IDXXIDEXX LABORATORIES INC /DE
In Vitro & In Vivo Diagnostic Substances
- Revenue
- $4.3B
- 10% YoY
- Operating margin
- 31.6%
- 9.2% YoY
- EBITDA
- $1.5B
- 20% YoY
- Market cap
- $43.5B
- Employees
- —
- Net debt / EBITDA
- 0.2×
- $252M net debt
- AI in 10-K
- 6.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo112% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowYes103% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo17% of assetsOver 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo6.9 per 10K words · 88th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$43.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$38M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.4B | $3.7B | $3.9B | $4.3B | 10% |
| Operating income | $932M | $899M | $1.1B | $1.1B | $1.4B | 21% |
| Net income | $745M | $679M | $845M | $888M | $1.1B | 19% |
| Operating cash flow | $756M | $543M | $907M | $929M | $1.2B | 27% |
| Capex | $120M | $149M | $134M | $121M | $125M | 3.1% |
| Stock-based comp | $38M | $50M | $60M | $60M | $60M | 0.5% |
| Buybacks | $747M | $820M | $72M | $837M | $1.2B | 45% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $38M · 36
- Net
- −$38M
Pay vs performance
No pay-versus-performance disclosure yet.