Idexx Laboratories Inc (IDXX) is overvalued and Thermo Fisher Scientific Inc (TMO) is overvalued.
Both trade above our estimate of their intrinsic value. IDXX is the closer of the two: -108%, against -138% for TMO.
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 9.2% (average of 3 methods) values the shares at $276.91; the price of $658.52 is 138% above that value, and 75% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
| Metric | IDXX | TMO |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $521.50 | $658.52 |
| Intrinsic value | $251.30 | $276.91 |
| Margin of safety | -108% | -138% |
| Leak Score | 76/100 (10/12) | 45/100 (10/12) |
| Market cap | $41.1B | $243.5B |
| Revenue growth, 5 years | 9.7% | 6.7% |
| Operating margin | 32.1% | 19.1% |
| Net margin | 25.0% | 15.0% |
| Return on equity | 74.2% | 13.5% |
| Debt to equity | 0.68 | 0.81 |
| P/E | 36.6x | 35.4x |
| Forward P/E | 31.1x | 24.0x |
| P/B | 25.5x | 4.6x |
| Dividend yield | — | 0.3% |