Home > Comparison > Healthcare > IDXX vs MTD
The strategic rivalry between IDEXX Laboratories, Inc. and Mettler-Toledo International Inc. shapes the healthcare diagnostics and research equipment landscape. IDEXX operates as a specialized veterinary diagnostics and testing provider, while Mettler-Toledo excels in precision instruments for laboratory and industrial applications. This analysis pits IDEXX’s niche veterinary focus against Mettler-Toledo’s diversified industrial footprint, aiming to identify which trajectory offers superior risk-adjusted returns for a balanced portfolio.
Table of contents
Companies Overview
IDEXX Laboratories and Mettler-Toledo dominate the diagnostics and precision instruments market with distinct global footprints and product specializations.
IDEXX Laboratories, Inc.: Leader in Veterinary and Water Diagnostics
IDEXX Laboratories commands the veterinary diagnostic sector, driving revenue from point-of-care instruments and rapid assay test kits. It focuses on companion animal health, livestock, and water testing products. In 2026, IDEXX emphasizes expanding its veterinary software services and enhancing diagnostic accuracy across global markets.
Mettler-Toledo International Inc.: Precision Instrumentation Powerhouse
Mettler-Toledo excels in precision laboratory and industrial instruments, generating revenue from analytical devices and software platforms. Its 2026 strategy targets innovation in automated measurement systems and expanding industrial weighing solutions to diverse sectors, including life sciences and food manufacturing.
Strategic Collision: Similarities & Divergences
Both companies excel in medical and analytical diagnostics but diverge sharply: IDEXX centers on veterinary and environmental testing, while Mettler-Toledo focuses on precision instruments across laboratories and industries. Their primary competition lies in serving scientific and industrial customers requiring reliable measurement tools. IDEXX offers a software-driven animal health ecosystem; Mettler-Toledo delivers broad instrumentation with deep industrial integration, creating distinct investment profiles.
Income Statement Comparison
This data dissects the core profitability and scalability of both corporate engines to reveal who dominates the bottom line:
| Metric | IDEXX Laboratories, Inc. (IDXX) | Mettler-Toledo International Inc. (MTD) |
|---|---|---|
| Revenue | 4.3B | 4.0B |
| Cost of Revenue | 1.6B | 1.7B |
| Operating Expenses | 1.3B | 1.2B |
| Gross Profit | 2.7B | 2.3B |
| EBITDA | 1.5B | 1.2B |
| EBIT | 1.4B | 1.1B |
| Interest Expense | 38M | 69M |
| Net Income | 1.1B | 869M |
| EPS | 13.17 | 42.17 |
| Fiscal Year | 2025 | 2025 |
Income Statement Analysis: The Bottom-Line Duel
This income statement comparison reveals the true efficiency and growth momentum powering each company’s corporate engine.
IDEXX Laboratories, Inc. Analysis
IDEXX displays a strong revenue rise from 3.2B in 2021 to 4.3B in 2025, with net income climbing from 745M to 1.06B. Its gross margin holds firm near 62%, with net margin improving to 24.6%. The latest year shows robust 10.4% revenue growth and a sharp 19.4% EBIT increase, signaling growing operational efficiency.
Mettler-Toledo International Inc. Analysis
Mettler-Toledo’s revenue grew modestly from 3.7B in 2021 to 4.0B in 2025, while net income expanded from 769M to 869M. Gross margin steadies at 57.5%, with net margin at 21.6%. Recent year growth slows: revenue up 4%, EBIT up 0.8%, and net margin declines 3.1%, indicating margin pressure despite solid absolute profits.
Growth Momentum vs. Margin Strength
IDEXX outpaces Mettler-Toledo with superior revenue growth and higher profitability margins. IDXX’s net margin of 24.6% eclipses MTD’s 21.6%, supported by faster EBIT and net income gains. For investors prioritizing growth paired with margin expansion, IDEXX presents a more compelling profile than Mettler-Toledo’s steady but slower momentum.
Financial Ratios Comparison
These vital ratios act as a diagnostic tool to expose the underlying fiscal health, valuation premiums, and capital efficiency of the companies compared below:
| Ratios | IDEXX Laboratories, Inc. (IDXX) | Mettler-Toledo International Inc. (MTD) |
|---|---|---|
| ROE | 66.0% | -36.8% |
| ROIC | 40.7% | 36.0% |
| P/E | 51.1 | 33.1 |
| P/B | 33.8 | -1215.7 |
| Current Ratio | 1.23 | 1.14 |
| Quick Ratio | 0.90 | 0.81 |
| D/E | 0.05 | -91.1 |
| Debt-to-Assets | 2.2% | 58.0% |
| Interest Coverage | 35.5 | 16.3 |
| Asset Turnover | 1.28 | 1.08 |
| Fixed Asset Turnover | 5.76 | 4.76 |
| Payout ratio | 0 | 0 |
| Dividend yield | 0 | 0 |
| Fiscal Year | 2025 | 2025 |
Efficiency & Valuation Duel: The Vital Signs
Financial ratios serve as a company’s DNA, unveiling operational strengths and hidden risks beneath surface numbers.
