Idexx Laboratories

Health Care Health Care Equipment Westbrook, Maine Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.3B
                    3y CAGR +8.5%
                    
                    P68
                    
                    +10.4%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +24.6%
                    
                    P83
                    
                    +19.3%
                    
                    Total assets
                    FY2025
                
$3.4B
                    ROA +31.6%
                    
                    P100
                    
                    +1.7%
                    
                    Operating cash flow
                    FY2025
                
$1.2B
                    FCF margin +24.6%
                    
                    P90
                    
                    +27.2%

19 yrs · FY2006–FY2025 1 gap (2007) 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

34 accounts · 3 years

Total assets $3.4B

Total liabilities $1.7B

Shareholders equity $1.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	5.4%	8.8%	13.9%
Accounts Receivable	16.5%	14.4%	14.0%
Inventory	11.3%	11.6%	11.7%
Prepaid Expenses	1.7%	1.8%	1.5%
Other Current Assets	9.1%	7.8%	6.2%
Total Current Assets	42.2%	42.5%	45.9%
Property,Plant and Equipment	22.3%	21.7%	21.5%
Operating Lease Assets	3.7%	3.5%	3.5%
Goodwill	12.4%	12.3%	11.2%
Intangible Assets	3.3%	3.4%	2.6%
Deferred Tax Assets	0.8%	3.8%	3.3%
Other Noncurrent Assets	16.2%	16.6%	15.2%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.3%	3.5%	3.4%
Accrued Liabilities	15.8%	15.2%	14.7%
Deferred Revenue	1.1%	1.0%	1.1%
Current Portion of Long Term Debt	2.2%	5.1%	2.3%
Operating Lease Liabilities	0.8%	0.7%	0.6%
Other Current Liabilities	1.7%	1.3%	2.0%
Total Current Liabilities	34.3%	32.4%	29.2%
Long Term Debt	11.2%	13.7%	19.1%
Deferred Revenue Noncurrent	1.0%	0.8%	0.9%
Operating Lease Liabilities Noncurrent	3.0%	3.0%	3.1%
Deferred Tax Liabilities	1.0%	0.3%	0.2%
Other Noncurrent Liabilities	1.7%	1.3%	2.0%
Total Liabilities	52.1%	51.6%	54.5%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.3%	0.3%	0.3%
Additional Paid In Capital	54.5%	50.8%	48.1%
Retained Earnings	190.8%	161.9%	136.3%
Treasury Stock	195.8%	162.0%	137.3%
Accumulated Other Comprehensive Income	-2.1%	-2.8%	-2.2%
Total Stockholders Equity	47.9%	48.4%	45.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $4.3B

Operating income $1.4B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	128.4%	118.3%	112.3%
Expenses Cost of Revenue	49.1%	46.1%	45.1%
Expenses Research and Development	7.5%	6.7%	5.9%
Expenses Selling,General and Administrative	12.1%	13.4%	10.3%
Expenses Depreciation and Amortization	4.3%	3.9%	3.5%
Expenses Share Based Compensation	1.8%	1.8%	1.8%
Expenses Operating Expenses	38.8%	38.0%	33.5%
Other Income Expense Gross Profit	79.4%	72.2%	67.2%
Other Income Expense Operating Income	40.6%	34.3%	33.7%
Other Income Expense Interest Expense	1.2%	0.9%	1.3%
Other Income Expense Income Before Tax	39.5%	33.7%	32.6%
Income Tax Income Tax Expense	7.9%	6.7%	6.6%
net Income net Income	31.6%	27.0%	25.9%
net Income Comprehensive Income	32.4%	26.3%	26.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.4%	2.5%	2.5%
Earnings Per Share Weighted Average Shares Diluted	2.4%	2.5%	2.6%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $1.2B

Investing cash flow $-136.2M

Financing cash flow $-1.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	31.6%	27.0%	25.9%
Operating Activities Depreciation and Amortization	0.6%	0.5%	0.4%
Operating Activities Stock Based Compensation	1.8%	1.8%	1.8%
Operating Activities Deferred Income Taxes	3.9%	-0.7%	-1.5%
Operating Activities Changes In Operating Assets and Liabilities	2.0%	1.8%	2.4%
Operating Activities Other Non Cash Items	0.1%	0.0%	0.1%
Operating Activities net Cash From Operating Activities	35.3%	28.2%	27.8%
Investing Activities Capital Expenditures	3.7%	3.7%	4.1%
Investing Activities Business Acquisitions	0.0%	2.3%	0.0%
Investing Activities Other Investing Activities	0.1%	0.0%	0.3%
Investing Activities net Cash From Investing Activities	-4.1%	-6.3%	-3.8%
Financing Activities Repayment of Debt	5.3%	2.3%	2.3%
Financing Activities Repurchase of Common Stock	36.3%	25.4%	2.2%
Financing Activities Proceeds From Stock Issuance	2.8%	1.4%	1.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.2%	0.3%	0.3%
Financing Activities net Cash From Financing Activities	-34.8%	-26.7%	-13.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.3%	-0.3%	0.1%
Cash Reconciliation net Change In Cash	-3.2%	-5.0%	10.5%
Cash Reconciliation Cash At Beginning of Period	5.4%	8.8%	13.9%
Cash Reconciliation Cash At End of Period	5.4%	8.8%	13.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+61.8%	+61.0%	+59.8%
Operating margin	+31.6%	+29.0%	+30.0%
Net margin	+24.6%	+22.8%	+23.1%
FCF margin	+24.6%	+20.7%	+21.1%
Growth
Revenue CAGR (3y)	+8.5%	+6.6%	+10.6%
Returns
ROE	+66.0%	+55.7%	+56.9%
ROA	+31.6%	+27.0%	+25.9%
ROIC	+58.0%	+46.9%	+50.5%
Liquidity
Current ratio	1.23x	1.31x	1.57x
Quick ratio	0.64x	0.71x	0.96x
Leverage
D/E	1.09x	1.06x	1.20x
Interest coverage	35.01x	36.16x	26.39x
Efficiency
Asset turnover	1.28x	1.18x	1.12x
Cash conversion cycle	+106d	+109d	+113d

Valuation

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Idexx Laboratories

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