Idexx Laboratories Inc (IDXX) is overvalued and Waters Corp (WAT) is overvalued.
Both trade above our estimate of their intrinsic value. IDXX is the closer of the two: -108%, against -235% for WAT.
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 10.4% (average of 3 methods) values the shares at $127.06; the price of $425.74 is 235% above that value, and 71% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
| Metric | IDXX | WAT |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $521.50 | $425.74 |
| Intrinsic value | $251.30 | $127.06 |
| Margin of safety | -108% | -235% |
| Leak Score | 76/100 (10/12) | 45/100 (10/12) |
| Market cap | $41.1B | $41.8B |
| Revenue growth, 5 years | 9.7% | 6.0% |
| Operating margin | 32.1% | 11.8% |
| Net margin | 25.0% | 3.6% |
| Return on equity | 74.2% | 1.9% |
| Debt to equity | 0.68 | 0.36 |
| P/E | 36.6x | 106.3x |
| Forward P/E | 31.1x | 25.8x |
| P/B | 25.5x | 2.8x |