A Business at a Glance
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LABCORP HOLDINGS INC.
LH
$24.9B
Mkt Cap
$296.77
+1.98%
LABCORP HOLDINGS INC. (LH) has a current P/E ratio of 28.4, compared to its historical median P/E of 15.8. The stock is currently considered Expensive based on its historical valuation range.
LABCORP HOLDINGS INC. (LH) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
LABCORP HOLDINGS INC. (LH) has a market capitalization of $24.4B. It is classified as a large-cap stock.
Yes, LABCORP HOLDINGS INC. (LH) pays a dividend with a trailing twelve-month yield of 0.98%. The company also returns capital through share buybacks, with a buyback yield of 2.24%.
Based on historical P/E analysis, LABCORP HOLDINGS INC. (LH) appears expensive. The current P/E of 28.4 is 80% above its historical median of 15.8. The estimated fair value CAGR (P/E method) is -3.2%.
LABCORP HOLDINGS INC. (LH) operates in the Services-Medical Laboratories industry, within the Healthcare sector.
LABCORP HOLDINGS INC. (LH) reported annual revenue of $14.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Labcorp is a global leader in laboratory diagnostics and drug development services, operating through two primary segments: Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS). The Dx segment provides comprehensive clinical laboratory testing through a network of over 2,200 patient service centers and 7,000 in-office phlebotomists, serving physicians, hospitals, health systems, and patients across the U.S. and Canada, with revenues generated primarily from third-party payers, clients, Medicare/Medicaid, and direct patient payments. The BLS segment comprises Central Laboratory services supporting pharmaceutical and biotechnology companies in clinical trials and drug development, and Early Development services, with approximately 41% of BLS revenues from the U.S. and 59% from international markets. The company's business model is primarily fee-for-service, with Dx operating on a transactional basis across routine and specialty testing, while BLS operates on project-based contracts with backlog-driven revenue recognition. Labcorp differentiates itself through its unparalleled scale—serving clients in approximately 100 countries and performing over 750 million tests annually—combined with its scientific expertise, comprehensive test portfolio spanning oncology, women's health, autoimmune disease, and neurology, and its integrated capabilities in companion diagnostics (CDx) and cell and gene therapy. The company's competitive moat is reinforced by its industry-leading position in supporting drug development, having provided support for over 85% of new FDA-approved drugs and therapeutic products in 2025, its sophisticated information technology infrastructure with over 90,000 electronic interfaces enabling rapid result delivery, and its proven track record of integrating laboratory partnerships with health systems and regional laboratories.
【Strategic specialty testing expansion】 Management expects the company's four primary specialty testing areas—oncology, women's health, autoimmune disease, and neurology—to grow 2x-3x faster than the broader diagnostics market, driven by scientific advancement, earlier disease detection, and increased adoption of biomarker-based testing. The company is advancing its cell and gene therapy capabilities, with approximately 2,000 clinical trials underway globally representing roughly 20% of biopharma drug development pipelines, and has expanded its Madison, Wisconsin facility to support acceleration in this area. Labcorp is pursuing international expansion through its CDx pipeline and strategic partnerships, including a minority stake acquisition in SYNLAB, a European diagnostic leader, positioning the company to serve as an end-to-end partner to biopharma customers in new markets. The company continues to invest in consumer-centric capabilities, having launched nationwide self-collection options for human papillomavirus and sexually transmitted infection testing and offering over 100 health and wellness tests through Labcorp OnDemand, supported by digital innovations including generative AI-enabled test selection tools and enhanced patient-facing applications.
| Metric | Target | Period |
|---|---|---|
| Enterprise Revenue Growth | 4.7%-6% | FY2026 |
| Diagnostics Revenue Growth | 5%-6% | FY2026 |
| BLS Revenue Growth | 3%-5% | FY2026 |
| Adjusted EPS | $17.65-$18.25 | FY2026 |
| Free Cash Flow | $1.24 billion-$1.36 billion | FY2026 |
| Capital Expenditures | approximately 4% of revenue | FY2026 |
| Adjusted Tax Rate | approximately 23% | FY2026 |
| Net Interest Expense | approximately $230 million | FY2026 |
| Central Labs Revenue Growth | mid-single digits | FY2026 |
| Early Development Revenue Growth | relatively flat | FY2026 |
| LaunchPad Initiative Savings |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.1B | 14.0B | 13.0B | 12.2B | 11.9B | 13.1B |
| Net Income | 942M | 877M | 746M | 418M | 1.3B | 2.4B |
| EPS | $11.39 | $10.46 | $8.84 | $4.77 | $13.97 | $24.39 |
| Free Cash Flow | 1.4B | 1.2B | 1.1B | 874M | 1.5B | 2.7B |
| ROIC | 8.4% | 6.9% | 5.7% | 3.2% | 7.3% | 14.3% |
| Gross Margin | 28.8% | 28.8% | 27.9% | 27.7% | 31.3% | 38.0% |
| Debt/Equity | 0.73 | 0.75 | 0.89 | 0.75 | 0.61 | 0.71 |
| Dividends/Share | $2.92 | $2.88 | $2.88 | $2.88 | $2.16 | $0.00 |
| Operating Income | 1.4B | 1.4B | 1.1B | 726M | 1.4B | 3.0B |
| Operating Margin | 10.2% | 9.9% | 8.4% | 6.0% | 12.1% | 23.2% |
| ROE | 10.8% | 10.5% | 9.4% | 4.7% | 12.6% | 24.1% |
| Shares Outstanding | 82M | 84M | 84M | 88M | 92M | 97M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.0B | 8.7B | 9.6B | 10.3B | 11.3B | 11.6B | 14.0B | 13.1B | 11.9B | 12.2B | 13.0B | 14.0B | 14.1B |
| Gross Margin | 36.6% | 33.4% | 29.9% | 30.0% | 28.0% | 28.1% | 35.4% | 38.0% | 31.3% | 27.7% | 27.9% | 28.8% | 28.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.2B | 1.6B | 1.3B | 1.5B | 1.6B | 1.6B | 1.7B | 1.7B | 1.8B | 2.0B | 2.2B | 2.2B | 2.2B |
| EBIT | 910M | 997M | 1.3B | 1.3B | 1.3B | 1.3B | 2.4B | 3.0B | 1.4B | 726M | 1.1B | 1.4B | 1.4B |
| Op. Margin | 15.1% | 11.5% | 13.3% | 12.7% | 11.7% | 11.5% | 17.5% | 23.2% | 12.1% | 6.0% | 8.4% | 9.9% | 10.2% |
| Net Income | 511M | 438M | 712M | 1.2B | 884M | 824M | 1.6B | 2.4B | 1.3B | 418M | 746M | 877M | 942M |
| Net Margin | 8.5% | 5.0% | 7.5% | 11.9% | 7.8% | 7.1% | 11.1% | 18.1% | 10.8% | 3.4% | 5.7% | 6.3% | 6.7% |
| Non-Recurring | 31M | 149M | 68M | 100M | -128M | 21M | 443M | 32M | 316M | 389M | 49M | 27M | 27M |
| Returns on Capital | |||||||||||||
| ROIC | 10.6% | 7.2% | 6.7% | 10.6% | 6.2% | 6.1% | 10.5% | 14.3% | 7.3% | 3.2% | 5.7% | 6.9% | 8.4% |
| ROE | 19.2% | 11.3% | 13.6% | 19.9% | 12.8% | 11.2% | 18.2% | 24.1% | 12.6% | 4.7% | 9.4% | 10.5% | 10.8% |
| ROA | 7.2% | 4.1% | 5.0% | 7.9% | 5.4% | 4.8% | 8.2% | 11.8% | 6.3% | 2.3% | 4.3% | 4.8% | 4.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 739M | 982M | 1.2B | 1.5B | 1.3B | 1.4B | 2.1B | 3.1B | 2.0B | 1.3B | 1.6B | 1.6B | 1.8B |
| Free Cash Flow | 536M | 727M | 918M | 1.2B | 926M | 1.0B | 1.8B | 2.7B | 1.5B | 874M | 1.1B | 1.2B | 1.4B |
| Owner Earnings | 448M | 423M | 588M | 855M | 662M | 761M | 1.4B | 2.4B | 1.3B | 622M | 826M | 834M | 1.0B |
| CapEx | 204M | 256M | 279M | 313M | 380M | 400M | 382M | 422M | 429M | 454M | 490M | 435M | 430M |
| Maint. CapEx | 246M | 458M | 499M | 533M | 552M | 577M | 625M | 577M | 537M | 577M | 644M | 681M | 688M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 246M | 458M | 499M | 533M | 552M | 577M | 625M | 577M | 537M | 577M | 644M | 681M | 688M |
| CapEx/OCF | 27.5% | 26.0% | 23.3% | 20.9% | 29.1% | 27.7% | 17.9% | 14.8% | 21.9% | 34.2% | 30.9% | 26.5% | 23.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 195M | 254M | 243M | 241M | 240M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.0% | 1.5% | 1.3% | 1.1% | 1.0% |
