# Idexx Laboratories Inc (IDXX) — Stock CV

Idexx Laboratories Inc is a $40.8B healthcare company. Revenue grew 12.8% over the last year, it keeps 25¢ of every dollar of sales as profit, and its net debt equals ~0.2 years of free cash flow. It trades at 35.8× earnings — near the lowest of its own history.

> Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock.

## Identity

- **Ticker**: IDXX
- **Sector**: Healthcare
- **Industry**: In Vitro & In Vivo Diagnostic Substances
- **Headquarters**: WESTBROOK, ME
- **Employees**: 11 000
- **Website**: https://www.idexx.com
- **Market cap**: $40.8B
- **Last price**: $518.00
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $4.55B
- **Net income**: $1.14B
- **Free cash flow**: $1.25B
- **Net debt**: $195M
- **P/E**: 35.8
- **Revenue growth (YoY)**: 12.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 56 |
| Profitability | 100 |
| Health | 82 |
| Quality | 95 |
| Moat | 100 |

## Qualifications (beginner checklist) — 10 of 10 passed

- [x] Revenue growing — +12.8% YoY
- [x] Profitable — $1.14B TTM
- [x] Profit growing — +17.7% YoY
- [x] Generates cash — $1.25B TTM
- [x] Debt under control — ~0.2y of cash flow to repay
- [x] Established company — $40.8B market cap
- [x] Not printing shares — -6.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 17.9 — safe
- [x] Valuation not extreme — P/E 35.8

## Experience (career milestones)

- **FY2025** — Best year on record: $1.06B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.78B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## Strengths

- High gross margin (62.5%)
- Strongly profitable — 25.0% net margin
- Revenue growing 12.8% year over year
- Strong cash conversion — FCF is 27.5% of revenue
- Could repay net debt from ~0.7 years of free cash flow

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.22B | $745M | $636M |
| FY2022 | $3.37B | $679M | $394M |
| FY2023 | $3.66B | $845M | $773M |
| FY2024 | $3.90B | $888M | $808M |
| FY2025 | $4.30B | $1.06B | $1.06B |

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Source: https://stockcv.com/IDXX — derived from company filings; may be delayed or incomplete. Information, not investment advice.