Executive Vice President, Chief Financial Officer and Treasurer (effective March 1, 2025)
Andrew Emerson is slated to succeed Brian McKeon as Executive Vice President, Chief Financial Officer and Treasurer effective March 1, 2025. He joined IDEXX in November 2015 and has since led the finance organization for the Companion Animal Group (CAG) business. In March 2020, he expanded his responsibilities to include corporate finance functions such as investor relations, financial planning and analysis, accounting, tax, and treasury. Before his tenure at IDEXX, Mr. Emerson held significant finance roles at Medtronic plc, joining through its acquisition of Covidien plc, where he held various finance positions including Controller for the Advanced Surgical Technologies business unit.
Michael Lane, Executive Vice President, General Manager, Global Reference Laboratories, Diagnostic Solutions and Information Technology
Michael Lane has contributed over two decades of leadership to IDEXX. He has served as an Executive Vice President of IDEXX since January 2020, following his role as Corporate Vice President from July 2015 to January 2020. Effective January 1, 2025, his responsibilities will also encompass the Water, Livestock, Poultry and Dairy, and OPTI Medical businesses.
Michael Schreck, Executive Vice President, General Manager, Veterinary Software and Services, Corporate Accounts and Customer Experience
Michael Schreck joined IDEXX in July 2020 as Senior Vice President and General Manager of IDEXX Veterinary Software and Services. He is responsible for leading the strategy and execution in these areas.
Martin Smith, Executive Vice President, Global Operations and R&D
Martin Smith joined IDEXX in August 2021 as Executive Vice President and Chief Technology Officer. In this role, he is responsible for the company's innovation pipeline.
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The key risks to IDEXX Laboratories (IDXX) include:
- Subdued U.S. Clinical Visit Growth: A primary risk for IDEXX Laboratories is the potential for slower growth in U.S. clinical visits. The company's Companion Animal Group (CAG), which generates the majority of its revenue, heavily relies on consistent diagnostic testing volumes. A reduction in non-essential pet owner visits could limit the growth of the company's recurring revenue, which is a significant driver of its valuation.
- Intense Competition and Market Saturation: IDEXX operates in a highly competitive veterinary diagnostics market. The company faces challenges from established competitors, such as Mars (Antech Diagnostics) and Zoetis (Abaxis, Inc.), as well as new entrants and technological advancements like AI and machine learning. Consolidation among competitors and customers, including veterinary diagnostic vertical integration among customers, could further intensify competition, potentially eroding IDEXX's market share and pricing power.
- Economic and Public Health Risks: IDEXX Laboratories is susceptible to economic downturns and public health crises. A weak economy can lead to reduced investment in testing by various customers, including government laboratories, water utilities, and livestock producers, thereby impacting product demand. Additionally, public health issues such as pandemics could disrupt supply chains, delay regulatory processes, and result in business lockdowns, negatively affecting the company's financial condition and operations.
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IDEXX Laboratories (IDXX) operates in several key addressable markets for its main products and services, primarily focusing on companion animal diagnostics, water quality testing, and livestock, poultry, and dairy diagnostics.
The company estimates its global addressable market across its various segments to be $45 billion.
Here are the addressable market sizes for its main product and service categories:
-
Companion Animal Diagnostics:
- Global: The global companion animal diagnostics market was valued at USD 5.87 billion in 2024 and is projected to reach USD 14.47 billion by 2034. Another estimate values the global companion animal diagnostic market at USD 5,336 million in 2024, anticipated to reach USD 10,829 million by 2032. The global companion animal diagnostic services market size is expected to reach USD 13.95 billion by 2030. In another projection, the companion animal diagnostics market is expected to reach USD 4.55 billion by 2029 from USD 2.99 billion in 2024.
- U.S.: The U.S. companion animal diagnostics market size is worth more than USD 2.89 billion in 2025 and is projected to exceed USD 6.61 billion by 2034.
-
Water Quality Testing Services:
- Global: The global water quality testing services market is valued at USD 5.2 billion in 2024 and is expected to reach USD 14.9 billion by 2033. The global water testing equipment market size is expected to reach USD 8.04 billion by 2032.
-
Wastewater Surveillance:
- Global: The global wastewater surveillance market is expected to grow from USD 0.88 billion in 2025 to USD 1.22 billion by 2030.
-
Veterinary Reference Laboratory Services:
- Global: The global veterinary reference laboratory market is projected to reach USD 7.8 billion by 2029 from USD 4.6 billion in 2024.
