DaVita vs Labcorp
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The short version
- Labcorp is the larger business, with $14.0B of revenue in fiscal 2025 against $13.6B for DaVita.
- Labcorp grew revenue faster (7.3%, against 6.5%).
- DaVita kept more of each dollar of sales as operating profit (15.0% operating margin, against 9.9%).
- DaVita turned more of its sales into free cash flow (9.6% FCF margin, against 8.6%).
- DaVita earned a higher return on the capital invested in it (17.6%, against 8.2%).
- Investors pay more for each dollar of Labcorp’s earnings: a P/E of 27.2x against 15.1x for DaVita.
| Latest fiscal year | DVA · FY25 | LH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.1B | $27.0B |
| Revenue | $13.6B | $14.0B |
| Free cash flow | $1.3B | $1.2B |
| Net income | $747M | $877M |
| Growth | ||
| Revenue growth | 6.5% | 7.3% |
| 5-year growth | 3.4% | −0.0% |
| Share count change | −13.1% | −0.7% |
| Profitability | ||
| Gross margin | — | 28.8% |
| Operating margin | 15.0% | 9.9% |
| Net margin | 5.5% | 6.3% |
| FCF margin | 9.6% | 8.6% |
| Return on capital | 17.6% | 8.2% |
| Return on equity | — | 10.5% |
| Balance sheet | ||
| Net debt | $9.6B | $5.1B |
| Net debt / EBITDA | 3.5x | 2.5x |
| Dividends and buybacks | $1.3B | $691M |
| Valuation & quality | ||
| P/E | 15.1x | 27.2x |
| Piotroski F-score | 6 | 7 |
FY16
DVA $10.7B
LH $9.6B
FY17
DVA $10.9B
LH $10.3B
FY18
DVA $11.4B
LH $11.3B
FY19
DVA $11.4B
LH $11.6B
FY20
DVA $11.6B
LH $14.0B
FY21
DVA $11.6B
LH $13.1B
FY22
DVA $11.6B
LH $11.9B
FY23
DVA $12.1B
LH $12.2B
FY24
DVA $12.8B
LH $13.0B
FY25
DVA $13.6B
LH $14.0B
DVA
LH
FY16
DVA 19.0%
LH 13.3%
FY17
DVA 16.7%
LH 12.7%
FY18
DVA 13.4%
LH 11.7%
FY19
DVA 14.4%
LH 11.5%
FY20
DVA 14.7%
LH 17.5%
FY21
DVA 15.5%
LH 23.2%
FY22
DVA 11.5%
LH 12.1%
FY23
DVA 13.2%
LH 6.0%
FY24
DVA 16.3%
LH 8.4%
FY25
DVA 15.0%
LH 9.9%
DVA
LH
FY16
DVA $1.1B
LH $918M
FY17
DVA $1.0B
LH $1.2B
FY18
DVA $785M
LH $926M
FY19
DVA $1.3B
LH $1.0B
FY20
DVA $1.3B
LH $1.8B
FY21
DVA $1.3B
LH $2.7B
FY22
DVA $961M
LH $1.5B
FY23
DVA $1.5B
LH $874M
FY24
DVA $1.5B
LH $1.1B
FY25
DVA $1.3B
LH $1.2B
DVA
LH
FY16
DVA 11.7%
LH 7.9%
FY17
DVA 10.5%
LH 10.9%
FY18
DVA 8.4%
LH 7.1%
FY19
DVA 11.0%
LH 7.6%
FY20
DVA 13.9%
LH 12.6%
FY21
DVA 15.4%
LH 16.6%
FY22
DVA 11.3%
LH 8.0%
FY23
DVA 13.9%
LH 3.7%
FY24
DVA 18.7%
LH 6.9%
FY25
DVA 17.6%
LH 8.2%
DVA
LH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.