Idexx Laboratories vs Steris
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KIRA’s take AI analyst
I put Idexx Laboratories and Steris side by side, using each one’s latest annual report. Here is what stands out:
- Steris is the larger business, with $5.9B of revenue in fiscal 2026 against $4.3B for Idexx Laboratories.
- Idexx Laboratories grew revenue faster (10.4%, against 8.7%).
- Idexx Laboratories kept more of each dollar of sales as operating profit (31.6% operating margin, against 18.6%).
- Idexx Laboratories turned more of its sales into free cash flow (24.6% FCF margin, against 16.4%).
- Idexx Laboratories earned a higher return on the capital invested in it (57.3%, against 9.6%).
- Investors pay more for each dollar of Idexx Laboratories’s earnings: a P/E of 40.1x against 28.1x for Steris.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Idexx Laboratories
IDXX
9/11
Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Steris
STE
2/11
5-year growthPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | IDXX FY25 | STE FY26 |
|---|---|---|
| Size | ||
| Market cap | $45.2B | $22.5B |
| Revenue | $4.3B | $5.9B |
| Free cash flow | $1.1B | $972M |
| Net income | $1.1B | $782M |
| Growth | ||
| Revenue growth | 10.4% | 8.7% |
| 5-year growth | 9.7% | 13.8% |
| Share count change | −2.7% | −0.4% |
| Profitability | ||
| Gross margin | 61.8% | 44.3% |
| Operating margin | 31.6% | 18.6% |
| Net margin | 24.6% | 13.2% |
| FCF margin | 24.6% | 16.4% |
| Return on capital | 57.3% | 9.6% |
| Return on equity | 66.2% | 11.4% |
| Balance sheet | ||
| Net debt | $270M | $1.5B |
| Net debt / EBITDA | 0.2x | 0.9x |
| Dividends and buybacks | $1.2B | $477M |
| Valuation & quality | ||
| P/E | 40.1x | 28.1x |
| Piotroski F-score | 8 | 9 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.