Danaher Corp (DHR) is overvalued and Idexx Laboratories Inc (IDXX) is overvalued.
Both trade above our estimate of their intrinsic value. IDXX is the closer of the two: -108%, against -137% for DHR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $93.43; the price of $221.09 is 137% above that value, and 75% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
Discounting its cash flows at 11.8% (average of 3 methods) values the shares at $251.30; the price of $521.50 is 108% above that value, and 67% of that value comes from beyond year five.
Leak Score 76/100 on 10 of 12 signals
| Metric | DHR | IDXX |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $221.09 | $521.50 |
| Intrinsic value | $93.43 | $251.30 |
| Margin of safety | -137% | -108% |
| Leak Score | 45/100 (10/12) | 76/100 (10/12) |
| Market cap | $155.4B | $41.1B |
| Revenue growth, 5 years | 2.0% | 9.7% |
| Operating margin | 21.2% | 32.1% |
| Net margin | 16.0% | 25.0% |
| Return on equity | 7.6% | 74.2% |
| Debt to equity | 0.53 | 0.68 |
| P/E | 39.3x | 36.6x |
| Forward P/E | 23.8x | 31.1x |
| P/B | 3.0x | 25.5x |
| Dividend yield | 0.6% | — |