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

Balance Sheet

Assets, liabilities, and equity

34 accounts · 10 years

Total assets $3.4B

Total liabilities $1.7B

Shareholders equity $1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$180.1M -37.5%	$288.3M -36.5%	$453.9M 303.3%	$112.5M -22.1%	$144.5M -62.4%	$383.9M 325.0%	$90.3M -27.0%	$123.8M -34.0%	$187.7M 21.2%	$154.9M
Accounts Receivable	$552.4M 16.6%	$473.6M 3.5%	$457.4M 14.2%	$400.6M 8.8%	$368.3M 11.1%	$331.4M 23.1%	$269.3M 8.2%	$248.9M 6.1%	$234.6M 14.7%	$204.5M
Inventory	$377.8M -1.1%	$381.9M 0.4%	$380.3M 3.4%	$367.8M 36.7%	$269.0M 28.2%	$209.9M 7.6%	$195.0M 12.5%	$173.3M 5.5%	$164.3M 4.0%	$158.0M
Prepaid Expenses	$57.9M -1.2%	$58.6M 21.2%	$48.4M 15.9%	$41.7M -0.6%	$42.0M 21.5%	$34.6M 8.0%	$32.0M 5.5%	$30.3M 4.7%	$29.0M 12.5%	$25.7M
Other Current Assets	$303.6M 18.5%	$256.2M 25.8%	$203.6M -7.7%	$220.5M 26.8%	$173.8M 26.4%	$137.5M 10.0%	$125.0M 15.5%	$108.2M 7.0%	$101.1M 10.9%	$91.2M
Total Current Assets	$1.4B 1.0%	$1.4B -6.4%	$1.5B 35.7%	$1.1B 15.3%	$955.7M -10.1%	$1.1B 56.4%	$679.6M 3.9%	$654.2M -32.7%	$972.0M 14.9%	$845.6M
Property,Plant and Equipment	$747.4M 4.8%	$713.1M 1.6%	$702.2M 8.1%	$649.5M 10.5%	$587.7M 5.9%	$555.2M 4.0%	$533.8M 22.1%	$437.3M 15.3%	$379.1M 6.1%	$357.4M
Operating Lease Assets	$123.2M 6.1%	$116.1M 0.5%	$115.5M -2.6%	$118.6M 12.9%	$105.1M 15.3%	$91.2M 13.1%	$80.6M	—	—	—
Goodwill	$414.0M 2.2%	$405.1M 10.7%	$366.0M 1.2%	$361.8M 0.7%	$359.3M 47.7%	$243.3M 1.5%	$239.7M 11.8%	$214.5M 7.3%	$199.9M 12.1%	$178.2M
Intangible Assets	$109.8M -1.6%	$111.7M 32.2%	$84.5M -13.5%	$97.7M -1.4%	$99.0M 88.5%	$52.5M -10.1%	$58.5M 39.8%	$41.8M -4.6%	$43.8M -5.0%	$46.2M
Deferred Tax Assets	$27.9M -77.8%	$125.6M 17.0%	$107.4M 94.4%	$55.2M 122.8%	$24.8M -21.4%	$31.5M 289.5%	$8.1M -4.5%	$8.5M 10.2%	$7.7M	—
Other Noncurrent Assets	$542.5M -0.9%	$547.5M 10.3%	$496.5M 18.9%	$417.7M 26.4%	$330.4M 14.1%	$289.6M 20.6%	$240.2M 26.7%	$189.6M 59.8%	$118.6M 14.8%	$103.3M
Total Assets	$3.4B 1.7%	$3.3B 1.0%	$3.3B 18.7%	$2.7B 12.7%	$2.4B 6.2%	$2.3B 25.2%	$1.8B 19.2%	$1.5B -10.3%	$1.7B 11.9%	$1.5B
Liabilities
Accounts Payable	$110.4M -3.3%	$114.2M 3.2%	$110.6M 0.4%	$110.2M -5.1%	$116.1M 55.8%	$74.6M 3.3%	$72.2M 3.8%	$69.5M 3.8%	$67.0M 11.5%	$60.1M
Accrued Liabilities	$530.1M 5.6%	$502.1M 4.9%	$478.7M 10.4%	$433.7M -5.5%	$458.9M 10.4%	$415.6M 28.7%	$322.9M 23.9%	$260.7M 2.9%	$253.4M 7.3%	$236.1M
Deferred Revenue	$35.3M 4.3%	$33.8M -9.1%	$37.2M -2.0%	$37.9M -5.2%	$40.0M -6.0%	$42.6M 2.7%	$41.5M 0.4%	$41.3M 41.5%	$29.2M 6.6%	$27.4M
Current Portion of Long Term Debt	$75.0M -55.3%	$167.8M 123.7%	$75.0M 0.0%	$75.0M 0.0%	$75.0M 50.0%	$50.0M	—	—	—	—
Operating Lease Liabilities	$27.1M 25.7%	$21.5M 8.8%	$19.8M -3.1%	$20.4M 2.5%	$19.9M 12.4%	$17.7M 16.0%	$15.3M	—	—	—
Other Current Liabilities	$56.5M 27.5%	$44.3M -32.3%	$65.5M -3.0%	$67.6M -4.7%	$70.9M -17.1%	$85.6M 5.5%	$81.2M -4.3%	$84.8M -11.4%	$95.7M 145.8%	$38.9M
Total Current Liabilities	$1.1B 7.6%	$1.1B 12.2%	$951.5M -23.0%	$1.2B 61.8%	$763.6M 31.0%	$582.8M -19.7%	$725.3M -5.9%	$770.4M -23.3%	$1.0B 7.5%	$934.6M
Long Term Debt	$374.8M -16.7%	$449.8M -27.8%	$622.9M -10.3%	$694.4M -10.4%	$775.2M -9.7%	$858.5M 22.7%	$699.4M 16.2%	$601.8M -0.8%	$606.6M 2.2%	$593.7M
Deferred Revenue Noncurrent	$32.2M 19.4%	$26.9M -5.6%	$28.5M -7.5%	$30.9M -25.0%	$41.2M -10.8%	$46.2M -5.3%	$48.7M -19.7%	$60.7M 70.8%	$35.5M 7.7%	$33.0M
Operating Lease Liabilities Noncurrent	$101.2M 3.4%	$97.8M -1.8%	$99.7M -1.5%	$101.2M 15.9%	$87.4M 13.4%	$77.0M 14.2%	$67.5M	—	—	—
Deferred Tax Liabilities	$31.9M 181.7%	$11.3M 56.4%	$7.2M -11.2%	$8.2M -8.8%	$8.9M -23.7%	$11.7M -64.6%	$33.0M 12.8%	$29.3M -56.1%	$66.6M 69.6%	$39.3M
Other Noncurrent Liabilities	$56.5M 27.5%	$44.3M -32.3%	$65.5M -3.0%	$67.6M -4.7%	$70.9M -17.1%	$85.6M 5.5%	$81.2M -4.3%	$84.8M -11.4%	$95.7M 145.8%	$38.9M
Total Liabilities	$1.7B 2.8%	$1.7B -4.4%	$1.8B -17.0%	$2.1B 22.4%	$1.7B 5.1%	$1.7B 0.4%	$1.7B 7.0%	$1.5B -12.5%	$1.8B 7.8%	$1.6B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$10.8M 0.5%	$10.8M 0.3%	$10.8M 0.3%	$10.7M 0.3%	$10.7M 0.4%	$10.6M 0.7%	$10.6M 0.6%	$10.5M 0.8%	$10.4M 0.9%	$10.3M
Additional Paid In Capital	$1.8B 9.1%	$1.7B 6.6%	$1.6B 7.3%	$1.5B 6.2%	$1.4B 6.4%	$1.3B 6.7%	$1.2B 6.6%	$1.1B 6.0%	$1.1B 6.1%	$1.0B
Retained Earnings	$6.4B 19.9%	$5.3B 20.0%	$4.4B 23.5%	$3.6B 23.3%	$2.9B 34.2%	$2.2B 36.3%	$1.6B 36.6%	$1.2B 45.3%	$803.5M 48.7%	$540.4M
Treasury Stock	$6.6B 23.0%	$5.3B 19.2%	$4.5B 1.9%	$4.4B 23.0%	$3.6B 27.5%	$2.8B 7.7%	$2.6B 13.6%	$2.3B 19.7%	$1.9B 17.0%	$1.6B
Accumulated Other Comprehensive Income	$-68.8M 26.5%	$-93.6M -31.5%	$-71.2M 8.5%	$-77.8M -45.5%	$-53.5M 0.2%	$-53.6M -16.1%	$-46.2M -10.5%	$-41.8M -14.6%	$-36.5M 15.3%	$-43.1M
Total Stockholders Equity	$1.6B 0.6%	$1.6B 7.5%	$1.5B 143.9%	$608.7M -11.8%	$690.0M 9.2%	$632.1M 256.2%	$177.5M 1965.6%	$-9.5M 82.4%	$-54.1M 50.1%	$-108.4M
Total Liabilitiesand Equity	$3.4B 1.7%	$3.3B 1.0%	$3.3B 18.7%	$2.7B 12.7%	$2.4B 6.2%	$2.3B 25.2%	$1.8B 19.2%	$1.5B -10.3%	$1.7B 11.9%	$1.5B

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $4.3B

Operating income $1.4B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$4.3B 10.4%	$3.9B 6.5%	$3.7B 8.7%	$3.4B 4.7%	$3.2B 18.8%	$2.7B 12.5%	$2.4B 8.8%	$2.2B 12.4%	$2.0B 10.9%	$1.8B
Expenses Cost of Revenue	$1.6B 8.3%	$1.5B 3.2%	$1.5B 7.9%	$1.4B 2.8%	$1.3B 16.8%	$1.1B 9.1%	$1.0B 7.2%	$971.7M 11.5%	$871.7M 9.0%	$800.0M
Expenses Research and Development	$251.2M 14.3%	$219.8M 15.1%	$191.0M -25.1%	$254.8M 58.3%	$161.0M 14.0%	$141.2M 6.0%	$133.2M 13.0%	$117.9M 8.0%	$109.2M 8.0%	$101.1M
Expenses Selling,General and Administrative	$404.8M -8.5%	$442.3M 31.7%	$335.8M 2.9%	$326.2M 5.4%	$309.7M 2.9%	$300.8M 15.1%	$261.3M 6.7%	$244.9M 10.9%	$220.9M 6.7%	$207.0M
Expenses Depreciation and Amortization	$145.2M 11.7%	$129.9M 13.1%	$114.9M 2.7%	$111.9M 7.0%	$104.6M 9.0%	$96.0M 9.1%	$88.0M 5.8%	$83.2M 0.0%	$83.1M 6.3%	$78.2M
Expenses Share Based Compensation	$60.0M -0.5%	$60.3M 0.9%	$59.7M 20.0%	$49.8M 31.8%	$37.8M 22.0%	$31.0M -21.2%	$39.3M 56.1%	$25.2M 7.0%	$23.5M 18.2%	$19.9M
Expenses Operating Expenses	$1.3B 3.9%	$1.3B 14.4%	$1.1B -1.2%	$1.1B	—	—	—	$750.2M	—	—
Other Income Expense Gross Profit	$2.7B 11.8%	$2.4B 8.6%	$2.2B 9.3%	$2.0B 6.1%	$1.9B 20.3%	$1.6B 15.0%	$1.4B 10.0%	$1.2B 13.1%	$1.1B 12.5%	$975.4M
Other Income Expense Operating Income	$1.4B 20.5%	$1.1B 2.8%	$1.1B 22.1%	$898.8M -3.6%	$932.0M 34.2%	$694.5M 25.6%	$552.8M 12.5%	$491.3M 19.0%	$413.0M 17.9%	$350.2M
Other Income Expense Interest Expense	$38.9M 24.5%	$31.2M -25.0%	$41.6M 4.3%	$39.9M 33.7%	$29.8M -10.0%	$33.1M 6.7%	$31.1M -10.6%	$34.7M -6.7%	$37.2M 16.2%	$32.0M
Other Income Expense Income Before Tax	$1.3B 19.3%	$1.1B 4.6%	$1.1B 23.4%	$860.0M -4.7%	$902.7M 36.4%	$662.0M 26.8%	$522.2M 14.1%	$457.7M 20.1%	$381.1M 18.4%	$321.8M
Income Tax Income Tax Expense	$264.7M 19.3%	$222.0M 2.7%	$216.1M 19.5%	$180.9M 14.6%	$157.8M 97.6%	$79.9M -15.4%	$94.4M 17.0%	$80.7M -31.5%	$117.8M 18.0%	$99.8M
net Income net Income	$1.1B 19.3%	$887.9M 5.1%	$845.0M 24.4%	$679.1M -8.8%	$744.8M 28.0%	$581.8M 36.0%	$427.7M 13.4%	$377.0M 43.3%	$263.1M 18.5%	$222.0M
net Income Comprehensive Income	$1.1B 25.3%	$865.4M 1.6%	$851.6M 30.1%	$654.8M -12.1%	$745.0M 29.7%	$574.3M 35.7%	$423.3M 13.9%	$371.7M 37.8%	$269.7M 21.9%	$221.3M
Earnings Per Share Basic Eps	$13 22.3%	$11 5.9%	$10 25.2%	$8 -7.1%	$9 28.2%	$7 37.2%	$5 14.5%	$4 44.7%	$3 21.5%	$2
Earnings Per Share Diluted Eps	$13 22.6%	$11 6.1%	$10 25.3%	$8 -6.6%	$9 28.2%	$7 37.2%	$5 14.8%	$4 44.9%	$3 20.5%	$2
Earnings Per Share Weighted Average Shares Basic	$80.4M -2.5%	$82.5M -0.7%	$83.1M -0.7%	$83.6M -1.9%	$85.2M -0.2%	$85.3M -0.9%	$86.1M -0.9%	$86.9M -1.0%	$87.8M -2.2%	$89.7M
Earnings Per Share Weighted Average Shares Diluted	$81.0M -2.7%	$83.2M -0.9%	$84.0M -0.7%	$84.6M -2.3%	$86.6M -0.2%	$86.7M -0.9%	$87.5M -1.0%	$88.5M -1.2%	$89.6M -1.4%	$90.9M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $1.2B

Investing cash flow $-136.2M

Financing cash flow $-1.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$1.1B 19.3%	$887.9M 5.1%	$845.0M 24.4%	$679.1M -8.8%	$744.8M 28.0%	$581.8M 36.0%	$427.7M 13.4%	$377.0M 43.3%	$263.1M 18.5%	$222.0M
Operating Activities Depreciation and Amortization	$20.2M 18.1%	$17.1M 23.9%	$13.8M -8.0%	$15.0M 24.0%	$12.1M 23.5%	$9.8M 4.3%	$9.4M 5.6%	$8.9M -1.1%	$9.0M -5.3%	$9.5M
Operating Activities Stock Based Compensation	$60.0M -0.5%	$60.3M 0.9%	$59.7M 20.0%	$49.8M 31.8%	$37.8M 22.0%	$31.0M -21.2%	$39.3M 56.1%	$25.2M 7.0%	$23.5M 18.2%	$19.9M
Operating Activities Deferred Income Taxes	$131.2M 642.3%	$-24.2M 49.9%	$-48.3M -38.5%	$-34.9M -915.2%	$-3.4M 90.6%	$-36.7M -709.3%	$6.0M 430.9%	$1.1M 114.3%	$-7.9M -138.4%	$20.6M
Operating Activities Changes In Operating Assets and Liabilities	$67.9M 13.1%	$60.0M -24.0%	$78.9M -49.3%	$155.6M 98.2%	$78.5M 18.5%	$66.2M 39.7%	$47.4M -48.3%	$91.6M 79.4%	$51.1M 68.9%	$30.2M
Operating Activities Other Non Cash Items	$5.0M 242.4%	$1.5M -26.7%	$2.0M -24.2%	$2.6M 1.0%	$2.6M 89.9%	$1.4M 10.0%	$1.3M 40.1%	$895.0K -11.1%	$1.0M 2.1%	$986.0K
Operating Activities net Cash From Operating Activities	$1.2B 27.2%	$929.0M 2.5%	$906.5M 66.9%	$543.0M -28.1%	$755.5M 16.6%	$648.1M 41.1%	$459.2M 14.8%	$400.1M 7.2%	$373.3M	—
Investing Activities Capital Expenditures	$124.7M 3.1%	$120.9M -9.5%	$133.6M -10.2%	$148.8M 24.5%	$119.5M 11.8%	$107.0M -31.0%	$155.0M 33.9%	$115.8M 55.6%	$74.4M 14.8%	$64.8M
Investing Activities Business Acquisitions	$0 -100.0%	$76.7M	$0 -100.0%	$11.5M -93.4%	$173.4M 11461.2%	$1.5M -97.0%	$50.3M 123.6%	$22.5M 54.3%	$14.6M 642.3%	$2.0M
Investing Activities Other Investing Activities	$2.7M 76.1%	$1.6M -81.4%	$8.4M	$0	$0	—	—	—	—	—
Investing Activities net Cash From Investing Activities	$-136.2M 34.2%	$-207.1M -65.3%	$-125.3M 35.9%	$-195.3M 33.3%	$-293.0M -167.9%	$-109.4M 46.8%	$-205.5M -248.3%	$138.6M 199.9%	$-138.7M	—
Financing Activities Repayment of Debt	$178.4M 137.8%	$75.0M 0.0%	$75.0M 0.0%	$75.0M 50.0%	$50.0M	$0	$0 -100.0%	$256.0M	—	—
Financing Activities Repurchase of Common Stock	$1.2B 45.4%	$837.0M 1063.8%	$71.9M -91.2%	$819.7M 9.8%	$746.8M 308.5%	$182.8M -39.4%	$301.7M -18.3%	$369.3M 30.7%	$282.6M -7.1%	$304.1M
Financing Activities Proceeds From Stock Issuance	$93.4M 109.8%	$44.5M -5.4%	$47.0M 31.6%	$35.7M -23.2%	$46.6M -9.3%	$51.3M 42.2%	$36.1M -5.5%	$38.2M -1.1%	$38.6M 0.7%	$38.3M
