# IDEXX Laboratories, Inc. (IDXX)

> Source: Nexqual · https://nexqual.com/IDXX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, IDEXX Laboratories, Inc. (IDXX), nexqual.com/IDXX" · informational, not investment advice.

**Price:** USD 566.76 (+2.40% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 553.48 · day 558.99–568.67 · 52w 500.61–769.98 · market cap $44.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.55B, net income $1.14B (25.0% margin), free cash flow $1.25B (SEC filings).
- Valuation: P/E 39.2x (avg 48.6x at the last 3 fiscal year-ends), EV/EBITDA 27.8x, net debt $253M.
- 6 of 80 tracked superinvestors hold IDXX (13F, Q2 2026): 1 new, 0 added, 3 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $1.2M; 1 not under a Rule 10b5-1 plan ($1.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -11.3% vs S&P 500 +14.9%; 5Y -13.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 3.72, revenue estimate $1.19B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.22B | $3.37B | $3.66B | $3.90B | $4.30B | $4.55B |
| Gross profit | $1.89B | $2.00B | $2.19B | $2.38B | $2.66B | — |
| Operating income | $932M | $899M | $1.10B | $1.13B | $1.36B | $1.46B |
| Net income | $745M | $679M | $845M | $888M | $1.06B | $1.14B |
| EPS (diluted) | $8.60 | $8.03 | $10.06 | $10.67 | $13.08 | — |
| Free cash flow | $636M | $394M | $773M | $808M | $1.06B | $1.25B |
| Gross margin | 58.8% | 59.5% | 59.8% | 61.0% | 61.8% | — |
| Operating margin | 29.0% | 26.7% | 30.0% | 29.0% | 31.6% | 32.0% |
| Net margin | 23.2% | 20.2% | 23.1% | 22.8% | 24.6% | 25.0% |
| Revenue growth | +18.8% | +4.7% | +8.7% | +6.5% | +10.4% | — |
| Cash + short-term investments | $144M | $113M | $454M | $288M | $180M | — |
| Total debt | $851M | $770M | $698M | $618M | $450M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.2x · P/S 9.8x · EV/EBITDA 27.8x · EV/Sales 9.9x · P/FCF 35.6x · P/B 27.7x · FCF yield 2.81% · Earnings yield 2.55% · Buyback yield (TTM) 2.63% · Net debt $253M · EV $44.9B
P/E at fiscal year-ends: Dec 2025 51.7x, Dec 2024 38.8x, Dec 2023 55.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold IDXX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 3.93% | $537M | Reduced -30.4% |
| Polen Capital | Polen Capital Management | 2.41% | $280M | Reduced -23.5% |
| Jensen Investment Management |  | 1.35% | $55.6M | New position |
| Wallace Weitz | Weitz Investment Management | 1.29% | $18.6M | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.1M | Unchanged |
| Bill Nygren | Oakmark Funds | <0.01% | $240K | Reduced -5.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Kingsley Lawrence D | Director | 2,203 | $1.2M | 18.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | JP Morgan | Target lowered | Overweight | $775 → $750 |
| 2026-10-12 | Keybanc | Initiated | Sector Weight |  |
| 2026-08-11 | Barclays | Target lowered | Overweight | $800 → $710 |
| 2026-08-05 | UBS | Target raised | Neutral | $620 → $670 |
| 2026-08-05 | Citigroup | Target raised | Neutral | $650 → $670 |
| 2026-07-27 | UBS | Target lowered | Neutral | $640 → $620 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -11.3% | -13.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -11.3% | -2.8% |
| Volatility (annualized) | 32.0% | 33.8% |
| Max drawdown | -34.2% (Nov 2025→Sep 2026) | -51.3% (Oct 2021→Oct 2022) |

## Peers (Diagnostics & Research)
WAT (Waters Corporation) USD 455.59 -0.41% · IQV (IQVIA Holdings, Inc.) USD 278.32 +0.61% · ILMN (Illumina, Inc.) USD 269.4 -4.76% · A (Agilent Technologies, Inc.) USD 173.89 -2.17% · NTRA (Natera, Inc.) USD 401.37 -2.91% · MTD (Mettler-Toledo International, I) USD 1,684.64 +0.40%

## More
Full page: https://nexqual.com/IDXX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IDXX's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/874716/000087471626000038/idxx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | THERMO FISHER SCIENTIFIC INC. (TMO) | "We also distribute certain water testing kits manufactured by Thermo Fisher Scientific, Inc. that complement our Cryptosporidium and Giardia testing products." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| CAG | $1.12B | 91.9% | +9.4% |
| Water segment revenue | $58.6M | 4.8% | +14.8% |
| LPD | $35.2M | 2.9% | +10.8% |
| Total revenue | $1.22B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| CAG Diagnostics Recurring Revenue | $974.7M | 80.1% | +11.0% |
| — Vet Lab Consumables (part of CAG Diagnostics Recurring Revenue) | $430.3M | 35.4% | +14.7% |
| — Reference Laboratory Diagnostic & Consulting Services (part of CAG Diagnostics Recurring Revenue) | $406.7M | 33.4% | +10.6% |
| — Rapid Assay Products (part of CAG Diagnostics Recurring Revenue) | $101.6M | 8.3% | +1.3% |
| — CAG Diagnostics Service & Accessories (part of CAG Diagnostics Recurring Revenue) | $36.1M | 3.0% | +3.2% |
| Product revenue | $718.6M | 59.1% | +9.3% |
| — Service revenue (part of Product revenue) | $498.0M | 40.9% | +10.2% |
| — Veterinary Software Services & Diagnostic Imaging Systems (part of Product revenue) | $96.3M | 7.9% | +12.2% |
| — Recurring Revenue (part of Product revenue) | $76.3M | 6.3% | +10.7% |
| — CAG Diagnostic Capital Instruments (part of Product revenue) | $47.2M | 3.9% | -19.5% |
| Systems & Hardware | $20.0M | 1.6% | +18.4% |
| Total revenue | $1.22B | 100% | — |
The lines above cover 140.8% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $773.0M | 63.5% | +7.7% |
| Europe, the Middle East and Africa | $265.5M | 21.8% | +13.8% |
| Asia Pacific | $101.5M | 8.3% | +13.7% |
| Canada | $50.8M | 4.2% | +8.8% |
| Latin America & Caribbean | $25.8M | 2.1% | +15.6% |
| Total revenue | $1.22B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "The Company is updating its full year revenue growth guidance range to $4,700 million - $4,745 million, or reported growth of 9.1% - 10.3%, an increase of $5 million at midpoint, net of a $15 million reduction to projected revenues from a stronger U.S. dollar."
- "The Company is increasing its outlook for organic revenue growth to 8.5% - 9.7%, an increase of 0.4% at midpoint, reflecting operational performance."
- "The Company increased its full year reported operating margin outlook to 32.3% - 32.5%, bringing the projected full year operating profit margin expansion to 70 - 90 basis points as reported and on a comparable basis."
- "The Company updated its EPS outlook range to $14.69 - $14.94, reflecting increased reported growth of 12% - 14% and 13% - 15% comparable growth."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.72 | $3.78 | -1.8% | $1.19B | 11 |
| Next quarter (ends 2026-12-31) | $3.36 | $3.45 | -2.5% | $1.17B | 10 |
| Current fiscal year (ends 2026-12-31) | $14.84 | $14.66 | +1.2% | $4.72B | 12 |
| Next fiscal year (ends 2027-12-31) | $16.74 | $16.52 | +1.4% | $5.15B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±9.9%; last 8 reports averaged ±9.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.8% | ±9.9% |
| 2026-12-18 | 56 | 37.9% | ±12.0% |
| 2027-01-15 | 84 | 33.7% | ±13.0% |
| 2027-04-16 | 175 | 33.5% | ±18.6% |