Health Care · Health Care Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$235.00
52-week range
$168.35 – $247.92
Market cap
$26.3B
P/E (trailing)
24.9×
EV / EBITDA
14.2×
Free-cash-flow yield
5.1%
Dividend yield
1.4%
Revenue (last 12 months)
$11.6B
Revenue growth (3y a year)
3.7%
Operating margin
14.1%
Return on invested capital
10.0%
Net debt / EBITDA
2.3×
Fair value
Blended fair value$246.99 range $235 – $259
Versus priceFair+5% to fair value
Peer multiples
$263.22
Fundamentals-adjusted multiple
$285.49
10-year DCF (market-scaled)
$192.25
Earnings power value (floor, not blended)
$105.37
Model uncertainty
Medium
X-Ray Score
57/ 100 · High confidence · ahead of 67% of sector peers
Valuation63
Growth55
Profitability45
Financial health68
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Quest Diagnostics provides diagnostic testing and information services. It runs laboratories and patient service centers that perform routine and specialised tests for physicians, hospitals and employers, and it analyses results for health care organizations. The company earns money from payments by health insurers, government programs and patients for tests performed. Testing volumes, reimbursement rates and the efficiency of its laboratory network influence its results.
Sales came to $11.6 billion in the last twelve months, having expanded at 3.7% a year across the last three years. Its operating margin came to 14.1%, and return on invested capital was 10%. Net debt stands at 2.3 times EBITDA. The company pays a dividend, yielding 1.4%.
StocksXray gives Quest Diagnostics Inc an X-Ray Score of 57 out of 100 (high confidence), ahead of 67% of the S&P 500 stocks in its sector. Its strongest lens is financial health (68) and its weakest is profitability (45).
Our fair value blend is $246.99 (range $235.25 to $259.37). At $235.00 the stock trades 5% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Quest Diagnostics Inc (DGX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$156.34
$144.84
$130.28
$145.62
$170.66
$235.00
Market cap
$20.0B
$17.1B
$14.7B
$16.5B
$19.3B
$26.3B
P/E
10.1×
18.2×
17.4×
18.9×
19.5×
24.9×
EV / revenue
2.1×
2.1×
2.0×
2.2×
2.2×
2.7×
EV / EBITDA
8.3×
11.1×
11.0×
12.0×
11.6×
14.3×
Price / free cash flow
10.9×
13.0×
17.0×
18.1×
14.2×
19.5×
Free-cash-flow yield
9.1%
7.7%
5.9%
5.5%
7.0%
5.1%
Price / book
3.1×
2.9×
2.3×
2.4×
2.7×
3.5×
Dividend yield
–
–
–
–
–
1.44%
Fundamentals checklist ● 5 Good · ● 10 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.0%Good
Free-cash-flow yield5.1%Average
Risk models
Altman Z score3.9×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)3.2%Average
Free-cash-flow growth (3y)1.1%Average
Revenue growth (3y)3.7%Average
Growth consistency100%Good
Balance sheet
Current ratio1.6×Average
Net debt / EBITDA2.3×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.1×Average
EBIT / EV yield5.2%Good
Profitability
Return on invested capital10.0%Average
Operating margin14.1%Average
Gross profitability22.6%Bad
XStocksXray
Quest Diagnostics Inc (DGX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
10,788
9,883
9,252
9,872
11,035
11,560
Gross profit
4,209
3,433
3,053
3,244
3,665
3,828
Operating income
2,381
1,428
1,262
1,346
1,556
1,630
Net income
1,995
946
854
871
992
1,062
Diluted EPS ($)
15.55
7.97
7.49
7.69
8.75
9.44
Free cash flow
1,830
1,314
864
909
1,359
1,349
Gross margin
39.0%
34.7%
33.0%
32.9%
33.2%
33.1%
Operating margin
22.1%
14.4%
13.6%
13.6%
14.1%
14.1%
Net margin
18.5%
9.6%
9.2%
8.8%
9.0%
9.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,611
12,837
14,022
16,153
16,225
16,939
Cash
872
315
686
549
420
626
Total debt
4,012
3,980
4,713
6,217
5,671
5,642
Equity
6,444
5,893
6,307
6,778
7,170
7,516
Dividend per share ($)
–
–
–
–
–
3.32
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.