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IDEXX Laboratories

IDXX
72
Medical - Diagnostics & Research · Healthcare
Also trades as: 0J8P.L GBP 5.60 (+3.44%)
Price
$560.36
+13.18 (+2.41%)
Market Cap
$44.15B
Exchange
NASDAQ
Winston Score
72
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
28/30
Growth
Good
13/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

68 of 95 counted points = Winston Score 72. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−6.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 86.6M (2021) → 80.7M (2025)

§Winston Score History

The full picture

IDEXX Laboratories makes medical testing equipment and supplies for veterinarians. Its main products include blood analyzers, urine tests, and disease detection kits used in animal hospitals and clinics to diagnose sick pets and livestock. IDEXX is the largest company in the world focused on veterinary diagnostics, and it also sells software to help vet practices manage their businesses.

IDEXX makes most of its money by selling consumable test cartridges and reagents that run inside its analyzers — meaning once a clinic buys the machine, it keeps buying supplies from IDEXX repeatedly. The company operates globally, with strong presence in North America, Europe, and Asia-Pacific, and generates roughly $4 billion in annual revenue. Its biggest competitive advantage is that its instruments are designed to only work with IDEXX's own supplies, creating a loyal, recurring customer base. The main risk is that growth depends on pet owners continuing to spend on veterinary care, which can slow during economic downturns.

Politician Trades

22 trades / 12mo

8 Congressional buys and 14 sells on IDXX in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-195.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$251M/ year

↑ Rising (+14% vs prior year)

5.8% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$197M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

IDEXX Laboratories is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
64.0%
Premium pricing power — 64.0% gross margin
Profit after running costs
Operating Margin
35.0%
Excellent — 35.0% operating margin
Return on the money invested
ROCE
63.9%
Exceptional — 63.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+12.8%
Fast-growing sales (+12.8% YoY)
Profit growth
EPS YoY
-46.0%
Earnings shrinking (-46.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
120%
Turns 120% of profit into real cash
Spare cash per sale
FCF Margin
27.5%
Converts sales into free cash efficiently (27.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.41
Conservative — low debt load (0.41)
Covers its interest
Interest Cover
68.90x
Comfortably covers interest (68.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
39.4x
Pricey — P/E 39.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+9.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (39.4 → 29.5)

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Dividends

Not applicable for this business.
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