— Know what they know.
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Not Investment Advice

DGX

NYSE · USD
Quest Diagnostics Incorporated
Healthcare · Medical - Diagnostics & Research
CEO James E. Davis Employees 57,000 R&D / revenue 0.0%
Last price
$235.00−1.74%last session
Market cap
$25.9B
P/E (TTM)
24.6x
From 52w high
−5.6%
From 52w low
+37.3%
1-year return
+25.8%
RSI 14 · vs SMA200
51.1 · +12.6%
IS score
62.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DGX   SPY   XLV (sector ETF) · weekly closes
100110120130Jan 26Apr 26Jul 26Oct 26DGX 126XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
46
Profitability
55
Growth
53
Value
83
Momentum
80
Risk (safety)
75
Quality
51
Balance sheet
77
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for DGX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Cost AdvantagePiotroski 8 / 9Altman Z 3.5Beta 0.553 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
7 open-market sales, $11.9M
Form 144 notices (12m): 21, $36.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+42
121 new holders, 69 closed
1,102 filers hold 96.0% · 428 added, 348 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+61
1,044 funds adding shares
983 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
34.5%
20-day avg 52.2%, 50-day avg 60.0%
Latest 17.7 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$11.0B
Revenue growth YoY+11.8%
Gross margin31.9%
Operating income$1.6B
Operating margin14.5%
Net income$992.0M
Net margin9.0%
EPS (diluted)$8.75
Cash flow
Operating cash flow$1.9B
Capital expenditure$527.0M
Free cash flow$1.4B
FCF conversion (FCF / OCF)72.1%
Stock-based compensation$88.0M
FCF less SBC$1.3B
Buybacks$450.0M
Dividends$353.0M
Balance sheet & returns
Cash & short-term investments$420.0M
Total debt$6.4B
Net debt$6.0B
Shareholders' equity$7.3B
Goodwill & intangibles$10.6B
Debt / equity0.85
ROE (TTM)14.5%
ROIC (TTM)8.3%
Operating margin by fiscal year
22.1%FY202114.4%FY202213.6%FY202313.6%FY202414.1%FY2025
Revenue $10.8B (FY2021) to $11.0B (FY2025), a 0.6% CAGR.

Valuation

P/E (TTM)24.6x
EV / EBITDA14.2x
Price / sales2.24x
Price / FCF21.3x
FCF yield4.70%
Buyback yield1.73%
SBC / revenue0.5%
Price / book3.44x
Forward P/E FY202621.0x
Forward P/E FY202719.5x
Forward P/E FY202818.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $250.88 across 8 analysts last quarter is theirs, not ours.

DGX vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 33.1% 48.5% Operating margin 14.1% -9.4% Net margin 9.2% -9.5% ROIC 8.3% -2.5%
DGX (TTM)Industry median Asset turnover 0.68 vs industry 0.54 · financial leverage 2.25

Earnings delivery

Next report 2026-10-22 · consensus EPS $2.87
100%
beat rate, 12 of 12 quarters
+1.9%
median EPS surprise
12
longest beat streak
+1+1+2+10+0+2+2+3+2+4+3+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-26 to 2026-04-21. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DGX Quest Diagnostics Incorporat $25.9B24.6x14.5%9.2%+11.8% +25.8%
LH Labcorp Holdings Inc. $25.8B26.1x11.7%8.0%+6.4% +13.2%
GH Guardant Health, Inc. $21.3Bn/m171.6%-35.9%+42.7% +135.1%
MTD Mettler-Toledo International $32.5B36.4x-736.4%22.7%+6.9% +19.2%
EXAS Exact Sciences Corporation $20.0Bn/m-8.7%-9.8%+17.7% +96.4%
MEDP Medpace Holdings, Inc. $17.3B35.6x162.2%17.2%+24.7% —
RVTY Revvity, Inc. $17.0B72.7x3.2%7.1%+5.5% —
ILMN Illumina, Inc. $39.6B48.5x32.4%17.9%+4.9% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-06Officer/Director Change
2026-07-23Earnings Release; Exhibits
2026-05-21Shareholder Vote
2026-05-08Material Agreement; Exhibits
2026-05-01Other Events; Exhibits
2026-04-21Earnings Release; Exhibits

