IDEXX Laboratories Inc (IDXX)

Debt-to-equity ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	622,883	618,813	696,844	696,362	694,387	760,814	767,995	773,381	775,205	778,025	780,079	778,747	858,492	853,316	900,300	698,000	698,910	697,200	701,100	699,800
Total stockholders’ equity	US$ in thousands	1,484,530	1,297,410	1,093,860	841,101	608,737	475,999	457,008	639,798	689,992	754,754	747,460	702,696	632,088	440,576	272,963	107,674	177,473	202,418	171,246	51,562
Debt-to-equity ratio		0.42	0.48	0.64	0.83	1.14	1.60	1.68	1.21	1.12	1.03	1.04	1.11	1.36	1.94	3.30	6.48	3.94	3.44	4.09	13.57

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $622,883K ÷ $1,484,530K
= 0.42

The debt-to-equity ratio of Idexx Laboratories, Inc. has shown a decreasing trend from the fourth quarter of 2022 to the fourth quarter of 2023. The ratio was relatively high at 2.22 in Q4 2022 and decreased significantly to 0.64 in Q4 2023, indicating that the company's reliance on debt compared to equity has reduced over this period.

In Q1 2023, the debt-to-equity ratio spiked to 1.43, which could be a signal of increased debt or decreased equity during that quarter. However, it is worth noting that the ratio has been consistently below 1 since Q2 2023, implying that the company's equity exceeds its debt in those quarters.

Overall, this declining trend in the debt-to-equity ratio indicates that Idexx Laboratories, Inc. has been managing its debt levels effectively and improving its financial stability by relying more on equity financing compared to debt financing.