IDXXNasdaqIn Vitro & In Vivo Diagnostic SubstancesFiscal year ends December 31
IDEXX LABORATORIES INC /DE
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$555.80−4.56 (-0.81%)
Close on Oct 19, 2026
- Market cap
- $44.08B
- P/E (TTM)
- 39.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
61.8%+3.8 pts over 5 years
Operating margin
31.6%+5.9 pts over 5 years
Net margin
24.6%+3.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.4% | +8.5% | +9.7% | +10.4% | |
| Gross profit | +11.8% | +9.9% | +11.1% | +11.6% | |
| Operating income | +20.5% | +14.8% | +14.4% | +16.3% | |
| Net income | +19.3% | +16.0% | +12.7% | +18.6% | |
| EPS, diluted | +22.6% | +17.7% | +14.3% | +20.4% | |
| Free cash flow | +30.8% | +38.9% | +14.3% | +22.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -230.7% | 143.7% | 66.2% | |
| Return on assets | 14.8% | 28.2% | 31.9% | |
| Current ratio | 0.90 | 1.82 | 1.23 | |
| Debt to equity | – | 1.44 | 0.28 | |
| Net debt to EBITDA | – | 0.66× | 0.18× | |
| Interest coverage | 10.9× | 21.0× | 35.0× | |
| Inventory turnover | 4.6× | 5.6× | 4.3× | |
| Capex to revenue | 3.6% | 4.0% | 2.9% | |
| Diluted shares | 91M | 87M | 81M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Idexx Laboratories generated $4.32B from operations and spent $4.34B on capital expenditure, dividends and share buybacks. 15% of that went back into the business.
Generated
$4.32B
Used
$4.34B
Capital expenditure$647.62M15%Dividends$00%Share buybacks$3.69B85%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin24.6%
×Asset turnover1.30×
×Equity multiplier2.08×
=Return on equity, FY202566.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 24.6% | 1.30× | 2.08× | 66.2% |
| FY2024 | 22.8% | 1.19× | 2.13× | 57.7% |
| FY2023 | 23.1% | 1.22× | 2.87× | 80.7% |
| FY2022 | 20.2% | 1.30× | 3.99× | 104.6% |
| FY2021 | 23.2% | 1.36× | 3.58× | 112.7% |
| FY2020 | 21.5% | 1.31× | 5.10× | 143.7% |
| FY2019 | 17.8% | 1.43× | 20.06× | 509.3% |
| FY2018 | 17.0% | 1.36× | -51.10× | -1185.3% |
| FY2017 | 13.4% | 1.21× | -19.97× | -324.0% |
| FY2016 | 12.5% | 1.18× | -15.62× | -230.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.06B
- Cash generatingOperating cash flow above zero$1.18B
- Return on assets improvedROA up on the prior year27.2% → 32.2%
- Earnings backed by cashOperating cash flow above net income$1.18B vs $1.06B
- Less leverageLong-term debt to assets fell13.7% → 11.2%
- Better liquidityCurrent ratio rose1.31 → 1.23
- No dilutionShare count did not rise83M → 81M
- Gross margin improvedGross margin up on the prior year61.04% → 61.80%
- More efficientAsset turnover rose1.20 → 1.31