IDEXX Laboratories (IDXX) Financials

$650.71 -1.40 (-0.21%)

As of 11:42 AM Eastern

Annual Income Statements for IDEXX Laboratories

This table shows IDEXX Laboratories' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	182	192	222	263	377	428	582	745	679	845	888
Consolidated Net Income / (Loss)	182	192	222	263	377	428	582	745	679	845	888
Net Income / (Loss) Continuing Operations	182	192	222	263	377	428	582	745	679	845	888
Total Pre-Tax Income	247	273	322	381	458	522	662	903	860	1,061	1,110
Total Operating Income	260	300	350	413	491	553	695	932	899	1,097	1,128
Total Gross Profit	816	890	975	1,097	1,242	1,366	1,571	1,889	2,004	2,190	2,379
Total Revenue	1,486	1,602	1,775	1,969	2,213	2,407	2,707	3,215	3,367	3,661	3,898
Operating Revenue	1,486	1,602	1,775	1,969	2,213	2,407	2,707	3,215	3,367	3,661	3,898
Total Cost of Revenue	670	712	800	872	972	1,041	1,136	1,326	1,363	1,471	1,519
Operating Cost of Revenue	670	712	-	872	972	1,041	-	1,326	1,363	1,471	1,519
Total Operating Expenses	556	590	625	684	750	813	877	957	1,106	1,093	1,251
Selling, General & Admin Expense	174	183	207	221	245	261	301	310	326	336	442
Marketing Expense	284	300	317	354	387	418	434	487	525	566	589
Research & Development Expense	98	100	101	109	118	133	141	161	255	191	220
Total Other Income / (Expense), net	-14	-27	-28	-32	-34	-31	-33	-29	-39	-36	-19
Interest Expense	15	29	32	37	35	31	33	30	40	42	31
Interest & Investment Income	1.73	2.47	3.66	5.25	1.15	0.43	0.59	0.43	1.07	5.63	13
Income Tax Expense	65	81	100	118	81	94	80	158	181	216	222
Basic Earnings per Share	$1.82	$2.07	$2.47	$3.00	$4.34	$4.97	$6.82	$8.74	$8.12	$10.17	$10.77
Weighted Average Basic Shares Outstanding	100.09M	92.60M	89.73M	87.77M	86.86M	86.12M	85.34M	85.20M	83.62M	83.07M	82.47M
Diluted Earnings per Share	$1.79	$2.05	$2.44	$2.94	$4.26	$4.89	$6.71	$8.60	$8.03	$10.06	$10.67
Weighted Average Diluted Shares Outstanding	101.50M	93.65M	90.88M	89.57M	88.47M	87.54M	86.72M	86.57M	84.60M	83.98M	83.25M
Weighted Average Basic & Diluted Shares Outstanding	99.90M	92.80M	89.90M	87.70M	86.90M	85.33M	85.43M	84.25M	82.90M	83.09M	81.33M

This table shows IDEXX Laboratories' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	172	214	224	212	195	236	203	233	216	243	294
Consolidated Net Income / (Loss)	172	214	224	212	195	236	203	233	216	243	294
Net Income / (Loss) Continuing Operations	172	214	224	212	195	236	203	233	216	243	294
Total Pre-Tax Income	213	268	286	268	240	295	259	299	256	310	362
Total Operating Income	227	280	296	275	245	299	264	304	262	317	373
Total Gross Profit	485	543	573	548	526	593	619	596	571	623	695
Total Revenue	829	900	944	916	902	964	1,004	976	954	998	1,109
Operating Revenue	829	900	944	916	902	964	1,004	976	954	998	1,109
Total Cost of Revenue	344	357	371	368	375	371	384	380	384	375	415
Operating Cost of Revenue	344	357	371	368	375	371	384	380	384	375	415
Total Operating Expenses	258	263	277	273	281	294	355	292	309	307	322
Selling, General & Admin Expense	83	70	90	89	87	92	157	92	101	92	99
Marketing Expense	132	148	141	136	142	149	143	146	150	156	161
Research & Development Expense	43	45	47	48	52	53	55	54	58	59	62
Total Other Income / (Expense), net	-13	-13	-10	-7.39	-5.63	-3.48	-4.75	-4.98	-5.30	-6.45	-11
Interest Expense	14	13	11	8.65	9.27	7.91	8.10	7.70	7.50	7.67	11
Interest & Investment Income	0.24	0.42	0.33	1.26	3.63	4.43	3.35	2.71	2.20	1.22	0.63
Income Tax Expense	41	54	62	56	45	60	56	66	40	67	68
Basic Earnings per Share	$2.08	$2.58	$2.70	$2.55	$2.34	$2.84	$2.46	$2.83	$2.64	$2.98	$3.66
Weighted Average Basic Shares Outstanding	83.62M	82.99M	83.09M	83.10M	83.07M	83.10M	82.63M	82.30M	82.47M	81.32M	80.41M
Diluted Earnings per Share	$2.05	$2.55	$2.67	$2.53	$2.31	$2.81	$2.44	$2.80	$2.62	$2.96	$3.63
Weighted Average Diluted Shares Outstanding	84.60M	83.96M	83.98M	83.99M	83.98M	83.96M	83.39M	83.06M	83.25M	81.92M	80.99M
Weighted Average Basic & Diluted Shares Outstanding	82.90M	83.00M	83.01M	83.05M	83.09M	82.59M	82.31M	81.88M	81.33M	80.42M	80.00M

This table details how cash moves in and out of IDEXX Laboratories' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	43	-194	26	33	-59	-33	294	-239	-32	341	-166
Net Cash From Operating Activities	236	222	354	373	400	459	648	756	543	907	929
Net Cash From Continuing Operating Activities	236	222	354	373	400	459	648	756	543	907	929
Net Income / (Loss) Continuing Operations	182	192	222	263	377	428	582	745	679	845	888
Consolidated Net Income / (Loss)	182	192	222	263	377	428	582	745	679	845	888
Depreciation Expense	59	69	78	83	83	88	96	105	112	115	130
Non-Cash Adjustments To Reconcile Net Income	4.06	19	23	25	29	41	38	44	58	67	67
Changes in Operating Assets and Liabilities, net	-9.05	-60	29	1.47	-90	-98	-68	-138	-306	-120	-156
Net Cash From Investing Activities	-80	-308	-91	-139	139	-206	-109	-293	-195	-125	-207
Net Cash From Continuing Investing Activities	-80	-308	-91	-139	139	-206	-109	-293	-195	-125	-207
Purchase of Property, Plant & Equipment	-61	-83	-65	-74	-116	-155	-107	-120	-149	-134	-121
Acquisitions	-25	-10	-1.96	-17	-30	-51	-2.17	-173	-22	0.00	-87
Sale and/or Maturity of Investments	0.00	57	204	287	284	-	-	0.00	0.00	8.38	1.56
Other Investing Activities, net	-	-	-	-	-	-	-0.25	0.00	-25	0.00	-1.00
Net Cash From Financing Activities	-103	-101	-237	-208	-598	-286	-248	-697	-371	-442	-878
Net Cash From Continuing Financing Activities	-103	-101	-237	-208	-598	-286	-248	-697	-371	-442	-878
Repayment of Debt	269	23	38	44	-256	-110	-295	-53	-75	-75	-75
Repurchase of Common Equity	-618	-402	-304	-283	-369	-302	-183	-747	-820	-72	-837
Issuance of Debt	200	250	-	0.00	0.00	100	200	74	506	-329	0.00
Issuance of Common Equity	29	22	38	39	38	36	51	47	36	47	44
Other Financing Activities, net	16	5.88	-4.37	-8.07	-11	-10	-22	-17	-17	-13	-11
Other Net Changes in Cash	-	-	-	6.20	-	-	-	-4.64	-8.61	2.13	-9.53

This table details how cash moves in and out of IDEXX Laboratories' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	13	-1.18	21	199	122	-56	4.16	-93	-20	-124	0.62
Net Cash From Operating Activities	173	184	200	272	250	199	248	220	262	238	186
Net Cash From Continuing Operating Activities	173	184	200	272	250	199	248	220	262	238	186
Net Income / (Loss) Continuing Operations	172	214	224	212	195	236	203	233	216	243	294
Consolidated Net Income / (Loss)	172	214	224	212	195	236	203	233	216	243	294
Depreciation Expense	29	28	28	29	30	30	32	34	34	34	36
Non-Cash Adjustments To Reconcile Net Income	14	16	17	17	17	16	-4.09	39	16	18	16
Changes in Operating Assets and Liabilities, net	-41	-75	-69	14	8.80	-83	17	-86	-3.88	-56	-160
Net Cash From Investing Activities	-49	-40	-27	-28	-30	-107	-33	-27	-40	-30	-34
Net Cash From Continuing Investing Activities	-49	-40	-27	-28	-30	-107	-33	-27	-40	-30	-34
Purchase of Property, Plant & Equipment	-49	-40	-27	-34	-33	-30	-33	-28	-29	-30	-34
Sale and/or Maturity of Investments	-	0.00	-	6.26	2.12	0.33	0.40	0.42	0.42	0.42	0.47
Net Cash From Financing Activities	-117	-146	-151	-43	-102	-144	-210	-291	-233	-330	-166
Net Cash From Continuing Financing Activities	-117	-146	-151	-43	-102	-144	-210	-291	-233	-330	-166
Repurchase of Common Equity	-74	0.00	-	-35	-37	-155	-216	-221	-246	-401	-338
Issuance of Debt	-54	-	-	-14	-	0.00	-	-	-	70	260
Issuance of Common Equity	12	13	10	13	11	21	5.36	5.00	13	7.19	17
Other Financing Activities, net	-0.76	-11	-0.08	-0.33	-1.32	-10	-0.08	-0.22	-0.05	-6.12	-0.97
Other Net Changes in Cash	5.89	0.50	-0.34	-2.70	4.66	-4.07	-	-	-9.77	-2.33	14

This table presents IDEXX Laboratories' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,384	1,475	1,531	1,713	1,537	1,832	2,295	2,437	2,747	3,260	3,293
Total Current Assets	759	822	846	972	654	680	1,063	956	1,101	1,495	1,400
Cash & Equivalents	323	129	155	188	124	90	384	144	113	454	288
Accounts Receivable	152	188	204	235	249	269	331	368	401	457	474
Inventories, net	160	189	158	164	173	195	210	269	368	380	382
Other Current Assets	86	62	91	101	108	125	138	174	220	204	256
Plant, Property, & Equipment, net	304	333	357	379	437	534	555	588	649	702	713
Total Noncurrent Assets	321	320	328	362	446	619	677	894	996	1,062	1,180
Goodwill	184	179	178	200	214	240	243	359	362	366	405
Intangible Assets	65	56	46	44	42	58	53	99	98	85	112
Other Noncurrent Operating Assets	72	85	103	119	190	321	381	436	536	612	664
Total Liabilities & Shareholders' Equity	1,384	1,475	1,531	1,713	1,537	1,832	2,295	2,437	2,747	3,260	3,293
Total Liabilities	1,267	1,559	1,639	1,767	1,547	1,655	1,662	1,747	2,138	1,775	1,698
Total Current Liabilities	821	857	935	1,005	770	725	583	764	1,236	952	1,068
Short-Term Debt	549	573	611	655	399	289	50	148	654	325	418
Accounts Payable	45	53	60	67	70	72	75	116	110	111	114
Accrued Expenses	195	206	236	253	261	323	416	459	434	479	502
Current Deferred Revenue	32	26	27	29	41	41	43	40	38	37	34
Total Noncurrent Liabilities	446	702	704	763	776	929	1,079	984	902	824	630
Long-Term Debt	350	597	593	606	601	699	858	775	694	623	450
Noncurrent Deferred Revenue	22	27	33	36	61	49	46	41	31	29	27
Noncurrent Deferred & Payable Income Tax Liabilities	42	49	39	25	29	33	12	8.94	8.15	7.24	11
Other Noncurrent Operating Liabilities	32	29	39	96	85	149	163	158	169	165	142
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	118	-84	-108	-54	-9.23	178	633	690	609	1,485	1,595
Total Preferred & Common Equity	118	-84	-108	-54	-9.51	177	632	690	609	1,485	1,595
Total Common Equity	118	-84	-108	-54	-9.51	177	632	690	609	1,485	1,595
Common Stock	904	956	1,028	1,090	1,153	1,229	1,310	1,394	1,479	1,586	1,691
Retained Earnings	1,675	318	540	804	1,168	1,596	2,176	2,920	3,600	4,445	5,332
Treasury Stock	-2,453	-1,316	-1,633	-1,912	-2,289	-2,601	-2,800	-3,571	-4,392	-4,475	-5,334
Accumulated Other Comprehensive Income / (Loss)	-8.07	-42	-43	-36	-42	-46	-54	-53	-78	-71	-94