Context

Shares outstanding110,373,000
Free float99.5%
Institutional ownership96.0%
Beta0.55
Dividend yield1.44%
Last dividend$0.86 on 2026-10-06
50 / 200-day average$237.50 / $208.56
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DGX sits among 30 scored companies in Medical - Diagnostics & Research (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDGXIndustry medianIndustry percentileSector median
P/E (TTM) 24.4x 35.5x
6th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 2.24 2.73
12th		 1.28
Price / sales 2.2x 5.7x
17th		 3.7x
Price / book 3.5x 4.1x
48th		 3.6x
Price / tangible book —
Price / free cash flow 21.3x 34.4x
21st		 21.2x
Price / operating cash flow 14.6x 26.0x
9th		 17.1x
Enterprise value $31.7B $16.3B
66th		 $2.5B
EV / sales 2.7x 5.9x
21st		 3.8x
EV / EBITDA 15.0x 25.4x
14th		 16.2x
EV / EBIT 19.3x 29.2x
6th		 23.0x
EV / free cash flow 26.0x 35.1x
26th		 24.6x
Earnings yield 4.1% 1.7%
97th		 -0.3%
FCF yield 4.7% 2.5%
86th		 1.7%
Operating cash flow yield 6.8% 3.2%
93rd		 2.9%
Graham number (per share) $119.65 $65.89
88th		 $26.70

Profitability (TTM)

MeasureDGXIndustry medianIndustry percentileSector median
Gross margin 33.1% 52.9%
31st		 65.1%
EBITDA margin 18.3% 15.0%
55th		 6.6%
Operating margin 14.1% 11.0%
66th		 3.5%
EBIT margin 14.2% 9.1%
66th		 2.4%
Net margin 9.2% 7.5%
59th		 0.3%
NOPAT margin 11.0% 9.5%
59th		 2.7%
FCF margin 10.6% 9.2%
55th		 4.3%
Operating cash flow margin 15.3% 15.0%
52nd		 7.1%
R&D / revenue 0.0% 7.2%
0th		 12.4%
SG&A / revenue 17.5% 29.8%
21st		 37.9%
Stock comp / revenue 0.5% 1.8%
4th		 4.5%
Effective tax rate 22.6% 20.5%
93rd		 21.0%

Returns on capital

MeasureDGXIndustry medianIndustry percentileSector median
ROE (on average equity) 14.4% 4.7%
74th		 0.8%
ROA 6.5% 3.2%
69th		 -0.3%
ROIC 9.5% 5.6%
66th		 5.5%
ROCE 10.9% 4.0%
76th		 2.3%
Return on tangible assets 10.0% 3.5%
79th		 1.7%
Cash ROIC (OCF / invested capital) 13.4% 11.8%
55th		 9.7%
Gross profitability (GP / assets) 22.6% 22.3%
52nd		 29.9%
ROIC, 3-yr average 7.1% 3.7%
75th		 2.6%
ROIC, 5-yr average 9.3% 5.7%
79th		 3.2%
ROE, 5-yr average 15.1% 3.1%
80th		 -4.9%
Incremental ROIC 184.9% -3.0%
89th		 17.2%

Growth

MeasureDGXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.9% 8.1%
61st		 10.5%
Revenue growth (QoQ) 5.1% 8.1%
24th		 7.2%
Revenue CAGR, 3 yr 6.8% 4.9%
56th		 10.7%
Revenue CAGR, 5 yr 0.9% 7.0%
26th		 12.1%
Gross profit CAGR, 3 yr 6.3% 5.3%
59th		 10.6%
Operating income CAGR, 3 yr 11.5% 6.4%
67th		 11.7%
Net income growth (TTM YoY) 11.8% 11.8%
50th		 17.5%
Net income CAGR, 3 yr 10.3% 6.7%
83rd		 11.3%
EPS growth (TTM YoY) 12.8% 15.1%
38th		 19.2%
EPS CAGR, 3 yr 10.9% 9.3%
75th		 14.0%
EPS CAGR, 5 yr -11.7% -1.0%
21st		 8.1%
FCF growth (TTM YoY) -0.3% 12.4%
33rd		 18.6%
FCF CAGR, 3 yr 11.6% 7.7%
64th		 15.4%
Operating cash flow CAGR, 3 yr 8.9% 8.0%
59th		 11.9%
Book value CAGR, 3 yr 7.0% 2.6%
72nd		 2.1%
Dividend CAGR, 3 yr 2.6% 2.5%
60th		 2.2%
Sustainable growth rate 9.5% 10.3%
44th		 12.2%

