Idexx Laboratories (IDXX) AI Stock Analysis

• Market Cap: $56.96B
• Dividend Yield: N/A
• Average Volume (3M): 475.68K
• Price to Earnings (P/E): 57.5
• Beta (1Y): 0.91
• Revenue Growth: 8.39%
• EPS Growth: 21.44%
• Country: US
• Employees: 11,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 3.40
• Shares Outstanding: 79,851,330
• 10 Day Avg. Volume: 376,556
• 30 Day Avg. Volume: 475,681
• PEG Ratio: 6.51
• Price to Book (P/B): 21.37
• Price to Sales (P/S): 8.75
• P/FCF Ratio: 42.72
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 12.59
• Enterprise Value/Gross Profit: 20.39
• Enterprise Value/Ebitda: 36.12
• 1Y Price Target: $792.78
• Price Target Upside: 9.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: $823.00 ▲(13.55% Upside)

The score is driven primarily by strong financial performance (high margins and solid free cash flow growth) and supportive technical trends (price above major moving averages with positive MACD). These positives are partially offset by a demanding valuation (high P/E) and, to a lesser extent, earnings-call risks around softer U.S. visit trends and product mix/FX impacts despite raised full-year guidance.

Positive Factors

High Profitability Margins

Sustained high gross and net margins indicate durable pricing power and efficient cost structure in diagnostics and services. Elevated margins support reinvestment in R&D and instrument rollouts, making earnings more resilient to modest demand swings over the next several quarters.

Strong Free Cash Flow Generation

Robust free cash flow growth and high cash conversion ratios provide durable financial flexibility. Reliable FCF funds capex for instruments, software investments, strategic M&A, and shareholder returns without stressing the balance sheet over a multi-quarter horizon.

Product Adoption & International Growth

Strong instrument placements and rapid uptake of new assays, plus double-digit international recurring revenue, signal expanding addressable market and durable secular demand. Hardware plus consumables model enhances recurring revenue and long-term customer stickiness.

Negative Factors

Declining U.S. Clinical Visits

Persistent declines in U.S. clinic visits reduce utilization of diagnostics and services, pressuring recurring revenue growth. If visit trends remain weak, IDXX may face slower consumable demand, undermining volume-driven expansion for several quarters.

Weakness in Wellness Visits

Falling wellness visits weaken demand for routine diagnostic testing and preventive products, a structural headwind to recurring revenue. Reduced preventive care adoption can compress long-term consumable volumes and slow organic growth across practices.

Product-Mix Headwind from Assay Migration

Shift of testing from rapid assays to instrument-based platforms creates near-term revenue and mix pressure as consumable and assay economics rebalance. This structural migration can compress reported growth and requires time for new instrument-related consumables to scale.

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 primarily through the sale of diagnostic products and services for veterinarians, which include a wide range of tests for various diseases, instruments for performing those tests, and software solutions that enhance practice management. Key revenue streams include sales of in-house diagnostic instruments and consumables, reference laboratory services, and point-of-care testing products. Additionally, IDEXX earns income from its water testing segment, which provides testing products and services essential for ensuring safe drinking water. The company benefits from a robust network of partnerships with veterinary clinics, laboratories, and research institutions, enhancing its market reach and solidifying its position as a trusted supplier in the veterinary and environmental sectors.

Idexx Laboratories Financial Statement Overview

Summary

Idexx Laboratories exhibits a strong financial profile with consistent revenue and profit growth, efficient cost management, and robust cash flow generation. The balance sheet reflects a balanced approach to leverage, supporting long-term stability. While the company shows slight fluctuations in growth rates, its overall financial health remains solid.

Income Statement

Idexx Laboratories demonstrates strong financial performance with consistent revenue growth and robust profit margins. The TTM data shows a Gross Profit Margin of 61.54% and a Net Profit Margin of 24.41%, indicating efficient cost management and profitability. The EBIT and EBITDA margins are also healthy, reflecting strong operational efficiency. The revenue growth rate of 3.21% in the TTM period suggests steady growth, although slightly lower than previous years.

Balance Sheet

The balance sheet shows a moderate Debt-to-Equity Ratio of 0.85 in the TTM period, indicating a balanced approach to leverage. The Return on Equity is impressive at 64.42%, showcasing strong profitability relative to shareholder equity. However, the Equity Ratio of 46.10% suggests a moderate reliance on debt financing. Overall, the company maintains a stable financial position with effective use of equity.

