Labcorp Holdings Inc.

Diagnostics & Research

LHSolid10 of 11 basics passed

$311.84

-0.75%

Market cap $25.3B

$311.84

-0.75%

Market cap $25.3B

Labcorp is one of the nation's two largest independent clinical laboratories, with roughly 20% of the independent lab market.

It is a $25.3B healthcare company. Revenue grew 6.4% over the last year, it keeps 7¢ of every dollar of sales as profit, and its net debt equals ~3.9 years of free cash flow. It trades at 25.3× earnings — around the middle of its own history.

Website: labcorp.com
Location: Burlington, NC
Employees: 71 000
Sector: Healthcare

Share price · 3 years

$202.58 → $311.84+53.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $14.3B
Profit: keeps 7¢ of every $1 sold; $1.00B
Free cash flow: cash left after running the business; $1.16B
Net debt: debt minus cash on hand; $4.55B
P/E: years of profit in the price; 25.3
EPS: earnings per share, TTM; $11.96
Dividend: pays out 24% of profit · 21% of FCF; 0.94%
Shares: down 14% since 2021 — buybacks; 83.8M
Volatility: beta vs the market — under 1 swings less; 0.89

Revenue, last 10 years

52-week range

Low $246.64$311.84High $339.34

Today's price is 70% of the way from the year's low to its high.

P/E vs its history5y

25.3×median 25.2×

Higher than 50% of past days — around the middle of its own history.

Valuation vs own history

P/E

25.3×

51%

P/S

1.8×

14%

EV/EBITDA

21.2×

42%

P/B

2.9×

FCF yield

4.6%

29%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$3.17Mnet selling

Purchases$0

Sales$3.17M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$25.3Btop 52%
Revenue growth+6%top 58%
Net margin7%top 54%
Return on equity12%top 52%
P/E25.3×top 48%
Dividend yield0.94%top 60%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Growth and Profitability lag behind.

Valuation61

P/E vs own history50th pct · 12/25
FCF yield4.6% · 12/25
P/S1.8x · 25/25
EV/EBITDA17.4x · 12/25

Growth25

Revenue CAGR-3.5% · 0/25
Net income CAGR-22.1% · 0/25
EPS CAGR ~5Y-19.1% · 0/25
Fwd implied growth57.7% · 25/25

Profitability42

ROIC8.0% · 5/25
ROE11.6% · 12/25
Net margin7.0% · 13/25
Operating margin10.4% · 12/25

Health66

Altman Z2.86 · 18/25
Current ratio1.80 · 18/25
Interest coverage5.2x · 18/25
Net cash / debtD/A 25% · 12/25

Quality100

Piotroski F8/9 · 25/25
Beneish M-2.78 · 25/25
FCF conversion115% · 25/25
Margin stabilityσ 5.0% · 25/25

Moat50

ROIC >12% years2/10 yrs · 0/25
Median gross margin30.0% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 3.4% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2021Financial
Best year on record
$2.38B net income
FY2017Financial
Revenue crossed $10B
$10.4B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$9.64B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$12 230 today — price return only

$14.0B revenue in FY2025

Revenue up 6.4% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

71 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 5.2× by operating earnings
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Net debt would take ~5.8 years of free cash flow to repay

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+6.4% YoY
Profitable — makes more than it spends$1.00B TTM
Profit growing — earnings are higher than last year-9.2% YoY
Generates cash — cash left after running and investing$1.16B TTM
Debt under control — could handle its obligations~3.9y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$25.3B market cap
Not printing shares — share count not ballooning — you keep your slice-14.0% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 2.9 — grey
Pays a dividend — returns cash to shareholdersyield 0.94%
Valuation not extreme — price not wildly above earningsP/E 25.3

Peer comparisonLabcorp Holdings Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
LH this company	$25.3B	25.3	+6.4%	7.0%	Solid
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: LH vs LLY · LH vs JNJ · LH vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 9Buy 12Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $14.3B · net income $1.00B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$14.3B

YoY 6.4%

Net income (TTM)

$1.00B

Margin 7.0%

Gross margin

28.9%

Operating margin

10.4%

P/E ratio

25.3

Dividend yield

0.94%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	14.0	16.1	11.9	12.2	13.0	14.0
Gross profit	5.0	5.6	3.7	3.4	3.6	4.0
Operating income (EBIT)	2.4	3.3	1.8	0.7	1.1	1.4
Net income	1.6	2.4	1.3	0.4	0.7	0.9
EPS (diluted)	—	24.39	13.97	4.77	8.84	10.46

Cash flowFree cash flow $1.16B · operating cash flow $1.64B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.16B

Margin 8.1%

Operating cash flow (TTM)

$1.64B

FCF margin

8.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	2.1	3.1	1.8	1.3	1.6	1.6
Capital expenditure	-0.4	-0.5	-0.4	-0.5	-0.5	-0.4
Free cash flow	1.8	2.6	1.4	0.9	1.1	1.2
FCF margin	12.5%	16.4%	11.9%	7.2%	8.4%	8.6%

Balance sheetAssets $18.4B · net debt $4.55B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $18.4B of assets is financed

53%

47%

Liabilities $9.76B — borrowed moneyEquity $8.62B — owners' stake

Cash vs debt

Total debt $5.08B − cash $532M = net debt $4.55B

Cash on hand covers 10% of debt.

Altman Z-Score

2.86

Grey zone

Debt repayment

5.8 yrs

Years of free cash flow to clear net debt

Interest coverage

5.2x

EBIT ÷ interest expense

ROE

11.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.3	1.5	0.3	0.5	1.5	0.5
Total assets	20.1	20.4	20.2	16.7	18.4	18.4
Total liabilities	10.7	10.1	10.0	8.8	10.3	9.8
Total debt	5.8	5.4	6.2	4.1	5.3	5.1
Equity	9.4	10.3	10.1	7.9	8.1	8.6
Net debt	4.5	3.9	5.9	3.5	3.8	4.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of LH on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $311.84 · market cap $25.3B.