Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026

Idexx Laboratories Inc (IDXX)

A forensic read on Idexx Laboratories Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

10.4

Distress distance

Clean

Earnings quality

Forensic signals

66.2%

ROE

10.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Idexx Laboratories Inc earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 10.4, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

115% of FCF

FY2025

Shareholder returns. Returned $1.2B to shareholders (buybacks + dividends) in FY2025 — 115% of free cash flow. That is $160M (15%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $108M over FY2025, while total debt fell $168M — $108M of the $160M. The FY2025 cash-flow statement filed $178M of debt repaid; net cash used in investing activities of $136M; net cash used in financing activities of $1.2B. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $60M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 121%.

Key fundamentals

Latest Revenue$4.30B

Revenue Growth YoY+10.4%

Revenue CAGR (2yr)+8.4%

Net Margin24.6%

Free Cash Flow$1.06B

Return on Equity66.2%

Debt / Equity0.28x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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