Idexx Laboratories (IDXX) AI Stock Analysis

• Market Cap: $43.65B
• Dividend Yield: N/A
• Average Volume (3M): 499.95K
• Price to Earnings (P/E): 50.1
• Beta (1Y): 1.06
• Revenue Growth: 5.56%
• EPS Growth: 4.66%
• Country: US
• Employees: 11,000
• Sector: Healthcare
• Sector Strength: 40
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 2.96
• Shares Outstanding: 80,421,920
• 10 Day Avg. Volume: 560,417
• 30 Day Avg. Volume: 499,948
• PEG Ratio: 36.59
• Price to Book (P/B): 29.42
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 50.30
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 2.78
• Enterprise Value/Gross Profit: 17.85
• Enterprise Value/Ebitda: 8.54
• 1Y Price Target: $546.14
• Price Target Upside: -0.16% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8

• Rating: 82 Outperform
• Price Target: $609.00 ▲(11.33%Upside)

Idexx Laboratories' strong financial performance and positive technical indicators are the primary drivers of its high score. The company's robust earnings call further supports a favorable outlook, despite a premium valuation and macroeconomic challenges.

Positive Factors

Financial Performance

First-quarter sales are in line with consensus while EPS are about 4% above Street expectations.

Market Position

Demand for IDXX's tests and consoles remain robust even in the face of an uneven macro.

Product Launch

The InVue Dx launch is an important growth accelerant for 2026 and beyond.

Negative Factors

Macroeconomic Challenges

Animal Health sentiment remains cautious due to challenged macroeconomic conditions and veterinary visit concerns.

Market Conditions

Veterinary office visits have been declining for the past 13 consecutive quarters in the US, impacting CAG growth.

Idexx Laboratories Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

IDEXX Laboratories generates revenue through several key streams. The Companion Animal Group (CAG) is the largest segment, providing diagnostic instruments and consumables, reference laboratory services, and practice management software solutions to veterinary practices. Consumables and diagnostic services, which are recurring in nature, form a significant portion of the revenue within this segment. The Water segment contributes by supplying products and services that ensure water quality and safety, primarily through testing for microbiological contamination. The Livestock, Poultry, and Dairy (LPD) segment offers diagnostic tests and services to monitor animal health and improve productivity in farming operations. IDEXX also benefits from strategic partnerships with veterinary clinics and agricultural businesses, as well as continued investment in research and development to drive innovation and maintain a competitive edge in these industries.

Idexx Laboratories Financial Statement Overview

Summary

Idexx Laboratories demonstrates strong financial health with robust profitability and cash flow metrics. The company shows consistent revenue and profit growth, efficient operations, and strong cash generation. While the balance sheet is stable, attention to debt management could enhance financial flexibility.

Income Statement

Idexx Laboratories demonstrates strong profitability with a TTM gross profit margin of 61.3% and a net profit margin of 22.8%. The company has shown consistent revenue growth, with a TTM revenue increase of 1.2% compared to the previous year. EBIT and EBITDA margins are robust at 29.2% and 32.0% respectively, indicating efficient operations. The company is performing well in terms of profitability, although the revenue growth rate has slowed compared to historical figures.

Balance Sheet

The company's balance sheet is relatively stable with a debt-to-equity ratio of 0.34, reflecting moderate leverage. The return on equity (ROE) is strong at 61.8%, demonstrating effective use of shareholder funds. However, the equity ratio of 45.1% suggests a balanced capital structure with room for improvement in asset financing. Overall, the balance sheet is solid, though attention to debt management is advised.

Cash Flow

Idexx Laboratories maintains healthy cash flow with a free cash flow growth rate of 5.0% over the last year. The operating cash flow to net income ratio is 1.08, indicating strong cash generation relative to profits. The free cash flow to net income ratio of 0.94 further underscores the company’s efficient cash conversion. While the cash flow metrics are robust, a slight decline in operating cash flow growth compared to past trends is noted.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.93B	3.90B	3.66B	3.37B	3.22B	2.71B
Gross Profit	2.41B	2.38B	2.19B	2.00B	1.89B	1.57B
EBITDA	1.29B	1.28B	1.22B	1.01B	1.04B	793.81M
Net Income	894.97M	887.87M	845.04M	679.09M	744.85M	581.78M
Balance Sheet
Total Assets	3.21B	3.29B	3.26B	2.75B	2.44B	2.29B
Cash, Cash Equivalents and Short-Term Investments	163.97M	288.27M	453.93M	112.55M	144.45M	383.93M
Total Debt	1.06B	986.95M	1.07B	1.35B	923.70M	908.48M
Total Liabilities	1.77B	1.70B	1.78B	2.14B	1.75B	1.66B
Stockholders Equity	1.45B	1.60B	1.48B	608.74M	689.99M	632.09M
Cash Flow
Free Cash Flow	837.70M	798.08M	772.88M	394.15M	636.00M	540.44M
Operating Cash Flow	968.38M	929.00M	906.51M	542.98M	755.55M	648.06M
Investing Cash Flow	-129.73M	-207.06M	-125.25M	-195.35M	-292.97M	-109.38M
Financing Cash Flow	-1.06B	-878.07M	-442.00M	-370.94M	-697.41M	-248.42M

Idexx Laboratories Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 547.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDXX, the sentiment is Positive. The current price of 547.01 is above the 20-day moving average (MA) of 527.49, above the 50-day MA of 502.90, and above the 200-day MA of 454.78, indicating a bullish trend. The MACD of 9.83 indicates Positive momentum. The RSI at 69.93 is Neutral, neither overbought nor oversold. The STOCH value of 90.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IDXX.

Idexx Laboratories Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IDXX	82 Outperform	$43.65B	50.15	59.33%	―	5.56%	4.66%
A	79 Outperform	$34.22B	29.71	18.88%	0.82%	0.56%	-4.08%
DGX	79 Outperform	$19.71B	22.32	13.35%	1.81%	9.38%	6.43%
WAT	73 Outperform	$20.94B	31.91	40.82%	―	2.57%	8.31%
RVTY	68 Neutral	$11.89B	39.89	3.82%	0.28%	1.62%	78.53%
MTD	64 Neutral	$25.06B	30.07	-680.23%	―	1.18%	12.34%
Sector *	51 Neutral	$7.50B	0.32	-61.87%	2.27%	17.10%	1.59%

Idexx Laboratories Corporate Events

IDEXX Laboratories Updates Corporate Governance Structure

On May 7, 2025, IDEXX Laboratories, Inc. made significant amendments to its corporate governance structure. The company filed a Certificate of Elimination to remove the designation of its Series A Junior Participating Preferred Stock and amended its Certificate of Incorporation to eliminate supermajority voting provisions and allow officer exculpation as per Delaware law. Additionally, the company updated its By-Laws to reflect these changes and establish Delaware courts as the exclusive forum for certain legal actions. These amendments, approved during the 2025 Annual Meeting, aim to streamline corporate governance and align with current legal standards, potentially impacting shareholder engagement and corporate decision-making processes.