Health Care · Health Care Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$317.95
52-week range
$242.07 – $341.06
Market cap
$26.1B
P/E (trailing)
26.3×
EV / EBITDA
14.5×
Free-cash-flow yield
4.4%
Dividend yield
0.9%
Revenue (last 12 months)
$14.3B
Revenue growth (3y a year)
5.6%
Operating margin
10.4%
Return on invested capital
8.3%
Net debt / EBITDA
2.6×
Fair value
Blended fair value$302.58 range $290 – $314
Versus priceFair−5% to fair value
Peer multiples
$331.11
Fundamentals-adjusted multiple
$379.39
10-year DCF (market-scaled)
$197.22
Earnings power value (floor, not blended)
$135.47
Model uncertainty
Medium
X-Ray Score
46/ 100 · High confidence · ahead of 35% of sector peers
Valuation52
Growth42
Profitability32
Financial health57
Dividends50
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Labcorp provides clinical laboratory testing and drug development services. Doctors, hospitals, health systems, employers and individual patients use its diagnostic testing network, which covers routine blood work as well as specialised genetic and cancer tests, while pharmaceutical and biotechnology companies use its laboratory and clinical trial services to bring new medicines to patients. The company is organised into a diagnostics business and a biopharma services business.
Labcorp earns revenue from fees for patient tests, paid by insurers, government programmes, employers and patients, and from research services. Sales for the last twelve months came to $14.3 billion, up 5.6% a year across the last three years. The operating margin is 10.4%, and the business earns a profit of 8% on the capital invested in it. It has net debt of 2.6 times EBITDA. The company pays a dividend with a yield of 0.9%.
StocksXray gives Labcorp Holdings Inc. an X-Ray Score of 46 out of 100 (high confidence), ahead of 35% of the S&P 500 stocks in its sector. Its strongest lens is financial health (57) and its weakest is profitability (32).
Our fair value blend is $302.58 (range $290.45 to $313.62). At $317.95 the stock trades 5% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Labcorp Holdings Inc. (LH)
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
$255.96
$193.48
$220.24
$225.13
$249.03
$317.95
Market cap
$25.0B
$17.7B
$19.3B
$19.0B
$20.9B
$26.1B
P/E
10.5×
13.8×
46.2×
25.5×
23.8×
26.3×
EV / revenue
2.2×
1.9×
2.0×
1.8×
1.9×
2.2×
EV / EBITDA
8.0×
11.5×
18.3×
13.8×
12.5×
14.5×
Price / free cash flow
9.3×
11.6×
22.1×
17.3×
17.3×
22.6×
Free-cash-flow yield
10.8%
8.6%
4.5%
5.8%
5.8%
4.4%
Price / book
2.4×
1.8×
2.4×
2.4×
2.4×
3.0×
Dividend yield
–
1.12%
1.31%
1.28%
1.16%
0.91%
Fundamentals checklist ● 2 Good · ● 10 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.4%Average
Free-cash-flow yield4.4%Average
Risk models
Altman Z score3.6×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−9.2%Bad
Free-cash-flow growth (3y)−7.6%Bad
Revenue growth (3y)5.6%Average
Growth consistency100%Good
Balance sheet
Current ratio1.8×Average
Net debt / EBITDA2.6×Average
Interest cover6.6×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.7%Average
Profitability
Return on invested capital8.3%Average
Operating margin10.4%Bad
Gross profitability22.4%Bad
XStocksXray
Labcorp Holdings Inc. (LH)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
13,136
11,864
12,162
13,009
13,952
14,348
Gross profit
4,992
3,709
3,365
3,624
4,013
4,144
Operating income
3,049
1,437
726
1,087
1,385
1,497
Net income
2,377
1,279
418
746
877
1,003
Diluted EPS ($)
24.39
13.97
4.77
8.84
10.46
12.07
Free cash flow
2,688
1,527
874
1,096
1,206
1,155
Gross margin
38.0%
31.3%
27.7%
27.9%
28.8%
28.9%
Operating margin
23.2%
12.1%
6.0%
8.4%
9.9%
10.4%
Net margin
18.1%
10.8%
3.4%
5.7%
6.3%
7.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
20,385
20,155
16,725
18,379
18,393
18,532
Cash
1,473
321
537
1,519
532
142
Total debt
5,420
5,342
5,056
6,332
5,585
5,859
Equity
10,273
10,097
7,875
8,052
8,620
8,607
Dividend per share ($)
–
2.16
2.88
2.88
2.88
2.88
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.