This table presents IDEXX Laboratories' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	2,747	2,808	2,871	3,086	3,260	3,354	3,415	3,351	3,293	3,214	3,331
Total Current Assets	1,101	1,149	1,179	1,384	1,495	1,502	1,529	1,434	1,400	1,318	1,362
Cash & Equivalents	113	111	133	332	454	397	402	309	288	164	165
Accounts Receivable	401	446	462	453	457	507	534	511	474	527	561
Inventories, net	368	391	395	394	380	391	380	390	382	396	393
Other Current Assets	220	201	189	206	204	207	213	224	256	230	245
Plant, Property, & Equipment, net	649	665	683	687	702	709	708	718	713	718	740
Total Noncurrent Assets	996	994	1,009	1,015	1,062	1,143	1,178	1,199	1,180	1,178	1,229
Goodwill	362	363	364	362	366	409	408	412	405	407	414
Intangible Assets	98	94	91	87	85	115	111	107	112	107	104
Other Noncurrent Operating Assets	536	536	553	566	612	619	659	680	664	664	711
Total Liabilities & Shareholders' Equity	2,747	2,808	2,871	3,086	3,260	3,354	3,415	3,351	3,293	3,214	3,331
Total Liabilities	2,138	1,967	1,777	1,789	1,775	1,785	1,835	1,733	1,698	1,766	1,872
Total Current Liabilities	1,236	1,066	884	970	952	957	1,117	1,009	1,068	1,136	1,224
Short-Term Debt	654	506	339	400	325	325	420	349	418	490	654
Accounts Payable	110	118	108	113	111	117	117	111	114	120	117
Accrued Expenses	434	404	399	420	479	476	541	511	502	491	417
Current Deferred Revenue	38	38	38	37	37	38	38	38	34	35	36
Total Noncurrent Liabilities	902	902	893	819	824	828	718	723	630	629	648
Long-Term Debt	694	696	697	619	623	621	525	525	450	450	450
Noncurrent Deferred Revenue	31	30	29	28	29	28	27	27	27	27	32
Noncurrent Deferred & Payable Income Tax Liabilities	8.15	5.83	5.57	11	7.24	8.75	10	5.66	11	8.11	2.09
Other Noncurrent Operating Liabilities	169	169	162	162	165	170	156	166	142	145	164
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	609	841	1,094	1,297	1,485	1,569	1,580	1,618	1,595	1,448	1,459
Total Preferred & Common Equity	609	841	1,094	1,297	1,485	1,569	1,580	1,618	1,595	1,448	1,459
Total Common Equity	609	841	1,094	1,297	1,485	1,569	1,580	1,618	1,595	1,448	1,459
Common Stock	1,479	1,506	1,531	1,559	1,586	1,621	1,642	1,663	1,691	1,712	1,744
Retained Earnings	3,600	3,814	4,038	4,250	4,445	4,680	4,883	5,116	5,332	5,575	5,869
Treasury Stock	-4,392	-4,402	-4,402	-4,437	-4,475	-4,652	-4,860	-5,085	-5,334	-5,749	-6,078
Accumulated Other Comprehensive Income / (Loss)	-78	-77	-74	-75	-71	-80	-85	-76	-94	-90	-77

