Idexx Laboratories has steadily increased its scale and reach in the veterinary diagnostic lab business to dig a wide moat. It is well positioned to benefit from two key trends. First, pet ownership has grown, offering a secular tailwind since the late 1980s. Moreover, pet owners have generally demonstrated greater willingness to spend more on their animals, having more than tripled spending on pet products and services since 1994.
Unlike human healthcare, pet health services and products require cash payments—thereby bypassing the reimbursement issues and pricing pressure associated with third-party payers.
International sales account for a substantial chunk of Idexx's total revenue; as the US dollar strengthens, Idexx would feel the pain on its top and bottom lines.
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Metric
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IDXX
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MRK
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ZTS
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|---|---|---|---|
Price/Earnings (Normalized) | 38.49 | 44.80 | 10.50 |
Price/Book Value | 25.42 | 8.47 | 9.09 |
Price/Sales | 9.12 | 5.36 | 3.13 |
Price/Cash Flow | 27.28 | 16.10 | 9.28 |
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Metric
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IDXX
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MRK
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ZTS
|
|---|---|---|---|
Quick Ratio | 0.73 | 0.71 | 1.57 |
Current Ratio | 1.17 | 1.32 | 3.08 |
Interest Coverage | 38.63 | 4.28 | 14.29 |
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Metric
|
IDXX
|
MRK
|
ZTS
|
|---|---|---|---|
Return on Assets (Normalized) | 35.22% | 6.27% | 18.78% |
Return on Equity (Normalized) | 76.64% | 16.68% | 70.42% |
Return on Invested Capital (Normalized) | 45.73% | 9.82% | 23.70% |
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1-Day Chart
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Morningstar Rating for Stocks
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United States