IDEXX LABORATORIES INC /DE IDXX

Healthcare SIC 2835 - In Vitro & In Vivo Diagnostic Substances NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

IDEXX was incorporated in Delaware in 1983. We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary; livestock, poultry and dairy; and water testing industries. We also manufacture and sell human medical point-of-care diagnostic products. Our primary products and services are:

•Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits;

•Practice management systems, software and diagnostic imaging systems and services used by veterinarians;

•Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community;

Last close 560.38 2026-10-23
Market cap $44.15B 2026-06-30 share count
52-week range 500.61 - 769.98

Valuation FY2025 figures against the last close

P/S10.3x
P/E42.8x
P/FCF41.8x
EV/EBITDA29.5x
Dividend yield—
Diluted EPS13.08

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • CAG segment revenue - Segment revenue
  • Water segment revenue - Segment revenue
  • LPD segment revenue - Segment revenue
Revenue by segment, 3 categories over 3 years. The same figures are in the table below. FY2025 CAG segment revenue - Segment revenue, FY2025: 4B (92.2%) 92% CAG segment revenue - Segment revenue Water segment revenue - Segment revenue, FY2025: 201.1M (4.7%) 5% LPD segment revenue - Segment revenue, FY2025: 131.8M (3.1%) FY2024 CAG segment revenue - Segment revenue, FY2024: 3.6B (92.1%) 92% Water segment revenue - Segment revenue, FY2024: 185.1M (4.8%) 5% LPD segment revenue - Segment revenue, FY2024: 122.1M (3.1%) FY2023 CAG segment revenue - Segment revenue, FY2023: 3.4B (92.0%) 92% Water segment revenue - Segment revenue, FY2023: 168.1M (4.6%) 5% LPD segment revenue - Segment revenue, FY2023: 121.7M (3.3%)
Segment FY2025FY2024FY2023
CAG segment revenue - Segment revenue $3.95B $3.57B $3.35B
Water segment revenue - Segment revenue $201.1M $185.1M $168.1M
LPD segment revenue - Segment revenue $131.8M $122.1M $121.7M

As the company reported it, from the “REVENUE (Disaggregation of Revenue by Major Product and Service Categories) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $4.30B$3.90B$3.66B$3.37B$3.22B$2.71B$2.41B$2.21B$1.97B$1.78B
Cost of revenue $1.64B$1.52B$1.47B$1.36B$1.33B$1.14B$1.04B$971.7M$871.7M$800.0M
Gross profit $2.66B$2.38B$2.19B$2.00B$1.89B$1.57B$1.37B$1.24B$1.10B$975.4M
R&D $251.2M$219.8M$191.0M$254.8M$161.0M$141.2M$133.2M$117.9M$109.2M$101.1M
SG&A $404.8M$442.3M$335.8M$326.2M$309.7M$300.8M$261.3M$244.9M$220.9M$207.0M
Total operating expenses $1.30B$1.25B$1.09B$1.11B———$750.2M——
Operating income $1.36B$1.13B$1.10B$898.8M$932.0M$694.5M$552.8M$491.3M$413.0M$350.2M
Interest expense $38.9M$31.2M$41.6M$39.9M$29.8M$33.1M$31.1M$34.7M$37.2M$32.0M
Pre-tax income $1.32B$1.11B$1.06B$860.0M$902.7M$662.0M$522.2M$457.7M$381.1M$321.8M
Income tax $264.7M$222.0M$216.1M$180.9M$157.8M$79.9M$94.4M$80.7M$117.8M$99.8M
Net income $1.06B$887.9M$845.0M$679.1M$744.8M$581.8M$427.7M$377.0M$263.1M$222.0M
EPS, basic 13.1710.7710.178.128.746.824.974.343.002.47
EPS, diluted 13.0810.6710.068.038.606.714.894.262.942.44
Shares, diluted (wtd. avg.) 81.0M83.2M84.0M84.6M86.6M86.7M87.5M88.5M89.6M90.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $180.1M$288.3M$453.9M$112.5M$144.5M$383.9M$90.3M$123.8M$187.7M$154.9M
Short-term investments ———————$0$284.3M$236.9M
Receivables $552.4M$473.6M$457.4M$400.6M$368.3M$331.4M$269.3M$248.9M$234.6M$204.5M
Inventory $377.8M$381.9M$380.3M$367.8M$269.0M$209.9M$195.0M$173.3M$164.3M$158.0M
Total current assets $1.41B$1.40B$1.50B$1.10B$955.7M$1.06B$679.6M$654.2M$972.0M$845.6M
Property, plant and equipment $747.4M$713.1M$702.2M$649.5M$587.7M$555.2M$533.8M$437.3M$379.1M$357.4M
Goodwill $414.0M$405.1M$366.0M$361.8M$359.3M$243.3M$239.7M$214.5M$199.9M$178.2M
Other intangibles $109.8M$111.7M$84.5M$97.7M$99.0M$52.5M$58.5M$41.8M$43.8M$46.2M
Total assets $3.35B$3.29B$3.26B$2.75B$2.44B$2.29B$1.83B$1.54B$1.71B$1.53B
Accounts payable $110.4M$114.2M$110.6M$110.2M$116.1M$74.6M$72.2M$69.5M$67.0M$60.1M
Short-term debt $75.0M$167.8M$75.0M$75.0M$75.0M$50.0M$0———
Total current liabilities $1.15B$1.07B$951.5M$1.24B$763.6M$582.8M$725.3M$770.4M$1.00B$934.6M
Long-term debt $374.8M$449.8M$622.9M$694.4M$775.2M$858.5M$698.9M$601.8M$606.6M$593.7M
Total liabilities $1.75B$1.70B$1.78B$2.14B$1.75B$1.66B$1.65B$1.55B$1.77B$1.64B
Retained earnings $6.39B$5.33B$4.44B$3.60B$2.92B$2.18B$1.60B$1.17B$803.5M$540.4M
Total equity $1.61B$1.60B$1.48B$608.7M$690.0M$632.8M$177.8M-$9.2M-$53.8M-$108.2M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.18B$929.0M$906.5M$543.0M$755.5M$648.1M$459.2M$400.1M$373.3M$338.9M
Depreciation and amortisation $145.2M$129.9M$114.9M$111.9M$104.6M$96.0M$88.0M$83.2M$83.1M$78.2M
Stock-based compensation $60.0M$60.3M$59.7M$49.8M$37.8M$31.0M$39.3M$25.2M$23.5M$19.9M
Capital expenditure $124.7M$120.9M$133.6M$148.8M$119.5M$107.0M$155.0M$115.8M$74.4M$64.8M
Investing cash flow -$136.2M-$207.1M-$125.3M-$195.3M-$293.0M-$109.4M-$205.5M$138.6M-$138.7M-$90.8M
Financing cash flow -$1.16B-$878.1M-$442.0M-$370.9M-$697.4M-$248.4M-$286.4M-$597.8M-$208.0M-$222.2M
Buybacks $1.22B$837.0M$71.9M$819.7M$746.8M$182.8M$301.7M$369.3M$282.6M$304.1M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000874716-26-000038.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 1.8B Gross profit, FY2016: 975.4M Net income, FY2016: 222M Revenue, FY2017: 2B Gross profit, FY2017: 1.1B Net income, FY2017: 263.1M Revenue, FY2018: 2.2B Gross profit, FY2018: 1.2B Net income, FY2018: 377M Revenue, FY2019: 2.4B Gross profit, FY2019: 1.4B Net income, FY2019: 427.7M Revenue, FY2020: 2.7B Gross profit, FY2020: 1.6B Net income, FY2020: 581.8M Revenue, FY2021: 3.2B Gross profit, FY2021: 1.9B Net income, FY2021: 744.8M Revenue, FY2022: 3.4B Gross profit, FY2022: 2B Net income, FY2022: 679.1M Revenue, FY2023: 3.7B Gross profit, FY2023: 2.2B Net income, FY2023: 845M Revenue, FY2024: 3.9B Gross profit, FY2024: 2.4B Net income, FY2024: 887.9M Revenue, FY2025: 4.3B Gross profit, FY2025: 2.7B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.78B $1.97B $2.21B $2.41B $2.71B $3.22B $3.37B $3.66B $3.90B $4.30B
Gross profit $975.4M $1.10B $1.24B $1.37B $1.57B $1.89B $2.00B $2.19B $2.38B $2.66B
Net income $222.0M $263.1M $377.0M $427.7M $581.8M $744.8M $679.1M $845.0M $887.9M $1.06B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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