IDEXX Laboratories, Inc.

IDXX · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Valuation
Market cap	$54,022	$33,854	$46,098	$33,786	$55,833	$42,386	$22,142	$15,773	$13,260	$9,944	$6,183	$7,420	$5,655	$5,103	$4,371	$3,995	$3,143	$2,163	$3,609	$2,493	$2,341	$1,868	$1,586	$1,104	$949	$761	$618	$1,022	$601	$667	$778	$285	$249	$109	$56
Enterprise value	$54,919	$34,553	$46,711	$35,143	$56,720	$43,006	$23,123	$16,650	$14,049	$10,756	$7,011	$7,997	$5,804	$5,093	$4,433	$3,971	$3,161	$2,241	$3,628	$2,403	$2,209	$1,732	$1,367	$958	$878	$694	$564	$923	$498	$542	$630	$260	$230	$92	$46
P/E (TTM) at period end	50.99×	38.13×	54.55×	49.75×	74.96×	72.86×	51.77×	41.84×	50.39×	44.78×	32.19×	40.79×	30.11×	28.62×	27.01×	28.28×	25.72×	18.62×	38.39×	26.61×	29.91×	23.84×	27.78×	24.33×	25.23×	20.76×	18.97×	–	–	20.45×	36.18×	21.43×	25.68×	22.20×	17.38×
P/S (TTM) at period end	12.55×	8.69×	12.59×	10.03×	17.36×	15.66×	9.20×	7.13×	6.73×	5.60×	3.86×	4.99×	4.11×	3.95×	3.59×	3.62×	3.05×	2.11×	3.91×	3.37×	3.67×	3.40×	3.33×	2.68×	2.46×	2.07×	1.74×	3.20×	2.28×	2.49×	4.12×	2.25×	2.68×	1.89×	1.82×
P/B at period end	33.65×	21.22×	31.05×	55.50×	80.92×	67.06×	124.76×	–	–	–	–	63.14×	10.91×	8.02×	8.10×	6.96×	6.11×	4.94×	8.23×	6.08×	6.34×	4.70×	3.84×	3.24×	3.15×	2.91×	2.18×	3.32×	1.98×	2.07×	2.79×	2.86×	2.98×	1.55×	1.77×
EV / EBITDA (TTM)	36.49×	27.46×	38.54×	34.77×	54.72×	54.40×	36.08×	28.98×	28.32×	25.10×	19.01×	25.06×	18.06×	16.17×	15.59×	15.90×	14.00×	10.16×	20.46×	15.23×	15.81×	13.70×	13.76×	11.15×	11.14×	9.54×	8.81×	20.51×	49.76×	9.44×	16.33×	9.52×	13.00×	10.65×	12.87×
EV / Sales (TTM)	12.76×	8.87×	12.76×	10.44×	17.64×	15.89×	9.61×	7.52×	7.14×	6.06×	4.38×	5.38×	4.21×	3.94×	3.64×	3.60×	3.06×	2.19×	3.93×	3.25×	3.46×	3.15×	2.87×	2.32×	2.27×	1.89×	1.58×	2.88×	1.89×	2.03×	3.34×	2.06×	2.47×	1.59×	1.52×
Returns
Return on equity	66.0%	55.7%	56.9%	111.6%	107.9%	92.0%	241.0%	–	–	–	–	154.8%	36.2%	28.0%	30.0%	24.6%	23.8%	26.5%	21.4%	22.9%	21.2%	19.7%	13.8%	13.3%	12.5%	14.0%	11.5%	(4.9%)	(7.0%)	10.1%	7.7%	13.3%	11.6%	7.0%	10.2%
Return on invested capital	43.5%	39.3%	41.6%	36.1%	48.8%	48.8%	39.1%	46.7%	28.0%	25.7%	22.0%	27.7%	28.5%	28.7%	27.1%	25.9%	23.2%	22.8%	20.8%	25.8%	25.0%	21.5%	24.1%	19.0%	14.9%	14.9%	12.6%	14.0%	(1.4%)	14.0%	14.5%	17.8%	13.8%	7.7%	10.7%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.23×	1.31×	1.57×	0.89×	1.25×	1.82×	0.94×	0.85×	0.97×	0.90×	0.96×	0.93×	1.36×	1.40×	1.20×	1.62×	1.47×	1.21×	1.37×	2.42×	2.81×	3.02×	3.68×	3.82×	3.30×	2.91×	3.08×	3.35×	3.69×	5.90×	7.84×	4.48×	5.37×	6.11×	4.00×
Debt / equity	0.28×	0.39×	0.47×	1.26×	1.23×	1.44×	3.94×	(105.20×)	(23.32×)	(11.12×)	(13.91×)	7.65×	0.83×	0.34×	0.46×	0.23×	0.24×	0.36×	0.18×	0.02×	0.00×	0.00×	0.00×	0.00×	0.03×	0.03×	0.01×	0.03×	0.01×	0.01×	0.01×	–	–	–	–
Effective tax rate	20.0%	20.0%	20.4%	21.0%	17.5%	12.1%	18.1%	17.6%	30.9%	31.0%	29.7%	26.2%	28.7%	31.6%	31.0%	30.1%	30.0%	31.7%	30.3%	28.5%	34.3%	29.9%	31.6%	34.0%	36.0%	37.1%	38.0%	(1166.7%)	34.5%	41.0%	41.9%	41.7%	35.8%	19.7%	8.6%
Share count
Diluted shares outstanding	81	83	84	85	87	87	88	88	90	91	94	102	108	112	116	119	121	124	129	132	136	143	144	140	139	144	159	152	151	157	141	133	134	107	80