IDEXX Laboratories, Inc.
IDXX demonstrates exceptional profitability with a 66% ROE and a robust 24.6% net margin, signaling operational excellence. Despite commanding a high P/E of 51.15, the valuation appears stretched. The company retains earnings to fuel growth, as it offers no dividends, focusing on R&D investment to sustain its competitive edge.
Mettler-Toledo International Inc.
MTD posts a solid 21.6% net margin and a respectable 36% ROIC, yet its ROE is deeply negative, indicating financial distress or accounting anomalies. The P/E of 33.06 is high but less stretched than its peer. With no dividends paid, MTD appears to reinvest heavily, prioritizing growth despite elevated debt and leverage concerns.
Premium Valuation vs. Operational Safety
IDXX offers superior profitability and a more balanced capital structure, though at a premium valuation. MTD’s metrics reveal operational efficiency but raise red flags on equity returns and leverage. Investors seeking growth with operational safety may lean toward IDXX, while those tolerating risk for potential turnaround might consider MTD’s profile.
Which one offers the Superior Shareholder Reward?
IDEXX and Mettler-Toledo both forgo dividends, focusing on share buybacks and reinvestment. IDXX’s free cash flow per share stands at $13.2 versus MTD’s $41.2, with MTD deploying more aggressively in buybacks. IDXX maintains a pristine balance sheet and superior profit margins, signaling sustainable growth reinvestment. MTD’s leverage and negative equity metrics raise caution despite its higher cash return. I favor IDXX for its balanced capital allocation and long-term shareholder value, while MTD offers higher immediate cash returns but with elevated financial risk. In 2026, IDXX presents the more durable total return profile.
Comparative Score Analysis: The Strategic Profile
The radar chart highlights the core strengths and trade-offs defining the strategic DNA of IDEXX Laboratories and Mettler-Toledo International:
IDEXX leads with superior profitability metrics, boasting very favorable ROE and ROA scores (5 each), signaling excellent capital and asset efficiency. Mettler-Toledo matches IDEXX’s asset utilization but lags sharply in equity returns (ROE score 1). IDEXX maintains moderate leverage control (Debt/Equity score 3), while Mettler-Toledo’s high leverage risk (score 1) weighs on its profile. Valuation-wise, both face challenges with very unfavorable P/E and P/B scores, yet IDEXX’s balanced ROE and ROA provide a more resilient foundation. Mettler-Toledo relies heavily on asset efficiency but struggles with debt and equity returns, making IDEXX’s profile more balanced and robust.
Bankruptcy Risk: Solvency Showdown
IDEXX’s Altman Z-Score of 20.28 far exceeds Mettler-Toledo’s 10.12, placing both comfortably in the safe zone but illustrating IDEXX’s superior financial resilience for long-term survival in volatile cycles:
Financial Health: Quality of Operations
IDEXX scores an 8 on the Piotroski F-Score, indicating very strong operational quality, while Mettler-Toledo’s 6 suggests average financial health, highlighting some red flags in operational efficiency and liquidity:
How are the two companies positioned?
This section dissects the operational DNA of IDXX and MTD by comparing their revenue distribution and internal dynamics. The goal is to confront their economic moats to identify which model offers the most resilient competitive advantage.
Revenue Segmentation: The Strategic Mix
This visual comparison dissects how IDEXX Laboratories and Mettler-Toledo diversify their income streams and where their primary sector bets lie:
IDEXX leans heavily on two segments: Products at $2.25B and Services at $1.65B, showing moderate diversification. Mettler-Toledo spreads revenue more evenly across Industrial ($1.49B), Laboratory ($2.19B), and Retail ($196M), reflecting a more balanced portfolio. IDEXX’s reliance on core product and service sales anchors its ecosystem lock-in, while Mettler-Toledo’s mix reduces concentration risk by pivoting across multiple industrial and laboratory markets.
