Idexx Laboratories management check
IDXX · Health Care · Health Care Equipment · CEO Jonathan J. Mazelsky
Filings as of
3 good · 3 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $135, against $148 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.94 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.4% of net income$14.6m of reported pay in fiscal 2025, against $1.1bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $1.2m sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.8% a year over the last three fiscal years. Stock-based pay was 1.4% of revenue in the latest year.
- Watch
Is leadership stable?
11 leadership filings in 3 yearsCEO in the pay table: Jonathan J. Mazelsky. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 39 | 26 | |
| Pay for performance | 97 | 85 | |
| CEO cost | 38 | 44 | |
| Skin in the game | — | — | 46 |
| Dilution | 72 | 68 | |
| Stable leadership | 70 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Equipment, by management score. Idexx Laboratories is 19th of 60 in its sector.
- 115ABTAbbott Laboratories75
- 149SYKStryker Corporation72
- 156ISRGIntuitive Surgical72
- 188IDXXIdexx Laboratories69
- 192BSXBoston Scientific69
- 246RVTYRevvity64
- 256GEHCGE HealthCare64
- 294RMDResMed62
- 321STESteris60
- 353BDXBecton Dickinson58
Pay versus performance
From the proxy statement filed March 27, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Jonathan J. Mazelsky | $14.6m | $31.8m | $3.1m | $135 | $148 | $1.1bn |
| 2024 | — | $13.0m | $2.3m | $3.8m | $83 | $129 | $887.9m |
| 2023 | — | $11.5m | $22.7m | $3.3m | $111 | $126 | $845.0m |
| 2022 | — | $9.8m | −$13.8m | $2.8m | $82 | $124 | $679.1m |
| 2021 | — | $9.1m | $28.2m | $2.8m | $132 | $126 | $744.8m |
The board says pay is tied most to organic revenue growth. Its other key measures: Organic revenue growth, Operating profit, Earnings per share (diluted), ROIC.
Insiders and the CEO's stake
Light activity: no buys, $1.2m sold in six months.
- SoldLawrence D KingsleyDirector$1.2mSep 4, 2026
Leadership and governance on file
- Mar 26, 2026Leadership change8-K 5.02
- Feb 13, 2026Leadership change8-K 5.02
- Jan 13, 2026Leadership change8-K 5.02
- Oct 7, 2025Leadership change8-K 5.02
- Jul 10, 2025Leadership change8-K 5.02
- Feb 14, 2025Leadership change8-K 5.02
- Dec 12, 2024Leadership change8-K 5.02
- Nov 21, 2024Leadership change8-K 5.02
- Nov 12, 2024Leadership change8-K 5.02
- May 10, 2024Leadership change8-K 5.02
- Dec 7, 2023Leadership change8-K 5.02
- Jul 12, 2023Leadership change8-K 5.02
Latest shareholder vote results: May 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.7bn returned to owners in buybacks and dividends, 88% of net income, and $267.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.2bn | $3.4bn | $3.7bn | $3.9bn | $4.3bn |
| Net income | $744.8m | $679.1m | $845.0m | $887.9m | $1.1bn |
| Stock-based pay | $37.8m | $49.8m | $59.7m | $60.3m | $60.0m |
| Buybacks | $746.8m | $819.7m | $71.9m | $837.0m | $1.2bn |
| Dividends | — | — | — | — | — |
| Diluted shares | 87m | 85m | 84m | 83m | 81m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.