This table displays calculated financial ratios and metrics derived from IDEXX Laboratories' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.90%	7.81%	10.83%	10.91%	12.40%	8.75%	12.45%	18.79%	4.73%	8.72%	6.46%
EBITDA Growth	-0.69%	16.03%	15.93%	15.58%	15.79%	11.55%	23.35%	31.13%	-2.50%	19.92%	3.81%
EBIT Growth	-2.44%	15.24%	16.78%	17.93%	18.96%	12.52%	25.63%	34.20%	-3.57%	22.07%	2.84%
NOPAT Growth	0.93%	9.84%	14.54%	18.09%	41.83%	11.90%	34.86%	25.93%	-7.72%	23.10%	3.32%
Net Income Growth	-3.11%	5.60%	15.57%	18.56%	43.22%	13.46%	36.08%	27.95%	-8.83%	24.44%	5.07%
EPS Growth	-3.11%	14.53%	19.02%	20.49%	44.90%	14.79%	37.22%	28.17%	-6.63%	25.28%	6.06%
Operating Cash Flow Growth	-9.34%	-5.95%	59.44%	5.55%	7.18%	14.77%	41.14%	16.59%	-28.13%	66.95%	2.48%
Free Cash Flow Firm Growth	10.73%	-2.44%	74.04%	-9.61%	7.34%	-10.19%	115.77%	-13.50%	-26.86%	121.22%	-4.49%
Invested Capital Growth	3.97%	7.13%	-5.31%	4.44%	17.95%	23.97%	7.64%	26.95%	25.55%	7.26%	9.91%
Revenue Q/Q Growth	-0.14%	3.07%	2.50%	3.31%	1.99%	-18.99%	37.32%	2.56%	0.82%	2.04%	1.37%
EBITDA Q/Q Growth	-7.19%	10.45%	4.96%	3.17%	2.98%	0.36%	9.93%	1.69%	2.89%	1.66%	1.64%
EBIT Q/Q Growth	-9.25%	11.99%	5.07%	3.50%	3.70%	0.05%	11.11%	1.54%	3.14%	1.74%	1.47%
NOPAT Q/Q Growth	-7.01%	10.31%	3.12%	-4.99%	14.11%	0.92%	16.43%	-1.70%	2.00%	1.90%	2.44%
Net Income Q/Q Growth	-8.68%	10.62%	3.73%	-5.08%	14.37%	1.15%	16.96%	-1.61%	1.41%	2.71%	2.50%
EPS Q/Q Growth	-8.68%	8.47%	2.52%	-7.26%	14.52%	1.66%	16.70%	-1.49%	2.16%	2.65%	2.99%
Operating Cash Flow Q/Q Growth	-18.14%	30.65%	11.38%	1.54%	3.77%	4.50%	10.87%	-1.17%	-6.30%	9.21%	1.33%
Free Cash Flow Firm Q/Q Growth	-22.54%	62.68%	18.41%	-3.42%	-0.42%	-16.27%	38.87%	-6.30%	-13.92%	14.95%	3.54%
Invested Capital Q/Q Growth	4.88%	-1.35%	-6.21%	-6.68%	-0.16%	4.91%	-0.98%	0.41%	4.17%	-0.30%	-0.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.93%	55.58%	54.94%	55.73%	56.10%	56.73%	58.04%	58.76%	59.52%	59.82%	61.04%
EBITDA Margin	21.48%	23.12%	24.18%	25.20%	25.96%	26.63%	29.21%	32.24%	30.01%	33.11%	32.28%
Operating Margin	17.52%	18.72%	19.73%	20.98%	22.20%	22.97%	25.66%	28.99%	26.69%	29.97%	28.95%
EBIT Margin	17.52%	18.72%	19.73%	20.98%	22.20%	22.97%	25.66%	28.99%	26.69%	29.97%	28.95%
Profit (Net Income) Margin	12.25%	11.99%	12.51%	13.37%	17.04%	17.77%	21.51%	23.17%	20.17%	23.08%	22.78%
Tax Burden Percent	73.80%	70.34%	68.99%	69.09%	82.37%	81.92%	87.94%	82.52%	78.97%	79.63%	80.00%
Interest Burden Percent	94.74%	91.07%	91.89%	92.26%	93.16%	94.46%	95.31%	96.85%	95.68%	96.72%	98.36%
Effective Tax Rate	26.20%	29.66%	31.01%	30.91%	17.63%	18.08%	12.06%	17.48%	21.03%	20.37%	20.00%
Return on Invested Capital (ROIC)	28.21%	29.35%	33.39%	39.65%	50.51%	46.63%	54.71%	58.56%	42.83%	45.71%	43.47%
ROIC Less NNEP Spread (ROIC-NNEP)	25.43%	26.67%	31.00%	36.89%	47.19%	43.80%	50.69%	54.84%	39.79%	42.40%	40.71%
Return on Net Nonoperating Assets (RNNOA)	29.02%	1,114.51%	-264.44%	-364.56%	-1,246.06%	460.86%	88.91%	54.06%	61.74%	35.03%	14.19%
Return on Equity (ROE)	57.24%	1,143.87%	-231.06%	-324.91%	-1,195.55%	507.49%	143.63%	112.62%	104.58%	80.74%	57.66%
Cash Return on Invested Capital (CROIC)	24.32%	22.47%	38.84%	35.31%	34.04%	25.22%	47.35%	34.81%	20.18%	38.70%	34.02%
Operating Return on Assets (OROA)	19.91%	20.98%	23.31%	25.46%	30.23%	32.81%	33.66%	39.39%	34.67%	36.53%	34.44%
Return on Assets (ROA)	13.92%	13.44%	14.78%	16.23%	23.20%	25.39%	28.21%	31.48%	26.20%	28.14%	27.10%
Return on Common Equity (ROCE)	57.23%	1,136.95%	-231.38%	-325.72%	-1,205.86%	505.59%	143.44%	112.56%	104.58%	80.74%	57.66%
Return on Equity Simple (ROE_SIMPLE)	154.83%	-228.39%	-204.94%	-486.58%	-3,963.49%	241.05%	92.10%	107.95%	111.56%	56.92%	55.65%
Net Operating Profit after Tax (NOPAT)	192	211	242	285	405	453	611	769	710	874	903
NOPAT Margin	12.93%	13.17%	13.61%	14.49%	18.29%	18.82%	22.56%	23.92%	21.08%	23.86%	23.16%
Net Nonoperating Expense Percent (NNEP)	2.79%	2.68%	2.39%	2.76%	3.32%	2.83%	4.02%	3.72%	3.04%	3.31%	2.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	36.26%	35.92%	36.65%
Cost of Revenue to Revenue	45.07%	44.42%	45.06%	44.27%	43.90%	43.27%	41.96%	41.24%	40.48%	40.18%	38.96%
SG&A Expenses to Revenue	11.70%	11.39%	11.66%	11.22%	11.07%	10.86%	11.11%	9.63%	9.69%	9.17%	11.35%
R&D to Revenue	6.61%	6.22%	5.70%	5.54%	5.33%	5.53%	5.22%	5.01%	7.57%	5.22%	5.64%
Operating Expenses to Revenue	37.41%	36.85%	35.21%	34.76%	33.90%	33.77%	32.38%	29.78%	32.83%	29.85%	32.09%
Earnings before Interest and Taxes (EBIT)	260	300	350	413	491	553	695	932	899	1,097	1,128
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	319	370	429	496	575	641	791	1,037	1,011	1,212	1,258
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	60.16	0.00	0.00	0.00	0.00	126.22	67.46	80.92	55.50	31.05	21.22
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	126.83	241.06	226.34	44.58	31.39
Price to Revenue (P/Rev)	4.76	4.14	5.92	6.93	7.25	9.31	15.75	17.36	10.03	12.59	8.69
Price to Earnings (P/E)	38.87	34.53	47.35	51.83	42.55	52.37	73.29	74.96	49.75	54.55	38.13
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.57%	2.90%	2.11%	1.93%	2.35%	1.91%	1.36%	1.33%	2.01%	1.83%	2.62%
Enterprise Value to Invested Capital (EV/IC)	11.02	10.03	16.09	19.62	19.51	21.67	37.30	38.53	18.99	23.55	15.83
Enterprise Value to Revenue (EV/Rev)	5.15	4.66	6.38	7.33	7.64	9.68	15.95	17.61	10.40	12.73	8.83
Enterprise Value to EBITDA (EV/EBITDA)	23.96	20.15	26.38	29.08	29.45	36.35	54.60	54.61	34.65	38.44	27.37
Enterprise Value to EBIT (EV/EBIT)	29.38	24.88	32.34	34.93	34.43	42.14	62.15	60.74	38.97	42.47	30.52
Enterprise Value to NOPAT (EV/NOPAT)	39.81	35.36	46.87	50.56	41.80	51.44	70.67	73.61	49.35	53.33	38.15
Enterprise Value to Operating Cash Flow (EV/OCF)	32.42	33.64	32.03	38.65	42.29	50.74	66.60	74.93	64.50	51.40	37.07
Enterprise Value to Free Cash Flow (EV/FCFF)	46.19	46.19	40.29	56.78	62.02	95.11	81.66	123.83	104.73	62.98	48.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.65	-13.93	-11.13	-23.42	-108.34	5.55	1.44	1.34	2.22	0.64	0.54
Long-Term Debt to Equity	2.98	-7.11	-5.48	-11.26	-65.13	3.93	1.36	1.12	1.14	0.42	0.28
Financial Leverage	1.14	41.79	-8.53	-9.88	-26.41	10.52	1.75	0.99	1.55	0.83	0.35
