Filing Flows › Idexx Laboratories (IDXX) › Takeover & LBO
Is Idexx Laboratories (IDXX) a takeover target?
A leveraged buyout at today's price plus 30% ($879.24 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $439.86 a share (−35% against today's $676.34). At $69.8B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect. Historically 2.1% of companies with its figures were bought within a year (0.42× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $879.24 | today's $676.34 plus 30% |
| × shares | 79.0 million | |
| = Equity value | $69.5B | |
| + Debt refinanced | $450M | |
| − Cash | $198M | |
| = Enterprise value | $69.8B | 41.9× EBITDA of $1.7B |
| Fees | $1.4B | 2% of the price |
| New debt | $9.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $62.0B | 87% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $5.0B | $1.8B | $700M | $750M | $8.4B |
| Year 2 | $5.4B | $1.9B | $643M | $890M | $7.5B |
| Year 3 | $5.7B | $2.0B | $575M | $1.0B | $6.5B |
| Year 4 | $5.9B | $2.1B | $496M | $1.2B | $5.3B |
| Year 5 | $6.1B | $2.2B | $407M | $1.3B | $4.0B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 32.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $70.2B | |
| − Debt left | $4.0B | |
| = Buyer's equity | $66.1B | |
| Money multiple | 1.07× | on $62.0B put in |
| Buyer's yearly return (IRR) | 1.3% |
Price against return
What the buyer makes at other premiums over today's $676.34; the IRR reaches 20% at $439.86 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $743.97 | 5.3% |
| 20% | $811.61 | 3.2% |
| 30% | $879.24 | 1.3% |
| 40% | $946.88 | −0.4% |
| 50% | $1,014.51 | −1.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $4.7B | |
| EBITDA, last 12 months | $1.7B | 35.7% of revenue |
| Depreciation and amortization | $158M | |
| Capital spending | $115M | |
| Debt | $450M | |
| Cash | $198M | |
| Share price | $676.34 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 20% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Idexx Laboratories would cost about $913.06 a share, $72.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $825.13 | $65.2B |
| Median | 35% | $913.06 | $72.2B |
| High end (a quarter paid more) | 45% | $980.69 | $77.5B |
The odds, from history
Historically 2.1% of companies with its figures were bought within a year (0.42× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Idexx Laboratories' latest quarter
Idexx Laboratories, Q3 2026: revenue $1.2B (+10% year over year), operating margin 33.1%, net earnings $317M, operating cash flow $450M. The chart follows the revenue to costs, profit and cash.
Questions
Is Idexx Laboratories being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Idexx Laboratories?
A leveraged buyout at today's price plus 30% ($879.24 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $439.86 a share (−35% against today's $676.34). At $69.8B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Idexx Laboratories cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Idexx Laboratories would cost about $913.06 a share, $72.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.