Margin history & stability

MeasureDGXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 33.0% 53.7%
29th		 62.6%
Operating margin, 3-yr average 13.9% 8.7%
68th		 1.0%
Net margin, 3-yr average 9.1% 4.1%
71st		 -2.6%
FCF margin, 3-yr average 10.5% 10.5%
50th		 3.2%
Revenue stability (0-1) 0.03 0.82
0th		 0.80
Earnings stability (0-1) 0.51 0.46
61st		 0.37
Margin stability (0-1) 0.90 0.93
46th		 0.93

Liquidity (latest quarter)

MeasureDGXIndustry medianIndustry percentileSector median
Cash & short-term investments $626.0M $520.8M
59th		 $330.9M
Net cash (− = net debt) −$5.8B −$874.6M
14th		 $8.4M
Working capital $1.1B $404.8M
72nd		 $381.1M
Current ratio 1.59 2.13
28th		 3.02
Quick ratio 1.46 1.77
34th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.35 0.96
28th		 1.43
Defensive interval (days) 381 days 466 days
34th		 415 days

Leverage & solvency (latest quarter)

MeasureDGXIndustry medianIndustry percentileSector median
Total debt $6.4B $1.7B
86th		 $289.1M
Debt / equity 0.85 0.50
81st		 0.45
Net debt / equity 0.77 0.30
81st		 −0.13
Debt / assets 37.7% 28.5%
76th		 24.4%
Debt / capital 45.9% 33.6%
79th		 31.1%
Debt / EBITDA 3.02 3.30
43rd		 2.62
Net debt / EBITDA 2.72 2.39
52nd		 1.42
Interest coverage (EBIT / interest) 6.3x 2.9x
68th		 2.1x
Cash interest coverage 6.8x 6.7x
52nd		 3.6x
Debt payback (years of OCF) 3.6 yrs 3.8 yrs
48th		 2.7 yrs
Liabilities / assets 53.8% 45.2%
72nd		 49.8%
IS credit model rating A — —
Implied credit spread (bps) 150 175
34th		 225

Efficiency

MeasureDGXIndustry medianIndustry percentileSector median
Asset turnover 0.70 0.56
66th		 0.56
Fixed asset turnover 3.99 4.31
41st		 4.87
Inventory turnover 36.8 7.2
100th		 2.7
Receivables turnover 7.5 6.5
79th		 6.4
Days sales outstanding 49 days 56 days
21st		 57 days
Days inventory outstanding 10 days 51 days
0th		 136 days
Days payables outstanding 31 days 45 days
38th		 59 days
Cash conversion cycle (days) 28 days 67 days
7th		 70 days
Capex / revenue 4.8% 3.4%
69th		 2.6%
Capex / depreciation 1.18 0.69
83rd		 0.55
Operating expense ratio 18.7% 45.1%
14th		 56.5%

Cash flow & earnings quality

MeasureDGXIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.67 1.58
71st		 1.61
FCF / net income 1.15 1.14
53rd		 1.36
FCF / operating cash flow 68.8% 76.8%
35th		 81.2%
Capex / operating cash flow 31.2% 23.2%
65th		 18.8%
Accruals ratio -4.3% -4.3%
48th		 -5.4%
Sloan accruals ratio 2.5% -1.5%
69th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
24th		 0.75

Dividends & buybacks

MeasureDGXIndustry medianIndustry percentileSector median
Dividend yield 1.4% 0.0%
97th		 0.0%
Dividend per share (TTM) $3.38 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 34.2% 0.0%
100th		 0.0%
Dividends / FCF 29.8% 0.0%
100th		 0.0%
Dividend growth (YoY) 7.1% 5.0%
60th		 4.5%
Buyback yield 2.1% 0.9%
69th		 0.0%
Shareholder yield (dividends + buybacks) 3.5% 1.1%
83rd		 0.0%
Share count change (YoY) -0.9% -0.7%
46th		 2.0%
Buybacks, last 5 years $1.9B $129.7M
62nd		 $0