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Revenue and gross profit
Revenue	$4,553	$4,304	$3,898	$3,661	$3,367	$3,215	$2,707	$2,407	$2,213	$1,969	$1,775	$1,602	$1,486	$1,377	$1,293	$1,219	$1,103	$1,032	$1,024	$923	$739	$638	$549	$476	$413	$386	$367	$356	$320	$263	$268	$189	$126	$93	$58	$30
Cost of revenue	($1,710)	($1,644)	($1,519)	($1,471)	($1,363)	($1,326)	($1,136)	($1,041)	($972)	($872)	($800)	($712)	($670)	($621)	($594)	($572)	($525)	($505)	($494)	($459)	($360)	($315)	($270)	($246)	($220)	($203)	($171)	($165)	($142)	($120)	($103)	($75)	($49)	($34)	($22)	($12)
Gross profit	$2,843	$2,660	$2,379	$2,190	$2,004	$1,889	$1,571	$1,366	$1,242	$1,097	$975	$890	$816	$756	$699	$647	$579	$526	$530	$464	$380	$323	$279	$230	$193	$183	$197	$191	$178	$143	$165	$113	$78	$59	$36	$19
Operating expenses
Research and development	($261)	($251)	($220)	($191)	($255)	($161)	($141)	($133)	($118)	($109)	($101)	($100)	($98)	($88)	($82)	($76)	($69)	($65)	($71)	($67)	($54)	($41)	($35)	($32)	($29)	($28)	($28)	($27)	($22)	($17)	($12)	($10)	($8)	–	–	–
Selling, general and administrative	($450)	($405)	($442)	($336)	($326)	($310)	($301)	($261)	($245)	($221)	($207)	($183)	($174)	($158)	($138)	($129)	($127)	($117)	($117)	($260)	($198)	($167)	($136)	($118)	($98)	($98)	($96)	($100)	($111)	($116)	($95)	($65)	($42)	($41)	($27)	($15)
Total operating expenses	($1,385)	($1,300)	($1,251)	($1,093)	($1,106)	($957)	($877)	($813)	($750)	($684)	($625)	($590)	($556)	($489)	($437)	($410)	($375)	($350)	($357)	($327)	($252)	($208)	($171)	($150)	($127)	($127)	($143)	($144)	($149)	($148)	($118)	($80)	($55)	($45)	($31)	($16)
Total costs and expenses	($3,095)	($2,944)	($2,769)	($2,564)	($2,469)	($2,283)	($2,012)	($1,854)	($1,722)	($1,556)	($1,425)	($1,302)	($1,226)	($1,110)	($1,031)	($982)	($900)	($856)	($852)	($786)	($611)	($523)	($441)	($396)	($347)	($330)	($314)	($309)	($291)	($267)	($221)	($156)	($104)	($79)	($53)	($28)
Operating income	$1,459	$1,360	$1,128	$1,097	$899	$932	$695	$553	$491	$413	$350	$300	$260	$267	$263	$236	$204	$176	$172	$136	$128	$115	$108	$80	$66	$57	$53	$47	$29	($4)	$47	$33	$23	$14	$5	$3
Earnings
EBITDA	$1,613	$1,505	$1,258	$1,212	$1,011	$1,037	$791	$641	$575	$496	$428	$369	$319	$321	$315	$284	$250	$226	$220	$177	$158	$140	$126	$99	$86	$79	$73	$64	$45	$10	$57	$39	$27	$18	$9	$4