Cash Flow

Cash flow analysis reveals a strong Free Cash Flow Growth Rate of 23.15% in the TTM period, indicating effective cash generation. The Operating Cash Flow to Net Income Ratio of 1.06 and Free Cash Flow to Net Income Ratio of 0.85 reflect efficient cash conversion from earnings. The company demonstrates solid cash flow management, supporting its operational and strategic initiatives.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.17B	3.90B	3.66B	3.37B	3.22B	2.71B
Gross Profit	2.57B	2.38B	2.19B	2.00B	1.89B	1.57B
EBITDA	1.45B	1.28B	1.22B	1.01B	1.04B	793.81M
Net Income	1.03B	887.87M	845.04M	679.09M	744.85M	581.78M
Balance Sheet
Total Assets	3.39B	3.29B	3.26B	2.75B	2.44B	2.29B
Cash, Cash Equivalents and Short-Term Investments	208.17M	288.27M	453.93M	112.55M	144.45M	383.93M
Total Debt	1.11B	986.95M	1.07B	1.47B	1.03B	1.00B
Total Liabilities	1.83B	1.70B	1.78B	2.14B	1.75B	1.66B
Stockholders Equity	1.56B	1.60B	1.48B	608.74M	689.99M	632.09M
Cash Flow
Free Cash Flow	953.57M	798.08M	772.88M	394.15M	636.00M	540.44M
Operating Cash Flow	1.09B	929.00M	906.51M	542.98M	755.55M	648.06M
Investing Cash Flow	-147.95M	-207.06M	-125.25M	-195.35M	-292.97M	-109.38M
Financing Cash Flow	-1.04B	-878.07M	-442.00M	-370.94M	-697.41M	-248.42M

Idexx Laboratories Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 724.76
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 724.76 is above the 20-day moving average (MA) of 696.15, above the 50-day MA of 704.18, and above the 200-day MA of 591.31, indicating a bullish trend. The MACD of 2.80 indicates Negative momentum. The RSI at 62.38 is Neutral, neither overbought nor oversold. The STOCH value of 86.79 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	77 Outperform	$56.96B	57.45	64.63%	―	8.39%	21.44%
ZTS	74 Outperform	$56.04B	21.43	49.87%	1.69%	2.68%	11.51%
A	73 Outperform	$42.11B	32.49	20.62%	0.72%	6.73%	3.34%
RVTY	69 Neutral	$11.84B	52.22	3.04%	0.29%	3.37%	-18.80%
ELAN	69 Neutral	$11.66B	327.43	0.54%	―	3.08%	-82.39%
ILMN	67 Neutral	$21.56B	32.61	31.20%	―	-2.39%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Idexx Laboratories Corporate Events

Idexx Laboratories announces planned CEO succession and transition

On January 13, 2026, IDEXX Laboratories announced a planned CEO succession under which Michael (Mike) Erickson, PhD, will be promoted to President and Chief Executive Officer and appointed to the board effective May 12, 2026, while current President and CEO Jonathan (Jay) Mazelsky will become Executive Chair until his retirement following the company’s annual shareholder meeting in May 2027. The transition plan, supported by detailed employment, incentive, and change-in-control agreements for Erickson and an updated employment arrangement for Mazelsky, underscores the board’s emphasis on continuity and long-term strategic execution, as Erickson brings extensive internal experience across diagnostics, software, strategy, and global point-of-care and telemedicine businesses that are central to IDEXX’s position in the veterinary diagnostics and healthcare technology market.

The most recent analyst rating on (IDXX) stock is a Buy with a $775.00 price target. To see the full list of analyst forecasts on Idexx Laboratories stock, see the IDXX Stock Forecast page.

IDEXX Laboratories Amends Credit Agreement for Flexibility

On November 12, 2025, IDEXX Laboratories, Inc. and its subsidiaries entered into Amendment No. 2 to their fourth amended and restated credit agreement, involving a $1.0 billion unsecured revolving credit facility and a $250 million term loan. This amendment extends the maturity dates, adds IDEXX Holdings II GmbH as a borrower, and introduces various financial and operational adjustments, impacting the company’s financial flexibility and operational capacity.

The most recent analyst rating on (IDXX) stock is a Hold with a $775.00 price target. To see the full list of analyst forecasts on Idexx Laboratories stock, see the IDXX Stock Forecast page.