Strengths and Weaknesses Comparison
This table compares the strengths and weaknesses of IDEXX Laboratories, Inc. (IDXX) and Mettler-Toledo International Inc. (MTD):
IDXX Strengths
- High profitability with net margin of 24.62% and ROIC of 40.68%
- Very low debt-to-assets at 2.24% and strong interest coverage at 35.61
- Favorable asset turnover ratios indicating efficient use of assets
- Diversified revenue across products and services totaling above 3.8B
- Established global presence led by strong US revenue of 2.53B
MTD Strengths
- Favorable net margin at 21.59% and solid ROIC of 35.95%
- Reasonable asset turnover and fixed asset turnover show operational efficiency
- Diversified revenue streams across industrial, laboratory, and retail products
- Global footprint with multi-region presence in Americas, Asia, and Europe
- Maintains favorable debt to equity despite high debt-to-assets ratio
IDXX Weaknesses
- Elevated valuation multiples: PE at 51.15 and PB at 33.75 signal pricey stock
- Weighted average cost of capital (WACC) above 11% unfavorable for returns
- No dividend yield limits income return for shareholders
- Neutral liquidity ratios suggest moderate short-term liquidity risk
MTD Weaknesses
- Negative ROE (-3677.41%) raises concerns about equity profitability
- High debt to assets at 57.97% could increase financial risk
- PE ratio at 33.06 still high, though PB is favorable
- No dividend yield, limiting shareholder cash returns
- Neutral liquidity ratios indicate potential short-term funding constraints
IDXX shows stronger profitability and lower leverage, supporting operational strength despite high valuation. MTD offers solid operating metrics but carries heavier debt and poor equity returns, which may pressure capital structure decisions. Both face valuation and dividend yield challenges that affect investor income expectations.
The Moat Duel: Analyzing Competitive Defensibility
A structural moat alone protects long-term profits from relentless competitive pressure. Let’s dissect the moats guarding IDEXX Laboratories and Mettler-Toledo International:
IDEXX Laboratories, Inc.: Intangible Assets and Specialized Diagnostics
IDEXX’s moat stems from proprietary diagnostic technologies and veterinary software, driving high ROIC near 29%. Margins remain stable, though ROIC shows a slight decline. Expansion into human point-of-care diagnostics could deepen this moat in 2026.
Mettler-Toledo International Inc.: Cost Advantage and Precision Instruments
Mettler-Toledo leverages cost advantages via scale and innovation in precision instruments. Its ROIC above 25% grows steadily, signaling rising profitability. Geographic diversification and LabX software platform expansion promise further moat reinforcement.
Moat Strength Showdown: Specialized Innovation vs. Cost Leadership
IDEXX boasts a wider moat through intangible assets but faces declining profitability. Mettler-Toledo’s growing ROIC reflects a deeper, more sustainable moat. Mettler-Toledo appears better equipped to defend and expand its market share in 2026.
Which stock offers better returns?
The past year shows divergent price movements: IDEXX Laboratories surged overall but slowed recently, while Mettler-Toledo International held steady with mild gains and less price acceleration.
Trend Comparison
IDEXX Laboratories gained 19.13% over the past year, marking a bullish trend with decelerating growth. It reached a high of 752.88 and a low of 390.94, showing notable volatility.
Mettler-Toledo International rose 1.48% over the same period, reflecting a neutral trend despite being labeled bullish. Price acceleration also decelerated; highs and lows ranged between 1522.75 and 1004.96.
IDEXX outperformed Mettler-Toledo in market returns, delivering stronger gains despite recent price declines. MTD showed muted performance with lower overall volatility.
Target Prices
Analysts present a bullish consensus for both IDEXX Laboratories and Mettler-Toledo International, reflecting strong growth expectations.
| Company | Target Low | Target High | Consensus |
|---|---|---|---|
| IDEXX Laboratories, Inc. | 730 | 830 | 784.38 |
| Mettler-Toledo International Inc. | 1400 | 1600 | 1495.71 |
The target consensus for IDEXX exceeds its current 634 price by over 23%, signaling robust upside potential. Mettler-Toledo’s target consensus stands about 11% above its 1345 price, indicating moderate but confident growth expectations.
Don’t Let Luck Decide Your Entry Point
Optimize your entry points with our advanced ProRealTime indicators. You’ll get efficient buy signals with precise price targets for maximum performance. Start outperforming now!
How do institutions grade them?
The following tables summarize recent institutional grades for IDEXX Laboratories, Inc. and Mettler-Toledo International Inc.:
IDEXX Laboratories, Inc. Grades
Here are the latest grades from notable financial institutions covering IDEXX Laboratories:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | Maintain | Overweight | 2026-02-05 |
| BTIG | Maintain | Buy | 2026-02-03 |
| UBS | Maintain | Neutral | 2026-02-03 |
| UBS | Maintain | Neutral | 2025-11-04 |
| JP Morgan | Maintain | Overweight | 2025-11-04 |
| BTIG | Maintain | Buy | 2025-11-04 |
| Morgan Stanley | Maintain | Overweight | 2025-11-04 |
| Stifel | Upgrade | Buy | 2025-10-31 |
| Morgan Stanley | Maintain | Overweight | 2025-08-15 |
| Piper Sandler | Maintain | Neutral | 2025-08-11 |
Mettler-Toledo International Inc. Grades
Below are recent institutional grades for Mettler-Toledo International Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | Maintain | Overweight | 2025-12-15 |
| Wells Fargo | Maintain | Equal Weight | 2025-12-15 |
| Citigroup | Maintain | Buy | 2025-11-10 |
| Wells Fargo | Maintain | Equal Weight | 2025-11-10 |
| Stifel | Maintain | Buy | 2025-11-10 |
| Barclays | Maintain | Overweight | 2025-11-10 |
| JP Morgan | Maintain | Neutral | 2025-10-09 |
| Evercore ISI Group | Maintain | Outperform | 2025-10-07 |
| Barclays | Maintain | Overweight | 2025-10-02 |
| B of A Securities | Maintain | Neutral | 2025-09-22 |
Which company has the best grades?
