DHR vs IDXX: Danaher and IDEXX Laboratories compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Danaher is the larger company, worth $151.8B, about 3.6 times IDEXX Laboratories.
- IDEXX Laboratories grew revenue faster over the last year (+9.7% vs +5.5%).
- IDEXX Laboratories keeps more of each dollar of revenue as operating profit (32.0% vs 20.4%).
- On earnings, IDEXX Laboratories is the cheaper stock (39.3x vs 41.6x).
- IDEXX Laboratories's price assumes faster free cash flow growth: about 14% a year, against 10% for Danaher (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DHR | IDXX |
|---|---|---|
| Market cap | $151.8B | $42.2B |
| Share price | $219.81 | $518.00 |
| Revenue (last fiscal year) | $24.6B | $4.3B |
| Free cash flow (last fiscal year) | $5.3B | $1.1B |
| Revenue growth, last year | +5.5% | +9.7% |
| Revenue growth per year, last 5 fiscal years | -0.2% | +7.6% |
| Operating margin | 20.4% | 32.0% |
| Net margin | 15.9% | 25.0% |
| Return on equity | 7.6% | 70.7% |
| P/E (trailing) | 41.6x | 39.3x |
| Price / free cash flow | 28.9x | 40.1x |
| EV / EBITDA | 23.9x | 25.8x |
| FCF growth the price implies | 9.8% | 14.1% |
| Dividend yield | 0.63% | — |
| Debt / equity | 0.76x | 1.13x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 7 |
| Insider purchases, last 12 months | 4 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Danaher
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $24.8B | $7.1B | 25.7% |
| 2022 | $26.6B | $7.4B | 28.3% |
| 2023 | $23.9B | $5.8B | 21.8% |
| 2024 | $23.9B | $5.3B | 20.4% |
| 2025 | $24.6B | $5.3B | 19.1% |
IDEXX Laboratories
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.2B | $636M | 29.0% |
| 2022 | $3.4B | $394M | 26.7% |
| 2023 | $3.7B | $773M | 30.0% |
| 2024 | $3.9B | $808M | 29.0% |
| 2025 | $4.3B | $1.1B | 31.6% |
Where the revenue comes from
Danaher · by segments, 2025
Diagnostics$9.9B40%
Life Sciences$7.3B30%
Biotechnology$7.3B30%
IDEXX Laboratories · by segments, 2025
CAG$4.0B92%
Water segment revenue$201M5%
LPD$132M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DHR in InvestinglyQuestions
Which is bigger, Danaher or IDEXX Laboratories?
Danaher (DHR), at $151.8B against $42.2B.
Is DHR or IDXX cheaper?
By trailing P/E, IDEXX Laboratories (39.3x) is cheaper than Danaher (41.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, DHR or IDXX?
IDEXX Laboratories: revenue grew +9.7% over the last year, against +5.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.