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IDXXIDEXX Laboratories, Inc.
$521.50$41.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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IDXX logo

IDEXX Laboratories, Inc.

IDXX
NASDAQ · Diagnostics & Research
$521.50
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$41.14B
P/E39.9x
52W High$769.98
Volume476.42K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Accelerating Diagnostics Growth Offsets Corporate Consolidation Risk

IDEXX is executing a compelling growth story, with revenue accelerating to 9.7% in 2026Q2 and gross margins expanding to 64.0%, driven by premium consumables and software mix. Operating leverage is evident, with operating margin reaching 35.0% in 2026Q2, up fr...

GrowthAccelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

IDXX price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

12/12 Beats

EPS beat 12 of last 12 quarters

02

Valuation risk

+19% Peers

P/E is 19% above peer median

03

Market leadership

RS 29 · Lag

Laggard (Underperforming 71% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Nov 4
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 9.7% in 2026Q2 with gross margin expanding 210 bps year-over-year to 64.0%, while operating margin reached 35.0% from 26.3% in 2024Q2, reflecting strong operating leverage.

Analyst Consensus+27.5% target
Buy(23 analysts)
13 Buy9 Hold1 Sell

The Bull Case

Upside Catalysts

Leadership in veterinary diagnostics

IDEXX Laboratories is recognized for its dominant position in veterinary diagnostics, which is a key driver of its growth and market appeal.

Recurring revenue model

The company's recurring revenue model provides stable and predictable income streams, enhancing financial stability and investor confidence.

Strong margins

IDEXX Laboratories maintains strong margins, reflecting efficient operations and pricing power in its markets.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
IDXX-22.16%
S&P 500 (^GSPC)+13.20%
1-Year Return
IDXX-19.03%
S&P 500 (^GSPC)+15.98%
3-Year Return
IDXX+19.70%
S&P 500 (^GSPC)+82.63%
5-Year Return
IDXX-22.33%
S&P 500 (^GSPC)+77.39%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
39.9x
Forward P/EExpansion
35.3x
EV/EBITDA20th %ile
28.7x
FCF YieldCash Flow
2.6%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
39.9x
51.7x
20th· Low
EV/EBITDA
28.7x
37.8x
20th· Low
Price/FCF
39.1x
60.3x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$174.79-66.5%
Base (Fair)$330.20-35.5%
Bull$390.22-25.2%
$174.79 Bear$330.20 Base$390.22 Bull
Current Market Price: $521.50
Trades at a 57.9% premium to Base DCF ($330.20)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$4.3B+10.4% YoY
Net income
$1.06B+19.3% YoY
Free cash flow
$1.05B+32.0% YoY
Operating margin
31.6%+2.7 pts YoY
ROIC (TTM)42.5%
Avg ROIC 5Y-
ROE (TTM)66.2%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate12/12 (100%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 4, 2026
$4.27+8.4%
vs $3.94
$1.2B+1.4%
vs $1.2B
Q2 2026
May 5, 2026
$3.47+1.8%
vs $3.41
$1.1B+2.0%
vs $1.1B
Q1 2026
Feb 2, 2026
$3.08+5.1%
vs $2.93
$1.1B+1.7%
vs $1.1B
Q4 2025
Nov 3, 2025
$3.40+8.3%
vs $3.14
$1.1B+3.0%
vs $1.1B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·2d ago
IDEXX Laboratories Highlights Diagnostic Pipeline, Reaffirms Long-Term Growth Targets

IDEXX Laboratories (NASDAQ: IDXX) executives highlighted the company's diagnostic innovation pipeline, recurring-revenue growth and commercial investments during the Morgan Stanley Global Healthcare Conference, while reaffirming confidence in its long-term growth framework despite continued pressure on veterinary office visits. Chief Executive Officer Mike Erickson said the company had an "exceptional" second quarter and a strong start to

Defense World·2d ago
IDEXX Highlights Diagnostics Growth Drivers, Cancer Testing at Morgan Stanley Conference

IDEXX Laboratories (NASDAQ: IDXX) executives reiterated the company's long-term growth framework at the Morgan Stanley Global Healthcare Conference, citing demand for veterinary diagnostics, product innovation, commercial investments and recurring-revenue economics as key drivers. Chief Executive Officer Mike Erickson said IDEXX had an "exceptional Q2" and a strong start to the year, prompting the company to raise

MarketBeat·3d ago
IDEXX Laboratories Highlights Diagnostic Pipeline, Reaffirms Long-Term Growth Targets

IDEXX Laboratories NASDAQ: IDXX executives highlighted the company's diagnostic innovation pipeline, recurring-revenue growth and commercial investments during the Morgan Stanley Global Healthcare Conference, while reaffirming confidence in its long-term growth framework despite continued pressure on veterinary office visits.

MarketBeat·3d ago
IDEXX Highlights Diagnostics Growth Drivers, Cancer Testing at Morgan Stanley Conference

IDEXX Laboratories NASDAQ: IDXX executives reiterated the company's long-term growth framework at the Morgan Stanley Global Healthcare Conference, citing demand for veterinary diagnostics, product innovation, commercial investments and recurring-revenue economics as key drivers.

Filtered for IDEXX Laboratories, Inc.More Headlines
04

Compare before deciding

Benchmark IDXX against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for IDEXX Laboratories, Inc. (IDXX)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
IDXX logoIDXXIDEXX Laboratories, Inc.Current
$521.50$41.14B39.8710.42%24.62%66.2%—
ZTS logoZTSZoetis Inc.
$72.89$30.56B12.112.28%27.49%69.25%—
HSIC logoHSICHenry Schein, Inc.
$87.43$9.96B26.744.03%2.96%8.38%—
ELAN logoELANElanco Animal Health Incorporated
$22.92$11.45B-48.776.22%-3.96%-3.02%—
ANIP logoANIPANI Pharmaceuticals, Inc.
$77.91$1.77B23.4743.78%10.82%19.19%—
NEOG logoNEOGNeogen Corporation
$13.98$3.04B-349.50-2.71%-0.91%-0.37%—

Compare IDXX vs Peers

IDEXX Laboratories, Inc. (IDXX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ZTS

Most directly comparable listed peer for IDXX.

Scale Benchmark

vs TMO

Larger-name benchmark to compare IDXX against a more recognizable public peer.

Peer Set

Compare Top 5

vs ZTS, HSIC, ELAN, ANIP

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

IDXX SEC Filings & Documents

IDEXX Laboratories, Inc. (IDXX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 4, 2026·SEC

Material company update

May 15, 2026·SEC

Material company update

May 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 4, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Nov 3, 2025·SEC

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IDXX Frequently Asked Questions

IDEXX Laboratories, Inc. (IDXX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is IDEXX Laboratories, Inc.'s revenue?

IDEXX Laboratories, Inc. (IDXX) reported $4.55B in revenue for fiscal year 2025. This represents a 1601% increase from $267.7M in 1996.

How fast is IDEXX Laboratories, Inc. growing?

IDEXX Laboratories, Inc. (IDXX) grew revenue by 10.4% over the past year. This is steady growth.

Is IDXX profitable?

Yes, IDEXX Laboratories, Inc. (IDXX) is profitable, generating $1.14B in net income for fiscal year 2025 (24.6% net margin).

Dividend & Returns
What is IDXX's return on equity?

IDEXX Laboratories, Inc. (IDXX) has a return on equity (ROE) of 66.2%. This is excellent, indicating efficient use of shareholder capital.

What is IDEXX Laboratories, Inc.'s free cash flow?

IDEXX Laboratories, Inc. (IDXX) generated $1.25B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in IDXX back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →