Is IDEXX Laboratories Stock Outperforming the S&P 500?

IDEXX Laboratories, Inc. (IDXX) is a Westbrook, Maine-based leader in veterinary diagnostics, software, and water testing solutions. Valued at a market cap of $45.7 billion, the company develops and supplies diagnostic instruments, test kits, software, and laboratory services that help veterinarians, farmers, and laboratories detect diseases and monitor animal health.

Companies worth $10 billion or more are typically classified as “large-cap stocks,” and IDXX fits the label perfectly. IDEXX is widely regarded as a market leader in veterinary diagnostics, benefiting from strong brand recognition, a large installed base of diagnostic instruments in veterinary clinics, and a recurring revenue model driven by consumables and testing services. Its solutions are used by veterinary practices in more than 175 countries, giving the company a strong global presence.

Shares of the veterinary giant have fallen 25.5% from its 52-week high of $769.98. Shares of IDXX have dipped 18.5% over the past three months, trailing the S&P 500 Index’s ($SPX) 2.9% fall.

Moreover, over the past six months, shares of IDXX are down 10.5%, compared to SPX’s marginal return. However, IDXX stock has rallied 41.2% over the past 52 weeks, outpacing SPX’s 20.1% uptick over the same time period. 

To confirm its bearish trend, IDXX has recently dipped below its 200-day moving average and has been trading below its 50-day moving average since mid-January. 

On Feb. 2, shares of IDEXX Laboratories slipped 4.6% even after the company delivered a strong fourth-quarter 2025 performance that topped Wall Street expectations. IDEXX reported revenue of $1.1 billion and adjusted earnings of $3.08 per share, both surpassing analyst estimates and reflecting solid demand for its veterinary diagnostic solutions. However, the upbeat results were overshadowed by a gross margin of 60.3%, which fell short of the 61% consensus forecast. 

IDXX has outpaced its top rival, Zoetis Inc. (ZTS), which declined 27.8% over the past 52 weeks and 22% over the past six months.  

Despite IDXX’s outperformance, analysts remain cautiously optimistic about its prospects. The stock has a consensus rating of "Moderate Buy” from the 12 analysts covering it, and the mean price target of $773.58 is a premium of 34.8% to current levels.