Leverage Ratio	4.11	85.11	-15.64	-20.02	-51.54	19.99	5.09	3.58	3.99	2.87	2.13
Compound Leverage Factor	3.90	77.51	-14.37	-18.47	-48.01	18.88	4.85	3.46	3.82	2.78	2.09
Debt to Total Capital	88.43%	107.73%	109.87%	104.46%	100.93%	84.74%	58.94%	57.24%	68.90%	38.97%	35.23%
Short-Term Debt to Total Capital	54.00%	52.76%	55.75%	54.26%	40.25%	24.78%	3.24%	9.20%	33.42%	13.36%	16.96%
Long-Term Debt to Total Capital	34.43%	54.98%	54.12%	50.20%	60.68%	59.97%	55.70%	48.04%	35.48%	25.61%	18.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.02%	0.03%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	11.56%	-7.75%	-9.89%	-4.48%	-0.96%	15.23%	41.01%	42.76%	31.10%	61.03%	64.77%
Debt to EBITDA	2.82	3.16	2.80	2.54	1.74	1.54	1.15	0.89	1.33	0.78	0.69
Net Debt to EBITDA	1.81	2.23	1.89	1.59	1.53	1.40	0.66	0.75	1.22	0.41	0.46
Long-Term Debt to EBITDA	1.10	1.61	1.38	1.22	1.05	1.09	1.09	0.75	0.69	0.51	0.36
Debt to NOPAT	4.68	5.55	4.98	4.42	2.47	2.18	1.49	1.20	1.90	1.08	0.96
Net Debt to NOPAT	3.00	3.92	3.36	2.77	2.17	1.98	0.86	1.01	1.74	0.57	0.64
Long-Term Debt to NOPAT	1.82	2.83	2.45	2.12	1.49	1.54	1.41	1.01	0.98	0.71	0.50
Altman Z-Score	6.68	4.58	6.19	7.21	9.69	11.62	19.15	23.53	13.56	19.92	16.66
Noncontrolling Interest Sharing Ratio	0.02%	0.60%	-0.14%	-0.25%	-0.86%	0.37%	0.13%	0.05%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.93	0.96	0.90	0.97	0.85	0.94	1.82	1.25	0.89	1.57	1.31
Quick Ratio	0.58	0.62	0.64	0.70	0.48	0.50	1.23	0.67	0.42	0.96	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	166	162	281	254	273	245	529	457	334	740	707
Operating Cash Flow to CapEx	389.68%	267.49%	545.86%	501.82%	345.64%	296.29%	605.90%	632.00%	364.82%	678.37%	768.26%
Free Cash Flow to Firm to Interest Expense	10.73	5.52	8.77	6.83	7.85	7.89	15.96	15.34	8.39	17.79	22.64
Operating Cash Flow to Interest Expense	15.29	7.59	11.03	10.03	11.52	14.79	19.56	25.35	13.62	21.80	29.77
Operating Cash Flow Less CapEx to Interest Expense	11.36	4.75	9.01	8.03	8.18	9.80	16.34	21.34	9.89	18.59	25.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.14	1.12	1.18	1.21	1.36	1.43	1.31	1.36	1.30	1.22	1.19
Accounts Receivable Turnover	9.57	9.40	9.04	8.97	9.16	9.29	9.01	9.19	8.76	8.53	8.37
Inventory Turnover	4.56	4.08	4.61	5.41	5.76	5.65	5.61	5.54	4.28	3.93	3.98
Fixed Asset Turnover	5.08	5.03	5.14	5.35	5.42	4.96	4.97	5.63	5.44	5.42	5.51
Accounts Payable Turnover	17.93	14.61	14.20	13.72	14.24	14.70	15.48	13.91	12.04	13.32	13.51
Days Sales Outstanding (DSO)	38.13	38.82	40.38	40.70	39.86	39.29	40.51	39.72	41.68	42.77	43.59
Days Inventory Outstanding (DIO)	80.06	89.55	79.13	67.49	63.41	64.55	65.07	65.92	85.27	92.81	91.60
Days Payable Outstanding (DPO)	20.35	24.98	25.71	26.59	25.64	24.83	23.58	26.25	30.31	27.40	27.02
Cash Conversion Cycle (CCC)	97.83	103.39	93.80	81.59	77.64	79.00	81.99	79.39	96.64	108.19	108.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	694	744	704	735	867	1,075	1,157	1,469	1,845	1,978	2,175
Invested Capital Turnover	2.18	2.23	2.45	2.74	2.76	2.48	2.42	2.45	2.03	1.92	1.88
Increase / (Decrease) in Invested Capital	27	49	-39	31	132	208	82	312	375	134	196
Enterprise Value (EV)	7,646	7,461	11,327	14,429	16,918	23,298	43,164	56,612	35,022	46,592	34,434
Market Capitalization	7,070	6,633	10,514	13,639	16,041	22,400	42,639	55,833	33,786	46,098	33,854
Book Value per Share	$2.46	($0.92)	($1.21)	($0.62)	($0.11)	$2.07	$7.41	$8.14	$7.35	$17.87	$19.48
Tangible Book Value per Share	($2.77)	($3.51)	($3.71)	($3.41)	($3.08)	($1.41)	$3.94	$2.73	$1.80	$12.45	$13.17
Total Capital	1,017	1,086	1,096	1,207	991	1,166	1,541	1,614	1,957	2,432	2,463
Total Debt	899	1,170	1,204	1,261	1,000	988	908	924	1,348	948	868
Total Long-Term Debt	350	597	593	606	601	699	858	775	694	623	450
Net Debt	576	828	812	789	876	897	525	779	1,236	494	579
Capital Expenditures (CapEx)	61	83	65	74	116	155	107	120	149	134	121
Debt-free, Cash-free Net Working Capital (DFCFNWC)	165	195	130	150	159	153	146	196	407	415	462
Debt-free Net Working Capital (DFNWC)	487	538	522	622	283	243	530	341	520	869	750
Net Working Capital (NWC)	-62	-35	-89	-33	-116	-46	480	192	-134	544	332
Net Nonoperating Expense (NNE)	10	19	20	22	28	25	29	24	31	29	15
Net Nonoperating Obligations (NNO)	576	828	812	789	876	897	525	779	1,236	494	579
Total Depreciation and Amortization (D&A)	59	70	79	83	83	88	96	105	112	115	130
Debt-free, Cash-free Net Working Capital to Revenue	11.10%	12.19%	7.33%	7.64%	7.18%	6.35%	5.40%	6.10%	12.09%	11.33%	11.84%
Debt-free Net Working Capital to Revenue	32.81%	33.58%	29.40%	31.61%	12.77%	10.10%	19.58%	10.59%	15.43%	23.73%	19.24%
Net Working Capital to Revenue	-4.14%	-2.19%	-5.01%	-1.65%	-5.25%	-1.90%	17.73%	5.97%	-3.99%	14.85%	8.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.82	$2.07	$2.47	$3.00	$4.34	$4.97	$6.82	$8.74	$8.12	$10.17	$10.77
Adjusted Weighted Average Basic Shares Outstanding	100.09M	92.60M	89.73M	87.77M	86.86M	86.12M	85.34M	85.20M	83.62M	83.07M	82.47M
Adjusted Diluted Earnings per Share	$1.79	$2.05	$2.44	$2.94	$4.26	$4.89	$6.71	$8.60	$8.03	$10.06	$10.67
Adjusted Weighted Average Diluted Shares Outstanding	101.50M	93.65M	90.88M	89.57M	88.47M	87.54M	86.72M	86.57M	84.60M	83.98M	83.25M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	94.25M	89.64M	88.01M	87.12M	86.01M	85.33M	85.43M	84.25M	82.90M	83.09M	81.33M
Normalized Net Operating Profit after Tax (NOPAT)	192	217	242	285	405	453	611	769	710	874	903
Normalized NOPAT Margin	12.93%	13.53%	13.61%	14.49%	18.29%	18.82%	22.56%	23.92%	21.08%	23.86%	23.16%
Pre Tax Income Margin	16.59%	17.05%	18.13%	19.35%	20.68%	21.70%	24.46%	28.07%	25.54%	28.99%	28.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.87	10.26	10.93	11.10	14.14	17.80	20.97	31.27	22.55	26.39	36.16
NOPAT to Interest Expense	12.45	7.22	7.54	7.67	11.65	14.58	18.44	25.80	17.81	21.01	28.93
EBIT Less CapEx to Interest Expense	12.95	7.42	8.91	9.10	10.81	12.81	17.74	27.26	18.82	23.17	32.28
NOPAT Less CapEx to Interest Expense	8.53	4.38	5.52	5.67	8.32	9.59	15.21	21.79	14.07	17.80	25.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	2.13%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%
Augmented Payout Ratio	339.74%	209.22%	139.07%	107.33%	97.95%	70.52%	31.40%	100.39%	120.71%	8.51%	94.27%

