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Quest Diagnostics (DGX) stock

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NYSE: DGX NYSE Health Care Services Next results ~January 18, 2027

B Fundamentals grade

Quest Diagnostics operates in the clinical testing industry, offering diagnostic information services (DIS): collecting, transporting and testing patient specimens, then reporting results to healthcare providers. Alongside this, it runs separate diagnostic solutions (DS) businesses, which include risk-assessment services supplied to insurers.

Its customers fall into four payer groups: healthcare insurers and health plans, government payers (such as Medicare and Medicaid in the United States, plus comparable schemes in Canada), client payers (physicians, hospitals, employers, retail healthcare providers, pharmaceutical companies and other commercial laboratories), and patients themselves. Income is earned mainly through fee-for-service billing at list prices, net of contractual allowances for denials and discounts, and through capitated monthly payments from certain insurers based on health-plan membership rather than on the volume of tests actually performed.

The DIS business is reported as the company's sole reportable segment and accounts for more than 95% of consolidated net revenue, with the smaller DS activities reported separately. Quest operates across the United States and Canada, having extended its Canadian presence through the acquisition of LifeLabs, and is also pursuing a multi-year technology project, Project Nova, to modernise its order-to-cash processes with an outside software licensor.

Based on Quest Diagnostics's 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$220

Cash-flow model

Base case. Range ~$160–$310 across our lower- and higher-growth cases (3.8%–13.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 12% above our base value.

Price used: $250.81, November 2, 2026

Quest Diagnostics valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Quest Diagnostics files

10-Q filed October 23: Quest Diagnostics

Model value +15.7%

Revenue for the twelve months to September 2026 reached $11.8bn, up 9.1% on a year earlier. That pace eased from 9.9% a quarter earlier. Free-cash-flow margin slipped to 11.6% from 12.8% a year earlier. Despite the softer cash conversion, the fundamentals grade moves from B to B+, and our model value rises from $193 to $223 a share. Shares trade at $242. On that basis, the rating stays Hold. At the current price, our model implies the market is pricing in roughly 9.1% a year of cash-flow growth for five years. That expectation runs well ahead of the 1.9% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Quest Diagnostics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $11.6bn, up 9.9% on a year earlier, slower than 11.0% a quarter earlier. Free-cash-flow margin held at 11.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $205 a share, against a share price of $236. At that price, our model says the market is pricing in about 10.5% a year of cash-flow growth for five years, faster than the 1.4% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 18, 2027 (estimated)

Quest Diagnostics's trailing-twelve-month revenue grew 9.1% year on year, with a free-cash-flow margin of 11.6%. Where it stands out: operating margin of 14.6% ranks 5 of 40 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$220 per share in the base case (~$160–$310 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1.3% while net income grew 16.5%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 7 insiders sold $37M of stock over the past 365 days and none bought (98% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$3.00 against an average estimate of $2.87: beat by 4.4%
Revenue
$3.10bn, up 10.0% on a year earlier
Share reaction
+1.2% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
net revenues $12.07bn to $12.11bn (Full year 2026); net revenues increase growth 9.3% to 9.7% (Full year 2026)
Next report
October 22, 2026; average EPS estimate $2.68

Quest Diagnostics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.4%
  • 1 week+3.2%
  • 1 month+7.9%
  • This year+47.0%
  • 1 year+44.9%
  • 5 years+90.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.8B
Operating margin
14.6%
Net margin
9.5%
EPS (TTM, diluted)
$10.06

Growth

Revenue growth
+9.1%
Change in growth rate
−0.7 pts
Share count change
−1.1%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
11.6%
Stock pay % of revenue
0.7%

Earnings

Last results
October 22, 2026
Next results (est.)
January 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Guidance
  5. Announcement
  6. Leadership
  7. Announcement
  8. Results
  9. Announcement
  10. Announcement
  11. Announcement
  12. Insider trade
  13. Insider trade
  14. Announcement
  15. Announcement
  16. Regulatory
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Quest Diagnostics valuation models and calculator

What the price is pricing in

The share price implies about 9.6% a year of cash-flow growth for five years.That is faster than the 1.9% a year revenue growth Quest Diagnostics has delivered.