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IDEXX Laboratories (IDXX) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Launch and Adoption of New Diagnostic Products and Technologies: The successful introduction and increasing placements of innovative products like the IDEXX inVue Dx™ Cellular Analyzer are significant growth drivers. This new cellular analyzer garnered nearly 1,600 preorders globally by the end of Q4 2024 and saw nearly 2,400 placements by Q2 2025, with an outlook for higher placements and revenues. Additionally, the launch of the IDEXX Cancer Dx™ test for canine lymphoma in North American reference laboratories, adopted by over 1,000 practices, is set to further enhance diagnostic capabilities and contribute to revenue. IDEXX emphasizes its broader innovation agenda as a strong performance driver.
- Growth in Companion Animal Group (CAG) Diagnostics Recurring Revenue: A core driver is the consistent organic growth in CAG Diagnostics recurring revenue, fueled by increased diagnostic utilization and strong sales of IDEXX VetLab® consumables. This segment reported a 7% organic increase in Q4 2024 and 10% organically in Q3 2025, supported by high customer retention levels and increased diagnostic frequency per clinical visit. Analysts project continued strong growth in worldwide CAG diagnostics recurring revenue for 2026.
- International Market Expansion: International markets represent a robust area for growth. The company reported strong international CAG Diagnostic recurring revenue growth of 12% in Q4 2024. International business has consistently outperformed the US business in growth rates, with international revenues increasing by 12% compared to 7.7% for US revenues in the first nine months of the year. Double-digit growth in IDEXX VetLab consumable revenues in international regions further supports this expansion.
- Net Price Realization: IDEXX consistently benefits from net price improvements across its offerings, which contributes to overall revenue growth and helps offset inflationary pressures. The company reported average global net price improvement of 4% to 4.5% in Q4 2024 and solid price realization in Q2 and Q3 2025. This strategic pricing approach is expected to remain durable.
- Expansion of Veterinary Software, Services, and Diagnostic Imaging: Growth in IDEXX's software business, particularly with double-digit growth in cloud-native practice information management systems (PIMS) placements, is a significant revenue driver. This expansion enhances clinic efficiency and deepens connections with veterinary practices and pet owners. Veterinary software, services, and diagnostic imaging systems revenue increased 9% as reported and 7% organically in Q1 2025, contributing positively to gross margins. The company also highlights "Vertical SaaS for Animal Health" as a key strategic growth area.
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Share Repurchases
- 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 of common stock as of December 9, 2024.
- As of December 3, 2024, 1.3 million shares remained under the existing share repurchase program.
- The company repurchased approximately 1.74 million shares in 2024 and planned to repurchase approximately $1.5 billion worth of shares in 2025.
Share Issuance
- IDEXX Laboratories' annual net common equity issued/repurchased was -$803 million in 2024, -$35 million in 2023, -$795 million in 2022, and -$716 million in 2021, indicating net repurchases rather than issuances.
- Basic shares outstanding for the twelve months ending September 30, 2025, showed a 2.05% decline year-over-year.
- A reduction in average shares outstanding of 2.5% to 3% is projected for 2025.
Outbound Investments
- Cash used by investing activities increased to $207.1 million in 2024 from $125.3 million in 2023, primarily due to the acquisition of a software business during 2024.
- The company's investments and advances were reported at $58 million as of June 2025.
Capital Expenditures
- Capital expenditures totaled approximately $130.92 million in 2024, $133.63 million in 2023, and $158.84 million in 2022.
- Expected capital expenditures for 2025 are approximately $140 million to $160 million.
- The primary focus of these expenditures for 2025 includes investments in manufacturing and operations facilities to support growth, as well as customer-facing software development.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
| 01312025 | IDXX | IDEXX Laboratories | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 26.9% | 58.9% | -14.5% |
| 07312024 | IDXX | IDEXX Laboratories | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -12.0% | 12.2% | -24.2% |
| 06302022 | IDXX | IDEXX Laboratories | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 17.0% | 43.2% | -7.4% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 122.36 |
| Mkt Cap | 48.8 |
| Rev LTM | 9,467 |
| Op Inc LTM | 1,360 |
| FCF LTM | 1,044 |
| FCF 3Y Avg | 872 |
| CFO LTM | 1,182 |
| CFO 3Y Avg | 1,006 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.9% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 17.8% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 17.5% |
| CFO/Rev 3Y Avg | 19.1% |
| FCF/Rev LTM | 14.1% |
| FCF/Rev 3Y Avg | 15.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 48.8 |
| P/S | 4.3 |
| P/EBIT | 15.0 |
| P/E | 23.0 |
| P/CFO | 24.4 |
| Total Yield | 3.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.3% |
| 3M Rtn | 4.0% |
| 6M Rtn | 4.7% |
| 12M Rtn | -3.7% |
| 3Y Rtn | -5.4% |
| 1M Excs Rtn | -5.1% |
| 3M Excs Rtn | 2.9% |
| 6M Excs Rtn | -1.2% |
| 12M Excs Rtn | -21.2% |
| 3Y Excs Rtn | -76.9% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $610.45 | |
| Market Cap ($ Bil) | 48.9 | |
| First Trading Date | 06/24/1991 | |
| Distance from 52W High | -20.4% | |
| 50 Days | 200 Days | |
| DMA Price | $666.25 | $631.81 |
| DMA Trend | up | down |
| Distance from DMA | -8.4% | -3.4% |
| 3M | 1YR | |
| Volatility | 27.4% | 43.9% |
| Downside Capture | 147.46 | 120.50 |
| Upside Capture | 65.18 | 135.35 |
| Correlation (SPY) | 47.0% | 46.1% |
IDXX Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 1.28 | 1.11 | 1.10 | 1.01 | 1.09 |
| Up Beta | 0.23 | 0.50 | 0.71 | 0.91 | 1.10 | 1.19 |
| Down Beta | 2.15 | 1.87 | 1.43 | 0.86 | 0.62 | 0.88 |
| Up Capture | 61% | 102% | 58% | 118% | 157% | 121% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 21 | 30 | 62 | 131 | 379 |
| Down Capture | 113% | 137% | 146% | 127% | 106% | 105% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 20 | 31 | 62 | 119 | 372 |
[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 | 41.7% | 43.8% | 0.91 | - |
| Sector ETF (XLV) | 4.7% | 17.5% | 0.11 | 36.3% |
| Equity (SPY) | 19.6% | 19.1% | 0.81 | 46.2% |
| Gold (GLD) | 77.6% | 26.1% | 2.18 | 4.0% |
| Commodities (DBC) | 20.2% | 17.2% | 0.92 | 15.5% |
| Real Estate (VNQ) | 6.1% | 16.4% | 0.19 | 43.2% |
| Bitcoin (BTCUSD) | -24.3% | 45.7% | -0.47 | 20.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDXX | |
|---|---|---|---|---|
| IDXX | 2.8% | 35.3% | 0.15 | - |
| Sector ETF (XLV) | 7.9% | 14.5% | 0.36 | 51.4% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 57.2% |
| Gold (GLD) | 24.0% | 17.2% | 1.14 | 10.1% |
| Commodities (DBC) | 11.8% | 19.0% | 0.50 | 8.4% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.18 | 48.6% |
| Bitcoin (BTCUSD) | 7.1% | 56.8% | 0.35 | 22.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IDXX | |
|---|---|---|---|---|
| IDXX | 23.6% | 32.8% | 0.72 | - |
| Sector ETF (XLV) | 10.7% | 16.5% | 0.53 | 54.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.73 | 58.6% |
| Gold (GLD) | 14.9% | 15.6% | 0.79 | 8.4% |
| Commodities (DBC) | 8.9% | 17.6% | 0.42 | 13.5% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.26 | 44.3% |
| Bitcoin (BTCUSD) | 65.7% | 66.8% | 1.05 | 13.0% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 14 |
| # Negative | 10 | 8 | 10 |
| Median Positive | 5.4% | 5.6% | 6.7% |
| Median Negative | -4.6% | -4.7% | -5.9% |
| 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 |
|---|---|---|
| 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 11102025 | 703.34 | 9,425 | 6,629,014 | 14,874,974 | Form |
| 2 | Szostak, M Anne | Direct | Sell | 8262025 | 647.33 | 2,187 | 1,415,700 | 169,599 | Form | |
| 3 | Erickson, Michael G | Executive Vice President | Direct | Sell | 8142025 | 649.96 | 406 | 263,813 | 7,336,077 | Form |
| 4 | Hunt, Nimrata | Executive Vice President | Direct | Sell | 8132025 | 656.53 | 1,200 | 787,840 | 11,034,321 | Form |
| 5 | Underberg, Sharon E | EVP, GC & Corporate Secretary | Direct | Sell | 8122025 | 651.60 | 5,450 | 3,551,220 | 4,011,024 | 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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