This table displays calculated financial ratios and metrics derived from IDEXX Laboratories' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.43%	7.61%	9.65%	8.78%	8.81%	7.10%	6.35%	6.56%	5.84%	3.56%	10.55%
EBITDA Growth	12.50%	12.32%	56.38%	11.30%	7.75%	6.52%	-8.64%	11.09%	7.40%	6.61%	38.12%
EBIT Growth	13.72%	12.91%	65.38%	12.44%	8.29%	6.62%	-10.92%	10.39%	6.68%	5.88%	41.41%
NOPAT Growth	8.28%	12.41%	68.13%	15.29%	8.82%	6.30%	-10.86%	8.55%	10.81%	3.93%	46.20%
Net Income Growth	5.80%	10.36%	69.90%	17.29%	12.96%	10.06%	-9.34%	9.71%	11.12%	3.01%	44.61%
EPS Growth	9.04%	12.33%	71.15%	17.67%	12.68%	10.20%	-8.61%	10.67%	13.42%	5.34%	48.77%
Operating Cash Flow Growth	-17.40%	60.33%	204.20%	44.14%	44.07%	7.98%	23.96%	-19.22%	4.87%	19.83%	-25.20%
Free Cash Flow Firm Growth	-34.59%	34.81%	73.53%	103.56%	133.88%	153.79%	287.02%	800.69%	-62.45%	162.09%	-64.98%
Invested Capital Growth	25.55%	20.14%	15.99%	12.08%	7.26%	9.56%	6.34%	10.02%	9.91%	5.05%	12.93%
Revenue Q/Q Growth	-1.56%	8.64%	4.83%	-2.98%	-1.52%	6.93%	4.10%	-2.79%	-2.18%	4.63%	11.12%
EBITDA Q/Q Growth	-6.63%	20.95%	4.95%	-6.09%	-9.61%	19.57%	-9.99%	14.20%	-12.61%	18.69%	16.61%
EBIT Q/Q Growth	-7.48%	23.78%	5.62%	-7.04%	-10.89%	21.87%	-11.76%	15.20%	-13.89%	20.96%	17.85%
NOPAT Q/Q Growth	-3.28%	22.55%	3.58%	-6.10%	-8.71%	19.72%	-13.14%	14.35%	-6.80%	12.29%	22.18%
Net Income Q/Q Growth	-4.83%	24.30%	4.76%	-5.35%	-8.34%	21.11%	-13.70%	14.53%	-7.17%	12.27%	21.14%
EPS Q/Q Growth	-4.65%	24.39%	4.71%	-5.24%	-8.70%	21.65%	-13.17%	14.75%	-6.43%	12.98%	22.64%
Operating Cash Flow Q/Q Growth	-8.24%	6.05%	8.92%	36.00%	-8.29%	-20.52%	25.04%	-11.37%	19.06%	-9.18%	-21.94%
Free Cash Flow Firm Q/Q Growth	-62.74%	48.12%	56.95%	109.80%	1,448.06%	-17.63%	49.69%	-52.81%	-35.46%	474.90%	-80.00%
Invested Capital Q/Q Growth	4.17%	4.77%	3.33%	-0.62%	-0.30%	7.01%	0.30%	2.82%	-0.40%	2.28%	7.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.53%	60.32%	60.71%	59.85%	58.36%	61.52%	61.70%	61.10%	59.80%	62.44%	62.62%
EBITDA Margin	30.81%	34.30%	34.34%	33.23%	30.51%	34.11%	29.49%	34.65%	30.95%	35.11%	36.85%
Operating Margin	27.34%	31.15%	31.38%	30.07%	27.21%	31.01%	26.29%	31.15%	27.42%	31.70%	33.62%
EBIT Margin	27.34%	31.15%	31.38%	30.07%	27.21%	31.01%	26.29%	31.15%	27.42%	31.70%	33.62%
Profit (Net Income) Margin	20.78%	23.78%	23.76%	23.18%	21.58%	24.44%	20.26%	23.87%	22.65%	24.31%	26.50%
Tax Burden Percent	80.77%	79.96%	78.42%	79.22%	81.16%	79.73%	78.48%	77.90%	84.31%	78.26%	81.13%
Interest Burden Percent	94.12%	95.47%	96.55%	97.31%	97.70%	98.84%	98.20%	98.36%	97.98%	97.96%	97.13%
Effective Tax Rate	19.23%	20.04%	21.58%	20.78%	18.84%	20.27%	21.52%	22.10%	15.69%	21.74%	18.87%
Return on Invested Capital (ROIC)	44.88%	48.27%	46.52%	45.52%	42.29%	45.48%	37.90%	44.77%	43.39%	44.94%	48.72%
ROIC Less NNEP Spread (ROIC-NNEP)	43.81%	47.28%	45.78%	44.93%	41.76%	45.14%	37.38%	44.15%	42.56%	44.18%	47.55%
Return on Net Nonoperating Assets (RNNOA)	67.97%	65.78%	63.98%	50.21%	34.51%	30.71%	20.22%	18.97%	14.83%	19.40%	23.20%
Return on Equity (ROE)	112.85%	114.04%	110.50%	95.73%	76.80%	76.19%	58.11%	63.74%	58.22%	64.34%	71.92%
Cash Return on Invested Capital (CROIC)	20.18%	23.18%	29.76%	34.28%	38.70%	34.73%	35.72%	32.74%	34.02%	37.09%	32.43%
Operating Return on Assets (OROA)	35.52%	39.57%	40.26%	37.68%	33.16%	37.49%	31.66%	37.21%	32.62%	37.96%	40.25%
Return on Assets (ROA)	27.00%	30.21%	30.49%	29.05%	26.30%	29.54%	24.40%	28.51%	26.94%	29.10%	31.72%
Return on Common Equity (ROCE)	112.85%	114.04%	110.50%	95.73%	76.80%	76.19%	58.11%	63.74%	58.22%	64.34%	71.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	83.13%	72.35%	63.41%	0.00%	55.23%	53.51%	53.54%	0.00%	61.81%	0.00%
Net Operating Profit after Tax (NOPAT)	183	224	232	218	199	238	207	237	221	248	303
NOPAT Margin	22.08%	24.91%	24.61%	23.82%	22.08%	24.72%	20.63%	24.27%	23.12%	24.81%	27.28%
Net Nonoperating Expense Percent (NNEP)	1.07%	0.99%	0.74%	0.59%	0.53%	0.34%	0.51%	0.62%	0.83%	0.76%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	9.35%	-	-	-	8.19%	-	-	-	8.96%	10.37%	11.81%
Cost of Revenue to Revenue	41.47%	39.68%	39.29%	40.15%	41.64%	38.48%	38.30%	38.90%	40.20%	37.56%	37.38%
SG&A Expenses to Revenue	10.02%	7.79%	9.50%	9.72%	9.65%	9.55%	15.67%	9.42%	10.60%	9.17%	8.89%
R&D to Revenue	5.24%	4.96%	4.93%	5.24%	5.75%	5.46%	5.53%	5.53%	6.05%	5.92%	5.58%
Operating Expenses to Revenue	31.19%	29.17%	29.32%	29.79%	31.15%	30.51%	35.41%	29.95%	32.38%	30.73%	28.99%
Earnings before Interest and Taxes (EBIT)	227	280	296	275	245	299	264	304	262	317	373
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	255	309	324	304	275	329	296	338	295	351	409
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	55.50	49.29	38.11	27.98	31.05	28.58	25.46	25.70	21.22	23.59	29.57
Price to Tangible Book Value (P/TBV)	226.34	108.02	65.27	42.78	44.58	42.92	37.91	37.83	31.39	36.60	45.86
Price to Revenue (P/Rev)	10.03	12.08	11.86	10.12	12.59	12.04	10.63	10.82	8.69	8.69	10.68
Price to Earnings (P/E)	49.75	59.30	52.67	44.12	54.55	51.75	47.58	48.00	38.13	38.16	43.76
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.01%	1.69%	1.90%	2.27%	1.83%	1.93%	2.10%	2.08%	2.62%	2.62%	2.29%
Enterprise Value to Invested Capital (EV/IC)	18.99	22.02	21.33	18.64	23.55	21.44	19.20	19.30	15.83	15.70	18.38
Enterprise Value to Revenue (EV/Rev)	10.40	12.40	12.12	10.31	12.73	12.19	10.77	10.96	8.83	8.88	10.92
Enterprise Value to EBITDA (EV/EBITDA)	34.65	40.74	36.67	31.02	38.44	36.84	33.87	34.05	27.37	27.29	31.64
Enterprise Value to EBIT (EV/EBIT)	38.97	45.71	40.64	34.30	42.47	40.68	37.64	37.90	30.52	30.48	35.11
Enterprise Value to NOPAT (EV/NOPAT)	49.35	57.94	51.41	43.14	53.33	51.13	47.28	47.83	38.15	38.30	43.74
Enterprise Value to Operating Cash Flow (EV/OCF)	64.50	69.50	57.04	44.56	51.40	49.27	42.08	45.97	37.07	36.07	48.66
Enterprise Value to Free Cash Flow (EV/FCFF)	104.73	103.68	76.98	57.47	62.98	64.55	55.42	61.77	48.74	43.39	60.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.22	1.43	0.95	0.79	0.64	0.60	0.60	0.54	0.54	0.65	0.76
Long-Term Debt to Equity	1.14	0.83	0.64	0.48	0.42	0.40	0.33	0.32	0.28	0.31	0.31
Financial Leverage	1.55	1.39	1.40	1.12	0.83	0.68	0.54	0.43	0.35	0.44	0.49
Leverage Ratio	3.99	3.65	3.53	3.23	2.87	2.56	2.35	2.21	2.13	2.18	2.22
Compound Leverage Factor	3.76	3.48	3.41	3.14	2.80	2.53	2.31	2.17	2.08	2.13	2.16
Debt to Total Capital	68.90%	58.85%	48.64%	43.99%	38.97%	37.61%	37.42%	35.07%	35.23%	39.37%	43.07%
Short-Term Debt to Total Capital	33.42%	24.78%	15.92%	17.27%	13.36%	12.92%	16.64%	14.01%	16.96%	20.54%	25.52%
Long-Term Debt to Total Capital	35.48%	34.07%	32.72%	26.72%	25.61%	24.69%	20.78%	21.06%	18.26%	18.83%	17.55%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.10%	41.15%	51.36%	56.01%	61.03%	62.39%	62.58%	64.93%	64.77%	60.63%	56.93%
Debt to EBITDA	1.33	1.15	0.89	0.85	0.78	0.77	0.78	0.71	0.69	0.73	0.79
Net Debt to EBITDA	1.22	1.04	0.78	0.58	0.41	0.45	0.45	0.46	0.46	0.61	0.67
Long-Term Debt to EBITDA	0.69	0.67	0.60	0.52	0.51	0.50	0.44	0.42	0.36	0.35	0.32
Debt to NOPAT	1.90	1.64	1.25	1.19	1.08	1.07	1.10	0.99	0.96	1.03	1.10
Net Debt to NOPAT	1.74	1.49	1.09	0.80	0.57	0.62	0.63	0.64	0.64	0.85	0.93
Long-Term Debt to NOPAT	0.98	0.95	0.84	0.72	0.71	0.70	0.61	0.60	0.50	0.49	0.45
Altman Z-Score	12.76	16.13	17.73	15.72	19.06	18.63	16.67	18.14	15.80	15.65	17.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.89	1.08	1.33	1.43	1.57	1.57	1.37	1.42	1.31	1.16	1.11
Quick Ratio	0.42	0.52	0.67	0.81	0.96	0.95	0.84	0.81	0.71	0.61	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-192	-100	-43	4.21	65	54	80	38	24	141	28
Operating Cash Flow to CapEx	352.29%	465.47%	729.21%	799.06%	767.45%	655.98%	745.57%	783.51%	895.66%	792.52%	544.67%
Free Cash Flow to Firm to Interest Expense	-14.20	-7.60	-4.08	0.49	7.03	6.79	9.92	4.93	3.26	18.35	2.49
Operating Cash Flow to Interest Expense	12.80	14.01	19.00	31.51	26.97	25.10	30.66	28.59	34.95	31.04	16.41
Operating Cash Flow Less CapEx to Interest Expense	9.17	11.00	16.40	27.56	23.45	21.28	26.55	24.94	31.04	27.12	13.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.30	1.27	1.28	1.25	1.22	1.21	1.20	1.19	1.19	1.20	1.20
Accounts Receivable Turnover	8.76	8.09	8.03	8.53	8.53	7.82	7.60	7.98	8.37	7.60	7.38
Inventory Turnover	4.28	3.99	3.87	3.84	3.93	3.80	3.87	3.85	3.98	3.87	4.02
Fixed Asset Turnover	5.44	5.45	5.50	5.52	5.42	5.42	5.44	5.47	5.51	5.51	5.58
Accounts Payable Turnover	12.04	11.59	11.98	12.92	13.32	12.63	13.31	13.53	13.51	12.82	13.27
Days Sales Outstanding (DSO)	41.68	45.12	45.43	42.77	42.77	46.70	48.00	45.76	43.59	48.03	49.46
Days Inventory Outstanding (DIO)	85.27	91.44	94.41	94.97	92.81	96.07	94.40	94.70	91.60	94.28	90.79
Days Payable Outstanding (DPO)	30.31	31.50	30.48	28.25	27.40	28.91	27.42	26.97	27.02	28.47	27.51
Cash Conversion Cycle (CCC)	96.64	105.06	109.36	109.49	108.19	113.87	114.98	113.49	108.17	113.83	112.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,845	1,933	1,997	1,985	1,978	2,117	2,124	2,183	2,175	2,224	2,398
Invested Capital Turnover	2.03	1.94	1.89	1.91	1.92	1.84	1.84	1.85	1.88	1.81	1.79
Increase / (Decrease) in Invested Capital	375	324	275	214	134	185	127	199	196	107	275
Enterprise Value (EV)	35,022	42,550	42,591	36,986	46,592	45,390	40,780	42,148	34,434	34,930	44,073
Market Capitalization	33,786	41,458	41,688	36,299	46,098	44,842	40,237	41,583	33,854	34,154	43,133
Book Value per Share	$7.35	$10.15	$13.18	$15.63	$17.87	$18.88	$19.13	$19.66	$19.48	$17.80	$18.14
Tangible Book Value per Share	$1.80	$4.63	$7.70	$10.22	$12.45	$12.57	$12.85	$13.35	$13.17	$11.47	$11.70
Total Capital	1,957	2,044	2,130	2,316	2,432	2,515	2,525	2,492	2,463	2,388	2,563
Total Debt	1,348	1,203	1,036	1,019	948	946	945	874	868	940	1,104
Total Long-Term Debt	694	696	697	619	623	621	525	525	450	450	450
Net Debt	1,236	1,091	903	687	494	548	543	565	579	776	939
Capital Expenditures (CapEx)	49	40	27	34	33	30	33	28	29	30	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	407	479	501	482	415	473	430	465	462	508	628
Debt-free Net Working Capital (DFNWC)	520	590	634	814	869	870	832	774	750	672	792
Net Working Capital (NWC)	-134	84	295	414	544	545	412	425	332	181	138
Net Nonoperating Expense (NNE)	11	10	8.01	5.86	4.57	2.77	3.72	3.88	4.47	5.05	8.68
Net Nonoperating Obligations (NNO)	1,236	1,091	903	687	494	548	543	565	579	776	939
Total Depreciation and Amortization (D&A)	29	28	28	29	30	30	32	34	34	34	36
Debt-free, Cash-free Net Working Capital to Revenue	12.09%	13.96%	14.27%	13.44%	11.33%	12.69%	11.37%	12.09%	11.84%	12.92%	15.55%
Debt-free Net Working Capital to Revenue	15.43%	17.21%	18.05%	22.69%	23.73%	23.36%	21.98%	20.12%	19.24%	17.09%	19.63%
Net Working Capital to Revenue	-3.99%	2.44%	8.40%	11.54%	14.85%	14.63%	10.88%	11.04%	8.52%	4.61%	3.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.08	$2.58	$2.70	$2.55	$2.34	$2.84	$2.46	$2.83	$2.64	$2.98	$3.66
Adjusted Weighted Average Basic Shares Outstanding	83.62M	82.99M	83.09M	83.10M	83.07M	83.10M	82.63M	82.30M	82.47M	81.32M	80.41M
Adjusted Diluted Earnings per Share	$2.05	$2.55	$2.67	$2.53	$2.31	$2.81	$2.44	$2.80	$2.62	$2.96	$3.63
Adjusted Weighted Average Diluted Shares Outstanding	84.60M	83.96M	83.98M	83.99M	83.98M	83.96M	83.39M	83.06M	83.25M	81.92M	80.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	82.90M	83.00M	83.01M	83.05M	83.09M	82.59M	82.31M	81.88M	81.33M	80.42M	80.00M
Normalized Net Operating Profit after Tax (NOPAT)	183	224	232	218	199	238	207	237	221	248	303
Normalized NOPAT Margin	22.08%	24.91%	24.61%	23.82%	22.08%	24.72%	20.63%	24.27%	23.12%	24.81%	27.28%
Pre Tax Income Margin	25.73%	29.74%	30.30%	29.26%	26.58%	30.65%	25.81%	30.64%	26.87%	31.06%	32.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	16.72	21.36	28.09	31.84	26.48	37.79	32.57	39.48	34.90	41.29	32.95
NOPAT to Interest Expense	13.51	17.08	22.03	25.22	21.49	30.13	25.56	30.76	29.42	32.31	26.73
EBIT Less CapEx to Interest Expense	13.09	18.35	25.49	27.89	22.96	33.96	28.46	35.83	31.00	37.37	29.94
NOPAT Less CapEx to Interest Expense	9.87	14.07	19.42	21.28	17.97	26.30	21.45	27.11	25.52	28.40	23.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	120.71%	79.15%	31.17%	13.26%	8.51%	26.16%	52.29%	72.48%	94.27%	121.03%	122.33%

