IDEXX Laboratories (IDXX) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 7, 2026.
Summary
Waters (WAT) has outperformed IDEXX Laboratories (IDXX) over the past year, gaining 36.9% versus a loss of 19.3%. Over five years, WAT leads with a +26.5% price change compared with -20.3% for IDXX. Waters is the larger company by market cap ($42.81 billion vs $39.92 billion), about 1.1 times the size, while IDEXX Laboratories is growing revenue faster (+10.4% vs +7.0%).
On valuation, Waters trades at a lower forward P/E (26.4x vs 30.3x for IDEXX Laboratories). IDEXX Laboratories converts more of its revenue into profit, with a net margin of 24.6% versus 20.3%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | IDXX | WAT |
|---|---|---|
| Share price | $506.67 | $435.99 |
| Market cap | $39.92B | $42.81B |
| 1-day change | -1.70% | -0.10% |
| YTD return | -25.21% | +14.78% |
| 1-year return | -19.34% | +36.95% |
| 5-year return | -20.34% | +26.48% |
| P/E ratio (TTM) | 36.40 | 110.38 |
| Forward P/E | 30.27 | 26.36 |
| EPS (TTM) | $13.92 | $3.95 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $4.30B | $3.17B |
| Revenue growth (YoY) | +10.42% | +6.99% |
| Net income (latest FY) | $1.06B | $642.63M |
| Gross margin | 61.80% | 59.28% |
| Operating margin | 31.60% | 25.36% |
| Net margin | 24.62% | 20.30% |
| 52-week high | $769.98 | $454.54 |
| 52-week low | $500.61 | $282.77 |
| Distance from 52-week high | -34.20% | -4.08% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +38.42% | +3.96% |
| Average volume | 556.43K | 770.67K |
| Shares outstanding | 78.78M | 98.19M |
| Employees | 11,000 | 16,000 |
| Sector | Healthcare | Healthcare |
| Industry | Diagnostics & Research | Diagnostics & Research |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- WAT has outperformed IDXX by 56.3 percentage points over the past year.
- Waters trades at a higher earnings multiple (110.4x vs 36.4x trailing P/E).
About IDEXX Laboratories
IDXX stock →IDEXX Laboratories, Inc. develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally.
Healthcare · Diagnostics & Research · 11,000 employees
About Waters
WAT stock →Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Healthcare · Diagnostics & Research · 16,000 employees
IDXX vs WAT FAQ
Which is bigger, IDEXX Laboratories or Waters?
Waters (WAT) is larger, with a market capitalization of $42.81B compared with $39.92B for IDEXX Laboratories (IDXX).
Which stock has performed better over the past year, IDXX or WAT?
WAT returned +36.95% over the past 12 months, compared with -19.34% for IDXX (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, IDXX or WAT?
IDXX has the lower trailing P/E at 36.4, versus 110.4 for WAT. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are IDEXX Laboratories and Waters in the same industry?
Yes. Both are classified in the Diagnostics & Research industry within the Healthcare sector.