Intrinsic Valuation of: IDXX
Free Cash Flow Average and Growth over past 5Y Key Statistics
Year FCF FCF (FCF/Revenue)
2020 - - EPS (FY) 12 Market Cap $52B
2021 - - (-) P/E Ratio 54 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 $108
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 $529 1.5% 2.0% 2.5% 3.0% 3.5%
(-) Total Debt $450M WACC 7.3% 460 497 541 595 663
Equity Value $42B 7.4% 456 492 535 588 654
Shares Outstanding 80,004,704 7.4% 452 487 529 581 645
7.9% 413 442 476 517 568
DCF Intrinsic Value $529 8.4% 380 404 432 466 506
Analyzed by QuantJuice (2025)