IDEXX Laboratories, Inc.
IDXX
$559.07
+0.05%
IDEXX Laboratories develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock, operating in the medical diagnostics and research industry. As a market leader in veterinary diagnostics, it offers a comprehensive suite of in-clinic test kits, benchtop analyzers, reference lab services, and practice management software, with roughly 35% of revenue from outside the U.S. The current investor narrative centers on resilient demand driven by higher clinical visits and diagnostic frequency, as evidenced by the company's raised guidance following strong Q1 2026 results, though the stock has faced headwinds from broader market volatility and valuation compression.…
IDXX
IDEXX Laboratories, Inc.
$559.07
Related headlines
IDXX 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on IDEXX Laboratories, Inc.'s 12-month outlook, with a consensus price target around $707.00 and implied upside of +26.5% versus the current price.
Average Target
$707.00
0 analysts
Implied Upside
+26.5%
vs. current price
Analyst Count
—
covering this stock
Price Range
$470 - $805
Analyst target range
The stock is covered by 14 analysts, with a consensus recommendation of 'Buy' (mean score 2.13 on a 1-5 scale where 1 is Strong Buy). The average target price is $708.43, implying 30.2% upside from the current price of $544.32. The distribution leans bullish, with firms like Stifel, BTIG, and Barclays maintaining Buy/Overweight ratings, while UBS and Piper Sandler are Neutral. The target range spans from a low of $470.00 to a high of $805.00. The high target of $805 assumes continued growth acceleration and multiple expansion, while the low target of $470 reflects risks of margin compression or competitive loss. The wide spread ($335) indicates high uncertainty about the company's future performance. Recent ratings have been stable, with no downgrades in the past six months, suggesting analyst conviction remains positive despite the stock's price decline.
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IDXX Technical Analysis
The stock is in a sustained downtrend, with a 1-year price change of -1.03% and a 6-month decline of -21.55%. The current price of $544.32 sits at 6.5% above the 52-week low of $518.55 and 29.3% below the 52-week high of $769.98, indicating the stock is near the bottom of its range. This positioning suggests a potential value opportunity if fundamentals support a recovery, but also reflects persistent selling pressure and a lack of momentum. Short-term momentum is mixed: the 1-month change is -0.88%, while the 3-month change is -3.82%, both underperforming the S&P 500 (1-month +0.78%, 3-month +3.50%). The 1-month relative strength of -1.66% versus the market signals continued weakness, and the divergence between the 1-year downtrend and the recent slight stabilization could indicate a potential basing pattern or a temporary pause before further downside. The beta of 1.549 implies the stock is 55% more volatile than the market, amplifying moves in both directions. Key support is at the 52-week low of $518.55; a breakdown below this level could accelerate selling toward the next major support. Resistance is at the 52-week high of $769.98; a breakout above would signal a reversal of the downtrend. The high beta means the stock is sensitive to market swings, requiring careful risk management.
Beta
1.55
1.55x market volatility
Max Drawdown
-31.3%
Largest decline past year
52-Week Range
$519-$770
Price range past year
Annual Return
+4.6%
Cumulative gain past year
| Period | IDXX Return | S&P 500 |
|---|---|---|
| 1m | +4.0% | +0.2% |
| 3m | -1.5% | +3.7% |
| 6m | -16.6% | +8.0% |
| 1y | +4.6% | +18.2% |
| ytd | -16.6% | +9.6% |
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IDXX Fundamental Analysis
Revenue is growing at a healthy pace, with Q1 2026 revenue of $1.1408 billion, up 14.26% year-over-year from $998.4 million in Q1 2025. The multi-quarter trend shows acceleration: Q4 2025 revenue was $1.0906 billion (+14.3% YoY), Q3 2025 was $1.1052 billion (+13.3% YoY), and Q2 2025 was $1.1095 billion (+10.5% YoY). The growth is driven by both product revenue ($666.1 million) and service revenue ($474.7 million) in Q1 2026, reflecting increased clinical visits and diagnostic frequency. This consistent double-digit growth supports the investment case for a company benefiting from secular trends in pet healthcare spending. Profitability is strong, with net income of $278.4 million in Q1 2026 and a net margin of 24.4%. Gross margin improved to 63.4% from 62.4% a year ago, while operating margin expanded to 31.8% from 31.7%. The company has been consistently profitable, with net income growing from $203.3 million in Q2 2024 to $278.4 million in Q1 2026, indicating margin expansion and operating leverage. The balance sheet is healthy: debt-to-equity is 0.67, and the current ratio is 1.17, indicating adequate liquidity. Free cash flow (TTM) is $1.0797 billion, providing ample capacity for internal growth and share repurchases ($351 million in Q1 2026). ROE is a robust 66.0%, reflecting efficient capital use, though the high ROE is partly due to leverage. The company does not pay dividends, focusing on reinvestment and buybacks.
Quarterly Revenue
$1.1B
2026-03
Revenue YoY Growth
+14.3%
YoY Comparison
Gross Margin
63.3%
Latest Quarter
Free Cash Flow
$1.1B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is IDXX Overvalued?
Since net income is positive ($278.4 million), the primary valuation metric is the P/E ratio. The trailing P/E is 51.37x, while the forward P/E is 32.96x, implying the market expects earnings growth to reduce the multiple. The gap between trailing and forward P/E suggests investors are pricing in a significant earnings increase, which aligns with the company's raised guidance. Compared to the industry, the stock trades at a premium: the trailing P/E of 51.37x is well above the sector average (not provided, but typically in the 20-30x range for diagnostics). The P/S ratio of 12.59x and EV/EBITDA of 37.50x also indicate a premium valuation. This premium may be justified by IDEXX's dominant market position, consistent double-digit revenue growth, and high margins, but it leaves little room for error. Historically, the trailing P/E has ranged from 35x to 86x over the past five years. The current 51.37x is near the middle of that range, below the highs of 2021 (85.7x) but above the lows of 2022 (37.5x). This suggests the stock is not at extreme valuation levels but is priced for continued growth, with limited upside if growth disappoints.
PE
51.4x
Latest Quarter
vs. Historical
Mid-Range
5-Year PE Range 35x~75x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
37.5x
Enterprise Value Multiple