Interest income	$2	$3	$13	$6	$1	$0	$1	$0	$1	$5	$4	$2	$2	$2	$2	$2	$1	–	$2	–	–	$3	$3	$3	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($38)	($39)	($31)	($42)	($40)	($30)	($33)	($31)	($35)	($37)	($32)	($29)	($15)	($5)	($4)	($4)	($2)	($2)	($5)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,424	$1,324	$1,110	$1,061	$860	$903	$662	$522	$458	$381	$322	$273	$247	$263	$261	$234	$202	$175	$170	$135	$131	$118	$111	$83	$69	$59	$58	$53	($1)	($32)	$55	$37	$23	$15	$6	$4
Income tax expense	($285)	($265)	($222)	($216)	($181)	($158)	($80)	($94)	($81)	($118)	($100)	($81)	($65)	($75)	($82)	($73)	($61)	($52)	($54)	($41)	($37)	($41)	($33)	($26)	($23)	($21)	($22)	($20)	($14)	$11	($23)	($16)	($10)	($5)	($1)	($0)
Net income	$1,140	$1,059	$888	$845	$679	$745	$582	$428	$377	$263	$222	$192	$182	$188	$178	$162	$141	$122	$116	$94	$94	$78	$78	$57	$45	$38	$37	$33	($15)	($21)	$33	$22	$13	$10	$5	$3
Per share
Diluted EPS (GAAP)	$14.22	$13.08	$10.67	$10.06	$8.03	$8.60	$6.71	$4.89	$4.26	$2.94	$2.44	$2.05	$1.79	$1.74	$1.58	$1.39	$1.19	$1.00	$0.935	$0.73	$0.71	$0.57	$0.55	$0.40	$0.33	$0.27	$0.26	$0.21	($0.10)	($0.14)	$0.21	$0.15	$0.10	$0.0725	$0.045	$0.04
Basic EPS (GAAP)	$14.32	$13.17	$10.77	$10.17	$8.12	$8.74	$6.82	$4.97	$4.34	$3.00	$2.47	$2.07	$1.82	$1.77	$1.62	$1.43	$1.23	$1.04	$0.97	$0.77	$0.75	$0.60	$0.57	$0.42	$0.34	$0.28	$0.27	$0.21	($0.10)	($0.14)	$0.22	$0.16	$0.11	$0.0775	$0.045	$0.04
Basic shares outstanding	80	80	82	83	84	85	85	86	87	88	90	93	100	106	110	114	115	118	120	123	126	130	137	137	134	133	138	153	152	151	148	132	127	125	107	80
Margins
Gross margin	62.4%	61.8%	61.0%	59.8%	59.5%	58.8%	58.0%	56.7%	56.1%	55.7%	54.9%	55.6%	54.9%	54.9%	54.1%	53.0%	52.4%	51.0%	51.7%	50.2%	51.3%	50.6%	50.8%	48.4%	46.7%	47.5%	53.5%	53.7%	55.5%	54.4%	61.6%	60.1%	61.5%	63.3%	62.4%	61.3%
Operating margin	32.0%	31.6%	29.0%	30.0%	26.7%	29.0%	25.7%	23.0%	22.2%	21.0%	19.7%	18.7%	17.5%	19.4%	20.3%	19.4%	18.5%	17.1%	16.8%	14.8%	17.3%	18.1%	19.7%	16.9%	15.9%	14.6%	14.5%	13.1%	9.1%	(1.7%)	17.6%	17.4%	18.0%	14.9%	8.8%	8.5%
Net margin	25.0%	24.6%	22.8%	23.1%	20.2%	23.2%	21.5%	17.8%	17.0%	13.4%	12.5%	12.0%	12.2%	13.6%	13.8%	13.3%	12.8%	11.8%	11.3%	10.2%	12.7%	12.3%	14.3%	12.0%	11.0%	9.7%	10.0%	9.2%	(4.8%)	(8.0%)	12.2%	11.4%	10.5%	10.4%	8.5%	10.5%

