At a glance
IDEXX Laboratories, Inc. is worth $52.92B, about 51 times its fiscal 2025 earnings. Revenue grew 10.4% to $4.30B in fiscal 2025, with 24.6% kept as profit; over 5 years it has grown 9.7% a year. It pays no dividend; it spent $3.69B buying back its shares over FY2021–FY2025. The stock returned +6.7% over the past year with dividends reinvested and +1.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.1% in the 2020 crash (S&P 500: 33.7%) and 48.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 34 months after the lows.
The business in plain English
IDEXX Laboratories develops and makes diagnostic tests, lab instruments and software, mostly for veterinarians who treat pets. Its IDEXX VetLab analyzers, such as the Catalyst One chemistry analyzer, run blood and urine tests inside the clinic. The industry calls this point-of-care testing. Single-use SNAP test kits check for conditions such as heartworm, Lyme disease and feline leukemia virus. Vets can also send samples by courier to about 80 IDEXX reference laboratories, with most results back the same or next day.
The model relies on repeat business. Once a clinic installs an IDEXX analyzer, it keeps paying for the consumables each test uses, and it can add an extended maintenance agreement. IDEXX also offers practice management software such as ezyVet and Cornerstone, digital x-ray systems and telemedicine consults. In fiscal 2025, the year ended December 31, 2025, products made up 59% of $4.30 billion in revenue and services 41%.
The Companion Animal Group, which covers the pet-related products and services, brought in 91.9% of fiscal 2025 revenue. Water testing products, which check for certain microbial contaminants, added 4.7%. Livestock, poultry and dairy diagnostics added 3.1%. The tiny remainder includes human medical tests. The United States produced 64% of revenue, followed by Asia Pacific at 8.3%, Germany at 4.8% and the United Kingdom at 3.6%.
Price history
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IDXX +6.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product revenue | $2.54B | 59% |
| Service revenue | $1.76B | 41% |
By business segment
| CAG | $3.95B | 91.9% |
| Water segment revenue | $201.1M | 4.7% |
| LPD | $131.8M | 3.1% |
By geography
| United States | $2.75B | 64% |
| Asia Pacific | $355.9M | 8.3% |
| Other | $230.0M | 5.3% |
| Germany | $206.8M | 4.8% |
| United Kingdom | $154.4M | 3.6% |
| France | $126.0M | 2.9% |
| Other | $124.4M | 2.9% |
| Latin America & Caribbean | $90.4M | 2.1% |
| Japan | $83.4M | 1.9% |
| Spain | $71.0M | 1.6% |
| Italy | $66.9M | 1.6% |
| Switzerland | $41.7M | 1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.21B, up 9.9% from a year earlier, and net income was $317.1M (+15.5%).
- For fiscal 2025, revenue was $4.30B (+10.4% year over year; +9.7% a year from FY2020 to FY2025) with a 24.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.7% good |
|---|---|
| Operating margin | 31.6% good |
| Free cash flow margin | 24.6% good |
| Return on equity (FY2025) | 66% good |
| Return on assets (FY2025) | 31.6% good |
| Net cash (cash minus debt) | $-177.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.71B | $581.8M | $541.1M |
| FY2021 | $3.22B | $744.8M | $636.0M |
| FY2022 | $3.37B | $679.1M | $394.1M |
| FY2023 | $3.66B | $845.0M | $772.9M |
| FY2024 | $3.90B | $887.9M | $808.1M |
| FY2025 | $4.30B | $1.06B | $1.06B |
Valuation snapshot
| Market value | $52.92B |
|---|---|
| P/E ratio | 51.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
IDEXX Laboratories’s market value went from $10.51B at the end of 2016 to $52.92B on Nov 2, 2026, about 5.0 times as much; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $52.92B | -2.0% |
| 2025 | $54.02B | +59.6% |
| 2024 | $33.85B | -26.6% |
| 2023 | $46.10B | +36.4% |
| 2022 | $33.79B | -39.5% |
| 2021 | $55.83B | +30.9% |
| 2020 | $42.64B | +90.3% |
| 2019 | $22.40B | +39.6% |
| 2018 | $16.04B | +17.6% |
| 2017 | $13.64B | +29.7% |
| 2016 | $10.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IDXX price data to Nov 2, 2026 | -0.7% | +6.7% | +17.0% | +1.4% | +20.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.7% |
| 2025 | +63.6% |
| 2024 | -25.5% |
| 2023 | +36.1% |
| 2022 | -38.0% |
| 2021 | +31.7% |
| 2020 | +91.4% |
| 2019 | +40.4% |
| 2018 | +18.9% |
| 2017 | +33.4% |
| 2016 | +60.8% |
| 2015 | -1.6% |
| 2014 | +39.4% |
| 2013 | +14.6% |
| 2012 | +20.6% |
| 2011 | +11.2% |
| 2010 | +29.5% |
| 2009 | +48.1% |
| 2008 | -38.5% |
| 2007 | +47.9% |
| 2006 | +10.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.8% over that stretch · deepest drop along the way 57.3%, back to its old high 17 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.1% over that stretch · deepest drop along the way 37.1%, back to its old high 1.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 48% over that stretch · deepest drop along the way 48.5%, back to its old high 33.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 22 sales ($22.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 26, 2026 | Jonathan Jay Mazelsky President and CEO, Director | sell | $2.4M |
| Feb 26, 2026 | Jonathan Jay Mazelsky President and CEO, Director | sell | $1.9M |
| Feb 26, 2026 | Jonathan Jay Mazelsky President and CEO, Director | sell | $1.9M |
| Feb 26, 2026 | Nimrata Hunt Executive Vice President | sell | $1.8M |
| Feb 26, 2026 | Jonathan Jay Mazelsky President and CEO, Director | sell | $1.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.4% | Mar 31, 2025 |
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.04% | Sep 30, 2026 |
ETFs with the most weight in IDXX
| PAWZ ProShares Pet Care ETF | 9.28% |
| IHI iShares U.S. Medical Devices ETF | 3.92% |
| FIW First Trust Water ETF | 3.91% |
| RISN Inspire Tactical Balanced ETF | 2.74% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 2.4% |
| QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund | 1.74% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.6% |
| TOLL Tema Monopolies and Oligopolies ETF | 1.4% |
What could go wrong
- Rivals could pressure premium prices. IDEXX expects more competitors to enter pet health care, drawn by the industry's strong growth and returns. Its strategy depends on keeping premium prices and raising them while rivals offer cheaper alternatives.
