Idexx Laboratories Inc. (IDXX) intrinsic value & 10-year financials
Idexx Laboratories Inc. (IDXX) has a Graham intrinsic value of $434.46 per share. At $560.36 on Oct 17, 2026, the stock trades 29% above that value. Over the last 10 fiscal years revenue grew 10.3% a year to $4.3B, with an average return on invested capital of 64.2%.
- Graham intrinsic value
- $434.46
- Share price (Oct 17, 2026)
- $560.36
- Price vs Graham value
- 29% above
- Market cap
- $45.4B
- Revenue (FY2025)
- $4.3B
- Revenue growth (10-yr CAGR)
- 10.3%
- ROIC (10-yr avg)
- 64.2%
- Free cash flow (FY2025)
- $1.1B
IDXX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.3B | $1.1B | $13.08 | $1.1B | 31.6% | 54.4% |
| FY2024 | $3.9B | $887.9M | $10.67 | $808.1M | 29.0% | 46.9% |
| FY2023 | $3.7B | $845.0M | $10.06 | $772.9M | 30.0% | 54.7% |
| FY2022 | $3.4B | $679.1M | $8.03 | $394.1M | 26.7% | 49.8% |
| FY2021 | $3.2B | $744.8M | $8.60 | $636.0M | 29.0% | 56.6% |
| FY2020 | $2.7B | $581.8M | $6.71 | $541.1M | 25.7% | 58.5% |
| FY2019 | $2.4B | $427.7M | $4.89 | $304.2M | 23.0% | 68.5% |
| FY2018 | $2.2B | $377.0M | $4.26 | $284.3M | 22.2% | 97.1% |
| FY2017 | $2.0B | $263.1M | $2.94 | $298.9M | 21.0% | 82.1% |
| FY2016 | $1.8B | $222.0M | $2.44 | $269.8M | 19.7% | 73.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Idexx Laboratories is a consistent compounder, expanding top-line revenue at 10.3% annually over the past decade.
Idexx Laboratories has earned high returns on invested capital, averaging 64.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Idexx Laboratories shows that management has aggressively returned capital to shareholders by retiring 10.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Idexx Laboratories is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $434.46 per share.