IDEXX Laboratories, Inc. (IDXX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-74.8%

$168.08

vs $667.30 price

Levered DCF

$148.86

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

60.78

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	51.37×	38.39×	54.58×	50.24×	75.34×	73.29×	52.54×	42.86×
P/B	33.75×	21.37×	31.06×	56.04×	81.31×	67.49×	126.71×	-1,698.56×
P/S	12.59×	8.75×	12.59×	10.13×	17.45×	15.76×	9.34×	7.3×
EV / EBITDA	36.54×	27.27×	38.37×	34.96×	54.8×	54.52×	36.46×	29.59×
Gross margin	61.8%	61.0%	59.8%	59.5%	58.8%	58.0%	56.7%	56.1%
Operating margin	31.6%	29.0%	30.0%	26.7%	29.0%	25.7%	23.0%	22.2%
Net margin	24.6%	22.8%	23.1%	20.2%	23.2%	21.5%	17.8%	17.0%
Current ratio	1.17×	1.31×	1.57×	0.89×	1.25×	1.82×	0.94×	0.85×
Debt / equity	0.67×	0.62×	0.72×	2.41×	1.49×	1.59×	6.03×	-105.15×
Interest coverage	35.54×	36.16×	26.39×	22.55×	31.27×	20.97×	17.8×	14.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	66.0%	55.7%	56.9%	111.6%	107.9%	92.0%	241.0%	-3963.3%
Return on invested capital	40.3%	33.9%	32.9%	32.5%	41.8%	34.3%	32.1%	34.7%
Return on assets	31.6%	27.0%	25.9%	24.7%	30.6%	25.4%	23.3%	24.5%
Free cash flow yield	1.9%	2.3%	1.7%	1.2%	1.1%	1.3%	1.4%	1.7%
Earnings yield	2.0%	2.6%	1.8%	2.0%	1.3%	1.4%	1.9%	2.3%
Enterprise value	$55.1B	$34.8B	$46.7B	$35.5B	$57B	$43.3B	$23.5B	$17B
Net debt / EBITDA	0.6×	0.55×	0.5×	1.34×	0.85×	0.78×	1.52×	1.52×
Cash conversion cycle (days)	118	117	120	122	90	94	90	82