Scores & forensic checks

MeasureDGXIndustry medianIndustry percentileSector median
IS score 62 50
69th		 46
IS profitability 46 36
62nd		 22
IS growth 55 55
50th		 60
IS value 53 40
86th		 39
IS momentum 83 72
75th		 67
IS risk (safety) 80 80
38th		 80
IS quality 75 62
76th		 49
IS balance sheet 51 51
52nd		 55
IS earnings quality 77 69
93rd		 56
IS cash flow 55 50
55th		 41
Piotroski F-score (0-9) 8 6
76th		 5
Altman Z-score 3.5 3.4
55th		 3.2
Beneish M-score −2.51 −2.60
79th		 −2.62
Ohlson O-score −8.23 −8.12
48th		 −7.16
IS credit score 70 67
59th		 62

Per share

MeasureDGXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $9.48 $1.54
83rd		 −$0.03
Book value per share $67.11 $17.72
83rd		 $7.10
Tangible book per share −$26.95 $0.32
17th		 $1.91
Revenue per share $103.21 $26.05
86th		 $9.38
FCF per share $10.89 $2.08
76th		 $0.46
Operating cash flow per share $15.84 $3.59
76th		 $0.93
Cash per share $5.59 $6.18
41st		 $3.51

Size (TTM)

MeasureDGXIndustry medianIndustry percentileSector median
Market cap $25.9B $13.8B
69th		 $2.4B
Revenue $11.6B $2.5B
86th		 $770.2M
EBITDA $2.1B $438.4M
86th		 $56.1M
Net income $1.1B $139.0M
83rd		 −$3.3M
Free cash flow $1.2B $268.0M
79th		 $41.2M
Total assets $16.9B $3.4B
83rd		 $1.3B
Shareholders' equity $7.5B $1.5B
83rd		 $568.4M
Employees 51,500 6,319
86th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Wentworth Timothy C
Director
 Award / grant 135——477
2026-09-01Davis J. E.
Director, CEO and President
 Open-market sale 10,000$242.72$2.4M122,423
2026-08-28Prevoznik Michael E
SVP & General Counsel
 Option exercise 22,677$112.17$2.5M60,234
2026-08-28Prevoznik Michael E
SVP & General Counsel
 Open-market sale 16,010$242.88$3.9M44,224
2026-08-28Prevoznik Michael E
SVP & General Counsel
 Open-market sale 6,237$243.63$1.5M37,987
2026-08-28Prevoznik Michael E
SVP & General Counsel
 Open-market sale 430$244.51$105,14137,557
2026-08-28Prevoznik Michael E
SVP & General Counsel
 Gift 1,000——36,557
2026-08-28Prevoznik Michael E
SVP & General Counsel
 Option exercise 22,677$112.17$2.5M0
2026-07-28Delaney Mark E
SVP & Chief Commercial Officer
 Open-market sale 1,600$235.18$376,28810,335
2026-07-22Kuppusamy Karthik
SVP, Clinical Solutions
 L-Small 37$206.81$7,65213,557
2026-07-22Carter Robert B
Director
 L-Small 11$206.80$2,2753,864
2026-07-22Gregg Vicky B
Director
 Award / grant 72$206.81$14,89018,386

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1612,049$70,251
GiftDisposed11,000—
L-SmallAcquired11293$58,924
Open-market saleDisposed752,424$11.9M
Option exerciseDisposed330,824$3.6M
Option exerciseAcquired330,824$3.6M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 21 notices · 177,383 shares · $36.8M
FiledFilerShares proposedEst. proceeds
2026-09-01Davis J. E.10,000$2.4M
2026-08-28Prevoznik Michael E22,677$5.5M
2026-07-28Delaney Mark E1,600$376,288
2026-06-04Kuppusamy Karthik8,147$1.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (4 purchases) · Senate 3 (3 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-03-30Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2025-11-03Julie JohnsonHouseSale$1,001 - $15,0002025-12-12
2025-11-03Julie JohnsonHouseSale (Full)$1,001 - $15,0002025-12-12
2025-11-02Julie JohnsonHouseSale (Full)$1,001 - $15,0002025-12-12
2024-01-03Tommy TubervilleSenateSale (Partial)$15,001 - $50,0002024-02-14
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.9,275,411$2.0B8.40%
VANGUARD CAPITAL MANAGEMENT LLC7,233,394$1.5B6.55%
VANGUARD PORTFOLIO MANAGEMENT LLC6,131,045$1.3B5.55%
STATE STREET CORP5,516,643$1.2B5.00%
PRICE T ROWE ASSOCIATES INC /MD/5,444,986$1.2B4.93%
Boston Partners4,576,959$969.0M4.15%
JPMORGAN CHASE & CO3,403,015$723.6M3.08%
GEODE CAPITAL MANAGEMENT, LLC3,137,873$662.6M2.84%
DIMENSIONAL FUND ADVISORS LP1,988,048$421.4M1.80%
BANK OF AMERICA CORP /DE/1,935,133$410.2M1.75%
Grantham, Mayo, Van Otterloo & Co. LLC1,888,207$400.2M1.71%
WELLS FARGO & COMPANY/MN1,751,220$371.2M1.59%
DAVIS SELECTED ADVISERS1,555,612$329.8M1.41%
VICTORY CAPITAL MANAGEMENT INC1,550,556$328.6M1.40%
NORGES BANK1,406,620$298.1M1.27%

Institutional ownership by quarter

2023-092026-0696.0%
% of shares held by 13F filers
2023-092026-061,102
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,10296.0%12142834869
2026-03-311,06093.2%12434937886
2025-12-311,04296.3%15034434492
2025-09-3099995.2%11735633982
2025-06-3098497.4%11636632782
2025-03-3196693.7%14831633362
2024-12-3189290.0%12631230058
2024-09-3084288.6%9329030974
2024-06-3083488.2%9027829759
2024-03-3181589.8%9226730986
2023-12-3182188.3%10625232862
2023-09-3079089.2%7023033476

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%8,274,567
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.5%6,096,629
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-08-14SCHEDULE 13G/AT. Rowe Price Associates, Inc.6.5%7,209,622
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$816.5M
VTSAX0.04%$816.5M
VSMPX0.04%$816.5M
VTI0.04%$816.5M
VFINX0.04%$675.7M
VOO0.04%$675.7M

Share structure

Shares outstanding110,373,000
Float109,846,079
Free float99.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$10.8B$9.9B$9.3B$9.9B$11.0B
Cost of revenue$6.6B$6.5B$6.2B$6.6B$7.5B
Gross profit$4.2B$3.4B$3.1B$3.2B$3.5B
R&D$0$0$0$0$0
SG&A$1.7B$1.9B$1.6B$1.8B$2.0B
Operating income$2.4B$1.4B$1.3B$1.3B$1.6B
EBITDA$3.2B$1.8B$1.7B$1.9B$2.2B
Pretax income$2.7B$1.3B$1.2B$1.2B$1.4B
Income tax$597.0M$264.0M$248.0M$273.0M$314.0M
Net income$2.0B$946.0M$854.0M$871.0M$992.0M
EPS, diluted$15.53$7.98$7.52$7.69$8.75
Diluted shares128.0M118.0M113.0M113.0M113.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$872.0M$315.0M$686.0M$549.0M$420.0M
Receivables$1.4B$1.2B$1.2B$1.3B$1.4B
Inventory$208.0M$192.0M$190.0M$188.0M$189.0M
Total current assets$2.7B$1.9B$2.4B$2.4B$2.4B
PP&E, net$2.3B$2.4B$2.4B$2.8B$2.9B
Goodwill & intangibles$8.3B$8.3B$8.9B$10.6B$10.6B
Total assets$13.6B$12.8B$14.0B$16.2B$16.2B
Accounts payable$357.0M$324.0M$378.0M$287.0M$1.6B
Total current liabilities$1.8B$1.6B$1.8B$2.2B$2.3B
Long-term debt$4.0B$4.0B$4.4B$5.6B$5.7B
Total liabilities$7.0B$6.8B$7.6B$9.3B$8.9B
Shareholders' equity$6.6B$6.0B$6.4B$6.9B$7.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.1B$1.0B$908.0M$921.0M$1.0B
Depreciation & amortization$408.0M$437.0M$439.0M$493.0M$570.0M
Stock-based compensation$79.0M$77.0M$77.0M$88.0M$88.0M
Change in working capital$87.0M$119.0M−$145.0M−$201.0M$50.0M
Operating cash flow$2.2B$1.7B$1.3B$1.3B$1.9B
Capital expenditure−$403.0M−$404.0M−$408.0M−$425.0M−$527.0M
Free cash flow$1.8B$1.3B$864.0M$909.0M$1.4B
Investing cash flow$21.0M−$543.0M−$1.1B−$2.5B−$631.0M
Net debt issued / repaid−$2.0M−$2.0M$748.0M$1.5B−$602.0M
Buybacks−$2.2B−$1.4B−$275.0M−$151.0M−$450.0M
Dividends paid−$309.0M−$305.0M−$314.0M−$331.0M−$353.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin39.0%34.7%33.0%32.9%33.2%
Operating margin22.1%14.4%13.6%13.6%14.1%
Net margin18.4%9.5%9.2%8.8%9.0%
FCF margin17.0%13.3%9.3%9.2%12.3%
ROE30.1%15.3%14.0%13.3%14.2%
ROIC17.9%11.0%8.9%7.8%8.8%
ROA14.4%7.1%6.4%5.8%6.1%
Debt / equity0.740.800.871.050.96
Interest coverage18.1x9.3x7.9x6.2x5.8x
Current ratio1.561.221.311.101.04
Revenue growth+14.3%−8.4%−6.4%+6.7%+11.8%
EPS growth+52.9%−48.5%−7.7%+2.0%+14.9%
P/E at year end10.0x18.0x17.5x19.2x19.5x
EV / EBITDA at year end7.6x11.7x11.4x12.3x11.9x
FCF yield at year end9.17%7.76%5.77%5.43%7.02%
Dividend payout15.5%32.4%36.8%38.0%35.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Diagnostic Information Services Business—$9.6B$9.0B$9.6B$10.8B
Routine clinical testing services$4.3B————
Gene-based and esoteric testing services$2.9B————
COVID-19 Testing Services$2.8B————
Anatomic pathology testing services$553.0M————
All other services$294.0M————
Other Segments—$274.0M$276.0M——

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $2.87 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.0B$12.0B – $12.1B$11.20$11.17 – $11.241121.0x
2027$12.6B$12.5B – $12.8B$12.04$11.80 – $12.321119.5x
2028$13.1B$12.9B – $13.3B$13.07$12.13 – $14.15818.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-21$2.37$2.50+5.5%$2.8B$2.9B+2.3%
2026-02-10$2.36$2.42+2.5%$2.8B$2.8B+1.9%
2025-10-21$2.50$2.60+4.0%$2.7B$2.8B+2.9%
2025-07-22$2.57$2.62+1.9%$2.7B$2.8B+1.3%
2025-04-22$2.15$2.21+2.8%$2.6B$2.7B+0.8%
2025-01-30$2.19$2.23+1.8%$2.6B$2.6B+1.6%
2024-10-22$2.26$2.30+1.8%$2.4B$2.5B+2.3%
2024-07-23$2.34$2.35+0.4%$2.4B$2.4B+0.3%
2024-04-23$1.86$2.04+9.7%$2.3B$2.4B+3.5%
2024-02-01$2.11$2.15+1.9%$2.3B$2.3B+1.5%
2023-10-24$2.19$2.22+1.4%$2.3B$2.3B+1.0%
2023-07-26$2.27$2.30+1.3%$2.3B$2.3B+3.7%
2023-04-27$1.97$2.04+3.6%$2.2B$2.3B+6.1%
2023-02-02$1.90$1.98+4.2%$2.3B$2.3B+3.4%
2022-10-20$2.19$2.36+7.8%$2.3B$2.5B+5.9%
2022-07-21$2.29$2.36+3.1%$2.3B$2.5B+4.8%
2022-04-21$2.97$3.22+8.4%$2.6B$2.6B−1.0%
2022-02-03$3.18$3.33+4.7%$2.7B$2.7B+2.6%
2021-10-21$2.88$3.96+37.5%$2.3B$2.8B+18.7%
2021-07-22$2.87$3.18+10.8%$2.3B$2.5B+13.2%
2021-04-22$3.71$3.76+1.3%$2.7B$2.7B+2.1%
2021-02-04$4.24$4.48+5.7%$2.8B$3.0B+6.0%
2020-10-22$3.73$4.31+15.5%$2.4B$2.8B+15.5%
2020-07-23$1.41$1.42+0.7%$1.8B$1.8B+0.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.206-290.307-060.307-130.607-200.507-270.208-030.308-100.308-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$340.3M1,421,32144,421
2026-08-24$302.5M1,239,23936,214
2026-08-17$341.6M1,417,81342,015
2026-08-10$264.4M1,115,38838,337
2026-08-03$240.2M1,022,65639,762
2026-07-27$463.7M1,979,96052,590

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1534.5%
DateShort shareShort volumeTotal volume
2026-10-1534.5%121,632352,771
2026-10-1433.9%144,639427,130
2026-10-1332.5%133,475411,274
2026-10-1228.7%122,140424,992
2026-10-0961.2%159,636260,711
2026-10-0867.9%227,061334,595
2026-10-0768.0%210,784310,078
2026-10-0641.1%291,597708,840
2026-10-0565.3%252,295386,335
2026-10-0235.1%152,370434,255
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.2Jan-1.2Feb+1.0Mar+3.5Apr+1.9May+1.4Jun+0.9Jul-0.7Aug-0.2Sep+0.4Oct+2.9Nov+1.0Dec
MonthAvg returnUp yearsYears
Jan−0.2%50%20
Feb−1.2%30%20
Mar+1.0%62%21
Apr+3.5%60%20
May+1.9%60%20
Jun+1.4%60%20
Jul+0.9%55%20
Aug−0.7%55%20
Sep−0.2%40%20
Oct+0.4%50%20
Nov+2.9%70%20
Dec+1.0%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1451.1
MFI53.3
ADX25.1
Stochastic %K / %D76.2 / 66.5
Williams %R-37.3
CCI78
TSI / signal-4.6 / -6.2
Chaikin money flow0.03
ATR$5.24
Bollinger width6.4%
Volume vs 20-day avg0.71x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$233.16 (+0.8%)
SMA 50$237.24 (−0.9%)
SMA 200$208.70 (+12.6%)
EMA 21$234.00 (+0.4%)
EMA 50$232.73 (+1.0%)
EMA 200$212.65 (+10.5%)
Bollinger upper$240.61 (−2.3%)
Bollinger lower$225.71 (+4.1%)
Parabolic SAR$225.78 (+4.1%)
Open the live chart, 110+ indicators

About Quest Diagnostics Incorporated

Quest Diagnostics Incorporated, founded in 1967 and headquartered in Secaucus, New Jersey, is a premier provider of diagnostic testing, information, and related services, serving clients both domestically and internationally. Its core business involves the development and provision of diverse diagnostic information services, such as routine, advanced clinical, and anatomic pathology testing. While primarily operating under the Quest Diagnostics brand, it also leverages specialized identities like AmeriPath, Dermpath Diagnostics, ExamOne, and Quanum to reach a broad spectrum of clients. Its extensive client base includes patients, clinicians, hospitals, integrated delivery networks, health plans, employers, and other direct healthcare entities. Delivery of these services is facilitated through a robust network comprising laboratories, patient service centers, in-office phlebotomists, call centers, and mobile health professionals including paramedics and nurses. Additionally, the company provides risk assessment services for the life insurance industry and offers comprehensive information technology solutions to healthcare organizations and clinicians.

https://www.questdiagnostics.com

Key executives

NameTitlePayBorn
James E. DavisChairman, Chief Executive Officer & President$3.7M1963
Sam A. SamadExecutive Vice President & Chief Financial Officer$1.5M1970
Catherine T. DohertyExecutive Vice President of Regional Businesses$1.3M1963
Karthik KuppusamySenior Vice President of Clinical Solutions$1.1M1970
Michael E. PrevoznikSenior Vice President & General Counsel$1.0M1962
Dan HaemmerleInterim VP of Investor Relations & VP Finance——
Garry ClarkSenior Vice President and Chief Marketing & Communications Officer——
Kristin Lee WallaceSenior Vice President & Chief Compliance Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
James E. Davis Chairman, Chief Executive Officer and President2025$1.2M$8.8M$2.2M$15.5M
Sam A. Samad Executive Vice President and Chief Financial Officer2025$693,269$2.2M$710,358$4.4M
Catherine T. Doherty Executive Vice President, Regional Businesses2025$643,269$1.7M$615,184$3.6M
Karthik Kuppusamy Senior Vice President, Clinical Solutions2025$568,269$1.1M$475,526$2.6M
Michael E. Prevoznik Senior Vice President and General Counsel2025$550,000$1.1M$438,323$2.6M

Employees

46k201847k201940k202040k202140k202240k202356k202457k2025

Dividends

Ex-dateAmountPaid
2026-10-06$0.862026-10-21
2026-07-08$0.862026-07-22
2026-04-06$0.862026-04-20
2026-01-13$0.82026-01-28
2025-10-03$0.82025-10-20
2025-07-07$0.82025-07-21
2025-04-07$0.82025-04-21
2025-01-14$0.752025-01-29

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage71
Intangibles37
Switching costs26
Network effect50
Efficient scale61
Our component scores (0-100) and overall 46.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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