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Quest Diagnostics

DGX NYSE Health Care Services Financials FY2016–FY2025

Quest Diagnostics' revenue rose 11.8% to $11.0 billion in fiscal 2025. Its operating margin was 14.1%, up from 13.6% a year earlier. Free cash flow was $1.4 billion, up 49.5%. It paid out $803 million in dividends and buybacks, 59% of free cash flow.

Last close · Oct 23, 2026

$241.89

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$11.0B
11.8% vs prior year
Operating margin Operating income as a share of revenue.
14.1%
0.5 pts
Net income Profit after all expenses, interest and tax.
$992M
13.9%
Free cash flow Cash from operations minus capital spending.
$1.4B
49.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.5%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$27.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.1x
On $10.04 EPS (TTM)

What Quest Diagnostics does

No business description yet.

Legal name
Quest Diagnostics Inc
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001022079-26-000015
0001022079

Revenue and margins

Quest Diagnostics had $11.0B of revenue in fiscal 2025, up 11.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 12.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Quest Diagnostics returned $803M to shareholders in fiscal 2025, 59% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Quest Diagnostics yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.3B and divides by 113.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.1x · peers 31.7x · sector 28.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Quest Diagnostics can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $872M$315M$686M$549M$420M
Debt incl. finance leases $4.0B$4.0B$4.7B$6.2B$5.7B
Net debt / EBITDA 1.1x2.0x2.4x3.1x2.5x
Debt / equity 0.6x0.7x0.8x0.9x0.8x
Interest coverage 15.7x9.7x7.7x5.1x5.6x
Current ratio 1.6x1.2x1.3x1.1x1.0x
Quick ratio 1.4x1.1x1.2x1.0x1.0x
Total assets $13.6B$12.8B$14.0B$16.2B$16.2B
Total liabilities $7.1B$6.9B$7.7B$9.3B$9.0B
Shareholders' equity $6.4B$5.9B$6.3B$6.8B$7.2B
Net debt (− = net cash) $3.2B$3.7B$4.0B$5.7B$5.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.3M

6 insiders

Of sales under plans

96%

$14.7M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 J. E. DavisCEO and President, Director Sold plan 10,000 $242.72 $2.4M Form 4
Aug 28, 2026 Michael E PrevoznikSVP & General Counsel Sold plan 22,677 $243.12 $5.5M Form 4
Jul 28, 2026 Mark E DelaneySVP & Chief Commercial Officer Sold plan 1,600 $235.18 $0.4M Form 4
Jun 4, 2026 Karthik KuppusamySVP, Clinical Solutions Sold plan 8,147 $200.00 $1.6M Form 4
Jun 1, 2026 J. E. DavisCEO and President, Director Sold plan 10,000 $194.14 $1.9M Form 4
Mar 5, 2026 Catherine T. DohertyEVP, Regional Businesses Sold plan 5,558 $206.21 $1.1M Form 4
Mar 5, 2026 Michael E PrevoznikSVP & General Counsel Sold plan 3,878 $206.21 $0.8M Form 4
Mar 5, 2026 Patrick PlewmanSVP for Diagnostic Services Sold plan 2,855 $206.21 $0.6M Form 4
Mar 4, 2026 Karthik KuppusamySVP, Clinical Solutions Sold 2,628 $204.86 $0.5M Form 4
Mar 3, 2026 Catherine T. DohertyEVP, Regional Businesses Sold plan 632 $207.73 $0.1M Form 4
Mar 3, 2026 Michael E PrevoznikSVP & General Counsel Sold plan 526 $207.73 $0.1M Form 4
Mar 3, 2026 Patrick PlewmanSVP for Diagnostic Services Sold plan 410 $207.73 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 94 / 96 / 9
Accruals ratio −3.1%−3.1%−5.5%
Altman Z'' 3.783.313.53

