IDEXX Laboratories, Inc. IDXX
IDEXX remains a best-in-class veterinary diagnostics franchise with FY2025 revenue of $4.30B growing 10.4% YoY, operating margin expanding to 31.6%, and FCF of $1.05B, but the stock trades at 38.9x PE — a 30.6% premium to the peer median of 29.7x — and 9.6x sales, embedding sustained double-digit growth with little room for error. The August 2026 Investor Day highlighting a $45B companion-animal TAM and AI/cancer pipeline is directionally positive, yet the stock sits at $553.32, below both its 50-day MA of $560.64 and 200-day MA of $616.68, with a bearish MACD histogram of -3.66 and smart money scores fading from 0.16 in mid-2025 to 0.06 as of Q2 2026.
The fundamental quality is undeniable; the valuation and technical setup are not. Hold until either growth re-accelerates meaningfully or the multiple compresses to a more attractive entry.
What could go wrong
- Valuation compression. At 38.9x PE and 27.5x EV/EBITDA — 30.6% and 62.8% above peer medians respectively — any growth disappointment could trigger a sharp de-rating.
- Smart money outflows. Smart money score declined from 0.1618 in Q2 2025 to 0.0604 as of Q2 2026, with fund count dropping from 59 to 67 but score deteriorating, suggesting institutional conviction is waning.
- Insider selling. Over the trailing 24 months, insiders are net sellers with net dispositions of 24,002 shares and net value of -$42.2M, with no cluster buying detected.
- Technical weakness. Stock at $553.32 trades below both its 50-day MA ($560.64) and 200-day MA ($616.68), with MACD histogram at -3.66, indicating downtrend persistence.
What would change my mind
Where this comes from: FMP FY2025 annual + derived_metrics · FMP FY2025 annual · peer_relative composite · technicals as of 2026-08-18. Orin's read on IDXX; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All IDXX filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Brasada Capital Management | $13.7B | 2.5% of fund |
| Vanguard Capital Management | $2.7B | 0.1% of fund |
| Vanguard Portfolio Management | $2.1B | 0.1% of fund |
| State Street | $2.0B | 0.1% of fund |
| Invesco | $1.9B | 0.2% of fund |
| Geode Capital Management | $1.3B | 0.1% of fund |
109 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 325 Form 4 filings, net −$43.4M. Of the 50 on hand, 0 were open-market purchases and 16 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about IDXX
Orin answers questions about IDXX from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 36.1× | 51.1× | 26.4× |
| EV/EBITDA | 25.6× | 37.5× | — |
| P/S | 8.89× | 12.59× | — |
| P/B | 25.5× | 33.8× | — |
Its P/E sits below all 5 of the last 5 years (−1.49σ from its own mean).
16.6%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $1.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$665
$620 – $710 · +28% against today's price
- 13 buy or overweight
- 9 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| IDXXIDEXX Laboratories, Inc. | $40B | 36.1× | 25.6× | 62.4% | 25.0% | 72% |
| AAgilent Technologies, Inc. | $49B | 34.0× | 25.9× | 53.7% | 19.5% | 20% |
| BDXBecton, Dickinson and Company | $49B | 54.0× | 16.8× | 46.1% | 4.5% | 4% |
| CAHCardinal Health, Inc. | $52B | 30.6× | 16.5× | 3.8% | 0.7% | -60% |
| CORCencora, Inc. | $60B | 22.9× | 13.5× | 3.7% | 0.8% | 106% |
| EWEdwards Lifesciences Corporation | $49B | 49.3× | 30.6× | 78.0% | 15.4% | 10% |
| IQVIQVIA Holdings Inc. | $45B | 33.8× | 16.9× | 26.2% | 8.1% | 22% |
| ZTSZoetis Inc. | $29B | 11.6× | 9.6× | 70.9% | 27.5% | 69% |
The median is of the 7 peers listed above and nothing else — check it against the column. This company trades 6.6% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $179 | $564.91 · −68% | 2026-06-10 |
| Levered DCF | $160 | $564.91 · −72% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.