IDXX
Idexx Laboratories
Medtech / Consumables
★ Quality 82/100Price today
$550.58
what the market pays
Worth
$368.63
calculated cycle value
Price is 49% above its value
charlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
How many times the cash flow
Medtech / Consumables · few peers to compare
You pay 42.5x times this business's cash flow.
33% above what Charlie thinks it's worth (28.5x) — you're overpaying, sector or no sector.
Why Overvalued?
The model estimates an intrinsic value of $368.63 per share. Today's price of $550.58 is 33% above the calculated value — the market is paying a premium over what the model sees as fair.
The price is 49% above the calculated value. You're paying more than it's worth.
Buying here lowers your expected return and wipes out the safety margin.
The next reasonable entry zone starts at $350.20.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$294.90
-20% off Value
🟡 Discounted
≤$350.20
-5% off Value
🔴 Today
$550.58
-33% Valor
Overvalued
The market prices it too high versus what the business makes. Patience pays off here.
“Time is the friend of the wonderful company, the enemy of the mediocre.”
— Warren Buffett
Model updated · July 2026
The business
Give away the vet razor, sell the blades forever.
Idexx sells veterinary diagnostics. It places analyzers in clinics and charges for life on the consumables and tests from its reference lab network. Classic razor-and-blade: $4.3B in revenue, most of it recurring.
The installed base of analyzers runs on proprietary consumables — once inside the clinic, switching hurts. Its lab network and management software tie the vet to the whole ecosystem. Replicating that takes decades and thousands of machines already in place.
Revenue history
From $3.4B to $4.6B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $4.3B · FY2025
Of every $100 in sales, $75 goes to costs and operations; $25 is left as net profit (25% margin).
Catalysts and risks
IDEXX Cancer Dx, launched in 2025, opens a new testing category on top of the existing installed base.
The inVue Dx analyzer expands the diagnostic menu and sells more consumables per clinic.
International expansion, with analyzer penetration still low outside the U.S.
U.S. clinic visits have been soft for several quarters; no pet traffic, consumables stall.
Mars (Antech) and Zoetis are pushing hard in diagnostics and have deep pockets.
At 29x FCF, the price already prices in years of perfect execution. Little room for error.
Charlie's note
“Beautiful business: it gets paid every time a dog gets sick and nobody haggles over the vet bill. The problem isn't the quality, it's what you pay for it today.”
Analysis · June 2026
So when would be a good price for Idexx Laboratories?
By our calculation, not yet. We will email you the day it drops to $350.20 — so you do not have to keep checking.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.