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Quest Diagnostics DGX $27.1B 11.8% 14.1% 12.3% 9.5% 24.1x 6
BrightSpring Health Services BTSG $13.2B 28.2% 2.3% 3.1% 5.3% 36.2x 7 Compare →
DaVita DVA $12.1B 6.5% 15.0% 9.6% 17.6% 15.1x 6 Compare →
Labcorp LH $27.0B 7.3% 9.9% 8.6% 8.2% 27.2x 7 Compare →
Alignment Healthcare ALHC $1.7B 46.1% 0.4% 2.9% — 42.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.2B $7.4B $7.5B $7.7B $9.4B $10.8B $9.9B $9.3B $9.9B $11.0B
Gross profit $2.9B $2.7B $2.6B $2.7B $3.6B $4.2B $3.4B $3.1B $3.2B $3.7B
Operating income $1.3B $1.2B $1.1B $1.2B $2.0B $2.4B $1.4B $1.3B $1.3B $1.6B
Interest expense $144M $153M $169M $180M $166M $152M $148M $163M $262M $280M
Pretax income $1.1B $1.0B $926M $1.1B $1.9B $2.6B $1.2B $1.1B $1.2B $1.3B
Income tax $429M $241M $182M $247M $460M $597M $264M $248M $273M $314M
Net income $645M $772M $736M $858M $1.4B $2.0B $946M $854M $871M $992M
Diluted EPS $4.51 $5.50 $5.29 $6.28 $10.47 $15.55 $7.97 $7.49 $7.69 $8.75
Diluted shares 0.14B 0.14B 0.14B 0.14B 0.14B 0.13B 0.12B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $1.1B $1.2B $1.2B $1.2B $2.0B $2.2B $1.7B $1.3B $1.3B $1.9B
Capital expenditure $293M $252M $383M $400M $418M $403M $404M $408M $425M $527M
Free cash flow $823M $923M $817M $843M $1.6B $1.8B $1.3B $864M $909M $1.4B
Depreciation and amortization $249M $270M $309M $329M $361M $408M $437M $439M $493M $570M
Stock-based compensation $69.0M $79.0M $61.0M $56.0M $97.0M $79.0M $77.0M $77.0M $88.0M $88.0M
Acquisitions $139M $581M $421M $58.0M $330M $331M $144M $611M $2.2B $101M
Share buybacks $590M $465M $322M $353M $325M $2.2B $1.4B $275M $151M $450M
Dividends paid $223M $247M $266M $286M $297M $309M $305M $314M $331M $353M
Dividends and buybacks $813M $712M $588M $639M $622M $2.5B $1.7B $589M $482M $803M
Balance sheet
Cash and short-term investments $359M $137M $135M $1.2B $1.2B $872M $315M $686M $549M $420M
Total debt $3.7B $3.8B $3.9B $4.8B $4.0B $4.0B $4.0B $4.7B $6.2B $5.7B
Finance lease liabilities $0.0M $0.0M $0.0M $33.0M $27.0M $34.0M $9.0M $7.0M $17.0M $21.0M
Current assets $1.5B $1.3B $1.4B $2.5B $3.1B $2.7B $1.9B $2.4B $2.4B $2.4B
Current liabilities $981M $1.1B $1.5B $2.0B $1.8B $1.8B $1.6B $1.8B $2.2B $2.3B
Inventory $82.0M $95.0M $99.0M $123M $223M $208M $192M $190M $188M $189M
Property and equipment, net $1.0B $1.1B $1.3B $1.5B $1.6B $1.7B $1.8B $1.8B $2.1B $2.2B
Total assets $10.1B $10.5B $11.0B $12.8B $14.0B $13.6B $12.8B $14.0B $16.2B $16.2B
Total liabilities $5.4B $5.5B $5.7B $7.2B $7.2B $7.1B $6.9B $7.7B $9.3B $9.0B
Shareholders' equity $4.6B $4.9B $5.2B $5.6B $6.8B $6.4B $5.9B $6.3B $6.8B $7.2B
Margins
Gross margin 40.2% 36.3% 34.6% 34.8% 38.5% 39.0% 34.7% 33.0% 32.9% 33.2%
Operating margin 17.7% 15.7% 14.6% 15.9% 20.9% 22.1% 14.5% 13.6% 13.6% 14.1%
EBITDA margin 21.2% 19.4% 18.7% 20.2% 24.7% 25.9% 18.9% 18.4% 18.6% 19.3%
Net margin 8.9% 10.4% 9.8% 11.1% 15.2% 18.5% 9.6% 9.2% 8.8% 9.0%
FCF margin 11.4% 12.5% 10.9% 10.9% 16.8% 17.0% 13.3% 9.3% 9.2% 12.3%
Returns
Return on capital 9.5% 10.7% 10.0% 10.4% 15.7% 19.0% 11.7% 9.9% 9.0% 9.5%
Return on capital employed 14.3% 12.6% 11.6% 12.1% 17.1% 19.8% 12.3% 10.7% 10.3% 11.1%
Return on equity 13.9% 16.2% 14.5% 15.8% 23.1% 30.2% 15.3% 14.0% 13.3% 14.2%
Return on assets 6.4% 7.5% 6.8% 7.2% 10.7% 14.4% 7.2% 6.4% 5.8% 6.1%
Growth
Revenue growth −3.7% 2.6% 1.7% 2.6% 22.2% 14.3% −8.4% −6.4% 6.7% 11.8%
Net income growth −9.0% 19.7% −4.7% 16.6% 66.8% 39.4% −52.6% −9.7% 2.0% 13.9%
EPS growth −7.4% 22.0% −3.8% 18.7% 66.7% 48.5% −48.8% −6.0% 2.7% 13.8%
FCF growth 47.5% 12.2% −11.5% 3.2% 88.3% 15.3% −28.2% −34.3% 5.2% 49.5%
Share count change −2.1% −1.4% −0.7% −2.2% 0.0% −5.9% −7.8% −4.2% 0.0% 0.0%
Financial health
Net debt / EBITDA 2.2x 2.5x 2.7x 2.3x 1.2x 1.1x 2.0x 2.4x 3.1x 2.5x
Debt / equity 0.8x 0.8x 0.8x 0.9x 0.6x 0.6x 0.7x 0.8x 0.9x 0.8x
Interest coverage 8.9x 7.6x 6.5x 6.8x 11.9x 15.7x 9.7x 7.7x 5.1x 5.6x
Current ratio 1.6x 1.2x 0.9x 1.3x 1.7x 1.6x 1.2x 1.3x 1.1x 1.0x
Quick ratio 1.5x 1.2x 0.9x 1.2x 1.6x 1.4x 1.1x 1.2x 1.0x 1.0x
Capital allocation
Capex / revenue 4.1% 3.4% 5.1% 5.2% 4.4% 3.7% 4.1% 4.4% 4.3% 4.8%
Stock comp / revenue 1.0% 1.1% 0.8% 0.7% 1.0% 0.7% 0.8% 0.8% 0.9% 0.8%
Payouts / FCF 98.8% 77.1% 72.0% 75.8% 39.2% 137.1% 130.4% 68.2% 53.0% 59.1%
Quality scores
Piotroski F-score 6.0 7.0 5.0 7.0 9.0 8.0 4.0 5.0 4.0 6.0
Altman Z'' 4.2 4.1 3.8 3.8 4.7 4.4 3.9 3.8 3.3 3.5
Accruals ratio −4.7% −3.9% −4.3% −3.2% −4.3% −1.7% −5.8% −3.1% −3.1% −5.5%

Source: SEC EDGAR XBRL filings (CIK 0001022079). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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