Financing Activities Tax Withholding On Stock Based Compensation	$7.2M -31.3%	$10.5M 5.6%	$10.0M -5.9%	$10.6M -31.8%	$15.6M -24.5%	$20.6M 155.8%	$8.1M -14.1%	$9.4M 16.1%	$8.1M 84.7%	$4.4M
Financing Activities net Cash From Financing Activities	$-1.2B -32.7%	$-878.1M -98.7%	$-442.0M -19.2%	$-370.9M 46.8%	$-697.4M -180.7%	$-248.4M 13.3%	$-286.4M 52.1%	$-597.8M -187.4%	$-208.0M	—
Cash Reconciliation Effect of Exchange Rate On Cash	$11.2M 217.5%	$-9.5M -548.4%	$2.1M 124.7%	$-8.6M -85.5%	$-4.6M -239.3%	$3.3M 583.5%	$-689.0K 85.5%	$-4.8M -176.9%	$6.2M 11585.2%	$-54.0K
Cash Reconciliation net Change In Cash	$-108.2M 34.7%	$-165.7M -148.5%	$341.4M 1169.9%	$-31.9M 86.7%	$-239.5M -181.6%	$293.6M 977.3%	$-33.5M 47.6%	$-63.9M -294.9%	$32.8M 26.5%	$25.9M
Cash Reconciliation Cash At Beginning of Period	$180.1M -37.5%	$288.3M -36.5%	$453.9M 303.3%	$112.5M -22.1%	$144.5M -62.4%	$383.9M 325.0%	$90.3M -27.0%	$123.8M -34.0%	$187.7M 21.2%	$154.9M
Cash Reconciliation Cash At End of Period	$180.1M -37.5%	$288.3M -36.5%	$453.9M 303.3%	$112.5M -22.1%	$144.5M -62.4%	$383.9M 325.0%	$90.3M -27.0%	$123.8M -34.0%	$187.7M 21.2%	$154.9M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+61.8%	+61.0%	+59.8%	+59.5%	+58.8%	+58.0%	+56.7%	+56.1%	+55.7%	+54.9%
Operating margin	+31.6%	+29.0%	+30.0%	+26.7%	+29.0%	+25.7%	+23.0%	+22.2%	+21.0%	+19.7%
Net margin	+24.6%	+22.8%	+23.1%	+20.2%	+23.2%	+21.5%	+17.8%	+17.0%	+13.4%	+12.5%
FCF margin	+24.6%	+20.7%	+21.1%	+11.7%	+19.8%	+20.0%	+12.6%	+12.8%	+15.2%	—
Growth
Revenue CAGR (3y)	+8.5%	+6.6%	+10.6%	+11.8%	+13.3%	+11.2%	+10.7%	+11.4%	+9.8%	+8.8%
Returns
ROE	+66.0%	+55.7%	+56.9%	+111.6%	+107.9%	+92.0%	+241.0%	-3963.3%	-486.3%	-204.9%
ROA	+31.6%	+27.0%	+25.9%	+24.7%	+30.6%	+25.4%	+23.3%	+24.5%	+15.4%	+14.5%
ROIC	+58.0%	+46.9%	+50.5%	+56.1%	+55.1%	+52.8%	+57.6%	+86.4%	+78.2%	+73.1%
Liquidity
Current ratio	1.23x	1.31x	1.57x	0.89x	1.25x	1.82x	0.94x	0.85x	0.97x	0.90x
Quick ratio	0.64x	0.71x	0.96x	0.42x	0.67x	1.23x	0.50x	0.48x	0.42x	0.38x
Leverage
D/E	1.09x	1.06x	1.20x	3.51x	2.53x	2.63x	9.32x	-162.58x	-32.66x	-15.13x
Interest coverage	35.01x	36.16x	26.39x	22.55x	31.27x	20.97x	17.80x	14.14x	11.10x	10.93x
Efficiency
Asset turnover	1.28x	1.18x	1.12x	1.23x	1.32x	1.18x	1.31x	1.44x	1.15x	1.16x
Cash conversion cycle	+106d	+109d	+113d	+112d	+84d	+88d	+84d	+80d	+84d	+87d

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Idexx Laboratories

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