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Not Investment Advice

LH

NYSE · USD
Labcorp Holdings Inc.
Healthcare · Medical - Diagnostics & Research
CEO Adam H. Schechter Employees 71,000 R&D / revenue 0.0%
Last price
$317.95−2.19%last session
Market cap
$25.8B
P/E (TTM)
26.1x
From 52w high
−7.0%
From 52w low
+30.0%
1-year return
+13.2%
RSI 14 · vs SMA200
53.1 · +12.6%
IS score
62.1/ 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

LH   SPY   XLV (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116LH 113

Score DNA

Each bar is a 0-100 score within the scored universe
37
Profitability
62
Growth
53
Value
89
Momentum
80
Risk (safety)
73
Quality
50
Balance sheet
76
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for LH (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 8 / 9Altman Z 3.2Beta 0.853 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
9 open-market sales, $5.0M
Form 144 notices (12m): 17, $13.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
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
+27
109 new holders, 74 closed
1,051 filers hold 97.9% · 359 added, 393 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+35
934 funds adding shares
899 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.4%
20-day avg 46.7%, 50-day avg 52.7%
Latest 8.7 pp over 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$14.0B
Revenue growth YoY+7.2%
Gross margin26.8%
Operating income$1.5B
Operating margin10.9%
Net income$876.5M
Net margin6.3%
EPS (diluted)$10.46
Cash flow
Operating cash flow$1.6B
Capital expenditure$434.5M
Free cash flow$1.2B
FCF conversion (FCF / OCF)73.5%
Stock-based compensation$125.8M
FCF less SBC$1.1B
Buybacks$450.0M
Dividends$240.7M
Balance sheet & returns
Cash & short-term investments$532.3M
Total debt$6.5B
Net debt$5.9B
Shareholders' equity$8.6B
Goodwill & intangibles$10.4B
Debt / equity0.79
ROE (TTM)11.6%
ROIC (TTM)7.9%
Operating margin by fiscal year
20.2%FY202111.8%FY20226.0%FY20238.4%FY202410.7%FY2025
Revenue $13.1B (FY2021) to $14.0B (FY2025), a 1.5% CAGR.

Valuation

P/E (TTM)26.1x
EV / EBITDA15.1x
Price / sales1.80x
Price / FCF22.3x
FCF yield4.48%
Buyback yield1.75%
SBC / revenue0.9%
Price / book3.02x
Forward P/E FY202617.3x
Forward P/E FY202716.0x
Forward P/E FY202814.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $343.25 across 8 analysts last quarter is theirs, not ours.

LH vs industry median

126 companies in Medical - Diagnostics & Research
Gross margin 27.8% 48.5% Operating margin 11.3% -9.4% Net margin 7.0% -9.5% ROIC 7.9% -2.5%
LH (TTM)Industry median Asset turnover 0.77 vs industry 0.54 · financial leverage 2.15

Earnings delivery

Next report 2026-10-28 · consensus EPS $4.65
100%
beat rate, 12 of 12 quarters
+2.9%
median EPS surprise
12
longest beat streak
+0+0+6+4+1+2+3+4+1+3+3+4
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LH Labcorp Holdings Inc. $25.8B26.1x11.6%7.0%+7.2% +13.2%
DGX Quest Diagnostics Incorporat $25.9B24.6x14.4%10.5%+9.9% +25.8%
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

2026-09-30Regulation FD; Exhibits
2026-09-22Regulation FD
2026-09-10Regulation FD; Exhibits
2026-08-28Regulation FD; Exhibits
2026-08-17Regulation FD; Exhibits
2026-08-14Officer/Director Change

Context

Shares outstanding81,100,000
Free float99.6%
Institutional ownership97.9%
Beta0.85
Dividend yield0.91%
Last dividend$0.72 on 2026-08-28
50 / 200-day average$320.40 / $283.06
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 LH 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

MeasureLHIndustry medianIndustry percentileSector median
P/E (TTM) 25.7x 35.5x
12th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 2.73 2.73
50th		 1.28
Price / sales 1.8x 5.7x
10th		 3.7x
Price / book 3.0x 4.1x
41st		 3.6x
Price / tangible book —
Price / free cash flow 22.3x 34.4x
26th		 21.2x
Price / operating cash flow 15.7x 26.0x
17th		 17.1x
Enterprise value $32.4B $16.3B
69th		 $2.5B
EV / sales 2.3x 5.9x
17th		 3.8x
EV / EBITDA 15.1x 25.4x
19th		 16.2x
EV / EBIT 22.3x 29.2x
18th		 23.0x
EV / free cash flow 28.1x 35.1x
32nd		 24.6x
Earnings yield 3.9% 1.7%
93rd		 -0.3%
FCF yield 4.5% 2.5%
83rd		 1.7%
Operating cash flow yield 6.4% 3.2%
86th		 2.9%
Graham number (per share) $169.90 $65.89
94th		 $26.70

Profitability (TTM)

MeasureLHIndustry medianIndustry percentileSector median
Gross margin 27.8% 52.9%
17th		 65.1%
EBITDA margin 15.0% 15.0%
48th		 6.6%
Operating margin 11.3% 11.0%
52nd		 3.5%
EBIT margin 10.1% 9.1%
52nd		 2.4%
Net margin 7.0% 7.5%
48th		 0.3%
NOPAT margin 9.2% 9.5%
48th		 2.7%
FCF margin 8.1% 9.2%
38th		 4.3%
Operating cash flow margin 11.4% 15.0%
34th		 7.1%
R&D / revenue 0.0% 7.2%
0th		 12.4%
SG&A / revenue 15.5% 29.8%
14th		 37.9%
Stock comp / revenue 0.9% 1.8%
18th		 4.5%
Effective tax rate 18.7% 20.5%
38th		 21.0%

Returns on capital

MeasureLHIndustry medianIndustry percentileSector median
ROE (on average equity) 11.7% 4.7%
63rd		 0.8%
ROA 5.5% 3.2%
66th		 -0.3%
ROIC 8.6% 5.6%
62nd		 5.5%
ROCE 8.9% 4.0%
69th		 2.3%
Return on tangible assets 8.0% 3.5%
66th		 1.7%
Cash ROIC (OCF / invested capital) 10.8% 11.8%
45th		 9.7%
Gross profitability (GP / assets) 21.6% 22.3%
45th		 29.9%
ROIC, 3-yr average 5.1% 3.7%
58th		 2.6%
ROIC, 5-yr average 6.9% 5.7%
62nd		 3.2%
ROE, 5-yr average 11.0% 3.1%
72nd		 -4.9%
Incremental ROIC 196.1% -3.0%
93rd		 17.2%

Growth

MeasureLHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 6.4% 8.1%
36th		 10.5%
Revenue growth (QoQ) 5.5% 8.1%
34th		 7.2%
Revenue CAGR, 3 yr 4.4% 4.9%
44th		 10.7%
Revenue CAGR, 5 yr -2.6% 7.0%
15th		 12.1%
Gross profit CAGR, 3 yr 4.0% 5.3%
44th		 10.6%
Operating income CAGR, 3 yr 15.1% 6.4%
87th		 11.7%
Net income growth (TTM YoY) 31.3% 11.8%
81st		 17.5%
Net income CAGR, 3 yr 6.5% 6.7%
42nd		 11.3%
EPS growth (TTM YoY) 34.7% 15.1%
81st		 19.2%
EPS CAGR, 3 yr 9.4% 9.3%
58th		 14.0%
EPS CAGR, 5 yr -16.1% -1.0%
14th		 8.1%
FCF growth (TTM YoY) -8.4% 12.4%
28th		 18.6%
FCF CAGR, 3 yr 2.6% 7.7%
36th		 15.4%
Operating cash flow CAGR, 3 yr 3.2% 8.0%
35th		 11.9%
Book value CAGR, 3 yr 2.1% 2.6%
44th		 2.1%
Dividend CAGR, 3 yr 2.3% 2.5%
40th		 2.2%
Sustainable growth rate 8.9% 10.3%
38th		 12.2%

Margin history & stability

MeasureLHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 28.0% 53.7%
14th		 62.6%
Operating margin, 3-yr average 8.7% 8.7%
50th		 1.0%
Net margin, 3-yr average 5.4% 4.1%
54th		 -2.6%
FCF margin, 3-yr average 8.1% 10.5%
46th		 3.2%
Revenue stability (0-1) 0.22 0.82
11th		 0.80
Earnings stability (0-1) 0.60 0.46
68th		 0.37
Margin stability (0-1) 0.84 0.93
18th		 0.93

Liquidity (latest quarter)

MeasureLHIndustry medianIndustry percentileSector median
Cash & short-term investments $141.8M $520.8M
10th		 $330.9M
Net cash (− = net debt) −$6.6B −$874.6M
10th		 $8.4M
Working capital $1.7B $404.8M
86th		 $381.1M
Current ratio 1.80 2.13
34th		 3.02
Quick ratio 1.53 1.77
45th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.07 0.96
3rd		 1.43
Defensive interval (days) 406 days 466 days
38th		 415 days

Leverage & solvency (latest quarter)

MeasureLHIndustry medianIndustry percentileSector median
Total debt $6.8B $1.7B
90th		 $289.1M
Debt / equity 0.79 0.50
74th		 0.45
Net debt / equity 0.77 0.30
85th		 −0.13
Debt / assets 36.5% 28.5%
69th		 24.4%
Debt / capital 44.0% 33.6%
71st		 31.1%
Debt / EBITDA 3.14 3.30
48th		 2.62
Net debt / EBITDA 3.08 2.39
62nd		 1.42
Interest coverage (EBIT / interest) 6.4x 2.9x
72nd		 2.1x
Cash interest coverage 7.2x 6.7x
56th		 3.6x
Debt payback (years of OCF) 4.1 yrs 3.8 yrs
61st		 2.7 yrs
Liabilities / assets 53.5% 45.2%
69th		 49.8%
IS credit model rating A — —
Implied credit spread (bps) 150 175
34th		 225

Efficiency

MeasureLHIndustry medianIndustry percentileSector median
Asset turnover 0.78 0.56
76th		 0.56
Fixed asset turnover 4.63 4.31
59th		 4.87
Inventory turnover 19.3 7.2
92nd		 2.7
Receivables turnover 6.4 6.5
45th		 6.4
Days sales outstanding 57 days 56 days
55th		 57 days
Days inventory outstanding 19 days 51 days
8th		 136 days
Days payables outstanding 26 days 45 days
28th		 59 days
Cash conversion cycle (days) 50 days 67 days
24th		 70 days
Capex / revenue 3.4% 3.4%
48th		 2.6%
Capex / depreciation 0.69 0.69
52nd		 0.55
Operating expense ratio 17.7% 45.1%
10th		 56.5%

Cash flow & earnings quality

MeasureLHIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.63 1.58
59th		 1.61
FCF / net income 1.15 1.14
59th		 1.36
FCF / operating cash flow 70.5% 76.8%
39th		 81.2%
Capex / operating cash flow 29.5% 23.2%
61st		 18.8%
Accruals ratio -3.5% -4.3%
66th		 -5.4%
Sloan accruals ratio -2.1% -1.5%
45th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
24th		 0.75

Dividends & buybacks

MeasureLHIndustry medianIndustry percentileSector median
Dividend yield 0.9% 0.0%
93rd		 0.0%
Dividend per share (TTM) $2.88 $0.00
97th		 $0.00
Payout ratio (dividends / net income) 23.9% 0.0%
88th		 0.0%
Dividends / FCF 20.7% 0.0%
95th		 0.0%
Dividend growth (YoY) 1.3% 5.0%
20th		 4.5%
Buyback yield 2.7% 0.9%
83rd		 0.0%
Shareholder yield (dividends + buybacks) 3.6% 1.1%
86th		 0.0%
Share count change (YoY) -2.5% -0.7%
29th		 2.0%
Buybacks, last 5 years $2.4B $129.7M
69th		 $0

Scores & forensic checks

MeasureLHIndustry medianIndustry percentileSector median
IS score 62 50
66th		 46
IS profitability 37 36
52nd		 22
IS growth 62 55
61st		 60
IS value 53 40
90th		 39
IS momentum 89 72
89th		 67
IS risk (safety) 80 80
38th		 80
IS quality 73 62
66th		 49
IS balance sheet 50 51
48th		 55
IS earnings quality 76 69
83rd		 56
IS cash flow 51 50
52nd		 41
Piotroski F-score (0-9) 8 6
76th		 5
Altman Z-score 3.2 3.4
38th		 3.2
Beneish M-score −2.52 −2.60
71st		 −2.62
Ohlson O-score −8.31 −8.12
45th		 −7.16
IS credit score 71 67
62nd		 62

Per share

MeasureLHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $12.22 $1.54
86th		 −$0.03
Book value per share $104.96 $17.72
90th		 $7.10
Tangible book per share −$25.52 $0.32
21st		 $1.91
Revenue per share $174.98 $26.05
97th		 $9.38
FCF per share $14.09 $2.08
79th		 $0.46
Operating cash flow per share $19.98 $3.59
86th		 $0.93
Cash per share $1.73 $6.18
10th		 $3.51

Size (TTM)

MeasureLHIndustry medianIndustry percentileSector median
Market cap $25.8B $13.8B
66th		 $2.4B
Revenue $14.3B $2.5B
90th		 $770.2M
EBITDA $2.2B $438.4M
90th		 $56.1M
Net income $1.0B $139.0M
79th		 −$3.3M
Free cash flow $1.2B $268.0M
76th		 $41.2M
Total assets $18.5B $3.4B
86th		 $1.3B
Shareholders' equity $8.6B $1.5B
86th		 $568.4M
Employees 71,000 6,319
93rd		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-01Caveney Brian J
EVP, Pres of BLS, CMO & CSO
 Award / grant 3,000——7,170
2026-09-01Oyegunwa Akinbolade
EVP, CIO & CTO
 Award / grant 750——2,940
2026-09-01Meltzer Jonathan C
EVP, COO
 Award / grant 900——3,594
2026-09-01Vaughn Bryan T
EVP and President, Diagnostics
 Award / grant 1,500——5,204
2026-08-17Anderson Kerrii B
Director
 Open-market sale 3,000$318.02$954,0606,563
2026-08-11Schechter Adam H
Director, President & CEO
 Open-market sale 4,669$320.37$1.5M102,565
2026-08-04Summy Amy B.
EVP, Chief Marketing Officer
 Open-market sale 924$306.74$283,4286,956
2026-08-03Wilkinson Peter J
SVP, Chief Accounting Officer
 Open-market sale 82$309.22$25,3561,770
2026-08-03Wilkinson Peter J
SVP, Chief Accounting Officer
 Option exercise 1,338$209.25$279,9763,108
2026-08-03Wilkinson Peter J
SVP, Chief Accounting Officer
 Open-market sale 1,338$309.23$413,7511,770
2026-08-03Wilkinson Peter J
SVP, Chief Accounting Officer
 Option exercise 1,338$209.25$279,9760
2026-07-02Kyle Kathryn W
EVP, Chief Legal Officer
 Open-market sale 92$286.19$26,3293,904

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired46,150—
Open-market saleDisposed917,004$5.0M
Option exerciseAcquired31,921$279,976
Option exerciseDisposed31,921$279,976
Tax withholdingDisposed2166$47,124
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 17 notices · 49,942 shares · $13.8M
FiledFilerShares proposedEst. proceeds
2026-08-11Schechter Adam H4,669$1.5M
2026-08-04Summy Amy B.924$283,428
2026-07-02Vaughn Bryan T234$66,968
2026-07-02Kyle Kathryn W92$26,329
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 30 trades (17 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-25April DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-07April DelaneyHouseSale$1,001 - $15,0002026-09-10
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2023-08-22Dan SullivanSenateSale$1,001 - $15,0002023-09-22
2023-08-22Dan SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
2023-08-22Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-09-21
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.6,574,261$1.8B8.11%
VANGUARD CAPITAL MANAGEMENT LLC5,362,254$1.5B6.61%
VICTORY CAPITAL MANAGEMENT INC4,837,573$1.4B5.96%
STATE STREET CORP3,907,656$1.1B4.82%
VANGUARD PORTFOLIO MANAGEMENT LLC3,678,798$1.0B4.54%
Boston Partners2,990,969$837.2M3.69%
Allspring Global Investments Holdings, LLC2,191,681$622.2M2.70%
GEODE CAPITAL MANAGEMENT, LLC2,188,890$610.4M2.70%
FMR LLC1,904,870$533.4M2.35%
MORGAN STANLEY1,546,711$433.1M1.91%
DIMENSIONAL FUND ADVISORS LP1,367,166$382.8M1.69%
Invesco Ltd.1,237,676$346.5M1.53%
JPMORGAN CHASE & CO1,134,585$317.2M1.40%
NORDEA INVESTMENT MANAGEMENT AB915,939$254.7M1.13%
WELLINGTON MANAGEMENT GROUP LLP855,596$239.6M1.05%

Institutional ownership by quarter

2023-092026-0697.9%
% of shares held by 13F filers
2023-092026-061,051
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,05197.9%10935939374
2026-03-311,02495.7%10733437786
2025-12-311,01898.0%142307387103
2025-09-3099594.8%10631237959
2025-06-3096398.4%10333936192
2025-03-3196795.7%11733234949
2024-12-3191495.8%11933533393
2024-09-3090993.7%15829830359
2024-06-3081694.1%814000
2024-03-3130.0%2004
2023-12-3150.0%2110
2023-09-3030.0%0300

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-28SCHEDULE 13GVanguard Capital Management7.5%6,201,512
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-04-24SCHEDULE 13G/ABlackRock, Inc.7.6%6,331,017
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$793.2M
VTI0.03%$793.2M
VSMPX0.03%$793.2M
VTSAX0.03%$793.2M
VFFSX0.04%$655.9M
VOO0.04%$655.9M

Share structure

Shares outstanding81,100,000
Float80,773,978
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$13.1B$11.9B$12.2B$13.0B$14.0B
Cost of revenue$8.1B$8.2B$8.8B$9.4B$10.2B
Gross profit$5.0B$3.7B$3.4B$3.6B$3.7B
R&D$0$0$2.0M$0$0
SG&A$1.7B$2.0B$2.0B$2.2B$2.2B
Operating income$3.0B$1.4B$725.6M$1.1B$1.5B
EBITDA$3.7B$2.0B$1.3B$1.8B$2.0B
Pretax income$2.9B$1.2B$568.9M$959.5M$1.1B
Income tax$690.0M$233.9M$188.5M$212.4M$229.8M
Net income$2.4B$1.3B$418.0M$746.0M$876.5M
EPS, diluted$24.38$13.96$4.77$8.84$10.46
Diluted shares97.5M91.6M87.6M84.4M83.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$320.6M$536.8M$1.5B$532.3M
Receivables$3.0B$2.0B$2.1B$2.1B$2.3B
Inventory$401.4M$470.6M$474.6M$493.2M$534.7M
Total current assets$5.3B$4.6B$3.8B$4.8B$4.0B
PP&E, net$2.8B$2.8B$2.9B$3.0B$3.1B
Goodwill & intangibles$11.7B$9.2B$9.5B$9.9B$10.4B
Total assets$20.4B$20.2B$16.7B$18.4B$18.4B
Accounts payable$621.3M$852.2M$827.5M$875.8M$840.8M
Total current liabilities$2.8B$3.1B$3.2B$3.3B$2.8B
Long-term debt$5.4B$5.0B$4.1B$5.3B$5.8B
Total liabilities$10.1B$10.0B$8.8B$10.3B$9.8B
Shareholders' equity$10.3B$10.1B$7.9B$8.1B$8.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.4B$1.0B$379.2M$746.0M$877.7M
Depreciation & amortization$577.0M$537.2M$577.3M$643.5M$681.1M
Stock-based compensation$132.9M$116.8M$128.7M$116.7M$125.8M
Change in working capital−$263.7M−$603.4M−$361.9M−$154.1M−$526.1M
Operating cash flow$3.1B$2.0B$1.3B$1.6B$1.6B
Capital expenditure−$460.4M−$481.9M−$453.6M−$489.9M−$434.5M
Free cash flow$2.6B$1.5B$874.1M$1.1B$1.2B
Investing cash flow−$884.6M−$1.7B−$1.2B−$1.4B−$1.2B
Net debt issued / repaid−$375.0M$0−$300.0M$1.0B−$775.0M
Buybacks−$1.7B−$1.2B−$1.0B−$250.1M−$450.0M
Dividends paid$0−$195.2M−$254.0M−$243.1M−$240.7M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin34.9%30.2%27.7%27.9%28.2%
Operating margin20.2%11.8%6.0%8.4%10.7%
Net margin14.7%9.6%3.4%5.7%6.3%
FCF margin16.4%11.0%7.0%8.4%8.6%
ROE24.1%12.6%4.7%9.4%10.5%
ROIC16.4%8.1%3.7%6.1%7.8%
ROA11.8%6.3%2.3%4.3%4.8%
Debt / equity0.620.620.760.900.84
Interest coverage15.7x8.5x5.4x5.6x5.9x
Current ratio1.921.501.171.441.42
Revenue growth+15.3%−17.1%−9.0%+7.0%+7.2%
EPS growth+56.1%−41.8%−65.7%+80.0%+18.9%
P/E at year end10.4x13.6x45.1x25.6x23.8x
EV / EBITDA at year end6.9x10.8x14.7x13.7x13.7x
FCF yield at year end10.68%8.50%4.50%5.74%5.78%
Dividend payout0.0%15.3%60.8%32.6%27.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
LabCorp Diagnostics$10.4B$9.2B$9.4B$10.1B$10.9B
Diagnostics—$9.2B———
Covance Drug Development$5.8B$5.7B$2.8B——
Drug Development—$5.7B———

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $4.65 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$14.8B$14.7B – $14.8B$18.35$18.13 – $18.461017.3x
2027$15.5B$15.3B – $15.7B$19.83$18.87 – $20.261216.0x
2028$16.2B$16.2B – $16.3B$21.60$19.42 – $24.45814.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$4.78$4.99+4.4%$3.7B$3.7B+0.6%
2026-04-30$4.11$4.25+3.4%$3.5B$3.5B+0.8%
2026-02-17$3.95$4.07+3.0%$3.6B$3.5B−1.2%
2025-10-28$4.13$4.18+1.2%$3.6B$3.6B+0.2%
2025-07-24$4.17$4.35+4.3%$3.5B$3.5B+1.2%
2025-04-29$3.74$3.84+2.7%$3.4B$3.3B−1.6%
2025-02-06$3.39$3.45+1.8%$3.3B$3.3B+0.7%
2024-10-24$3.47$3.50+0.9%$3.3B$3.3B+0.6%
2024-08-01$3.78$3.94+4.2%$3.2B$3.2B+1.1%
2024-04-25$3.48$3.68+5.7%$3.1B$3.2B+1.9%
2024-02-15$3.29$3.30+0.3%$3.0B$3.0B+0.5%
2023-10-26$3.37$3.38+0.3%$3.0B$3.1B+2.2%
2023-07-27$3.47$3.42−1.4%$3.2B$3.0B−3.8%
2023-04-25$3.99$3.82−4.3%$3.7B$3.8B+2.3%
2023-02-16$4.06$4.14+2.0%$3.7B$3.7B−1.8%
2022-10-27$4.67$4.68+0.2%$3.8B$3.6B−4.8%
2022-07-28$4.70$4.95+5.3%$3.8B$3.7B−1.5%
2022-04-28$5.98$6.11+2.2%$4.0B$3.9B−2.6%
2022-02-10$5.80$6.77+16.7%$3.9B$4.1B+3.6%
2021-10-28$4.92$6.82+38.6%$3.6B$4.1B+12.7%
2021-07-29$5.53$6.13+10.8%$3.8B$3.8B0.0%
2021-04-29$7.43$8.79+18.3%$3.9B$4.2B+5.9%
2021-02-11$8.11$10.56+30.2%$3.1B$4.5B+43.3%
2020-10-27$5.31$8.41+58.4%$2.5B$3.9B+58.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.206-220.306-290.207-060.307-130.407-200.607-270.308-030.208-100.408-170.408-240.308-31
Week ofNotionalSharesTrades
2026-08-31$279.4M842,52441,854
2026-08-24$373.4M1,108,29841,532
2026-08-17$387.8M1,177,79853,865
2026-08-10$238.6M744,04235,222
2026-08-03$284.4M910,25640,595
2026-07-27$590.2M1,906,27762,884

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.4%
DateShort shareShort volumeTotal volume
2026-10-1555.4%115,778208,931
2026-10-1450.8%113,779224,090
2026-10-1344.9%68,704153,018
2026-10-1245.2%59,724132,198
2026-10-0931.5%73,282232,396
2026-10-0841.6%114,336274,899
2026-10-0752.7%126,297239,430
2026-10-0643.9%163,651373,103
2026-10-0558.0%144,061248,429
2026-10-0238.6%87,115225,430
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.7Jan+1.3Feb-0.9Mar+2.9Apr+0.8May+2.5Jun+0.8Jul-0.6Aug-1.2Sep+0.4Oct+2.3Nov+0.4Dec
MonthAvg returnUp yearsYears
Jan+1.7%65%20
Feb+1.3%55%20
Mar−0.9%67%21
Apr+2.9%60%20
May+0.8%60%20
Jun+2.5%70%20
Jul+0.8%45%20
Aug−0.6%45%20
Sep−1.2%45%20
Oct+0.4%65%20
Nov+2.3%75%20
Dec+0.4%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1453.1
MFI78.3
ADX14.1
Stochastic %K / %D82.3 / 81.4
Williams %R-38.5
CCI134
TSI / signal0.9 / -5.5
Chaikin money flow0.06
ATR$7.14
Bollinger width6.6%
Volume vs 20-day avg0.98x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$312.14 (+1.9%)
SMA 50$320.22 (−0.7%)
SMA 200$282.39 (+12.6%)
EMA 21$315.10 (+0.9%)
EMA 50$312.70 (+1.7%)
EMA 200$288.67 (+10.1%)
Bollinger upper$322.38 (−1.4%)
Bollinger lower$301.91 (+5.3%)
Parabolic SAR$306.53 (+3.7%)
Open the live chart, 110+ indicators

About Labcorp Holdings Inc.

Labcorp Holdings, Inc. offers vital diagnostic laboratory services, enabling medical professionals, healthcare facilities, pharmaceutical firms, scientific investigators, and patients to make well-informed and confident choices. The company commenced operations on April 16, 2024, and its main office is situated in Burlington, NC.

https://www.labcorp.com

Key executives

NameTitlePayBorn
Adam H. SchechterPresident, Chief Executive Officer & Chairman$4.2M1965
Julia WangChief Financial Officer & Executive Vice President$1.7M1972
Anita Z. GrahamExecutive Vice President & Chief Human Resources Officer$1.6M1971
Brian J. CaveneyExec VP, President of Biopharma Laboratory Services & Chief Medical and Scientific Officer$1.5M1974
Megan D. BaileyExecutive VP and President of Central Laboratory Services & International Labcorp$1.2M1980
Akinbolade OyegunwaExecutive Vice President and Chief Information & Technology Officer$876,6161983
Dewey SteadmanSenior Vice President of Investor Relations——
Jonathan C. MeltzerEVP & Chief Operations Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
ADAM H. SCHECHTER President and Chief Executive Officer2025$1.4M$11.4M$2.1M$18.3M
JULIA A. WANG Executive Vice President and Chief Financial Officer2025$737,500$2.7M$706,755$5.0M
MARK S. SCHROEDER Former Executive Vice President and President, Diagnostics and Chief Operations Officer2025$748,461$2.5M$727,399$4.8M
BRIAN J. CAVENEY Executive Vice President and President, Early Development Research Laboratories and Chief Medical and Scientific Officer2025$748,461$2.3M$719,907$4.4M
MEGAN D. BAILEY Executive Vice President and President, Central Laboratories and International2025$568,500$1.3M$547,622$2.7M

Employees

61k201865k201972k202076k202180k202267k202370k202471k2025

Dividends

Ex-dateAmountPaid
2026-08-28$0.722026-09-11
2026-05-29$0.722026-06-11
2026-02-27$0.722026-03-12
2025-11-26$0.722025-12-11
2025-08-28$0.722025-09-11
2025-05-29$0.722025-06-11
2025-02-27$0.722025-03-12
2024-11-26$0.722024-12-13

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage57
Intangibles33
Switching costs33
Network effect32
Efficient scale61
Our component scores (0-100) and overall 41.9; 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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