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Labcorp

LH NYSE Health Care Services Financials FY2016–FY2025

Labcorp's revenue rose 7.2% to $14.0 billion in fiscal 2025. Its operating margin was 9.9%, up from 8.3% a year earlier. Free cash flow was $1.2 billion, up 10.1%. It paid out $691 million in dividends and buybacks, 57% of free cash flow. The diluted share count fell 0.7%.

Last close · Oct 23, 2026

$328.95

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$14.0B
7.2% vs prior year
Operating margin Operating income as a share of revenue.
9.9%
1.6 pts
Net income Profit after all expenses, interest and tax.
$877M
17.5%
Free cash flow Cash from operations minus capital spending.
$1.2B
10.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.2%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$27.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.2x
On $12.09 EPS (TTM)

What Labcorp does

No business description yet.

Legal name
LABCORP HOLDINGS INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000920148-26-000111
0000920148

Revenue and margins

Labcorp had $14.0B of revenue in fiscal 2025, up 7.3% 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 4.9% 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 $1.2B in fiscal 2025, 8.6% 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

Labcorp returned $691M to shareholders in fiscal 2025, 57% of free cash flow. The diluted share count fell 0.7%.

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

Value Labcorp 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 −$5.1B and divides by 83.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.2x · peers 30.2x · sector 28.4x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$321M$537M$1.5B$532M
Debt incl. finance leases $5.5B$5.1B$4.1B$6.4B$5.7B
Net debt / EBITDA 1.1x2.4x2.8x2.8x2.5x
Debt / equity 0.5x0.5x0.5x0.8x0.7x
Interest coverage 14.4x8.0x3.6x5.2x6.2x
Current ratio 1.9x1.5x1.2x1.4x1.4x
Quick ratio 1.8x1.4x1.0x1.3x1.2x
Total assets $20.4B$20.2B$16.7B$18.4B$18.4B
Total liabilities $10.1B$10.0B$8.8B$10.3B$9.8B
Shareholders' equity $10.3B$10.1B$7.9B$8.1B$8.6B
Net debt (− = net cash) $4.0B$4.8B$3.6B$4.9B$5.1B

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

$8.2M

8 insiders

Of sales under plans

60%

$4.9M

DateInsiderTradeSharesPriceValueFiling
Aug 17, 2026 Kerrii B AndersonDirector Sold plan 3,000 $318.02 $1.0M Form 4
Aug 11, 2026 Adam H SchechterPresident & CEO, Director Sold plan 4,669 $320.37 $1.5M Form 4
Aug 4, 2026 Amy B. SummyEVP, Chief Marketing Officer Sold 924 $306.74 $0.3M Form 4
Aug 3, 2026 Peter J WilkinsonSVP, Chief Accounting Officer Sold 1,420 $309.23 $0.4M Form 4
Jul 2, 2026 Bryan T VaughnEVP and President, Diagnostics Sold plan 234 $286.19 $0.1M Form 4
Jul 2, 2026 Kathryn W KyleEVP, Chief Legal Officer Sold plan 92 $286.19 $0.0M Form 4
Jun 8, 2026 Kathryn W KyleEVP, Chief Legal Officer Sold plan 762 $263.89 $0.2M Form 4
May 11, 2026 Adam H SchechterPresident & CEO, Director Sold plan 5,903 $254.50 $1.5M Form 4
Mar 27, 2026 Jonathan C MeltzerEVP, Operations Sold plan 839 $267.05 $0.2M Form 4
Mar 27, 2026 Peter J WilkinsonSVP, Chief Accounting Officer Sold plan 1,633 $267.05 $0.4M Form 4
Mar 3, 2026 Adam H SchechterPresident & CEO, Director Sold 8,705 $279.96 $2.4M Form 4
Feb 27, 2026 der Vaart Sandra D vanEVP, Corporate Affairs Sold 548 $284.91 $0.2M 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 6 / 98 / 97 / 9
Accruals ratio −4.9%−4.8%−4.2%
Altman Z'' 2.983.223.39

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
Labcorp LH $27.0B 7.3% 9.9% 8.6% 8.2% 27.2x 7
DaVita DVA $12.1B 6.5% 15.0% 9.6% 17.6% 15.1x 6 Compare →
BrightSpring Health Services BTSG $13.2B 28.2% 2.3% 3.1% 5.3% 36.2x 7 Compare →
Quest Diagnostics DGX $27.1B 11.8% 14.1% 12.3% 9.5% 24.1x 6 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 $9.6B $10.3B $11.3B $11.6B $14.0B $13.1B $11.9B $12.2B $13.0B $14.0B
Gross profit $2.9B $3.1B $3.2B $3.3B $5.0B $5.0B $3.7B $3.4B $3.6B $4.0B
Operating income $1.3B $1.3B $1.3B $1.3B $2.4B $3.0B $1.4B $726M $1.1B $1.4B
Interest expense $219M $235M $244M $241M $207M $212M $180M $200M $208M $224M
Pretax income $1.1B $1.1B $1.3B $1.1B $2.2B $2.9B $1.2B $569M $960M $1.1B
Income tax $361M −$155M $384M $280M $662M $690M $234M $189M $212M $230M
Net income $712M $1.2B $884M $824M $1.6B $2.4B $1.3B $418M $746M $877M
Diluted EPS $6.82 $11.81 $8.61 $8.35 $15.88 $24.39 $13.97 $4.77 $8.84 $10.46
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.09B 0.09B 0.08B 0.08B
Cash flow
Cash from operations $1.2B $1.5B $1.3B $1.4B $2.1B $3.1B $2.0B $1.3B $1.6B $1.6B
Capital expenditure $279M $313M $380M $400M $382M $422M $429M $454M $490M $435M
Free cash flow $918M $1.2B $926M $1.0B $1.8B $2.7B $1.5B $874M $1.1B $1.2B
Depreciation and amortization $499M $533M $552M $577M $625M $577M $537M $577M $644M $681M
Stock-based compensation $110M $110M $91.6M $107M $112M $133M $117M $129M $117M $126M
Acquisitions $549M $1.9B $118M $876M $268M $497M $1.2B $672M $839M $582M
Share buybacks $43.9M $338M $700M $450M $100M $1.7B $1.1B $1.0B $250M $450M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $195M $254M $243M $241M
Dividends and buybacks $43.9M $338M $700M $450M $100M $1.7B $1.3B $1.3B $493M $691M
Balance sheet
Cash and short-term investments $434M $317M $427M $338M $1.3B $1.5B $321M $537M $1.5B $532M
Total debt $5.8B $6.7B $6.0B $6.2B $5.4B $5.4B $5.0B $4.1B $6.3B $5.6B
Finance lease liabilities $0.0M $0.0M $58.9M $99.5M $91.1M $95.1M $89.6M $85.0M $80.4M $67.6M
Current assets $2.5B $2.7B $2.8B $3.0B $5.1B $5.3B $4.6B $3.8B $4.8B $4.0B
Current liabilities $1.8B $2.2B $1.9B $2.7B $3.1B $2.8B $3.1B $3.2B $3.3B $2.8B
Inventory $205M $227M $237M $245M $423M $401M $471M $475M $493M $535M
Property and equipment, net $1.7B $1.7B $1.7B $2.6B $2.7B $2.8B $2.8B $2.9B $3.0B $3.1B
Total assets $14.2B $16.7B $16.2B $18.0B $20.1B $20.4B $20.2B $16.7B $18.4B $18.4B
Total liabilities $8.7B $9.8B $9.2B $10.5B $10.6B $10.1B $10.0B $8.8B $10.3B $9.8B
Shareholders' equity $5.5B $6.8B $7.0B $7.6B $9.4B $10.3B $10.1B $7.9B $8.1B $8.6B
Margins
Gross margin 29.9% 30.0% 28.0% 28.2% 35.4% 38.0% 31.3% 27.7% 27.9% 28.8%
Operating margin 13.3% 12.7% 11.7% 11.5% 17.5% 23.2% 12.1% 6.0% 8.4% 9.9%
EBITDA margin 18.5% 17.8% 16.6% 16.5% 22.0% 27.6% 16.6% 10.7% 13.3% 14.8%
Net margin 7.5% 11.9% 7.8% 7.1% 11.1% 18.1% 10.8% 3.4% 5.7% 6.3%
FCF margin 9.6% 11.5% 8.2% 9.0% 12.5% 20.5% 12.9% 7.2% 8.4% 8.6%
Returns
Return on capital 7.9% 10.9% 7.1% 7.6% 12.6% 16.6% 8.0% 3.7% 6.9% 8.2%
Return on capital employed 10.2% 9.7% 9.2% 9.0% 15.1% 17.6% 8.3% 4.8% 7.6% 9.1%
Return on equity 13.6% 19.9% 12.8% 11.2% 18.2% 24.1% 12.6% 4.7% 9.4% 10.5%
Return on assets 5.0% 7.9% 5.4% 4.8% 8.2% 11.8% 6.3% 2.3% 4.3% 4.8%
Growth
Revenue growth 10.1% 7.9% 10.0% 2.0% 21.0% −6.0% −9.7% 2.5% 7.0% 7.3%
Net income growth 62.7% 72.4% −28.0% −6.8% 88.9% 52.8% −46.2% −67.3% 78.5% 17.5%
EPS growth 56.8% 73.2% −27.1% −3.0% 90.2% 53.6% −42.7% −65.9% 85.3% 18.3%
FCF growth 26.4% 29.1% −21.9% 12.9% 67.9% 53.3% −43.2% −42.7% 25.4% 10.1%
Share count change 3.7% −0.4% −1.3% −3.9% −0.6% −0.5% −6.1% −4.4% −3.7% −0.7%
Financial health
Net debt / EBITDA 3.0x 3.5x 3.0x 3.1x 1.4x 1.1x 2.4x 2.8x 2.8x 2.5x
Debt / equity 1.1x 1.0x 0.9x 0.8x 0.6x 0.5x 0.5x 0.5x 0.8x 0.7x
Interest coverage 5.8x 5.6x 5.4x 5.5x 11.8x 14.4x 8.0x 3.6x 5.2x 6.2x
Current ratio 1.4x 1.3x 1.5x 1.1x 1.7x 1.9x 1.5x 1.2x 1.4x 1.4x
Quick ratio 1.2x 1.2x 1.4x 1.0x 1.5x 1.8x 1.4x 1.0x 1.3x 1.2x
Capital allocation
Capex / revenue 2.9% 3.0% 3.4% 3.5% 2.7% 3.2% 3.6% 3.7% 3.8% 3.1%
Stock comp / revenue 1.2% 1.1% 0.8% 0.9% 0.8% 1.0% 1.0% 1.1% 0.9% 0.9%
Payouts / FCF 4.8% 28.5% 75.6% 43.1% 5.7% 62.1% 84.8% 143.5% 45.0% 57.3%
Quality scores
Piotroski F-score 4.0 7.0 6.0 7.0 9.0 8.0 5.0 6.0 8.0 7.0
Altman Z'' 2.7 2.7 3.2 2.8 4.0 4.6 3.8 3.0 3.2 3.4
Accruals ratio −3.4% −1.8% −2.6% −3.6% −3.0% −3.6% −3.3% −4.9% −4.8% −4.2%

Source: SEC EDGAR XBRL filings (CIK 0000920148). Data updated October 9, 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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