IDEXX Laboratories shows consistent ‘Overweight’ and ‘Buy’ ratings from top firms, indicating strong institutional confidence. Mettler-Toledo combines ‘Overweight,’ ‘Buy,’ and ‘Outperform’ grades but also several ‘Neutral’ and ‘Equal Weight’ ratings. Investors may interpret IDEXX’s more uniformly positive grades as a sign of steadier analyst conviction.
Risks specific to each company
The following risk categories identify critical pressure points and systemic threats facing IDEXX Laboratories and Mettler-Toledo in the 2026 market environment:
1. Market & Competition
IDEXX Laboratories, Inc.
- Faces intense competition in veterinary diagnostics; high valuation risks due to elevated P/E and P/B ratios.
Mettler-Toledo International Inc.
- Operates in diversified precision instruments market; burdened by weaker ROE and valuation concerns.
2. Capital Structure & Debt
IDEXX Laboratories, Inc.
- Strong balance sheet with low debt-to-equity (0.05) and excellent interest coverage (35.61).
Mettler-Toledo International Inc.
- High debt-to-assets (57.97%) signals financial leverage risk despite decent interest coverage (16.19).
3. Stock Volatility
IDEXX Laboratories, Inc.
- Beta of 1.66 indicates above-market volatility, reflecting sensitivity to sector swings.
Mettler-Toledo International Inc.
- Beta of 1.436 shows moderate volatility, somewhat less reactive than IDEXX.
4. Regulatory & Legal
IDEXX Laboratories, Inc.
- Operates in heavily regulated healthcare diagnostics, facing evolving FDA and veterinary regulations.
Mettler-Toledo International Inc.
- Subject to regulatory scrutiny across multiple regions and product lines in analytical and industrial instruments.
5. Supply Chain & Operations
IDEXX Laboratories, Inc.
- Relies on global distribution networks and specialized manufacturing; supply chain disruptions pose risks.
Mettler-Toledo International Inc.
- Complex operations across several continents increase exposure to supply chain and operational inefficiencies.
6. ESG & Climate Transition
IDEXX Laboratories, Inc.
- Growing pressure on sustainable practices in animal health and water testing markets.
Mettler-Toledo International Inc.
- Faces challenges in aligning precision manufacturing with carbon reduction and ESG standards.
7. Geopolitical Exposure
IDEXX Laboratories, Inc.
- US-based with international exposure; geopolitical tensions could impact supply and demand in emerging markets.
Mettler-Toledo International Inc.
- Significant global footprint makes it vulnerable to trade tensions and regulatory changes abroad.
Which company shows a better risk-adjusted profile?
IDEXX Laboratories faces significant market valuation and volatility risks but maintains a robust capital structure and superior financial health scores. Mettler-Toledo struggles with high leverage and poor ROE, increasing its financial risk despite moderate operational diversification. IDEXX’s stronger Altman Z-Score (20.28) and Piotroski Score (8) confirm its safer financial footing. The most impactful risk for IDEXX is market valuation excess, while for Mettler-Toledo, it is elevated debt burden. IDEXX’s capital soundness and profitability metrics provide a more favorable risk-adjusted profile in 2026.
Final Verdict: Which stock to choose?
IDEXX Laboratories excels as a cash-generating powerhouse with a robust margin and return profile that signals strong capital allocation. Its main point of vigilance is a slightly declining ROIC trend, suggesting investors should monitor profitability sustainability. It suits portfolios targeting aggressive growth with a tolerance for premium valuation.
Mettler-Toledo stands out for a sustainable competitive moat reflected in its steadily growing ROIC and strong operational efficiency. While it carries higher leverage and a weaker equity return, it offers a comparatively safer profile than IDEXX. It fits well in GARP portfolios seeking stability alongside growth potential.
If you prioritize aggressive growth and are comfortable paying a premium for high returns and efficiency, IDEXX outshines with its superior profitability. However, if you seek a balance between growth and financial stability with a durable moat, Mettler-Toledo offers better stability and a more sustainable competitive advantage. Both present valid analytical scenarios depending on your investment strategy.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of IDEXX Laboratories, Inc. and Mettler-Toledo International Inc. to enhance your investment decisions:
