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Idexx Laboratories

IDXX Nasdaq Health Care Equipment Financials FY2016–FY2025

Idexx Laboratories' revenue rose 10.4% to $4.3 billion in fiscal 2025. Its operating margin was 31.6%, up from 28.9% a year earlier. Free cash flow was $1.1 billion, up 30.8%. It paid out $1.2 billion in dividends and buybacks, 115% of free cash flow. The diluted share count fell 2.7%.

Last close · Oct 23, 2026

$560.38

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$4.3B
10.4% vs prior year
Operating margin Operating income as a share of revenue.
31.6%
2.7 pts
Net income Profit after all expenses, interest and tax.
$1.1B
19.3%
Free cash flow Cash from operations minus capital spending.
$1.1B
30.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
57.3%
7.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$44.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
39.4x
On $14.23 EPS (TTM)

What Idexx Laboratories does

No business description yet.

Legal name
IDEXX LABORATORIES INC /DE
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000874716-26-000038
0000874716

Revenue and margins

Idexx Laboratories had $4.3B of revenue in fiscal 2025, up 10.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 20.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 24.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Idexx Laboratories returned $1.2B to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count fell 2.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Idexx Laboratories yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$270M and divides by 81.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 39.4x · peers 27.6x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Idexx Laboratories can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $145M$113M$454M$288M$180M
Debt incl. finance leases $851M$770M$698M$618M$450M
Net debt / EBITDA 0.7x0.7x0.2x0.3x0.2x
Debt / equity 1.2x1.3x0.5x0.4x0.3x
Interest coverage 31.3x22.6x26.4x36.2x35.0x
Current ratio 1.3x0.9x1.6x1.3x1.2x
Quick ratio 0.9x0.6x1.2x1.0x0.9x
Total assets $2.4B$2.7B$3.3B$3.3B$3.4B
Total liabilities $1.7B$2.1B$1.8B$1.7B$1.7B
Shareholders' equity $690M$609M$1.5B$1.6B$1.6B
Net debt (− = net cash) $706M$657M$244M$329M$270M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$37.7M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 4, 2026 Lawrence D KingsleyDirector Sold 2,203 $532.08 $1.2M Form 4
Mar 3, 2026 Nimrata HuntExecutive Vice President Sold 1,758 $634.57 $1.1M Form 4
Feb 26, 2026 Jonathan Jay MazelskyPresident and CEO, Director Sold 23,326 $657.55 $15.3M Form 4
Feb 26, 2026 Nimrata HuntExecutive Vice President Sold 2,693 $661.54 $1.8M Form 4
Feb 17, 2026 Michael G EricksonExecutive Vice President Sold 5,371 $627.38 $3.4M Form 4
Feb 17, 2026 Sophie V. VandebroekDirector Sold 1,464 $628.62 $0.9M Form 4
Feb 10, 2026 George FennellExecutive Vice President Sold 11,345 $646.72 $7.3M Form 4
Nov 7, 2025 Nimrata HuntExecutive Vice President Sold 9,425 $703.34 $6.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 8 / 96 / 98 / 9
Accruals ratio −2.1%−1.3%−3.7%
Altman Z'' 8.689.2310.43

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Idexx Laboratories IDXX $44.4B 10.4% 31.6% 24.6% 57.3% 39.4x 8
Dexcom DXCM $30.4B 15.6% 19.6% 23.1% 44.9% 30.9x 8 Compare →
Bruker BRKR $8.8B 2.1% 2.0% 1.3% 0.9% — 4 Compare →
ResMed | RMD $36.9B 9.9% 33.4% 29.2% 26.7% 24.2x 6 Compare →
AdaptHealth AHCO $819M −0.5% 2.8% 6.8% 2.1% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.8B $2.0B $2.2B $2.4B $2.7B $3.2B $3.4B $3.7B $3.9B $4.3B
Gross profit $975M $1.1B $1.2B $1.4B $1.6B $1.9B $2.0B $2.2B $2.4B $2.7B
Research and development $101M $109M $118M $133M $141M $161M $255M $191M $220M $251M
Operating income $350M $413M $491M $553M $695M $932M $899M $1.1B $1.1B $1.4B
Interest expense $32.0M $37.2M $34.7M $31.1M $33.1M $29.8M $39.9M $41.6M $31.2M $38.9M
Pretax income $322M $381M $458M $522M $662M $903M $860M $1.1B $1.1B $1.3B
Income tax $99.8M $118M $80.7M $94.4M $79.9M $158M $181M $216M $222M $265M
Net income $222M $263M $377M $428M $582M $745M $679M $845M $888M $1.1B
Diluted EPS $2.44 $2.94 $4.26 $4.89 $6.71 $8.60 $8.03 $10.06 $10.67 $13.08
Diluted shares 0.09B 0.09B 0.09B 0.09B 0.09B 0.09B 0.08B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $339M $373M $400M $459M $648M $756M $543M $907M $929M $1.2B
Capital expenditure $64.8M $74.4M $116M $155M $107M $120M $149M $134M $121M $125M
Free cash flow $274M $299M $284M $304M $541M $636M $394M $773M $808M $1.1B
Depreciation and amortization $78.2M $83.1M $83.2M $88.0M $96.0M $105M $112M $115M $130M $145M
Stock-based compensation $19.9M $23.5M $25.2M $39.3M $31.0M $37.8M $49.8M $59.7M $60.3M $60.0M
Acquisitions $2.0M $14.6M $22.5M $50.3M $1.5M $173M $11.5M $0.0M $76.7M $0.0M
Share buybacks $304M $283M $369M $302M $183M $747M $820M $71.9M $837M $1.2B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $304M $283M $369M $302M $183M $747M $820M $71.9M $837M $1.2B
Balance sheet
Cash and short-term investments $392M $472M $124M $90.3M $384M $145M $113M $454M $288M $180M
Total debt $594M $607M $602M $699M $909M $851M $770M $698M $618M $450M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $846M $972M $654M $680M $1.1B $956M $1.1B $1.5B $1.4B $1.4B
Current liabilities $935M $1.0B $770M $725M $583M $764M $1.2B $952M $1.1B $1.1B
Inventory $158M $164M $173M $195M $210M $269M $368M $380M $382M $378M
Property and equipment, net $357M $379M $437M $534M $555M $588M $650M $702M $713M $747M
Total assets $1.5B $1.7B $1.5B $1.8B $2.3B $2.4B $2.7B $3.3B $3.3B $3.4B
Total liabilities $1.6B $1.8B $1.5B $1.7B $1.7B $1.7B $2.1B $1.8B $1.7B $1.7B
Shareholders' equity −$108M −$54.1M −$9.5M $178M $632M $690M $609M $1.5B $1.6B $1.6B
Margins
Gross margin 54.9% 55.7% 56.1% 56.7% 58.0% 58.8% 59.5% 59.8% 61.0% 61.8%
Operating margin 19.7% 21.0% 22.2% 23.0% 25.7% 29.0% 26.7% 30.0% 29.0% 31.6%
EBITDA margin 24.1% 25.2% 26.0% 26.6% 29.2% 32.2% 30.0% 33.1% 32.3% 35.0%
Net margin 12.5% 13.4% 17.0% 17.8% 21.5% 23.2% 20.2% 23.1% 22.8% 24.6%
FCF margin 15.4% 15.2% 12.9% 12.6% 20.0% 19.8% 11.7% 21.1% 20.7% 24.6%
Returns
Return on capital — — 147.3% 72.1% 62.8% 60.2% 53.3% 58.4% 49.4% 57.3%
Return on capital employed 57.7% 63.3% 66.6% 59.0% 49.3% 55.1% 56.4% 57.5% 49.8% 61.4%
Return on equity — — — — 143.7% 112.7% 104.6% 80.7% 57.7% 66.2%
Return on assets 14.8% 16.2% 23.2% 25.4% 28.2% 31.5% 26.2% 28.1% 27.1% 31.9%
Growth
Revenue growth 10.8% 10.9% 12.4% 8.8% 12.5% 18.8% 4.7% 8.7% 6.5% 10.4%
Net income growth 15.6% 18.5% 43.3% 13.4% 36.0% 28.0% −8.8% 24.4% 5.1% 19.3%
EPS growth 19.0% 20.5% 44.9% 14.8% 37.2% 28.2% −6.6% 25.3% 6.1% 22.6%
FCF growth 97.4% 9.0% −4.9% 7.0% 77.9% 17.5% −38.0% 96.1% 4.6% 30.8%
Share count change −3.0% −1.5% −1.2% −1.1% −0.9% −0.2% −2.3% −0.7% −0.9% −2.7%
Financial health
Net debt / EBITDA 0.5x 0.3x 0.8x 1.0x 0.7x 0.7x 0.7x 0.2x 0.3x 0.2x
Debt / equity — — — 3.9x 1.4x 1.2x 1.3x 0.5x 0.4x 0.3x
Interest coverage 10.9x 11.1x 14.1x 17.8x 21.0x 31.3x 22.6x 26.4x 36.2x 35.0x
Current ratio 0.9x 1.0x 0.9x 0.9x 1.8x 1.3x 0.9x 1.6x 1.3x 1.2x
Quick ratio 0.7x 0.8x 0.6x 0.7x 1.5x 0.9x 0.6x 1.2x 1.0x 0.9x
Capital allocation
Capex / revenue 3.7% 3.8% 5.2% 6.4% 4.0% 3.7% 4.4% 3.7% 3.1% 2.9%
Stock comp / revenue 1.1% 1.2% 1.1% 1.6% 1.1% 1.2% 1.5% 1.6% 1.6% 1.4%
Payouts / FCF 110.9% 94.5% 129.9% 99.2% 33.8% 117.4% 208.0% 9.3% 103.6% 115.1%
Quality scores
Piotroski F-score 7.0 9.0 8.0 8.0 7.0 7.0 5.0 8.0 6.0 8.0
Altman Z'' 2.2 3.0 4.1 4.8 6.9 7.4 6.5 8.7 9.2 10.4
Accruals ratio −7.8% −6.8% −1.4% −1.9% −3.2% −0.5% 5.3% −2.1% −1.3% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0000874716). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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