CVS Health vs Labcorp
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The short version
- CVS Health is the larger business, with $402.1B of revenue in fiscal 2025 against $14.0B for Labcorp, about 29 times as much.
- CVS Health grew revenue faster (7.9%, against 7.3%).
- Labcorp kept more of each dollar of sales as operating profit (9.9% operating margin, against 1.2%).
- Labcorp turned more of its sales into free cash flow (8.6% FCF margin, against 1.9%).
- Labcorp earned a higher return on the capital invested in it (8.2%, against 2.9%).
- Investors pay more for each dollar of Labcorp’s earnings: a P/E of 27.2x against 24.6x for CVS Health.
| Latest fiscal year | CVS · FY25 | LH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $120.3B | $27.0B |
| Revenue | $402.1B | $14.0B |
| Free cash flow | $7.8B | $1.2B |
| Net income | $1.8B | $877M |
| Growth | ||
| Revenue growth | 7.9% | 7.3% |
| 5-year growth | 8.4% | −0.0% |
| Share count change | 0.7% | −0.7% |
| Profitability | ||
| Gross margin | 45.0% | 28.8% |
| Operating margin | 1.2% | 9.9% |
| Net margin | 0.4% | 6.3% |
| FCF margin | 1.9% | 8.6% |
| Return on capital | 2.9% | 8.2% |
| Return on equity | 2.4% | 10.5% |
| Balance sheet | ||
| Net debt | $54.0B | $5.1B |
| Net debt / EBITDA | 5.8x | 2.5x |
| Dividends and buybacks | $3.4B | $691M |
| Valuation & quality | ||
| P/E | 24.6x | 27.2x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
CVS $177.5B
LH $9.6B
FY17
CVS $184.8B
LH $10.3B
FY18
CVS $194.6B
LH $11.3B
FY19
CVS $256.8B
LH $11.6B
FY20
CVS $268.7B
LH $14.0B
FY21
CVS $292.1B
LH $13.1B
FY22
CVS $322.5B
LH $11.9B
FY23
CVS $357.8B
LH $12.2B
FY24
CVS $372.8B
LH $13.0B
FY25
CVS $402.1B
LH $14.0B
CVS
LH
Operating margin
FY16
CVS 5.9%
LH 13.3%
FY17
CVS 5.2%
LH 12.7%
FY18
CVS 2.1%
LH 11.7%
FY19
CVS 4.7%
LH 11.5%
FY20
CVS 5.2%
LH 17.5%
FY21
CVS 4.6%
LH 23.2%
FY22
CVS 2.5%
LH 12.1%
FY23
CVS 3.8%
LH 6.0%
FY24
CVS 2.3%
LH 8.4%
FY25
CVS 1.2%
LH 9.9%
CVS
LH
Free cash flow
FY16
CVS $7.9B
LH $918M
FY17
CVS $6.1B
LH $1.2B
FY18
CVS $6.8B
LH $926M
FY19
CVS $10.4B
LH $1.0B
FY20
CVS $13.4B
LH $1.8B
FY21
CVS $15.7B
LH $2.7B
FY22
CVS $13.5B
LH $1.5B
FY23
CVS $10.4B
LH $874M
FY24
CVS $6.3B
LH $1.1B
FY25
CVS $7.8B
LH $1.2B
CVS
LH
Return on capital
FY16
CVS 10.4%
LH 7.9%
FY17
CVS 12.2%
LH 10.9%
FY18
CVS 2.1%
LH 7.1%
FY19
CVS 7.1%
LH 7.6%
FY20
CVS 8.3%
LH 12.6%
FY21
CVS 8.3%
LH 16.6%
FY22
CVS 5.2%
LH 8.0%
FY23
CVS 8.8%
LH 3.7%
FY24
CVS 4.9%
LH 6.9%
FY25
CVS 2.9%
LH 8.2%
CVS
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.