Idexx Laboratories (IDXX)
NASDAQ:IDXX
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Idexx Laboratories
(NASDAQ:IDXX)
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Rating:67Neutral
Price Target:
$625.00
▲(9.74% Upside)
Action:DowngradedDate:03/26/26
The score is driven by strong financial quality (premium margins, strong free cash flow, and improved balance sheet) and a constructive 2026 outlook from management. Offsetting these positives are weak technicals (downtrend and negative momentum) and a rich valuation (high P/E), which raise near-term risk despite solid fundamentals.
Positive Factors
Strong free cash flow
IDEXX generates durable, high-quality free cash flow (roughly $1.06B in 2025) that has tracked net income closely. This sustained cash conversion supports investment in R&D, targeted capex, buybacks and balance-sheet repair, creating financial flexibility through business cycles.
Negative Factors
Revenue growth deceleration
Top-line momentum has slowed from double-digit organic growth to low-single digits, reducing runway for scale-driven margin expansion. Sustained deceleration would force greater reliance on price, buybacks or efficiency gains to meet earnings targets and could constrain long-term upside.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
IDEXX generates durable, high-quality free cash flow (roughly $1.06B in 2025) that has tracked net income closely. This sustained cash conversion supports investment in R&D, targeted capex, buybacks and balance-sheet repair, creating financial flexibility through business cycles.
Read all positive factors
Idexx Laboratories (IDXX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$45.35B
Dividend YieldN/A
Average Volume (3M)519.13K
Price to Earnings (P/E)51.1
Beta (1Y)0.94
Revenue Growth8.39%
EPS Growth21.44%
CountryUS
Employees11,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)3.08
Shares Outstanding79,624,030
10 Day Avg. Volume509,680
30 Day Avg. Volume519,128
Financial Highlights & Ratios
PEG Ratio2.30
Price to Book (P/B)33.75
Price to Sales (P/S)12.59
P/FCF Ratio51.44
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue10.75
Enterprise Value/Gross Profit17.39
Enterprise Value/Ebitda30.64
Forecast
1Y Price Target
$764.29Price Target Upside34.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)14.56
Revenue Forecast (FY)$4.68B
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 Qualit...
How the Company Makes Money
IDEXX makes money primarily by selling veterinary diagnostic products and services, with a model that combines recurring consumables revenue tied to an installed base of instruments and ongoing laboratory/service revenue.
1) Companion Animal Grou...
Idexx Laboratories Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyIdexx Laboratories Earnings Call Summary
Earnings Call Date:Feb 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented a strong operating performance with double-digit organic growth, record instrument placements, meaningful margin expansion, robust free cash flow and aggressive buybacks, and clear commercial and product momentum (InVue DX, CancerDx, Catalyst menu expansions, and software ARR growth). Headwinds include persistent weakness in same-store clinical visits (especially wellness), a decline in rapid assay revenues due to product transition, some instrument-revenue lapping and mix effects, and moderation in pricing. Overall, the positives (revenue/margin growth, cash generation, product commercialization and international strength) outweigh the cited challenges, and management provided constructive 2026 guidance that incorporates known headwinds.Positive Updates
Strong Top-Line Growth
Q4 revenue increased 14% reported and 12% organically; full-year 2025 organic revenue growth was 10%. CAG Diagnostics recurring revenues grew 10% organically in Q4 and 8% organically for the full year. US CAG recurring revenues rose 9% organically in Q4, driven by ~4% net price improvement and ~5% volume growth.
Negative Updates
Pressure on Clinic Visits — Wellness Declines
US same-store clinical visits declined ~1.7% in Q4 and ~1.9% for full-year 2025. Wellness visits were down ~3.6% in Q4. Management is guiding for approximately a 2% decline in U.S. same-store clinical visits for 2026, creating a persistent sector headwind.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Q4 revenue increased 14% reported and 12% organically; full-year 2025 organic revenue growth was 10%. CAG Diagnostics recurring revenues grew 10% organically in Q4 and 8% organically for the full year. US CAG recurring revenues rose 9% organically in Q4, driven by ~4% net price improvement and ~5% volume growth.
Read all positive updates
Company Guidance
IDEXX's 2026 guidance calls for full‑year revenue of $4.632–$4.72 billion (reported growth 7.6%–9.6%, organic 7%–9%), CAG Diagnostics recurring revenue organic growth of 8%–10% (≈100 bps improvement at midpoint vs. 2025), and an approximate 60 bps foreign‑exchange tailwind to revenue; management expects ~4% global net price realization (≈3.5% in the U.S.) while assuming roughly a 2% decline in U.S. same‑store clinical visits. The company plans ~5,500 InVue DX placements in 2026, expects CAG instrument revenues to decline as it laps prior rapid placements, and sees reported operating margin of 32%–32.5% (comparable improvement of 30–80 bps year‑over‑year, net of ~30 bps FX benefit and ~20 bps headwind from lapping a litigation accrual). EPS is guided to $14.29–$14.80 (up ~10%–14% on a comparable basis), which reflects $34 million of net interest expense and an FX benefit of about $0.22; the tax rate is expected to be consistent year‑to‑year excluding share‑based compensation. Cash conversion is targeted at 85%–95% of net income with capital expenditures of $180 million (~4% of revenue) and share repurchases intended to reduce diluted shares 1%–2% while maintaining leverage ratios; a 1% change in the U.S. dollar is estimated to move full‑year revenue by ≈$16 million and operating income by ≈$5 million. For Q1, IDEXX expects reported revenue growth of 11.5%–13.5% (≈2.5% FX benefit), organic growth of 9%–11% (including ~1%–1.5% benefit from CAG instrument revenues), Q1 CAG recurring growth of 8.5%–10.5% (≈50 bps days benefit), and reported operating margins of 31.4%–31.9% (net of ~90 bps headwind from lapping prior litigation accrual and ~30 bps FX benefit).Idexx Laboratories Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.30B | 3.90B | 3.66B | 3.37B | 3.22B |
| Gross Profit | 2.66B | 2.38B | 2.19B | 2.00B | 1.89B |
| EBITDA | 1.47B | 1.28B | 1.22B | 1.01B | 1.04B |
| Net Income | 1.06B | 887.87M | 845.04M | 679.09M | 744.85M |
Balance Sheet | |||||
| Total Assets | 3.35B | 3.29B | 3.26B | 2.75B | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 180.07M | 288.27M | 453.93M | 112.55M | 144.45M |
| Total Debt | 1.08B | 986.95M | 1.07B | 1.47B | 1.03B |
| Total Liabilities | 1.75B | 1.70B | 1.78B | 2.14B | 1.75B |
| Stockholders Equity | 1.61B | 1.60B | 1.48B | 608.74M | 689.99M |
Cash Flow | |||||
| Free Cash Flow | 1.05B | 798.08M | 772.88M | 394.15M | 636.00M |
| Operating Cash Flow | 1.18B | 929.00M | 906.51M | 542.98M | 755.55M |
| Investing Cash Flow | -136.24M | -207.06M | -125.25M | -195.35M | -292.97M |
| Financing Cash Flow | -1.16B | -878.07M | -442.00M | -370.94M | -697.41M |
Idexx Laboratories Technical Analysis
Negative
569.55
Price Trends
621.84
Negative
663.98
Negative
637.14
Negative
Market Momentum
-17.80
Negative
38.15
Neutral
36.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDXX, the sentiment is Negative. The current price of 569.55 is below the 20-day moving average (MA) of 579.00, below the 50-day MA of 621.84, and below the 200-day MA of 637.14, indicating a bearish trend. The MACD of -17.80 indicates Negative momentum. The RSI at 38.15 is Neutral, neither overbought nor oversold. The STOCH value of 36.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IDXX.
Idexx Laboratories Risk Analysis
Idexx Laboratories disclosed 24 risk factors in its most recent earnings report. Idexx Laboratories reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Idexx Laboratories Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $49.79B | 20.87 | 58.23% | 1.69% | 2.68% | 11.51% | |
67 Neutral | $45.35B | 51.15 | 69.78% | ― | 8.39% | 21.44% | |
66 Neutral | $32.63B | 31.05 | 19.73% | 0.72% | 6.73% | 3.34% | |
64 Neutral | $9.94B | 45.49 | 3.24% | 0.29% | 3.37% | -18.80% | |
61 Neutral | $19.48B | 24.21 | 34.94% | ― | -2.39% | ― | |
58 Neutral | $11.47B | -48.42 | -3.51% | ― | 3.08% | -82.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IDXX
Idexx Laboratories
569.55
175.82
44.65%
A
Agilent
115.48
13.32
13.04%
ILMN
Illumina
127.38
53.22
71.76%
RVTY
Revvity
88.94
-5.63
-5.95%
ZTS
Zoetis
117.94
-31.61
-21.14%
ELAN
Elanco Animal Health
23.08
13.93
152.24%
Idexx Laboratories Corporate Events
Business Operations and StrategyExecutive/Board Changes
Idexx Laboratories Announces Executive Departure Amid Strategic Realignment
Negative
Mar 26, 2026
On March 24, 2026, IDEXX Laboratories, Inc. announced that Executive Vice President of Global Strategy and Commercial, Nimrata Hunt, PhD, will leave her role effective April 13, 2026, with her position being eliminated and the departure treated as...
Executive/Board ChangesShareholder Meetings
Idexx Laboratories Announces Director Retirement and Board Changes
Neutral
Feb 13, 2026
Idexx Laboratories, Inc. announced that director M. Anne Szostak notified the company on February 13, 2026, of her intention to retire from its Board of Directors immediately following the 2026 Annual Meeting of Stockholders scheduled for May 12, ...
Business Operations and StrategyExecutive/Board Changes
Idexx Laboratories announces planned CEO succession and transition
Positive
Jan 13, 2026
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 Preside...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.