Analyst consensus

Buy23 analysts

Bearish · 1 · Hold · 9 · Bullish · 13

Earnings history

	EPS	Estimate
Q3 2024	$2.80	$2.68	Beat
Q4 2024	$2.62	$2.39	Beat
Q1 2025	$2.96	$2.85	Beat
Q2 2025	$3.63	$3.28	Beat
Q3 2025	$3.40	$3.14	Beat
Q4 2025	$3.08	$2.93	Beat
Q1 2026	$3.47	$3.41	Beat
Q2 2026	$4.27	$3.94	Beat

Peers

Company overview

IPO dateJun 21, 1991

CEOMichael Erickson

Employees11,000

SectorHealthcare

IndustryMedical - Diagnostics & Research

CountryUS

ExchangeNASDAQ Global Select

Websitewww.idexx.com

IDEXX Laboratories, Inc. is a global enterprise focused on creating, producing, and distributing a wide array of products and services. Its primary client base includes companion animal veterinary practices, the livestock and poultry industries, dairy operations, and water quality testing sectors. The company organizes its operations across several key divisions: the Companion Animal Group (CAG), Water Quality Products, Livestock, Poultry, and Dairy (LPD), and additional segments. For companion animals, IDEXX offers a comprehensive suite of point-of-care veterinary diagnostic tools, such as instruments, consumables, and rapid assay kits. It also provides reference laboratory diagnostic and consultation services, alongside practice management and diagnostic imaging solutions for veterinarians. Furthermore, the company supports the biomedical research community with health monitoring, biological materials testing, and laboratory animal diagnostic instruments and services. In the livestock, poultry, and dairy markets, IDEXX supplies diagnostic and health-monitoring solutions. Its water testing portfolio includes products designed to detect various microbiological contaminants, notably the Colilert, Colilert-18, and Colisure tests for total coliforms and E. coli, as well as Enterolert, Pseudalert, Filta-Max, Filta-Max xpress, Legiolert, and Quanti-Tray products. Beyond these, IDEXX extends its reach to human point-of-care medical diagnostics, offering electrolyte and blood gas analyzers, and SARS-CoV-2 RT-PCR tests. Other key offerings encompass in-clinic chemistry, blood and urine chemistry, hematology, and SediVue Dx analyzers, as well as SNAP rapid assay test kits. Veterinary software and services for both independent clinics and large corporate veterinary groups are also part of its offerings. The company distributes its extensive product and service catalog through its own dedicated marketing, customer service, sales, and technical service teams, supplemented by independent distributors and other resellers. IDEXX Laboratories, Inc. was established in 1983 and maintains its headquarters in Westbrook, Maine.

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