Idexx Laboratories Inc (IDXX) is overvalued and Natera Inc (NTRA) is overvalued.
Both trade above our estimate of their intrinsic value. IDXX is the closer of the two: -108%, against -573% for NTRA.
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
A 2.7x revenue multiple, discounted for its losses, values the shares at $58.09; the price of $390.90 is 573% above that value.
Leak Score 42/100 on 8 of 12 signals
| Metric | IDXX | NTRA |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $521.50 | $390.90 |
| Intrinsic value | $251.30 | $58.09 |
| Margin of safety | -108% | -573% |
| Leak Score | 76/100 (10/12) | 42/100 (8/12) |
| Market cap | $41.1B | $56.3B |
| Revenue growth, 5 years | 9.7% | 42.6% |
| Operating margin | 32.1% | -10.6% |
| Net margin | 25.0% | -7.1% |
| Return on equity | 74.2% | -12.5% |
| Debt to equity | 0.68 | 0.13 |
| P/E | 36.6x | — |
| Forward P/E | 31.1x | — |
| P/B | 25.5x | 30.8x |