← Back to Screener

IDEXX Laboratories, Inc. (IDXX) Financial Ratios

Latest Ratios: P/E Ratio 43.2x · EV/EBITDA 31.2x · ROE 66.2%. (1996–2025 historical series)

IDXX Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Market Cap	$44.9B	$54.6B	$34.4B	$46.6B	$34.5B	$57.0B	$43.3B	$22.9B	$16.5B	$14.0B	$10.7B
Enterprise Value	$45.8B	$55.5B	$35.1B	$47.2B	$35.9B	$57.9B	$44.0B	$23.8B	$17.3B	$15.1B	$11.7B
P/E Ratio →	43.19	51.72	38.75	55.17	50.80	76.57	74.50	53.40	43.67	53.19	48.06
P/S Ratio	10.43	12.68	8.83	12.73	10.25	17.73	16.02	9.50	7.44	7.11	6.00
P/B Ratio	28.39	34.00	21.57	31.40	56.70	82.62	68.51	128.55	—	—	—
P/FCF	42.60	51.81	43.13	60.31	87.57	89.63	80.21	75.21	59.38	47.23	39.51
P/OCF	38.09	46.33	37.05	51.42	63.56	75.45	66.89	49.79	41.13	37.52	31.86

P/E links to full P/E history page with 30-year chart

IDXX EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
EV / Revenue	—	12.89	9.01	12.90	10.65	18.00	16.24	9.90	7.83	7.66	6.59
EV / EBITDA	31.21	37.83	27.91	38.96	35.49	55.85	55.62	37.20	30.17	30.39	27.32
EV / EBIT	33.65	40.72	30.78	42.82	39.86	62.08	63.25	43.09	35.20	36.05	33.08
EV / FCF	—	52.66	44.00	61.10	91.01	91.02	81.36	78.44	62.54	50.85	43.39

IDXX Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Gross Margin	61.8%	61.8%	61.0%	59.8%	59.5%	58.8%	58.0%	56.7%	56.1%	55.7%	54.9%
Operating Margin	31.6%	31.6%	29.0%	30.0%	26.7%	29.0%	25.7%	23.0%	22.2%	21.0%	19.7%
Net Profit Margin	24.6%	24.6%	22.8%	23.1%	20.2%	23.2%	21.5%	17.8%	17.0%	13.4%	12.5%

Return on Capital

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
ROE	66.2%	66.2%	57.7%	80.7%	104.6%	112.6%	143.5%	507.4%	—	—	—
ROA	31.9%	31.9%	27.1%	28.1%	26.2%	31.5%	28.2%	25.4%	23.2%	16.2%	14.8%
ROIC	42.5%	42.5%	38.5%	40.5%	38.1%	49.4%	43.2%	40.9%	39.1%	31.6%	27.7%
ROCE	61.4%	61.4%	49.8%	57.5%	56.4%	55.1%	49.3%	59.0%	66.6%	63.3%	57.7%

IDXX Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Debt / Equity	0.67	0.67	0.62	0.72	2.41	1.49	1.59	6.02	—	—	—
Debt / EBITDA	0.73	0.73	0.78	0.88	1.45	0.99	1.27	1.67	1.74	2.54	2.81
Net Debt / Equity	—	0.56	0.44	0.41	2.23	1.28	0.98	5.51	—	—	—
Net Debt / EBITDA	0.61	0.61	0.56	0.51	1.34	0.86	0.78	1.53	1.53	2.16	2.45
Debt / FCF	—	0.85	0.88	0.79	3.44	1.39	1.15	3.22	3.16	3.62	3.89
Interest Coverage	35.61	35.61	36.57	26.52	22.58	31.28	20.98	17.82	14.17	11.24	11.04

IDXX Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Current Ratio	1.17	1.17	1.31	1.57	0.89	1.25	1.82	0.94	0.85	0.97	0.90
Quick Ratio	0.84	0.84	0.95	1.17	0.59	0.90	1.46	0.67	0.62	0.80	0.74
Cash Ratio	0.16	0.16	0.27	0.48	0.09	0.19	0.66	0.12	0.16	0.47	0.42
Asset Turnover	—	1.28	1.18	1.12	1.23	1.32	1.18	1.31	1.44	1.15	1.16
Inventory Turnover	4.35	4.35	3.98	3.87	3.71	4.93	5.41	5.34	5.61	5.30	5.06
Days Sales Outstanding	—	58.79	52.57	52.79	53.21	48.31	50.53	46.63	42.63	50.06	47.73

IDXX Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Dividend Yield	—	—	—	—	—	—	—	—	—	—	—
Payout Ratio	—	—	—	—	—	—	—	—	—	—	—

