FirmAtlas
Company handbook · IDXX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
IDXX · CIK 874716 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
IDEXX LABORATORIES INC /DE
$560.36
+13.18 (+2.41%)
Close, Oct 16, 2026 · 52-week $501–770
Last fiscal year
IDEXX LABORATORIES INC /DE reported revenue of $4.3B for the year ended Dec 31, 2025 (FY25), up 10.4% from FY24. Net income was $1.1B, operating cash flow $1.2B and free cash flow $1.1B. Source: 10-K filed Feb 20, 2026.
Market cap
$44.7B
P/E
39.2
EV/EBITDA
29.9x
P/B
27.7
ROIC
53.8%
Revenue 1Y
10.4%/yr
EPS 1Y
22.6%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJonathan J. Mazelsky
HQWestbrook, ME
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Cag92%
Water5%
Lpd3%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
17.6%
−2.5%
9.3%
−12.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.4B deployed
Capex
$246M
10.3%
Acquisitions
$77M
3.2%
Buybacks
$2.1B
86.4%
Operating cash flow over the period: $2.1B. Total debt changed by −$261M. R&D of $471M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
3,898
4,304+10.4%
4,553
YoY
+10.4%
Gross profit
2,379
2,660+11.8%
2,843
Gross margin
61.0%
61.8%+0.8 pp
—
Operating income
1,128
1,360+20.5%
1,459
Operating margin
29.0%
31.6%+2.7 pp
—
EBITDA
1,258
1,505+19.6%
—
EBITDA margin
32.3%
35.0%+2.7 pp
—
Interest expense
31
39+24.5%
—
Interest coverage
40.32x
38.74x−1.58x
—
Net income
888
1,059+19.3%
1,140
YoY
+19.3%
Net margin
22.8%
24.6%+1.8 pp
—
EPS (diluted, $)
10.67
13.08+22.6%
14.25
YoY
+22.6%
Balance sheet
Total assets
3,293
3,351+1.7%
3,442
Cash & short-term investments
288
180−37.5%
—
Accounts receivable
474
552+16.6%
—
Inventory
382
378−1.1%
—
Net PP&E
713
747+4.8%
—
Other assets
1,437
1,493+3.9%
—
Total liabilities
1,698
1,745+2.8%
1,830
Accounts payable
114
110−3.3%
—
Total debt
786
525−33.2%
450
Other liabilities
798
1,110+39.0%
—
Shareholders’ equity
1,595
1,605+0.6%
1,613
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
929
1,182+27.2%
1,372
Net income
888
1,059+19.3%
—
Depreciation & amortization
130
145+11.7%
—
Stock-based compensation
60
60−0.5%
—
Working capital & other
(149)
(83)n/m
—
Cash from investing
(207)
(136)n/m
—
Capex
(121)
(125)n/m
—
Acquisitions
(77)
0n/m
—
Other investing
(9)
(12)n/m
—
Cash from financing
(878)
(1,165)n/m
—
Debt repaid
(75)
(178)n/m
—
Buybacks
(837)
(1,217)n/m
—
Other financing
34
230+578.4%
—
Net change in cash
(166)
(108)n/m
—
Free cash flow (OCF − capex)
808
1,057+30.8%
1,254
Where the cash went
Operating cash flow
929
1,182+27.2%
1,372
Reinvested in the business
198
125−36.9%
—
% of operating cash flow
21.3%
10.5%
Capex
121
125+3.1%
117
Acquisitions
77
0−100.0%
—
R&D (memo, already in costs)
220
251+14.3%
—
Free cash flow
808
1,057+30.8%
1,254
YoY
+30.8%
Returned to shareholders
837
1,217+45.4%
—
% of free cash flow
103.6%
115.1%
Buybacks
837
1,217+45.4%
—
Change in total debt
—
(261)
—
Cash left over
—
(420)
—
FCF conversion (FCF ÷ net income)
91.0%
99.8%+8.8 pp
—
Owner earnings
—
1,001
—
Owner earnings margin
—
23.3%
—
Returns & ratios
ROIC (all capital)
43.1%
53.8%+10.7 pp
—
ROIC (operating)
62.1%
72.0%+10.0 pp
—
Net debt / EBITDA
0.40x
0.23x−0.17x
—
Debt / equity
0.49x
0.33x−0.17x
—
Cash conversion cycle (days)
109
106−2 d
—
ROE
55.7%
66.0%+10.3 pp
—
ROA
27.0%
31.6%+4.7 pp
—
ROCE
50.7%
61.8%+11.1 pp
—
NOPAT
903
1,088+20.5%
—
Invested capital (operating)
1,454
1,567+7.8%
—
Invested capital (all)
2,093
1,950−6.8%
—
Reinvestment rate
—
10.4%
—
Debtor days
44
47+2 d
—
Inventory days
92
84−8 d
—
Days payable
27
25−3 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,105
1,091
1,141
1,217
vs year-ago quarter
Gross profit
683
658
723
779
Gross margin
61.8%
60.3%
63.4%
64.0%
Operating income
355
316
363
426
Net income
275
248
278
338
vs year-ago quarter
Net margin
24.8%
22.8%
24.4%
27.8%
EPS (diluted, $)
3.40
3.11
3.47
4.27
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
3,387
3,351
3,385
3,442
Cash & equivalents
208
180
201
197
Total debt
525
525
450
450
Shareholders’ equity
1,561
1,605
1,556
1,613
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
402
356
266
347
Capex
31
29
32
25
Free cash flow
371
326
234
323
vs year-ago quarter