- Vet chains gain bargaining power. More clinics are owned by corporate hospital groups or join purchasing groups. Larger customers can push harder on price or switch suppliers, which could squeeze IDEXX's sales and margins.
- Vets could order fewer tests. Revenue depends on how often vets test pets. Fewer pet visits or less use of preventive testing would cut demand for test kits, lab services and the consumables that in-clinic analyzers use.
- Hard-to-make products and outside suppliers. Its biologic products, made with biological materials, are complex and hard to manufacture. IDEXX also relies on third parties for components, raw materials, some products and cloud software. A disruption could leave customers short.
- Growth hinges on new products and AI. IDEXX needs a steady stream of differentiated new tests, analyzers and software to stay ahead. Many products use AI, and the company warns that AI problems could cause reputational harm or legal liability.
- A stronger dollar shrinks foreign sales. In fiscal 2025, 64% of revenue came from the United States and the rest from abroad. When the dollar strengthens, sales earned in other currencies convert into fewer dollars, reducing reported revenue and profit.
Recent events
- Quarterly results released
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
IDEXX pays no dividend and paid none in fiscal 2021 through 2025, so the stock provides no regular income. Any return comes from share-price changes, and turning that into spending money means cashing in shares. IDEXX instead spent $3.69 billion over those five years repurchasing its own stock (buybacks), including $1.22 billion in fiscal 2025. The share count fell 7.1%, from about 84.8 million in October 2021 to 78.8 million as of July 31, 2026.
The stock has fallen hard in market slumps. It dropped 57.3% during the 2008 financial crisis and took 17 months from its low to regain its old high. In the 2022 bear market it fell 48.5% and did not recover until August 4, 2025, about 34 months after the low. It made up its 37.1% COVID drop in 2020 in about 1.5 months. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does IDEXX make money?
Mostly from pet diagnostics. In fiscal 2025, the year ended December 31, 2025, its Companion Animal Group brought in $3.95 billion, or 91.9% of $4.30 billion in revenue. That group covers in-clinic analyzers and the consumables they use, SNAP rapid test kits, about 80 reference labs and veterinary software. Water testing added 4.7% and livestock, poultry and dairy tests added 3.1%. Products made up 59% of revenue and services 41%.
Does IDEXX pay a dividend?
No. IDEXX paid no dividend in fiscal 2021 through 2025. Instead, it returns cash to shareholders by repurchasing its own stock: $3.69 billion over those five years, including $1.22 billion in fiscal 2025. Buybacks shrink the share count, so each remaining share claims a larger slice of profits, but they put no cash in shareholders' hands. Someone relying on this stock for income would need to cash in shares.
Is IDEXX still growing?
Yes, based on its latest reports. Revenue rose 10.4% to $4.30 billion in fiscal 2025, and net income rose 19.3% to $1.06 billion. From fiscal 2020 through 2025, revenue grew about 9.7% a year. In the quarter ended June 30, 2026, revenue was up 9.7% from a year earlier and net income was up 15.1%. Growth is not guaranteed. IDEXX's annual report (10-K) warns of rising competition and possible changes in how vets test.
Is IDEXX stock expensive?
Its shares carry a high price relative to profits. As of October 28, 2026, IDEXX traded at about 43 times its fiscal 2025 earnings of $13.08 per share, for a market value near $44.3 billion. This price-to-earnings (P/E) ratio shows what investors pay for each dollar of yearly profit. A high one signals that investors expect growth to continue. Such stocks can fall sharply when growth disappoints. The shares were down 16.8% year to date as of October 28, 2026.
Which ETFs hold IDEXX stock?
IDEXX shows up in 213 ETFs. Those giving it the biggest weight include the ProShares Pet Care ETF (PAWZ) at about 9.3%, the iShares U.S. Medical Devices ETF (IHI) at 3.9% and the First Trust Water ETF (FIW) at 3.9%. These reflect its pet-care, diagnostics and water-testing businesses. Among large shareholders, BlackRock reported owning 9.4% of the shares as of March 31, 2025, and Vanguard Capital Management reported 7.51% as of March 31, 2026.