  • Priced in9.6%
  • Last 12 months9.1%
  • 3 years a year8.4%
  • 5 years a year1.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($249.84, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$220
Price used
$249.84close November 3, 2026
Implied change
▼ 11%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Quest Diagnostics's free cash flow after stock-based pay with after-tax interest added back ($1.3B, FY2026 Q3 TTM), growing 6.3% and 7.2% in the next two years (forecasts, guidance and its record), then back to 8.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$160–~$310 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Quest Diagnostics's free cash flow after stock-based pay ( $1.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Quest Diagnostics as an operating company, with every model that fits that kind of business. Cost of equity 7.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.54 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$220 ~$160–$310 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$170–$330 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$160 ~$110–$240 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$150–$240 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$160–$220 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Quest Diagnostics with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▼ −11%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $121$181$260$365$501$677
8.5% $82$125$183$257$354$479
10% $58$92$136$193$267$362

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$57.24$75.49$82.41$71.00$93.10$106.24$157.08$144.84$130.28$145.61$170.66$250.81
Market value$8.3bn$10.7bn$11.5bn$9.9bn$12.7bn$14.4bn$20.1bn$17.1bn$14.7bn$16.5bn$19.3bn$28.2bn
+ Net debt (− = net cash)$3.5bn$3.4bn$3.6bn$3.8bn$3.6bn$2.9bn$3.1bn$3.7bn$4.0bn$5.7bn$5.3bn$4.8bn
Enterprise value$11.8bn$14.1bn$15.2bn$13.6bn$16.2bn$17.3bn$23.2bn$20.8bn$18.7bn$22.1bn$24.5bn$32.9bn
Multiples
Price / sales 1.1x1.5x1.6x1.3x1.6x1.5x1.9x1.7x1.6x1.7x1.7x2.4x
Price / earnings 11.7x16.6x14.9x13.4x14.8x10.1x10.1x18.1x17.2x18.9x19.4x24.9x
Price / free cash flow 14.9x13.0x12.5x12.1x15.0x9.1x11.0x13.0x17.0x18.1x14.2x20.5x
EV / EBITDA 6.9x9.2x10.6x9.7x10.4x7.4x8.3x11.1x11.0x12.0x11.5x14.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

70 /100

Strong moat

How hard Quest Diagnostics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.4% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.9%, moving by 2.2 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 14.9%; its worst year was 12.2%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 12.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.1% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (75 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.32 +15% $12.1bn +10%
Next $11.98 +6% $12.6bn +4%

Next year's EPS estimate has moved −0.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 2 analysts raised Quest Diagnostics's forecast and 1 cut it.

Consensus EPS forecast Quest Diagnostics, last 90 days
$11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.19 Current fiscal year, 60 days ago: $11.19 Current fiscal year, 30 days ago: $11.19 Current fiscal year, 7 days ago: $11.20 Current fiscal year, Now: $11.32 $11.32 Next fiscal year, 90 days ago: $12.03 Next fiscal year, 60 days ago: $12.06 Next fiscal year, 30 days ago: $12.06 Next fiscal year, 7 days ago: $12.04 Next fiscal year, Now: $11.98 $11.98

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.19$12.03
60 days ago $11.19$12.06
30 days ago $11.19$12.06
7 days ago $11.20$12.04
Now $11.32$11.98

