IDEXX Laboratories, Inc.IDXX
NasdaqGS•Healthcare•Diagnostics & Research
IDEXX Laboratories, Inc. develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally. It operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. The company offers point-of-care diagnostic solutions, blood and urine chemistry, hematology, immunoassay, urinalysis, cytology/morphology, and coagulation analyzers; and SNAP rapid assays test kits. It also provides commercial reference laboratory diagnostic and consulting services to veterinarians; veterinary consultation, telemedicine, and advisory services, including radiology, dental radiography, cardiology, internal medicine, and ultrasound consulting; 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, Quanti-Tray products, and Tecta system instruments; UV Viewer Plus, a UV light cabinet which aids in the visual interpretation of fluorescent-based water tests; and veterinary software and services for independent veterinary clinics and corporate groups. In addition, the company offers diagnostic tests, services, and related instrumentation to manage the health status of livestock and poultry; human medical diagnostic products and services; and VetConnect PLUS, a cloud-based technology that enables veterinarians to access and analyze patients, as well as operates VetLab Station. It 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.
IDEXX Laboratories, Inc. (IDXX) reported trailing twelve months revenue of $4.45B as of March 2026, a 13.1% increase year-over-year. Quarterly revenue reached $1.14B, reflecting continued top-line momentum.
IDEXX Laboratories, Inc. generated $1.10B in TTM net income, with quarterly EBITDA of $400.27M. The operating margin expanded from 31.7% to 31.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (31.8%) and net margin (24.4%) indicates moderate non-operating costs. Net margin has improved from 24.3% a year ago, signaling stronger bottom-line efficiency.
IDXX trades at a P/E of 40.5x (a premium multiple) and a P/S of 10.0x. The price-to-book ratio of 28.5x indicates a significant premium over book value.
The company generated $234.26M in free cash flow over the trailing twelve months, a 12.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.39B in total assets with $299.85M in long-term debt against $1.56B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~30.4%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 61.8% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~17.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~31.6% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.6% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation