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Idexx Laboratories
(NASDAQ:IDXX)
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Rating:75Outperform
Price Target:
$639.00
▲(16.18% Upside)
Action:Reiterated
Date:08/04/26
IDXX scores well primarily on strong financial performance (high margins and strong free cash flow) and a positive earnings update with raised guidance and continued margin expansion. The overall score is tempered by a premium valuation (P/E ~40.9) and only moderate technical confirmation, with the stock still below its 200-day moving average.
Positive Factors
Recurring diagnostics growth and installed-base economics
Recurring consumables and laboratory testing, supported by IDEXX’s installed instruments and broad test menu, create durable customer retention and utilization. Double-digit recurring growth indicates the model can expand even when clinic visits are subdued.
Negative Factors
Persistent weakness in U.S. clinic and wellness visits
Lower visit volumes constrain the number of diagnostic tests performed and can delay consumable utilization growth. Inflationary pressure and slower puppy adoption may prolong weakness, limiting the benefit of IDEXX’s strong recurring revenue model.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring diagnostics growth and installed-base economics
Recurring consumables and laboratory testing, supported by IDEXX’s installed instruments and broad test menu, create durable customer retention and utilization. Double-digit recurring growth indicates the model can expand even when clinic visits are subdued.
Read all positive factors
Idexx Laboratories Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks revenue down by region (U.S., Europe, Rest of World), showing where Idexx earns most sales and which markets are growing fastest. Helps investors assess dependence on mature versus emerging markets, local veterinary demand trends, and exposure to currency and regional economic risk.
Breaks revenue down by region (U.S., Europe, Rest of World), showing where Idexx earns most sales and which markets are growing fastest. Helps investors assess dependence on mature versus emerging markets, local veterinary demand trends, and exposure to currency and regional economic risk.
Data provided by:
The Fly
The FlyIdexx Laboratories (IDXX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$42.18B
Dividend YieldN/A
Average Volume (3M)584.21K
Price to Earnings (P/E)37.6
Beta (1Y)0.84
Revenue Growth12.77%
EPS Growth18.22%
CountryUS
Employees11,000
SectorGeneral
Sector StrengthN/A
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)14.24
Shares Outstanding78,781,110
10 Day Avg. Volume460,571
30 Day Avg. Volume584,207
Financial Highlights & Ratios
PEG Ratio2.31
Price to Book (P/B)33.75
Price to Sales (P/S)12.59
P/FCF Ratio51.44
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$699.17Price Target Upside27.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)14.77
Revenue Forecast (FY)$4.72B
Idexx Laboratories Business Overview & Revenue Model
Company Description
IDEXX Laboratories, Inc. is a global enterprise focused on creating, producing, and distributing a wide array of products and services. Its primary client base includes companion animal veterinary practices, the livestock and poultry industries, d...
How the Company Makes Money
IDEXX makes money mainly by selling diagnostics and related services to veterinary clinics and other customers, with a large portion of revenue tied to recurring consumables and ongoing testing volume. (1) Companion animal diagnostics: IDEXX sells...
Idexx Laboratories Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly constructive operational and financial picture: solid organic revenue growth (~9% Q2), recurring CAG Diagnostics strength, robust margin and EPS expansion, strong free cash flow and aggressive capital returns, plus clear product and innovation momentum (inVue Dx, Cancer Dx, Catalyst SDMA). Offsetting items include continued pressure on U.S. clinic and wellness visits, a Q2 instrument revenue lap effect, foreign-exchange headwinds, and planned incremental investments that will temper near-term margin gains. Overall, the positive drivers — durable recurring revenue expansion, margin gains, cash generation, and multiple innovation milestones — materially outweigh the cited headwinds.Positive Updates
Strong Revenue and Upgraded Full-Year Outlook
Q2 revenue increased ~10% reported and ~9% organically. Company updated full-year revenue guidance to $4,700M–$4,745M (midpoint raised $5M net), with an overall organic revenue growth outlook of 8.5%–9.7% and reported revenue growth of ~9.1%–10.3%.
Negative Updates
Decline in U.S. Clinical and Wellness Visits
U.S. same-store clinical visits declined ~1.3% in Q2. Wellness visits were a primary constraint and were down in the mid-single digits (reference lab wellness noted as down ~3.4% in the U.S.), driven by discretionary spending pressure and a muted puppy adoption cadence.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue and Upgraded Full-Year Outlook
Q2 revenue increased ~10% reported and ~9% organically. Company updated full-year revenue guidance to $4,700M–$4,745M (midpoint raised $5M net), with an overall organic revenue growth outlook of 8.5%–9.7% and reported revenue growth of ~9.1%–10.3%.
Read all positive updates
Company Guidance
IDEXX raised its 2026 outlook to $4,700–$4,745 million in revenue (≈$5M increase at midpoint, reflecting a $20M operational improvement offset by a $15M FX headwind), implying reported revenue growth of 9.1%–10.3% and overall organic revenue growth of 8.5%–9.7%; organic CAG Diagnostics recurring revenue is guided to 9.5%–10.7% (including ~4% net price realization). Full‑year EPS is now $14.69–$14.94 (up $0.14 at midpoint), a 13%–15% comparable EPS growth range (EPS includes a $0.05 share‑based compensation benefit and a $0.05 FX headwind), and a 1% USD strengthening would cut revenue by ≈$8M and EPS by ≈$0.03. Reported operating margin is expected at 32.3%–32.5% with 70–90 bps of comparable operating margin improvement for the year; Q3 margins are guided to 32.5%–32.8% with a 20–50 bps comparable expansion. Free cash flow conversion is raised to 90%–100% of net income (capex ≈$180M); Q2 FCF was $323M, H1 FCF $557M, trailing‑12‑month conversion 110%. Leverage finished the quarter ~0.6x gross/0.5x net; share repurchases totaled $332M in Q2 and $693M YTD, reducing diluted shares by ~2% Y/Y; management expects ~1.5% U.S. clinical visit declines in 2H at midpoint.Idexx Laboratories Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
78
Positive
Cash Flow
87
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.55B | 4.30B | 3.90B | 3.66B | 3.37B | 3.22B |
| Gross Profit | 2.84B | 2.66B | 2.38B | 2.19B | 2.00B | 1.89B |
| EBITDA | 1.62B | 1.47B | 1.28B | 1.22B | 1.01B | 1.04B |
| Net Income | 1.14B | 1.06B | 887.87M | 845.04M | 679.09M | 744.85M |
Balance Sheet | ||||||
| Total Assets | 3.44B | 3.35B | 3.29B | 3.26B | 2.75B | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 196.93M | 180.07M | 288.27M | 453.93M | 112.55M | 144.45M |
| Total Debt | 1.10B | 1.08B | 986.95M | 1.07B | 1.47B | 1.03B |
| Total Liabilities | 1.83B | 1.75B | 1.70B | 1.78B | 2.14B | 1.75B |
| Stockholders Equity | 1.61B | 1.61B | 1.60B | 1.48B | 608.74M | 689.99M |
Cash Flow | ||||||
| Free Cash Flow | 1.25B | 1.05B | 798.08M | 772.88M | 394.15M | 636.00M |
| Operating Cash Flow | 1.37B | 1.18B | 929.00M | 906.51M | 542.98M | 755.55M |
| Investing Cash Flow | -132.04M | -136.24M | -207.06M | -125.25M | -195.35M | -292.97M |
| Financing Cash Flow | -1.20B | -1.16B | -878.07M | -442.00M | -370.94M | -697.41M |
Idexx Laboratories Technical Analysis
Negative
550.01
Price Trends
558.15
Negative
558.85
Negative
607.14
Negative
Market Momentum
-6.91
Positive
41.35
Neutral
15.09
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDXX, the sentiment is Negative. The current price of 550.01 is below the 20-day moving average (MA) of 555.19, below the 50-day MA of 558.15, and below the 200-day MA of 607.14, indicating a bearish trend. The MACD of -6.91 indicates Positive momentum. The RSI at 41.35 is Neutral, neither overbought nor oversold. The STOCH value of 15.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IDXX.
Idexx Laboratories Risk Analysis
Idexx Laboratories disclosed 24 risk factors in its most recent earnings report. Idexx Laboratories reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Idexx Laboratories Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $42.53B | 29.63 | 20.47% | 0.54% | 8.60% | 19.07% | |
75 Outperform | $42.18B | 37.60 | 71.96% | ― | 12.77% | 18.22% | |
75 Outperform | $145.98B | 36.75 | 7.66% | 0.69% | 4.56% | 19.34% | |
74 Outperform | $226.94B | 32.96 | 13.35% | 0.29% | 7.23% | 7.47% | |
70 Outperform | $32.95B | 40.34 | 31.08% | ― | 4.97% | -31.78% | |
61 Neutral | $40.22B | 101.84 | 1.88% | ― | 52.47% | -63.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IDXX
Idexx Laboratories
535.38
-117.45
-17.99%
A
Agilent
150.86
23.75
18.68%
DHR
Danaher
207.66
10.48
5.32%
ILMN
Illumina
218.22
120.04
122.27%
TMO
Thermo Fisher
613.78
127.90
26.32%
WAT
Waters
409.38
100.01
32.33%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.