Total Shareholder Return Metrics

Metric	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Earnings Yield	2.3%	1.9%	2.6%	1.8%	2.0%	1.3%	1.3%	1.9%	2.3%	1.9%	2.1%
FCF Yield	2.3%	1.9%	2.3%	1.7%	1.1%	1.1%	1.2%	1.3%	1.7%	2.1%	2.5%
Buyback Yield	2.7%	2.2%	2.4%	0.2%	2.4%	1.3%	0.4%	1.3%	2.2%	2.1%	2.9%
Total Shareholder Yield	2.7%	2.2%	2.4%	0.2%	2.4%	1.3%	0.4%	1.3%	2.2%	2.1%	2.9%
Shares Outstanding	—	$81M	$83M	$84M	$85M	$87M	$87M	$88M	$88M	$90M	$91M

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Veterinary labor supply constraints

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Premium Valuation Reflects Growth Expectations

According to current market data, IDXX trades at a P/E of 42.16, a significant premium that suggests investors are pricing in sustained high-growth expectations for its diagnostic ecosystem compared to broader healthcare peers, despite the inherent risks associated with veterinary clinic consolidation and potential margin compression.

The current forward P/E of 37.62 implies that the market expects IDEXX to maintain its dominant competitive position and high-margin consumable revenue stream. This valuation appears to treat the company more as a high-growth technology firm than a traditional medical device manufacturer, which warrants caution if diagnostic utilization rates per visit begin to plateau.

Capital Efficiency Remains Structurally Robust

Based on reported financial figures, IDEXX has maintained a consistent ROIC trend, peaking at 11.5% in 2025Q2, which demonstrates the company's ability to effectively deploy capital into its high-margin diagnostic infrastructure while simultaneously returning significant value to shareholders through aggressive and ongoing share repurchase programs.

The company's ability to generate double-digit returns on invested capital suggests that its integrated hardware and software ecosystem creates a durable competitive advantage. Investors should monitor whether future R&D investments continue to yield similar returns or if the law of large numbers begins to dampen the efficiency of new capital deployments.

Working Capital Cycles Require Monitoring

As reported in recent quarterly filings, the cash conversion cycle has remained elevated, reaching 107 days in 2026Q1, primarily driven by high inventory days that reflect the company's commitment to maintaining a robust supply of proprietary consumables for its global installed base of diagnostic analyzers.

While the high inventory levels ensure service continuity for veterinary clinics, the extended CCC suggests that IDEXX carries significant working capital risk. The stability of these metrics is essential for maintaining liquidity, and any further lengthening of the cycle could indicate potential inefficiencies in inventory management or slowing demand for specific diagnostic panels.

Conservative Leverage Supports Strategic Flexibility

According to recent balance sheet data, IDEXX maintains a debt-to-EBITDA ratio of approximately 2.97, a level that appears well-managed and provides the company with sufficient financial flexibility to navigate potential industry headwinds while continuing to fund its core diagnostic innovation and share buyback initiatives.

The company's interest coverage ratio, which remains comfortably above 50x in 2026Q1, suggests that debt service is not a material risk to the business model. This conservative capital structure is a key pillar of the company's financial health, allowing it to remain resilient even if veterinary clinic foot traffic experiences cyclical volatility.

Misapplication of P/E Multiples

The P/E ratio is frequently misapplied to IDEXX because it fails to account for the significant non-cash impact of stock-based compensation and the complex revenue deferrals inherent in the company's 'razor-razorblade' business model, which can distort the true underlying earnings power of the diagnostic segment.

Analysts should prioritize free cash flow yield or EV/EBITDA over P/E to better capture the cash-generating capacity of the recurring consumable revenue stream. Relying solely on P/E may obscure the impact of aggressive capital allocation strategies, such as share repurchases, which artificially inflate earnings per share metrics.

Download Financial Ratios Data

Includes 30+ ratios · 30 years · Updated daily

Consensus-Based Analysis Tools

Intrinsic Valuation

DCF models, multiple analysis, and analyst estimates.

Check Valuation

Historical Returns

10-year return with dividends reinvested.

Calculate

DCA Calculator

See how regular investing compounds over time.

Run Numbers

Peer Comparison

Compare growth, multiples, and margins vs sector.

Compare

IDXX — Frequently Asked Questions

Quick answers to the most common questions about buying IDXX stock.

What is IDEXX Laboratories, Inc.'s P/E ratio?

IDEXX Laboratories, Inc.'s current P/E ratio is 43.2x. The historical average is 37.6x. This places it at the 68th percentile of its historical range.

What is IDEXX Laboratories, Inc.'s EV/EBITDA?

IDEXX Laboratories, Inc.'s current EV/EBITDA is 31.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.2x.

What is IDEXX Laboratories, Inc.'s ROE?

IDEXX Laboratories, Inc.'s return on equity (ROE) is 66.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 37.8%.

Is IDXX stock overvalued?

Based on historical data, IDEXX Laboratories, Inc. is trading at a P/E of 43.2x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.

What are IDEXX Laboratories, Inc.'s profit margins?

IDEXX Laboratories, Inc. has 61.8% gross margin and 31.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.

How much debt does IDEXX Laboratories, Inc. have?

IDEXX Laboratories, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.