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 · 3 years

Total assets $3.4B

Total liabilities $1.7B

Shareholders equity $1.6B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$180.1M -37.5%	$288.3M -36.5%	$453.9M
Accounts Receivable	$552.4M 16.6%	$473.6M 3.5%	$457.4M
Inventory	$377.8M -1.1%	$381.9M 0.4%	$380.3M
Prepaid Expenses	$57.9M -1.2%	$58.6M 21.2%	$48.4M
Other Current Assets	$303.6M 18.5%	$256.2M 25.8%	$203.6M
Total Current Assets	$1.4B 1.0%	$1.4B -6.4%	$1.5B
Property,Plant and Equipment	$747.4M 4.8%	$713.1M 1.6%	$702.2M
Operating Lease Assets	$123.2M 6.1%	$116.1M 0.5%	$115.5M
Goodwill	$414.0M 2.2%	$405.1M 10.7%	$366.0M
Intangible Assets	$109.8M -1.6%	$111.7M 32.2%	$84.5M
Deferred Tax Assets	$27.9M -77.8%	$125.6M 17.0%	$107.4M
Other Noncurrent Assets	$542.5M -0.9%	$547.5M 10.3%	$496.5M
Total Assets	$3.4B 1.7%	$3.3B 1.0%	$3.3B
Liabilities
Accounts Payable	$110.4M -3.3%	$114.2M 3.2%	$110.6M
Accrued Liabilities	$530.1M 5.6%	$502.1M 4.9%	$478.7M
Deferred Revenue	$35.3M 4.3%	$33.8M -9.1%	$37.2M
Current Portion of Long Term Debt	$75.0M -55.3%	$167.8M 123.7%	$75.0M
Operating Lease Liabilities	$27.1M 25.7%	$21.5M 8.8%	$19.8M
Other Current Liabilities	$56.5M 27.5%	$44.3M -32.3%	$65.5M
Total Current Liabilities	$1.1B 7.6%	$1.1B 12.2%	$951.5M
Long Term Debt	$374.8M -16.7%	$449.8M -27.8%	$622.9M
Deferred Revenue Noncurrent	$32.2M 19.4%	$26.9M -5.6%	$28.5M
Operating Lease Liabilities Noncurrent	$101.2M 3.4%	$97.8M -1.8%	$99.7M
Deferred Tax Liabilities	$31.9M 181.7%	$11.3M 56.4%	$7.2M
Other Noncurrent Liabilities	$56.5M 27.5%	$44.3M -32.3%	$65.5M
Total Liabilities	$1.7B 2.8%	$1.7B -4.4%	$1.8B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$10.8M 0.5%	$10.8M 0.3%	$10.8M
Additional Paid In Capital	$1.8B 9.1%	$1.7B 6.6%	$1.6B
Retained Earnings	$6.4B 19.9%	$5.3B 20.0%	$4.4B
Treasury Stock	$6.6B 23.0%	$5.3B 19.2%	$4.5B
Accumulated Other Comprehensive Income	$-68.8M 26.5%	$-93.6M -31.5%	$-71.2M
Total Stockholders Equity	$1.6B 0.6%	$1.6B 7.5%	$1.5B
Total Liabilitiesand Equity	$3.4B 1.7%	$3.3B 1.0%	$3.3B

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	$4.3B 10.4%	$3.9B 6.5%	$3.7B
Expenses Cost of Revenue	$1.6B 8.3%	$1.5B 3.2%	$1.5B
Expenses Research and Development	$251.2M 14.3%	$219.8M 15.1%	$191.0M
Expenses Selling,General and Administrative	$404.8M -8.5%	$442.3M 31.7%	$335.8M
Expenses Depreciation and Amortization	$145.2M 11.7%	$129.9M 13.1%	$114.9M
Expenses Share Based Compensation	$60.0M -0.5%	$60.3M 0.9%	$59.7M
Expenses Operating Expenses	$1.3B 3.9%	$1.3B 14.4%	$1.1B
Other Income Expense Gross Profit	$2.7B 11.8%	$2.4B 8.6%	$2.2B
Other Income Expense Operating Income	$1.4B 20.5%	$1.1B 2.8%	$1.1B
Other Income Expense Interest Expense	$38.9M 24.5%	$31.2M -25.0%	$41.6M
Other Income Expense Income Before Tax	$1.3B 19.3%	$1.1B 4.6%	$1.1B
Income Tax Income Tax Expense	$264.7M 19.3%	$222.0M 2.7%	$216.1M
net Income net Income	$1.1B 19.3%	$887.9M 5.1%	$845.0M
net Income Comprehensive Income	$1.1B 25.3%	$865.4M 1.6%	$851.6M
Earnings Per Share Basic Eps	$13 22.3%	$11 5.9%	$10
Earnings Per Share Diluted Eps	$13 22.6%	$11 6.1%	$10
Earnings Per Share Weighted Average Shares Basic	$80.4M -2.5%	$82.5M -0.7%	$83.1M
Earnings Per Share Weighted Average Shares Diluted	$81.0M -2.7%	$83.2M -0.9%	$84.0M

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	$1.1B 19.3%	$887.9M 5.1%	$845.0M
Operating Activities Depreciation and Amortization	$20.2M 18.1%	$17.1M 23.9%	$13.8M
Operating Activities Stock Based Compensation	$60.0M -0.5%	$60.3M 0.9%	$59.7M
Operating Activities Deferred Income Taxes	$131.2M 642.3%	$-24.2M 49.9%	$-48.3M
Operating Activities Changes In Operating Assets and Liabilities	$67.9M 13.1%	$60.0M -24.0%	$78.9M
Operating Activities Other Non Cash Items	$5.0M 242.4%	$1.5M -26.7%	$2.0M
Operating Activities net Cash From Operating Activities	$1.2B 27.2%	$929.0M 2.5%	$906.5M
Investing Activities Capital Expenditures	$124.7M 3.1%	$120.9M -9.5%	$133.6M
Investing Activities Business Acquisitions	$0 -100.0%	$76.7M	$0
Investing Activities Other Investing Activities	$2.7M 76.1%	$1.6M -81.4%	$8.4M
Investing Activities net Cash From Investing Activities	$-136.2M 34.2%	$-207.1M -65.3%	$-125.3M
Financing Activities Repayment of Debt	$178.4M 137.8%	$75.0M 0.0%	$75.0M
Financing Activities Repurchase of Common Stock	$1.2B 45.4%	$837.0M 1063.8%	$71.9M
Financing Activities Proceeds From Stock Issuance	$93.4M 109.8%	$44.5M -5.4%	$47.0M
Financing Activities Tax Withholding On Stock Based Compensation	$7.2M -31.3%	$10.5M 5.6%	$10.0M
Financing Activities net Cash From Financing Activities	$-1.2B -32.7%	$-878.1M -98.7%	$-442.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$11.2M 217.5%	$-9.5M -548.4%	$2.1M
Cash Reconciliation net Change In Cash	$-108.2M 34.7%	$-165.7M -148.5%	$341.4M
Cash Reconciliation Cash At Beginning of Period	$180.1M -37.5%	$288.3M -36.5%	$453.9M
Cash Reconciliation Cash At End of Period	$180.1M -37.5%	$288.3M -36.5%	$453.9M

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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FY2025 fundamentals · no price

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Idexx Laboratories

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