IDEXX Laboratories, Inc. — Earnings Quality Grade F
IDXX · Healthcare
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change +2 days YoY
AR growth 16.6% exceeds revenue growth 10.4%
Revenue 10.4%, CFFO 27.2%. Cash follows revenue
Expense Quality
Inventory -1.1% vs COGS 8.3%. Normal
CapEx growth 5.6% vs revenue 10.4%. Normal
SG&A/Gross Profit = 39.4%. Normal
Gross margin 61.8%, change +0.8pp. Stable
Cash Flow Quality
CFFO/NI = 1.12. Profits backed by cash
FCF $1.0B, FCF/NI = 0.99
Accruals ratio = -3.7%. Low accruals
Cash $0.2B covers only 18% of debt $1.0B
Balance Sheet Health
Goodwill+Intangibles $0.5B = 33% of equity
Debt/EBITDA = 0.6x. Healthy
Other assets grew 22.7% vs revenue 10.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 1% YoY. Normal
Manipulation Score
M-Score = -2.51 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-08