| Intrinsic Valuation of: IDXX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 11 | Market Cap | $44B | |||||
| 2021 | - | - (-) | P/E Ratio | 50 | Total Asset | $3B | |||||
| 2022 | $636M | - (-) | Net Income | $888M | Total Debt | $450M | |||||
| 2023 | $384M | -39.6% (-42.3%) | EBITDA | $1B | Total Liab | $2B | |||||
| 2024 | $773M | 101.2% (85.1%) | Opr Margin | 0.29 | Debt/Equity | 0.28 | |||||
| 2025 | $798M | 3.3% (-3.0%) | PreTax Margin | 28.15 | BV/Share | 13 | |||||
| 5Y Average FCF | $648M | 21.6% (13.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (21.6%) | ||||||||||
| 2026 | $971M | MBG Intrinsic Value | $97 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $54B | Net Worth/Share | $20 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $42B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $288M | $526 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $450M | WACC | 7.3% | 458 | 494 | 538 | 592 | 660 | |||
| Equity Value | $42B | 7.4% | 454 | 489 | 532 | 585 | 651 | ||||
| Shares Outstanding | 80,421,904 | 7.4% | 450 | 484 | 526 | 578 | 642 | ||||
| 7.9% | 411 | 440 | 474 | 515 | 565 | ||||||
| DCF Intrinsic Value | $526 | 8.4% | 378 | 402 | 430 | 463 | 504 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||