Is the business good?
How good a business is IDXX?
Idexx Laboratories earns 52% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
52%
Return on invested capital · cost of capital 9.0% · 43 points above what the capital costs: growth creates value
- Operating margin
- 32%
Operating margin · Diagnostics & Research median 7.1% · 12 months to Q2 2026
- Cash conversion
- 1.10×
Cash conversion · 0.80× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −2.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 26% |
| FY2021 | 29% |
| FY2022 | 27% |
| FY2023 | 30% |
| FY2024 | 29% |
| FY2025 | 32% |
Details›
- Gross margin12 months to Q2 2026
- 62%
- Operating margin12 months to Q2 2026
- 32%
- Net margin12 months to Q2 2026
- 25%
- Free cash flow margin
- 28%
- R&D as % of revenue
- 5.7%
- Revenue, trailing twelve months
- $4.55B
- Free cash flow, trailing twelve months
- $1.25B
- Net income, trailing twelve months
- $1.14B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 52%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Diagnostics & Research
Ranks #10 of 29 by Smart Score