| Share Buybacks | 269M | 0 | 44M | 338M | 700M | 450M | 100M | 1.7B | 1.1B | 1.0B | 250M | 450M | 548M |
| Buyback Yield | 3.0% | N/A | 0.3% | 2.1% | 5.7% | 2.8% | 0.5% | 5.9% | 6.3% | 5.2% | 1.3% | 2.1% | 2.2% |
| Stock-Based Comp | 46M | 102M | 110M | 110M | 92M | 107M | 112M | 133M | 117M | 129M | 117M | 126M | 125M |
| Debt Repayment | 24M | 37M | 140M | 1.4B | 467M | 495M | 152M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.4B | 6.4B | 6.0B | 6.4B | 5.6B | 7.6B | 6.3B | 5.8B | 5.8B | 5.3B | 5.7B | 5.9B | 5.4B |
| Cash & Equiv. | 580M | 716M | 434M | 317M | 427M | 338M | 1.3B | 1.5B | 321M | 537M | 1.5B | 532M | 981M |
| Long-Term Debt | 2.7B | 5.9B | 5.3B | 6.3B | 6.0B | 5.8B | 5.4B | 5.4B | 5.0B | 4.1B | 5.3B | 5.1B | 5.8B |
| Debt/Equity | 1.07 | 1.43 | 1.16 | 0.99 | 0.85 | 1.04 | 0.81 | 0.71 | 0.61 | 0.75 | 0.89 | 0.75 | 0.73 |
| Interest Coverage | 8.3 | 3.6 | 5.8 | 5.6 | 5.4 | 5.5 | 11.8 | 14.4 | 8.0 | 3.6 | 5.2 | 6.2 | 6.4 |
| Equity | 2.8B | 4.9B | 5.5B | 6.8B | 7.0B | 7.6B | 9.4B | 10.3B | 10.1B | 7.9B | 8.1B | 8.6B | 8.7B |
| Total Assets | 7.3B | 14.1B | 14.2B | 16.7B | 16.2B | 18.0B | 20.1B | 20.4B | 20.2B | 16.7B | 18.4B | 18.4B | 19.1B |
| Total Liabilities | 4.5B | 9.1B | 8.7B | 9.8B | 9.2B | 10.5B | 10.6B | 10.1B | 10.0B | 8.8B | 10.3B | 9.8B | 10.3B |
| Intangibles | 1.5B | 3.3B | 3.4B | 4.2B | 3.9B | 4.0B | 4.0B | 3.7B | 3.1B | 3.3B | 3.5B | 3.6B | 3.6B |
| Retained Earnings | 3.8B | 4.2B | 5.0B | 6.2B | 7.2B | 8.0B | 9.5B | 10.5B | 10.6B | 7.9B | 8.3B | 8.6B | 8.8B |
| Working Capital | 716M | 921M | 651M | 548M | 957M | 325M | 2.0B | 2.5B | 1.5B | 540M | 1.5B | 1.2B | 1.9B |
| Current Assets | 1.7B | 2.6B | 2.5B | 2.7B | 2.8B | 3.0B | 5.1B | 5.3B | 4.6B | 3.8B | 4.8B | 4.0B | 4.6B |
| Current Liabilities | 976M | 1.7B | 1.8B | 2.2B | 1.9B | 2.7B | 3.1B | 2.8B | 3.1B | 3.2B | 3.3B | 2.8B | 2.6B |
| Per Share Data | |||||||||||||
| EPS | 5.91 | 4.35 | 6.82 | 11.81 | 8.61 | 8.35 | 15.88 | 24.39 | 13.97 | 4.77 | 8.84 | 10.46 | 11.39 |
| Owner EPS | 5.18 | 4.20 | 5.64 | 8.23 | 6.45 | 7.71 | 14.28 | 24.62 | 14.22 | 7.09 | 9.78 | 9.95 | 12.17 |
| Book Value | 32.61 | 49.16 | 52.87 | 65.48 | 68.67 | 77.48 | 96.30 | 105.40 | 110.27 | 89.87 | 95.42 | 102.87 | 106.06 |
| Cash Flow/Share | 8.54 | 9.77 | 11.47 | 14.42 | 12.72 | 14.64 | 21.79 | 31.90 | 21.36 | 15.15 | 18.79 | 19.58 | 19.79 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 2.16 | 2.88 | 2.88 | 2.88 | 2.92 |
| Shares Out. | 86.5M | 100.6M | 104.4M | 103.9M | 102.6M | 98.7M | 98.0M | 97.5M | 91.6M | 87.6M | 84.4M | 83.8M | 82.3M |
| Valuation | |||||||||||||
| P/E Ratio | 17.5 | 27.3 | 17.8 | 13.0 | 13.8 | 19.3 | 12.2 | 12.0 | 13.7 | 46.4 | 25.7 | 24.2 | 26.0 |
| P/FCF | 14.3 | 14.1 | 11.9 | 11.5 | 11.3 | 13.1 | 9.3 | 9.1 | 11.5 | 22.2 | 17.5 | 17.6 | 17.6 |
| EV/EBIT | 12.5 | 18.3 | 14.7 | 17.1 | 13.4 | 16.7 | 9.5 | 9.8 | 16.2 | 34.7 | 21.5 | 19.2 | 20.7 |
| Price/Book | 3.2 | 2.4 | 2.3 | 2.3 | 1.7 | 2.1 | 2.0 | 2.8 | 1.7 | 2.5 | 2.4 | 2.5 | 2.8 |
| Price/Sales | 1.4 | 1.3 | 1.3 | 1.4 | 1.5 | 1.3 | 1.2 | 1.5 | 1.6 | 1.4 | 1.4 | 1.5 | 1.7 |
| FCF Yield | 6.0% | 6.1% | 7.2% | 7.4% | 7.6% | 6.6% | 9.3% | 9.4% | 8.7% | 4.5% | 5.7% | 5.7% | 5.7% |
| Market Cap | 8.9B | 11.9B | 12.7B | 15.9B | 12.2B | 15.9B | 18.9B | 28.5B | 17.5B | 19.4B | 19.2B | 21.2B | 24.4B |
| Avg. Price | 82.13 | 98.37 | 103.11 | 120.44 | 139.19 | 131.63 | 146.02 | 220.18 | 203.52 | 198.40 | 213.84 | 252.96 | 296.77 |
| Year-End Price | 88.62 | 101.84 | 104.43 | 131.68 | 101.93 | 138.63 | 165.79 | 251.32 | 190.97 | 221.10 | 227.33 | 253.25 | 296.77 |
LABCORP HOLDINGS INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
LABCORP HOLDINGS INC. trades at 28.4x trailing earnings, compared to its 15-year median P/E of 15.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.6x vs a median of 11.7x. The company's 5-year average ROIC is 7.5% with a gross margin of 30.7%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +2.9%.
LABCORP HOLDINGS INC. (LH) has a net profit margin of 6.3%. This is a modest margin.
LABCORP HOLDINGS INC. (LH) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LABCORP HOLDINGS INC. (LH) has a debt-to-equity ratio of 0.75. This indicates moderate leverage.
LABCORP HOLDINGS INC. (LH) reported earnings per share (EPS) of $10.46 in its most recent fiscal year.
LABCORP HOLDINGS INC. (LH) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
LABCORP HOLDINGS INC. (LH) has a 5-year average gross margin of 30.7%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for LABCORP HOLDINGS INC. (LH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LABCORP HOLDINGS INC. (LH) has a book value per share of $102.87, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the company's four primary specialty testing areas—oncology, women's health, autoimmune disease, and neurology—to grow 2x-3x faster than the broader diagnostics market, driven by scientific advancement, earlier disease detection, and increased adoption of biomarker-based testing. The company is advancing its cell and gene therapy capabilities, with approximately 2,000 clinical trials underway globally representing roughly 20% of biopharma drug development pipelines, and has expanded its Madison, Wisconsin facility to support acceleration in this area. Labcorp is pursuing international expansion through its CDx pipeline and strategic partnerships, including a minority stake acquisition in SYNLAB, a European diagnostic leader, positioning the company to serve as an end-to-end partner to biopharma customers in new markets. The company continues to invest in consumer-centric capabilities, having launched nationwide self-collection options for human papillomavirus and sexually transmitted infection testing and offering over 100 health and wellness tests through Labcorp OnDemand, supported by digital innovations including generative AI-enabled test selection tools and enhanced patient-facing applications.
Based on recent SEC filings and earnings calls, LABCORP HOLDINGS INC. (LH) has provided the following forward guidance: Enterprise Revenue Growth: 4.7%-6% (FY2026); Diagnostics Revenue Growth: 5%-6% (FY2026); BLS Revenue Growth: 3%-5% (FY2026); Adjusted EPS: $17.65-$18.25 (FY2026); Free Cash Flow: $1.24 billion-$1.36 billion (FY2026), plus 6 additional metrics.
| $100 million-$125 million |
| FY2026 |
Enterprise Revenue Growth (FY2026): “Beginning with the enterprise, we expect revenue to grow 4.7%-6% compared to prior year.”
Diagnostics Revenue Growth (FY2026): “We expect diagnostics revenue to be up 5%-6% compared to 2025.”
BLS Revenue Growth (FY2026): “We expect BLS revenue to grow 3%-5% versus prior year.”
Adjusted EPS (FY2026): “Our guidance range for adjusted EPS is $17.65-$18.25, with an implied growth rate at the midpoint of approximately 9%”
Free Cash Flow (FY2026): “Our free cash flow guidance range is $1.24 billion-$1.36 billion.”
Capital Expenditures (FY2026): “We expect the 2026 capital expenditures to be approximately 4% of revenue, higher relative to prior year, as we begin investing in a new strategic facility to support long-term growth in our Central Labs service operations.”
Adjusted Tax Rate (FY2026): “We expect our adjusted tax rate for 2026 to be approximately 23%”
Net Interest Expense (FY2026): “we expect net interest expense of approximately $230 million”