IDEXX-DCF-Valuation-Nov2026.xlsx

	B	C	E	F	G	H	I	J	K
1	IDEXX Laboratories (NASDAQ: IDXX)
2	DCF valuation · market data as of 5 November 2026 · USD
3
4	Valuation summary		Forecast snapshot
5	DCF value per share	$692.58	Fiscal year	2025A	2026E	2027E	2028E	2029E	2030E
6	Current share price	$680.83	Revenue ($m)	4,304	4,756	5,207	5,676	6,158	6,651
7	Upside / (downside)	1.7%	Revenue growth	10.4%	10.5%	9.5%	9.0%	8.5%	8.0%
8	Implied IRR at current price	10.5%	EBIT margin	31.6%	32.2%	32.7%	33.2%	33.7%	34.2%
9	P/E method value (FY2027E)	$977.45	Diluted EPS ($)	$13.08	$15.02	$17.20	$19.46	$21.90	$24.53
10	EV/EBITDA method value (FY2027E)	$1,041.56	Unlevered FCF ($m)	–	1,138	1,274	1,416	1,566	1,723
11
12	Key assumptions		Value per share comparison
13	Discount rate (WACC)	10.0%	Current share price	$681
14	Exit EV/EBITDA multiple	30.0x	DCF (30x exit)	$693
15	Revenue growth, 2027E → 2030E	9.5% → 8.0%	P/E method	$977
16	EBIT margin, 2030E	34.2%	EV/EBITDA method	$1,042
17	Terminal value, % of EV	91.3%
18	Perpetual growth implied by exit	7.5%
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100