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.87 $3.00 +4.4%
Jun 2026 $2.82 $3.12 +10.5%
Mar 2026 $2.37 $2.50 +5.6%
Dec 2025 $2.36 $2.42 +2.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Net revenues Full year 2026 $12.065bn to $12.105bn Raised
    “Net revenues $12.065 billion $12.105 billion $11.95 billion $12.05 billion” source
  • Net revenues increase Full year 2026 9.3% growth to 9.7% growth Raised
    “Net revenues increase 9.3% 9.7% 8.3% 9.2%” source
  • Reported diluted EPS Full year 2026 $10.21 to $10.31 GAAP Raised
    “Reported diluted EPS $10.21 $10.31 $9.97 $10.17” source
  • Adjusted diluted EPS Full year 2026 $11.25 to $11.35 Non-GAAP Raised
    “Adjusted diluted EPS $11.25 $11.35 $11.05 $11.25” source
  • Cash provided by operations Full year 2026 about $1.9bn Raised
    “Cash provided by operations Approximately $1.90 billion Approximately $1.80 billion” source
  • Capital expenditures Full year 2026 about $550m Maintained
    “Capital expenditures Approximately $550 million Approximately $550 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Quest Diagnostics's revenue by +6.3% next year and +7.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.5%, weight 56%) , management guidance (+5.5%, weight 19%) and the company's own record (+8.8%, weight 25%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy953%
Hold847%
Sell00%

Monthly trend

  1. Oct 202627817
  2. Sep 202627717
  3. Aug 202627717
  4. Jul 202627717

Counts of recommendations published by analysts covering Quest Diagnostics, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.3%
of tradable shares
Days to cover
3.05
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
0.4%
of shares
Employees
60,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +44.9%

$173.04 on October 31, 2025 to $250.81

ThenNowEffect
Revenue (last 12 months) $10.5bn $11.6bn +9.9%
Net margin 9.0% 9.2% +1.8%
P/E multiple 20.7x 26.6x +28.5%
Share count 114m 113m +0.9%

Biggest factor: p/e multiple.

Last 3 years +98.2%

$126.53 on November 3, 2023 to $250.81

ThenNowEffect
Revenue (last 12 months) $9.5bn $11.6bn +21.8%
Net margin 8.4% 9.2% +9.8%
P/E multiple 18.3x 26.6x +45.3%
Share count 115m 113m +2.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DGX+48%−8%−10%+12%+17%+47%
Industry peers (median)−3%−28%+8%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DGX75%50%42%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DGX−14%−29%−22%−12%−10%−12%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 37% from March 5, 2020 to April 3, 2020. Getting back needed a 58% gain, reached on April 27, 2020, 24 days after the low.

Price behaviour

52-week range
$170.62 – $252.92
From 52-week high
−0.8%
vs 50-day average
+5.3%
vs 200-day average
+18.8%
Volatility (1 year)
24%
Beta vs S&P 500
-0.10

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
10 up, 2 down
typical move ±5.1%
After a week
9 up, 3 down
typical move ±5.9%
After a month
9 up, 2 down
typical move ±8.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +1.2% −1.7% +5.9% —
July 23, 2026 +8.6% −1.1% +11.7% +16.5%
April 21, 2026 +3.9% +0.4% −0.6% −1.3%
February 10, 2026 +9.4% −0.3% +6.9% +5.0%
January 12, 2026 +3.6% 0.0% +8.8% +20.5%
October 21, 2025 −4.9% −0.5% −6.4% −2.3%
July 22, 2025 +2.4% +0.9% +0.9% +10.8%
April 22, 2025 +7.2% +4.2% +10.3% +5.3%
January 30, 2025 +4.9% 0.0% +4.6% +13.8%
October 22, 2024 +6.6% −1.0% +5.8% +9.5%
July 23, 2024 −2.3% −2.4% −3.0% +3.8%
April 23, 2024 +5.7% +1.1% +6.2% +9.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Quest Diagnostics’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.46× the last 60 days’ realised volatility , richer than 89% of the 229 stocks we screen today.
  • Why: implied is 1.46x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DGX Quest Diagnostics Grade B $250.33

Own 100 shares, sell the $260 call expiring December 18, 2026 (46 days) for $5.50 a share — $550 per contract.

Previous session · Bid $5.50, ask $6.80, quoted Mon 2 Nov, 17:21 New York time with DGX at $250.33. Option prices move with the shares: check the live chain at your broker before trading.

  • If DGX ends below $260: you keep your shares and the $550 — 2.2% extra on the position, 17.4% a year at that pace.
  • If it ends above $260: your shares are sold at $260, a total return of 6.1% including the premium — at or above our value of ~$220.
$1.5k $0 −$4.9k Our value $220 Break-even $244.83 Price $250.33
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$550
Annualised
17.4%
Break-even
$244.83
Max gain
$1,517.5
Chance of selling
~40%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Quest Diagnostics in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Quest Diagnostics
$9B $10B $11B $12B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.3B Revenue (TTM), FY24 Q1: $9.3B Revenue (TTM), FY24 Q2: $9.3B Revenue (TTM), FY24 Q3: $9.5B Revenue (TTM), FY24 Q4: $9.9B Revenue (TTM), FY25 Q1: $10.2B Revenue (TTM), FY25 Q2: $10.5B Revenue (TTM), FY25 Q3: $10.9B Revenue (TTM), FY25 Q4: $11B Revenue (TTM), FY26 Q1: $11.3B Revenue (TTM), FY26 Q2: $11.6B Revenue (TTM), FY26 Q3: $11.8B $11.8B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.3B
FY24 Q1 $9.3B
FY24 Q2 $9.3B
FY24 Q3 $9.5B
FY24 Q4 $9.9B
FY25 Q1 $10.2B
FY25 Q2 $10.5B
FY25 Q3 $10.9B
FY25 Q4 $11B
FY26 Q1 $11.3B
FY26 Q2 $11.6B
FY26 Q3 $11.8B
Revenue growth, TTM YoY Quest Diagnostics
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -6.4% Revenue growth, TTM YoY, FY24 Q1: -3.3% Revenue growth, TTM YoY, FY24 Q2: -1.5% Revenue growth, TTM YoY, FY24 Q3: 2.6% Revenue growth, TTM YoY, FY24 Q4: 6.7% Revenue growth, TTM YoY, FY25 Q1: 9.4% Revenue growth, TTM YoY, FY25 Q2: 12.6% Revenue growth, TTM YoY, FY25 Q3: 13.7% Revenue growth, TTM YoY, FY25 Q4: 11.8% Revenue growth, TTM YoY, FY26 Q1: 11.0% Revenue growth, TTM YoY, FY26 Q2: 9.9% Revenue growth, TTM YoY, FY26 Q3: 9.1% 9.1%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -6.4%
FY24 Q1 -3.3%
FY24 Q2 -1.5%
FY24 Q3 2.6%
FY24 Q4 6.7%
FY25 Q1 9.4%
FY25 Q2 12.6%
FY25 Q3 13.7%
FY25 Q4 11.8%
FY26 Q1 11.0%
FY26 Q2 9.9%
FY26 Q3 9.1%
Operating margin (TTM) Quest Diagnostics
13% 13.5% 14% 14.5% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.6% Operating margin (TTM), FY24 Q1: 13.5% Operating margin (TTM), FY24 Q2: 13.5% Operating margin (TTM), FY24 Q3: 13.1% Operating margin (TTM), FY24 Q4: 13.6% Operating margin (TTM), FY25 Q1: 13.7% Operating margin (TTM), FY25 Q2: 14.0% Operating margin (TTM), FY25 Q3: 14.1% Operating margin (TTM), FY25 Q4: 14.1% Operating margin (TTM), FY26 Q1: 14.3% Operating margin (TTM), FY26 Q2: 14.1% Operating margin (TTM), FY26 Q3: 14.6% 14.6%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.6%
FY24 Q1 13.5%
FY24 Q2 13.5%
FY24 Q3 13.1%
FY24 Q4 13.6%
FY25 Q1 13.7%
FY25 Q2 14.0%
FY25 Q3 14.1%
FY25 Q4 14.1%
FY26 Q1 14.3%
FY26 Q2 14.1%
FY26 Q3 14.6%
FCF margin (TTM) Quest Diagnostics
9% 10% 11% 12% 13% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.3% FCF margin (TTM), FY24 Q1: 10.2% FCF margin (TTM), FY24 Q2: 9.4% FCF margin (TTM), FY24 Q3: 10.7% FCF margin (TTM), FY24 Q4: 9.2% FCF margin (TTM), FY25 Q1: 10.4% FCF margin (TTM), FY25 Q2: 11.6% FCF margin (TTM), FY25 Q3: 12.8% FCF margin (TTM), FY25 Q4: 12.3% FCF margin (TTM), FY26 Q1: 11.8% FCF margin (TTM), FY26 Q2: 11.7% FCF margin (TTM), FY26 Q3: 11.6% 11.6%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.3%
FY24 Q1 10.2%
FY24 Q2 9.4%
FY24 Q3 10.7%
FY24 Q4 9.2%
FY25 Q1 10.4%
FY25 Q2 11.6%
FY25 Q3 12.8%
FY25 Q4 12.3%
FY26 Q1 11.8%
FY26 Q2 11.7%
FY26 Q3 11.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Quest Diagnostics took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $11B
  2. Cost of revenue $7.4B · 66.8%
  3. Gross profit $3.7B · 33.2%
  4. Selling, general and admin $2B · 17.8%
  5. Other operating costs $142M · 1.3%
  6. Operating income $1.6B · 14.1%
  7. Income tax $314M · 2.8%
  8. Interest and other $250M · 2.3%
  9. Net income $992M · 9.0%

Shares of revenue. Source: Quest Diagnostics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 7.5 7.3 7.4 7.4 7.1 7.4 7.5 7.2 7.4 7.5 7.7 9.4 10.8 9.9 9.3 9.9 11.0 11.8
Gross profit 3.1 3.1 3.0 3.0 2.8 2.8 2.8 2.9 2.7 2.6 2.7 3.6 4.2 3.4 3.1 3.2 3.7 3.9
EBITDA 1.6 1.5 1.3 1.5 1.8 1.3 1.7 1.5 1.4 1.4 1.6 2.3 2.8 1.9 1.7 1.8 2.1 2.3
Operating income 1.4 1.3 1.0 1.2 1.5 1.0 1.4 1.3 1.2 1.1 1.2 2.0 2.4 1.4 1.3 1.3 1.6 1.7
Net income 0.7 0.7 0.5 0.6 0.8 0.6 0.7 0.6 0.8 0.7 0.9 1.4 2.0 0.9 0.9 0.9 1.0 1.1
Diluted EPS $3.87 $4.05 $2.92 $3.46 $5.54 $3.81 $4.87 $4.51 $5.50 $5.29 $6.28 $10.47 $15.55 $7.97 $7.49 $7.69 $8.75 $10.06
Growth (year on year)
Revenue +2.8% −2.6% +1.8% −0.1% −3.2% +4.0% +0.8% −3.7% +2.6% +1.7% +2.6% +22.1% +14.3% −8.4% −6.4% +6.7% +11.8% +9.1%
EBITDA +8.7% −4.8% −17.5% +17.4% +18.1% −26.2% +31.3% −10.4% −6.0% −1.7% +10.6% +49.5% +19.6% −33.1% −8.8% +8.1% +15.6% +10.4%
Operating income +11.2% −5.6% −23.1% +21.7% +22.8% −33.4% +42.3% −8.7% −8.8% −5.5% +11.8% +60.1% +20.8% −40.0% −11.6% +6.7% +15.6% +12.5%
Net income +25.4% −1.1% −34.7% +18.0% +52.7% −34.5% +27.5% −9.0% +19.7% −4.7% +16.6% +66.8% +39.4% −52.6% −9.7% +2.0% +13.9% +16.5%
Diluted EPS +30.7% +4.7% −27.9% +18.5% +60.1% −31.2% +27.8% −7.4% +22.0% −3.8% +18.7% +66.7% +48.5% −48.7% −6.0% +2.7% +13.8% +17.8%
Margins
Gross margin 42.0% 42.0% 41.0% 40.9% 39.5% 37.6% 37.8% 40.2% 36.2% 34.6% 34.8% 38.5% 39.0% 34.7% 33.0% 32.9% 33.2% 33.1%
EBITDA margin 21.7% 21.2% 17.2% 20.2% 24.6% 17.4% 22.7% 21.2% 19.4% 18.7% 20.2% 24.7% 25.9% 18.9% 18.4% 18.6% 19.3% 19.5%
Operating margin 18.2% 17.7% 13.4% 16.3% 20.6% 13.2% 18.7% 17.7% 15.7% 14.6% 15.9% 20.9% 22.1% 14.4% 13.6% 13.6% 14.1% 14.6%
Net margin 9.8% 9.9% 6.4% 7.5% 11.9% 7.5% 9.5% 8.9% 10.4% 9.8% 11.1% 15.2% 18.5% 9.6% 9.2% 8.8% 9.0% 9.5%
Free-cash-flow margin 11.1% 12.6% 9.9% 13.6% 5.9% 8.6% 7.4% 11.4% 12.5% 10.8% 10.9% 16.8% 17.0% 13.3% 9.3% 9.2% 12.3% 11.6%
Cash flow
Cash from operations 1.0 1.1 0.9 1.2 0.7 0.9 0.8 1.1 1.2 1.2 1.2 2.0 2.2 1.7 1.3 1.3 1.9 2.0
Capital spending 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.6
Free cash flow 0.8 0.9 0.7 1.0 0.4 0.6 0.6 0.8 0.9 0.8 0.8 1.6 1.8 1.3 0.9 0.9 1.4 1.4
Stock-based pay 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.8 0.9 0.7 1.0 0.4 0.6 0.5 0.8 0.8 0.8 0.8 1.5 1.8 1.2 0.8 0.8 1.3 1.3
Balance sheet
Cash 0.5 0.4 0.2 0.3 0.2 0.2 0.1 0.4 0.1 0.1 1.2 1.2 0.9 0.3 0.7 0.5 0.4 0.8
Total debt 3.1 3.0 4.0 3.4 3.3 3.7 3.7 3.7 3.8 3.9 4.8 4.0 4.0 4.0 4.7 6.2 5.7 5.6
Net debt (negative = net cash) 2.6 2.5 3.9 3.1 3.1 3.6 3.5 3.4 3.6 3.8 3.6 2.9 3.1 3.7 4.0 5.7 5.3 4.8
Diluted shares 188m 177m 160m 160m 153m 145m 145m 142m 140m 139m 136m 136m 128m 118m 113m 113m 113m 112m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4
Buybacks 0.5 0.8 0.9 0.2 1.0 0.1 0.2 0.6 0.5 0.3 0.4 0.3 2.2 1.4 0.3 0.2 0.5 —
Total returned 0.6 0.8 1.0 0.3 1.2 0.3 0.4 0.8 0.7 0.6 0.6 0.6 2.5 1.7 0.6 0.5 0.8 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $17.2bn
Short-term assets $3.1bnLonger-term assets $14.1bn
What it owes, and who funded it · $9.5bn
Short-term liabilities $1.8bnShareholders' equity $7.6bn
  • Short-term assets cover short-term liabilities $3.1bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $797m of cash against $5.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 73% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 62% to 73% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.0bn of operating cash flow against $5.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Quest Diagnostics's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$369M
Buybacks, last 3 fiscal years
$876M
Diluted share count
−1.1%
year over year
Total shareholder yield
1.3%
dividends 1.3% + buybacks 0.0% of market value
Dividend payout ratio
33%
of net income paid out
Sales & admin spending
17.4%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated DGX DVA LH BTSG AGL OPCH Median
Revenue, last 12 months $11.8bn $14.2bn $14.6bn $15.3bn $5.9bn $5.7bn $1.2bn
Revenue growth, last 12 months 9.1% 6.4% 6.0% 35.9% 0.3% 5.9% 7.3%
Revenue growth, 3-year average 8.4% 6.0% 6.6% — 22.9% 11.3% 11.3%
Revenue growth, latest quarter 10.0% 4.6% 6.9% 26.4% 7.2% 1.9% 8.5%
Gross margin 33.1% — 29.0% 12.5% — 19.1% 27.9%
Operating margin 14.6% 15.0% 10.3% 3.4% −5.2% 5.9% 2.3%
Operating margin, 3-year average 13.9% 15.2% 8.6% 2.0% −5.5% 6.3% 2.3%
Net margin 9.5% 6.5% 6.9% 2.7% −3.9% 3.7% 1.2%
Cash from operations / revenue 16.5% 13.2% 12.4% 4.0% −1.2% 6.1% 6.1%
Free-cash-flow margin 11.6% 9.1% 8.8% 3.2% −1.4% 5.3% 5.1%
Free-cash-flow margin, 3-year average 11.7% 10.0% 8.5% 1.9% −1.9% 4.7% 3.6%
Stock pay / revenue 0.7% 0.9% 0.9% 0.4% 0.8% 0.7% 1.1%
Change in share count −1.1% −14.1% −1.9% 6.4% 1.8% −5.7% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 9.1% 7.3% 18 of 41
Change in growth rate Growth -0.7pp +1.1pp 30 of 41
Gross margin Profitability 33.1% 29.0% 11 of 27
Operating margin Profitability 14.6% 2.6% 5 of 40
Net margin Profitability 9.5% 1.2% 7 of 41
Free-cash-flow margin Cash generation 11.6% 5.1% 8 of 40
Stock pay as % of revenue Cash generation 0.7% 0.9% 11 of 35
Long-term debt as % of assets Balance sheet 32.2% 27.7% 21 of 31
Change in share count Balance sheet -1.1% 0.4% 15 of 39
Days sales outstanding Balance sheet 53 days 39 days 23 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Diagnostic Information Services Business $10.8B 97.7% ▲ 12.2%
All Other Segments $250M 2.3% ▼ 3.1%

From Quest Diagnostics's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$22.2B
Institutions reporting
1,091
Shares held vs prior quarter
▲ 2.3%
Positions opened / closed
103 / 70

Top buyers and sellers, Q2 2026: 529 institutions bought and 414 sold ; the biggest buyer was Boston Partners (+732K shares) and the biggest seller Price T Rowe Associates Inc (−853K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2B 9.3M 8.9% ▲ 1.1%
Vanguard Capital Management LLC $1.5B 7.2M 6.9% ▲ 1.2%
Vanguard Portfolio Management LLC $1.3B 6.1M 5.9% ▲ 0.8%
State Street Corp $1.2B 5.5M 5.3% ▲ 2.5%
Price T Rowe Associates Inc $1.2B 5.4M 5.2% ▼ 13.5%
Boston Partners $1B 4.7M 4.5% ▲ 18.3%
Jpmorgan Chase & Co $749M 3.5M 3.4% ▼ 8.5%
Geode Capital Management, LLC $663M 3.1M 3.0% ▲ 1.7%
Morgan Stanley $522M 2.5M 2.3% ▼ 0.8%
Edgepoint Investment Group Inc. $476M 2.2M 2.1% ▲ 0.2%
Dimensional Fund Advisors LP $421M 2.0M 1.9% ▲ 2.0%
Bank Of America Corp $410M 1.9M 1.8% ▲ 10.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Quest Diagnostics's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $37M 29 trades by 7 insiders · 98% under pre-set plans
Net ▼ $37M net selling
Insider Date Trade Shares Price Value
Davis J. E. CEO and President September 1, 2026 Sell pre-set plan 10,000 $242.72 $2.4M
Prevoznik Michael E SVP & General Counsel August 28, 2026 Sell pre-set plan 430 $244.51 $105,141
Prevoznik Michael E SVP & General Counsel August 28, 2026 Sell pre-set plan 6,237 $243.63 $1.5M
Prevoznik Michael E SVP & General Counsel August 28, 2026 Sell pre-set plan 16,010 $242.88 $3.9M
Delaney Mark E SVP & Chief Commercial Officer July 28, 2026 Sell pre-set plan 1,600 $235.18 $376,288
Kuppusamy Karthik SVP, Clinical Solutions June 4, 2026 Sell pre-set plan 8,147 $200.00 $1.6M
Davis J. E. CEO and President June 1, 2026 Sell pre-set plan 10,000 $194.14 $1.9M
Plewman Patrick SVP for Diagnostic Services March 5, 2026 Sell pre-set plan 2,855 $206.21 $588,730
Prevoznik Michael E SVP & General Counsel March 5, 2026 Sell pre-set plan 3,878 $206.21 $799,682
Doherty Catherine T. EVP, Regional Businesses March 5, 2026 Sell pre-set plan 5,558 $206.21 $1.1M
Kuppusamy Karthik SVP, Clinical Solutions March 4, 2026 Sell 2,628 $204.86 $538,372
Plewman Patrick SVP for Diagnostic Services March 3, 2026 Sell pre-set plan 410 $207.73 $85,169

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 29 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Quest Diagnostics shares.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded November 3, 2025, filed December 11, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed August 5, 2026
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded October 30, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 18, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 21, 2026
  • February 10, 2026
  • January 12, 2026
  • October 21, 2025

Recent SEC filings

Data status

When each part of this page on Quest Diagnostics was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Quest Diagnostics in brief

What does Quest Diagnostics do?
Quest Diagnostics is a US-listed company in the health care services industry. Its financial year ends in December.
What is Quest Diagnostics's stock ticker?
Quest Diagnostics trades under the ticker DGX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Quest Diagnostics's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Quest Diagnostics reported revenue of $11.8B, 9.1% higher than a year earlier, according to its SEC filings.
What is Quest Diagnostics's free cash flow?
Quest Diagnostics's free-cash-flow margin is 11.6% of revenue over the trailing twelve months, ranking 8 of the 40 health care services companies we cover.
What is Quest Diagnostics's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Quest Diagnostics's free cash flow after stock-based pay gives ~$220 per share in the base case, and ~$160–$310 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Quest Diagnostics's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Quest Diagnostics's market cap?
On November 2, 2026, Quest Diagnostics's market capitalisation was about $28.2B, with a price-to-earnings ratio of 24.9 and net debt of $4.8B. Market figures come from third-party market data and may be delayed.
Does Quest Diagnostics pay a dividend?
Yes: Quest Diagnostics paid $369M in dividends over the trailing twelve months, a dividend yield of 1.31% and a payout ratio of 32.7%.
How much debt does Quest Diagnostics have?
Quest Diagnostics's debt-to-equity ratio is 72.7%, from its latest balance sheet (62.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Quest Diagnostics's competitors?
In our Health Care Services peer group, the companies closest to Quest Diagnostics are DaVita, Labcorp, Brightspring Health Services, Inc., Agilon Health, Inc. and Option Care Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against Quest Diagnostics's.
Are insiders buying or selling Quest Diagnostics stock?
Over the last 12 months, Quest Diagnostics's directors and officers reported 0 open-market purchases and 29 sales on Form 4. The insider trading page charts every trade.
When is Quest Diagnostics's next earnings date?
Around January 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Quest Diagnostics announces its own schedule.