NASDAQ: IDXX
Idexx Laboratories
Health Care · In Vitro & In Vivo Diagnostic Substances
52-week range
$500.61$769.98
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$41.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.3B |
| FY2017, ended Dec 31, 2017 | $13.6B |
| FY2018, ended Dec 31, 2018 | $16.0B |
| FY2019, ended Dec 31, 2019 | $22.3B |
| FY2020, ended Dec 31, 2020 | $42.7B |
| FY2021, ended Dec 31, 2021 | $55.5B |
| FY2022, ended Dec 31, 2022 | $33.8B |
| FY2023, ended Dec 31, 2023 | $46.1B |
| FY2024, ended Dec 31, 2024 | $33.6B |
| FY2025, ended Dec 31, 2025 | $53.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $41.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.55B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.78B |
| FY2017, ended Dec 31, 2017 | $1.97B |
| FY2018, ended Dec 31, 2018 | $2.21B |
| FY2019, ended Dec 31, 2019 | $2.41B |
| FY2020, ended Dec 31, 2020 | $2.71B |
| FY2021, ended Dec 31, 2021 | $3.22B |
| FY2022, ended Dec 31, 2022 | $3.37B |
| FY2023, ended Dec 31, 2023 | $3.66B |
| FY2024, ended Dec 31, 2024 | $3.90B |
| FY2025, ended Dec 31, 2025 | $4.30B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.55B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $222M | $274M |
| FY2017, ended Dec 31, 2017 | $263M | $299M |
| FY2018, ended Dec 31, 2018 | $377M | $284M |
| FY2019, ended Dec 31, 2019 | $428M | $304M |
| FY2020, ended Dec 31, 2020 | $582M | $541M |
| FY2021, ended Dec 31, 2021 | $745M | $636M |
| FY2022, ended Dec 31, 2022 | $679M | $394M |
| FY2023, ended Dec 31, 2023 | $845M | $773M |
| FY2024, ended Dec 31, 2024 | $888M | $808M |
| FY2025, ended Dec 31, 2025 | $1.06B | $1.06B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.14B | $1.25B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$197M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $155M |
| FY2017, ended Dec 31, 2017 | $188M |
| FY2018, ended Dec 31, 2018 | $124M |
| FY2019, ended Dec 31, 2019 | $90.3M |
| FY2020, ended Dec 31, 2020 | $384M |
| FY2021, ended Dec 31, 2021 | $144M |
| FY2022, ended Dec 31, 2022 | $113M |
| FY2023, ended Dec 31, 2023 | $454M |
| FY2024, ended Dec 31, 2024 | $288M |
| FY2025, ended Dec 31, 2025 | $180M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $197M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$450M
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $594M |
| FY2017, ended Dec 31, 2017 | $607M |
| FY2018, ended Dec 31, 2018 | $602M |
| FY2019, ended Dec 31, 2019 | $699M |
| FY2020, ended Dec 31, 2020 | $909M |
| FY2021, ended Dec 31, 2021 | $851M |
| FY2022, ended Dec 31, 2022 | $770M |
| FY2023, ended Dec 31, 2023 | $698M |
| FY2024, ended Dec 31, 2024 | $618M |
| FY2025, ended Dec 31, 2025 | $450M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $450M |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 10.5% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.78.8M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 88.0M |
| FY2017, ended Dec 31, 2017 | 87.1M |
| FY2018, ended Dec 31, 2018 | 86.0M |
| FY2019, ended Dec 31, 2019 | 85.3M |
| FY2020, ended Dec 31, 2020 | 85.4M |
| FY2021, ended Dec 31, 2021 | 84.2M |
| FY2022, ended Dec 31, 2022 | 82.9M |
| FY2023, ended Dec 31, 2023 | 83.1M |
| FY2024, ended Dec 31, 2024 | 81.3M |
| FY2025, ended Dec 31, 2025 | 79.6M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 78.8M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.11B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $304M | $19.9M |
| FY2017, ended Dec 31, 2017 | $283M | $23.5M |
| FY2018, ended Dec 31, 2018 | $369M | $25.2M |
| FY2019, ended Dec 31, 2019 | $302M | $39.3M |
| FY2020, ended Dec 31, 2020 | $183M | $31.0M |
| FY2021, ended Dec 31, 2021 | $747M | $37.8M |
| FY2022, ended Dec 31, 2022 | $820M | $49.8M |
| FY2023, ended Dec 31, 2023 | $71.9M | $59.7M |
| FY2024, ended Dec 31, 2024 | $837M | $60.3M |
| FY2025, ended Dec 31, 2025 | $1.22B | $60.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.18B | $63.0M |
Revenue (TTM)
$4.55B
+12.8% YoY
Net income (TTM)
$1.14B
+15.6% YoY
Cash
$197M
+19.6% YoY
Total debt
$450M
−14.3% YoY
Valuation
At current price- Market Cap
- $43.4B
- P/E
- 38.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 9.5×
- Price / Book
- 26.9×
- EV / EBITDA
- 27.1×
Growth
Trailing 12 months- Revenue (TTM)
- $4.55B
- Revenue Growth YoY
- 12.8%
- Revenue CAGR 3Y
- 8.5%
- Revenue CAGR 5Y
- 9.7%
- EPS Growth YoY
- 18.4%
- Net Income Growth YoY
- 15.6%
Profitability
Trailing 12 months- Gross Margin
- 62.4%
- Operating Margin
- 32.0%
- Net Margin
- 25.0%
- FCF Margin
- 27.5%
- Return on Equity
- 74.2%
Earnings
Trailing 12 months- Net Income
- $1.14B
- EPS (diluted)
- $14.23
- EBITDA
- $1.61B
- Operating Income
- $1.46B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $197M
- Total Debt
- $450M
- Net Debt
- $253M
- Total Assets
- $3.44B
- Total Liabilities
- $1.83B
- Shareholders' Equity
- $1.61B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.37B
- Capital Expenditure
- $117M
- Free Cash Flow
- $1.25B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.55
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 12.8% year over year, at $4.55B.
Strength
Keeps 32.0% of revenue as operating profit.
Note
Net debt of $253M is 0.2× EBITDA, a manageable load.
Strength
Turns 27.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 20, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K59Nothing notable
59Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 21, 2025 · Read the filing on EDGAR
- Revenue rose 6.5% to $3.90 billion, helped mostly by price increases. Operating income grew only 2.8% to $1.13 billion.
- A $61.5 million charge for an ongoing lawsuit pushed general and administrative costs up 31.7%. That squeezed the operating margin to 29.0% from 30.0%.
- IDEXX spent $837 million buying back its own shares, up from $72 million the year before. It expects about $1.5 billion of buybacks in 2025, and cash fell to $288 million.
- Management expects US vet clinic visits to keep falling in 2025, and a stronger dollar to cut revenue by about $80 million.
Business momentum
Improving
“Total Company $ 3,897,504 $ 3,660,953 $ 236,551 6.5 % (0.3 %) 0.4 % 6.4 %”
Outlook
Cautious
“Our initial 2025 financial outlook anticipates a decline in U.S. same-store clinical growth levels reflecting these near-term sector and macroeconomic dynamics.”
Financial stress
Low
“Gross debt to Adjusted EBITDA ratio 0.65”
Tone against the previous report
More negative
Red flags
- Minor
Major lawsuit
“General and administrative expense increased primarily due to a $61.5 million expense related to an ongoing litigation matter”
Positives
Gross margin improved
“Gross profit increased due to higher revenue and a 120 basis point increase in the gross profit margin.”
Strong cash generation
“Net cash provided by operating activities $ 929,001 $ 906,510 $ 22,491”
Installed base of key instruments keeps growing
“The increase in CAG Diagnostics services and accessories revenue was primarily a result of the 9% increase in our installed base of premium instruments.”
Concerns
Fewer pet clinic visits in the US
“U.S. same-store clinical visits at veterinary practices declined approximately 2% in 2024”
Growth relies mainly on price increases
“primarily due to higher realized prices and, to a lesser extent, increased volumes”
Livestock profit fell again
“Income from operations $ 6,633 5.4 % $ 9,975 8.2 % $ (3,342) (33.5 %)”
New risks since the previous report
Stronger dollar expected to cut 2025 results
“we anticipate year-over-year changes will reduce our revenues, decrease our operating profit, and diluted earnings per share in the year ending December 31, 2025, by approximately $80 million, $22 million, and $0.21 per share”
Tariffs may raise costs
“Furthermore, additional tariffs on imported goods may increase our costs to purchase products, components, and materials.”
New EU rules on AI
“In August 2024, the European Union Artificial Intelligence Act, which establishes requirements for the provision and use of products that leverage artificial intelligence, machine learning, and similar technologies was enacted.”
Higher tax rate if 2017 tax-law provisions are not extended
“tax law enacted by the Tax Cuts and Jobs Act includes provisions that are scheduled to take effect January 1, 2026, that will increase our effective tax rate should they not be extended.”
Biggest risks named
- Fewer pet visits as the economy weakens
- Competition and pressure on premium pricing
- Vet clinic consolidation and rival labs owned by Mars
- Stronger US dollar hurting international results
- Rising costs from inflation and tariffs, plus reliance on single suppliers
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −1.2 | |
| New risks | −2 | |
| Score | 59 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 20, 2026 | Pro | |||
| 10-K | Feb 21, 2025 | 59 | Improving | 1 minor | |
| 10-K | Feb 22, 2024 | 72 | Strong improvement | None | |
| 10-K | Feb 16, 2023 | 60 | Improving | None | |
| 10-K | Feb 16, 2022 | 73 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 14, 2020 | 63 | Improving | 1 minor | |
| 10-K | Feb 15, 2019 | 71 | Strong improvement | None | |
| 10-K | Feb 16, 2018 | 67 | Improving | None | |
| 10-K | Feb 17, 2017 | 64 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR