| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 21 | 35.4x | 17.8x | Bottom tier | |
Growth | 72 | 12.8% | 7.1% | Top tier | |
Quality | 94 | 54.5% | 4.5% | Top tier | |
Safety | 89 | 0.2x | 2.6x | Top tier | |
Capital Return | 64 | — | 2.12% | Around median | |
Momentum | 23 | -8.7% | 2.9% | Bottom tier | |
Sentiment | 82 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
IDEXX Laboratories operates in veterinary diagnostics and generates a significant portion of its recurring revenue from IDEXX VetLab instrument consumables, reference laboratory services, and rapid tests, alongside software and diagnostic imaging. It also operates Water testing and Livestock, Poultry and Dairy businesses, but Companion Animal Group remains the primary growth driver through instrument sales followed by recurring revenue from consumables, tests, and services. This ecosystem is supported by an interconnected instrument base; the number of Catalyst instruments reached approximately 80 thousand worldwide, while the total installed instrument base grew 11% year over year and the companion animal diagnostics business maintained customer retention rates in the high-90% range during fiscal Q2 2026.
In fiscal Q2 2026, revenue reached $1.217 billion, up approximately 10% on a reported basis and 9% organically, while gross profit was $779.1 million, net income was $338.4 million, and earnings per share were $4.27. Gross margin reached 64%, representing a comparable increase of 120 basis points, and reported operating margin was 35%, with comparable operating profit growth of 12%. The results reflect a mix led by recurring companion animal diagnostics revenue, which grew 10.3% organically, alongside growth of 13% in Water and 9% in Livestock, Poultry and Dairy, while companion animal diagnostic instrument revenue declined 20% organically due to the comparison with the broad commercial availability of inVue Dx in the prior period.
On a trailing-twelve-month basis through fiscal 2026, IDEXX recorded revenue of $4.6 billion, gross profit of $2.8 billion, net income of $1.1 billion, and earnings per share of approximately $14.37. In fiscal Q2 2026 alone, the company generated free cash flow of $323 million, bringing the first-half total to $557 million, while net income-to-free-cash-flow conversion reached 110% over the twelve-month period. The company ended the period with low leverage of 0.6 times gross and 0.5 times net of cash, and allocated $693 million to share repurchases during the first half, helping reduce the diluted share count by approximately 2% in the quarter.
The analyst consensus is “Buy,” with an average price target of $665 and a target range of $620 to $710. The average falls within the 52-week range of $518.55–$769.98 and is approximately 13.6% below its high, while the highest target is approximately 7.8% below that high, reflecting a positive valuation that does not assume a full return to the annual peak. The valuation is supported by expected comparable earnings-per-share growth of between 13% and 15% in fiscal 2026, while it is constrained by the expected decline in U.S. visits of approximately 1.5% in the second half and slower margin expansion in Q3.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
The largest driver is recurring companion animal diagnostics revenue, which grew 10.3% organically in fiscal Q2 2026 despite a 1.3% decline in comparable U.S. visits. IDEXX VetLab consumables increased 14%, reference laboratories grew more than 10%, and international recurring revenue growth reached approximately 12%. Based on this momentum, management expects organic growth of between 9.5% and 10.7% for this business during fiscal 2026.
IDEXX placed approximately 1,602 inVue Dx instruments in fiscal Q2 2026 and 2,700 instruments during the first half, bringing the total since launch to 9,000 instruments. Management reaffirmed its target of 5,500 instruments during fiscal 2026 and said consumables revenue per instrument is within the $3,500–$5,500 range. The FNA application expands the instrument's use from ear testing and blood morphology to the evaluation of masses and mast cell tumors, with broad availability planned by the end of fiscal 2026.
IDEXX Cancer Dx has surpassed 10,000 clinics worldwide since its launch, and approximately 70% of its tests have become part of a broader bloodwork panel. More than 20% of orders come from clinics using a competing laboratory, and management linked this to record customer conversions and organic reference laboratory growth of more than 10% in fiscal Q2 2026. The company also said that adding mast cell tumor detection will expand the test into a panel covering one-third of canine cancer types without increasing its price of approximately $15 when performed as part of a laboratory profile.
Automated analysis for informational purposes only — not investment advice.
Comparable U.S. visits declined 1.3% in fiscal Q2 2026, while preventive care visits were weaker, falling 3.4%. Management expects visits to continue declining by approximately 1.5% in the second half and cited pressure from inflation, fuel and housing costs, and slower pet adoption. Nevertheless, U.S. recurring companion animal diagnostics revenue growth exceeded visit growth by approximately 1,100 basis points, benefiting from higher testing intensity and increased use of diagnostic menus.
IDEXX expects revenue of between $4.700 billion and $4.745 billion in fiscal 2026, equivalent to reported growth of between 9.1% and 10.3% and organic growth of between 8.5% and 9.7%. It expects earnings per share of between $14.69 and $14.94, or comparable growth of between 13% and 15%, and a reported operating margin of between 32.3% and 32.5%. It also raised its expected net income-to-free-cash-flow conversion to 90%–100%, with capital expenditures of approximately $180 million.
The average analyst target is $665, with a low target of $620 and a high target of $710, compared with a 52-week range of $518.55 to $769.98. The average target is approximately 13.6% below the top of the range, and even the highest target is approximately 7.8% below it, indicating that the consensus does not base its core case on fully recovering the annual high. Justifying the valuation depends on recurring revenue growth remaining near the expected 9.5%–10.7% range despite weak visits, and on containing the impact of investments that reduce fiscal Q3 2026 margin expansion to 20–50 basis points.