Key Financial Trends

IDEXX Laboratories (NASDAQ: IDXX) Financial Performance Overview (Q2 2022 to Q2 2025)

Analyzing the last four years of quarterly financial data for IDEXX Laboratories reveals consistent revenue growth, stable profitability, strategic investment patterns, and active capital management.

Strong Revenue Growth: Operating revenue increased from $828.6 million in Q4 2022 to $1.11 billion in Q2 2025, reflecting robust demand and business expansion over nearly three years.
Rising Net Income: Net income grew steadily from $172 million in Q4 2022 to approximately $294 million in Q2 2025, with earnings per share increasing from around $2.05 to $3.63 (diluted EPS), highlighting improved profitability and operational efficiency.
Consistent Gross Profit Margins: Gross profit margins remain healthy, with total gross profit around 62-63% of revenue in recent quarters, supporting sustainable operations and competitive positioning.
Operating Expense Management: Although operating expenses (SG&A, marketing, R&D) increased in dollar terms due to expansion, they have been managed well relative to total revenue growth, enabling enhanced operating income.
Strong Cash Flow from Operations: Operating cash flow has been solid, reaching over $185 million in Q2 2025, indicating healthy cash generation to support business needs and investments.
Significant Capital Expenditures: The company invests consistently in property, plant, and equipment (~$27M to $49M quarterly), supporting growth but also representing a cash outflow that investors should monitor.
Active Debt Management: IDEXX has fluctuating short-term and long-term debt levels, with short-term debt rising to $654 million by Q2 2025. Periodic issuance and repayment of debt indicate active capital structure management.
Equity Repurchases: Substantial repurchase of common stock is evident, with billions spent over the years, reducing share count and supporting EPS; however, this also represents significant cash outflows impacting liquidity.
Increasing Liabilities: Total liabilities increased from about $2.15 billion in Q4 2022 to $1.87 billion in Q2 2025, mainly driven by growing debt and accrued expenses, which could affect financial flexibility.
Use of Financing Activities Resulted in Net Cash Outflows: IDEXX consistently experiences negative net cash flow from financing activities, primarily due to stock repurchases and debt repayments exceeding debt issuance and equity raises, pressuring cash balances.

Summary: IDEXX Laboratories has demonstrated consistent revenue and earnings growth with solid operating cash flow generation, supporting ongoing business investment and shareholder returns through share repurchases. The company’s capital expenditures and increased liabilities highlight investments into growth but also warrant monitoring to ensure sustainable financial health. Overall, IDEXX’s financial trends signal a strong, expanding business with healthy profitability for investors to consider.

08/12/25 10:42 AMAI Generated. May Contain Errors.

Frequently Asked Questions About IDEXX Laboratories' Financials

When does IDEXX Laboratories' financial year end?

According to the most recent income statement we have on file, IDEXX Laboratories' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has IDEXX Laboratories' net income changed over the last 10 years?

IDEXX Laboratories' net income appears to be on an upward trend, with a most recent value of $887.87 million in 2024, rising from $181.95 million in 2014. The previous period was $845.04 million in 2023. Check out IDEXX Laboratories' forecast to explore projected trends and price targets.

What is IDEXX Laboratories' operating income?

IDEXX Laboratories' total operating income in 2024 was $1.13 billion, based on the following breakdown:

Total Gross Profit: $2.38 billion
Total Operating Expenses: $1.25 billion

How has IDEXX Laboratories' revenue changed over the last 10 years?

Over the last 10 years, IDEXX Laboratories' total revenue changed from $1.49 billion in 2014 to $3.90 billion in 2024, a change of 162.3%.

How much debt does IDEXX Laboratories have?

IDEXX Laboratories' total liabilities were at $1.70 billion at the end of 2024, a 4.4% decrease from 2023, and a 34.1% increase since 2014.

How much cash does IDEXX Laboratories have?

In the past 10 years, IDEXX Laboratories' cash and equivalents has ranged from $90.33 million in 2019 to $453.93 million in 2023, and is currently $288.27 million as of their latest financial filing in 2024.

How has IDEXX Laboratories' book value per share changed over the last 10 years?

Over the last 10 years, IDEXX Laboratories' book value per share changed from 2.46 in 2014 to 19.48 in 2024, a change of 690.5%.

Related Companies

This page (NASDAQ:IDXX) was last updated on 8/12/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

IDEXX Laboratories (IDXX) Financials

Key Financial Trends

Frequently Asked Questions About IDEXX Laboratories' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

IDEXX Laboratories (IDXX) Financials

Annual Income Statements for IDEXX Laboratories

Quarterly Income Statements for IDEXX Laboratories

Annual Cash Flow Statements for IDEXX Laboratories

Quarterly Cash Flow Statements for IDEXX Laboratories

Annual Balance Sheets for IDEXX Laboratories

Quarterly Balance Sheets for IDEXX Laboratories

Annual Metrics And Ratios for IDEXX Laboratories

Quarterly Metrics And Ratios for IDEXX Laboratories

Key Financial Trends

Frequently Asked Questions About IDEXX Laboratories' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools