IDEXX stock forecast
IDEXX's weighted forecast is $493.72 in October 2027. IDEXX's outcome hinges on whether recurring testing growth can outweigh a lower valuation multiple.
Where could IDEXX's shares be by 2029?
The forecast’s most likely outcome is a share price below today’s level at all three dates. The weighted price is $493.72 in October 2027, a 12% loss including dividends. It is $495.56 in October 2028, also a 12% loss. It reaches $509.44 in October 2029, a 9% loss.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 387.50 (-31 %) | 349.20 (-38 %) | 324.72 (-42 %) |
| Base | 55 % | 502.97 (-10 %) | 505.84 (-10 %) | 523.65 (-7 %) |
| Bull | 15 % | 672.23 (+20 %) | 750.55 (+34 %) | 826.76 (+48 %) |
| Weighted | 100 % | 493.72 (-12 %) | 495.56 (-12 %) | 509.44 (-9 %) |
What this means. The weighted value is a probability-based average of the three cases, not a promise that the share price will reach that amount.
What has to go right or wrong for IDEXX?
The bear case cuts revenue growth to 5% initially and 4% thereafter. Its margins fall from 24.5% to 23.5%, producing earnings of $1,215 million, $1,238 million and $1,260 million. The reason is weaker clinic traffic: U.S. same-store visits fell 1.3%, while 2026 revenue growth includes 4.0% net price improvement.
The bull case uses 11% growth in the first two years and 10% in the third. Margins rise from 26.0% to 28.0%, producing earnings of $1,363 million, $1,571 million and $1,792 million. This requires more tests per visit, successful new-test adoption and stronger software cross-use. The forecast excludes the royalty litigation and unusual share-award tax benefit.
How much cash does IDEXX really make?
Stock compensation changes the ownership view. It is a non-cash expense, so operating cash flow adds it back, but employees receive shares or claims on shares. Existing shareholders may therefore suffer dilution. Deducting stock pay produces a useful analytical measure called real free cash flow; it is not a second official cash-flow statement.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,181,805 | 929,001 | 906,510 | 542,984 | 755,546 |
| − Capital spending | 124,676 | 120,922 | 133,631 | 148,838 | 119,549 |
| = Free cash flow | 1,057,129 | 808,079 | 772,879 | 394,146 | 635,997 |
| − Stock pay | 60,013 | 60,295 | 59,739 | 49,770 | 37,755 |
| = Real free cash flow | 997,116 | 747,784 | 713,140 | 344,376 | 598,242 |
| Real free cash flow, % of revenue | 23.2% | 19.2% | 19.5% | 10.2% | 18.6% |
What this means. The company’s own free cash flow is the same as ours; our lower real free cash flow subtracts stock pay because shares given to employees reduce each existing owner’s share of the company.
What does an investor pay for IDEXX today?
Book value is a weaker guide. IDEXX generally expenses research as it occurs, so valuable diagnostic knowledge does not accumulate on the balance sheet at its commercial worth. Free cash flow is more useful, but it must reflect enough investment in laboratories, equipment and new products. The rows below show the price, market value, enterprise value, valuation multiples, cash-flow yield and dividend yield today.
| Today (Oct 19, 2026) | |
|---|---|
| Share price | 560.36 |
| Market value (calculated) | 44,145,786.16 |
| Enterprise value (calculated) | 44,917,717.16 |
| P/E, last 12 months (calculated) | 39.4x |
| P/E, next 12 months (calculated) | 33.3x |
| Free cash flow yield (calculated) | 2.4% |