Idexx Laboratories Inc (IDXX) is overvalued and Illumina Inc (ILMN) is overvalued.
Both trade above our estimate of their intrinsic value. IDXX is the closer of the two: -108%, against -290% for ILMN.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 11.4% (average of 3 methods) values the shares at $63.42; the price of $247.46 is 290% above that value, and 68% of that value comes from beyond year five.
Leak Score 62/100 on 10 of 12 signals
| Metric | IDXX | ILMN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $521.50 | $247.46 |
| Intrinsic value | $251.30 | $63.42 |
| Margin of safety | -108% | -290% |
| Leak Score | 76/100 (10/12) | 62/100 (10/12) |
| Market cap | $41.1B | $37.4B |
| Revenue growth, 5 years | 9.7% | 6.0% |
| Operating margin | 32.1% | 19.9% |
| Net margin | 25.0% | 18.4% |
| Return on equity | 74.2% | 32.4% |
| Debt to equity | 0.68 | 0.89 |
| P/E | 36.6x | 46.1x |
| Forward P/E | 31.1x | 40.7x |
| P/B | 25.5x | 13.2x |