Idexx Laboratories
IDXX on Nasdaq. IDEXX sells tests and software to veterinarians, pet owners, and water utilities. Market value $41.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.09 of spare cash in the past 12 months. A savings account pays about $4.
You pay 28.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 53 cents a year. Above 10 is good.
Quality score: 100 of 100. Price score: 36 of 100. Our list needs 70 on quality and 60 on price.
$515.41 a share, 3% above its 1-year low
Over the past year the price has ranged from $500.61 to $769.98.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.2bn | $3.4bn | $3.7bn | $3.9bn | $4.3bn |
| Operating margin | |||||
| Operating margin | 29.0% | 26.7% | 30.0% | 29.0% | 31.6% |
| Debt to equity | |||||
| Debt to equity | 1.23 | 1.26 | 0.47 | 0.39 | 0.28 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.28× equity
- Revenue growth, five yearsSlow, 9.7% a year
- Buying back its own sharesYes, 5% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, up 10% on a year ago.
- Profit: $338 million, up 15% on a year ago.
- It keeps 32 cents of each $1 of sales as operating profit, up from 31 cents a year earlier.
- Spare cash over the past 12 months: $1.3 billion, up from $784 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $253 million more than cash, down from $360 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $976m |
| December 2024 | $954m |
| March 2025 | $998m |
| June 2025 | $1.1bn |
| September 2025 | $1.1bn |
| December 2025 | $1.1bn |
| March 2026 | $1.1bn |
| June 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $233m |
| December 2024 | $216m |
| March 2025 | $243m |
| June 2025 | $294m |
| September 2025 | $275m |
| December 2025 | $248m |
| March 2026 | $278m |
| June 2026 | $338m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 2 November 2026
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
10 long-term investors we follow own it, down from 12 last quarter. 1,300 funds in all.
- Weitz Investment ManagementWally Weitz
- Value
- $19m
- Share of fund
- 1.3%
- Mairs & PowerAndy Adams
- Value
- $1m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| FundsmithTerry Smith | $537m | 3.9% | Cut |
| Polen CapitalDan Davidowitz | $280m | 2.4% | Cut |
| Jensen Investment ManagementEric Schoenstein | $56m | 1.3% | Added |
| Seilern Investment ManagementPeter Seilern | $51m | 6.5% | Added |
| Gotham Asset ManagementJoel Greenblatt | $25m | <0.1% | Cut |
| Weitz Investment ManagementWally Weitz | $19m | 1.3% | |
| Platinum Investment ManagementPlatinum team | $2m | 0.4% | Cut |
| Mairs & PowerAndy Adams | $1m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $321,655 | <0.1% | Cut |
| Harris Associates (Oakmark)Bill Nygren | $239,530 | <0.1% | Cut |
Sold out this quarter
- GMOJeremy GranthamSold out
- Select Equity GroupGeorge LoeningSold out
Largest holders overall
- BlackRock$4.3bnCut
- Vanguard Capital Management$2.7bn
- Vanguard Portfolio Management$2.1bn
- State Street$2.0bnAdded
- Invesco$1.9bnAdded
- Geode Capital Management$1.3bnCut
- Bamco$1.0bnAdded
- Morgan Stanley$714mAdded
- Bank of New York Mellon$628mCut
- Arrowstreet Capital, Limited Partnership$562mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor9.4%Since 31 March 2025
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.4% | 31 March 2025 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $38m.
- Kingsley Lawrence DDirectorSold
- Date
- 4 September 2026
- Shares
- 2,203
- Price
- $532.08
- Value
- $1m
- Hunt NimrataExecutive Vice PresidentSold
- Date
- 3 March 2026
- Shares
- 1,758
- Price
- $634.57
- Value
- $1m
- MAZELSKY JONATHAN JAYPresident and CEO, DirectorSold
- Date
- 26 February 2026
- Shares
- 23,326
- Price
- $657.55
- Value
- $15m
- Hunt NimrataExecutive Vice PresidentSold
- Date
- 26 February 2026
- Shares
- 2,693
- Price
- $661.54
- Value
- $2m
- Erickson Michael GExecutive Vice PresidentSold
- Date
- 17 February 2026
- Shares
- 5,371
- Price
- $627.38
- Value
- $3m
- Vandebroek Sophie V.DirectorSold
- Date
- 17 February 2026
- Shares
- 1,464
- Price
- $628.62
- Value
- $920,297
- FENNELL GEORGEExecutive Vice PresidentSold
- Date
- 10 February 2026
- Shares
- 11,345
- Price
- $646.72
- Value
- $7m
- Hunt NimrataExecutive Vice PresidentSold
- Date
- 7 November 2025
- Shares
- 9,425
- Price
- $703.34
- Value
- $7m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Kingsley Lawrence D Director | Sold | 2,203 | $532.08 | $1m |
| 3 March 2026 | Hunt Nimrata Executive Vice President | Sold | 1,758 | $634.57 | $1m |
| 26 February 2026 | MAZELSKY JONATHAN JAY President and CEO, Director | Sold | 23,326 | $657.55 | $15m |
| 26 February 2026 | Hunt Nimrata Executive Vice President | Sold | 2,693 | $661.54 | $2m |
| 17 February 2026 | Erickson Michael G Executive Vice President | Sold | 5,371 | $627.38 | $3m |
| 17 February 2026 | Vandebroek Sophie V. Director | Sold | 1,464 | $628.62 | $920,297 |
| 10 February 2026 | FENNELL GEORGE Executive Vice President | Sold | 11,345 | $646.72 | $7m |
| 7 November 2025 | Hunt Nimrata Executive Vice President | Sold | 9,425 | $703.34 | $7m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 28.0× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.