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Leading maker of veterinary diagnostic tests, instruments and software for companion-animal and livestock health.
Leading maker of veterinary diagnostic tests, instruments and software for companion-animal and livestock health.
Places analyzers in veterinary clinics, then earns most revenue from the test consumables run on them and from its reference laboratories, which handle tests that clinics send out. Direct sales representatives serve clinics, with distributors for some, and software ties results into the clinic's records.
Moat: wide (installed base, switching costs, distribution). Placed analyzer base in vet clinics locks in recurring consumables/reagent revenue.
Headquarters: Westbrook, Maine, USA · Founded: 1983 · Employees: 11,000
Size Idexx Laboratories (IDXX) is a United States Health Care company (Medical Specialties) with a market value of $53.3B, the 240th largest of 3,117 United States companies the cockpit tracks. Shares closed at $676.04 on 6 Nov 2026.
Performance Over six months the shares gained 20.7%, against +26.5% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +8.5%); the operating margin is 32.4% (peer median 20.2%).
Valuation It trades at 41.5× forward earnings against a peer median of 26.6× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 32.6 points above its cost of capital (12.5% WACC).
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.66B | $4.30B | $3.90B | $3.66B | $3.37B |
| Revenue growth | — | +10% | +6% | +9% | — |
| Gross profit | $2.93B | $2.66B | $2.37B | $2.19B | $1.98B |
| EBITDA | $1.67B | $1.51B | $1.26B | $1.21B | $988M |
| Net income | $1.18B | $1.06B | $888M | $845M | $679M |
| Free cash flow | $1.30B | $1.05B | $808M | $773M | $394M |
| Capital expenditure | $119M | $138M | $131M | $134M | $159M |
| Total debt | $973M | $976M | $987M | $1.07B | $1.47B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Idexx Laboratories IDXX | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% |
| Zoetis ZTS | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% |
| Neogen NEOG | $2.57B | +30% | 0% | 0% | 34.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IDXX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +31.8% | +10.5% | 2nd highest of 21 |
| 6-month return | +20.7% | +26.5% | 7th lowest of 21 |
| Distance from 52-week high | -12.2% | -8.5% | 9th lowest of 21 |
| Revenue growth (TTM) | +11.9% | +8.5% | 7th highest of 21 |
| Operating margin | 32.4% | 20.2% | 2nd highest of 21 |
| Forward P/E | 41.5× | 26.6× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 28.0% | 15.4% | 3rd most demanding of 21 |
| Growth delivered (Del g) | +9.7% | +9.4% | 10th highest of 21 |
| Hurdle (Req g minus delivered) | +18.3 pp | +4.0 pp | 4th most demanding of 21 |
| ROIC minus cost of capital | +32.6 pp | +3.1 pp | 4th highest of 21 |
| EV / EBITDA | 32.4× | 18.4× | 2nd most expensive of 20 |
| Net debt / EBITDA | 0.5× | 1.6× | 7th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |