undamentalytics Newsletter
Sign in

Labcorp (LH) stock

Add to watchlist

Add holding +

NYSE: LH NYSE Health Care Services Next results ~February 16, 2027

C+ Fundamentals grade

Labcorp is a US-listed company in the health care services industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$270

Cash-flow model

Base case. Range ~$180–$380 across our lower- and higher-growth cases (1.3%–11.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 33% above our base value.

Price used: $355.59, November 2, 2026

Labcorp 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 Labcorp files

10-Q filed October 30: Labcorp

Model value +10.2%

Revenue for the twelve months to September 2026 was $14.6bn, up 6.0% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 8.8% from 10.0% a year earlier. Its fundamentals grade moves from C to C+. Our model value rises from $241 to $266 a share, against a share price of $361. The rating stays Sell. 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 2.1% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Labcorp stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $14.3bn, up 6.4% on a year earlier, slower than 7.3% a quarter earlier. Free-cash-flow margin fell to 8.1% from 9.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $200 a share, against a share price of $323. At that price, our model says the market is pricing in about 13.2% a year of cash-flow growth for five years, faster than the 1.8% 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 ~February 16, 2027 (estimated)

Labcorp's trailing-twelve-month revenue grew 6.0% year on year, with a free-cash-flow margin of 8.8%. Where it stands out: net margin of 6.9% ranks 9 of 41 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$270 per share in the base case (~$180–$380 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 6.8% while net income grew 17.4%: a 24pp 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 1.9% 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

  • Priced above our value. The share price of $355.59 is 25% above our value per share of $270.
  • Insiders selling. 9 insiders sold $12M of stock over the past 365 days and none bought (69% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 60 days ranks 24 of 31 health care services companies we cover (median 39 days).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$4.78 against an average estimate of $4.64: beat by 2.9%
Revenue
$3.81bn, up 6.9% on a year earlier
Share reaction
+11.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
labcorp Enterprise Revenue $14,779m to $14,887m (full year 2026); enterprise Revenue Growth growth 5.9% to 6.7% (full year 2026)
Next report
October 28, 2026; average EPS estimate $4.51

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

Price chart

  • 1 day-1.6%
  • 1 week+7.8%
  • 1 month+15.3%
  • This year+42.8%
  • 1 year+41.4%
  • 5 years+51.8%
  • 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)
$14.6B
Operating margin
10.3%
Net margin
6.9%
EPS (TTM, diluted)
$12.18

Growth

Revenue growth
+6.0%
Change in growth rate
−0.4 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$1.3B
FCF margin
8.8%
Stock pay % of revenue
0.9%

Earnings

Last results
October 28, 2026
Next results (est.)
February 16, 2027

News & updates

Updated October 31, 2026

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

  1. Results
  2. Guidance
  3. Regulatory
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Leadership
  11. Insider trade
  12. Results
  13. Announcement

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

Labcorp valuation models and calculator

What the price is pricing in

The share price implies about 10.2% a year of cash-flow growth for five years.That is faster than the 2.1% a year revenue growth Labcorp has delivered.

  • Priced in10.2%
  • Last 12 months6.0%
  • 3 years a year6.6%
  • 5 years a year2.1%

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 ($356.03, 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
Sell12-month view
12-month price target
~$270
Price used
$356.03close November 3, 2026
Implied change
▼ 25%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Labcorp's free cash flow after stock-based pay with after-tax interest added back ($1.3B, FY2026 Q3 TTM), growing 5.8% and 5.9% in the next two years (forecasts, guidance and its record), then back to 6.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$380 ; 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 Labcorp'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 Labcorp as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 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. ~$270 ~$180–$380 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. ~$350 ~$280–$550 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$150 ~$100–$230 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$140–$210 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. ~$240 ~$150–$350 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Labcorp 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 ▼ −30%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▼ −13%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $163$245$355$499$688$931
8.5% $108$168$247$351$485$658
10% $75$122$183$262$364$495

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$100.72$104.58$129.94$102.94$137.81$165.82$255.97$193.50$220.24$225.13$249.03$355.59
Market value$10.1bn$10.9bn$13.5bn$10.6bn$13.6bn$16.3bn$25.0bn$17.7bn$19.3bn$19.0bn$20.9bn$29.3bn
+ Net debt (− = net cash)$6.2bn$6.0bn$6.9bn$5.7bn$5.9bn$4.5bn$3.9bn$5.0bn$4.5bn$4.8bn$5.1bn$5.6bn
Enterprise value$16.3bn$16.9bn$20.4bn$16.3bn$19.5bn$20.7bn$28.9bn$22.7bn$23.8bn$23.8bn$25.9bn$34.9bn
Multiples
Price / sales 1.2x1.1x1.3x0.9x1.2x1.2x1.9x1.5x1.6x1.5x1.5x2.0x
Price / earnings 23.2x15.3x11.0x12.0x16.5x10.4x10.5x13.9x46.2x25.5x23.8x29.2x
Price / free cash flow 13.9x11.9x11.4x11.4x13.0x9.3x9.3x11.6x22.1x17.3x17.3x22.8x
EV / EBITDA 11.2x9.6x11.1x8.7x10.2x6.8x8.0x11.5x18.3x13.8x12.5x15.8x

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

61 /100

Moderate moat

How hard Labcorp'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 12 / 20

    Cash operating profit has been a median 9.7% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 28.7%, moving by 3.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 11.7%; its worst year was 5.9%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.0% over five years; stock-based pay has been a median 0.9% 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 (66 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 $18.47 +12% $14.8bn +6%
Next $19.56 +6% $15.6bn +5%

Next year's EPS estimate has moved −1.0% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.5% on 90 days ago. In the last 30 days, 3 analysts raised Labcorp's forecast and 0 cut it.

Consensus EPS forecast Labcorp, last 90 days
$18.00 $18.50 $19.00 $19.50 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $18.38 Current fiscal year, 60 days ago: $18.36 Current fiscal year, 30 days ago: $18.36 Current fiscal year, 7 days ago: $18.36 Current fiscal year, Now: $18.47 $18.47 Next fiscal year, 90 days ago: $19.75 Next fiscal year, 60 days ago: $19.80 Next fiscal year, 30 days ago: $19.84 Next fiscal year, 7 days ago: $19.78 Next fiscal year, Now: $19.56 $19.56

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $18.38$19.75
60 days ago $18.36$19.80
30 days ago $18.36$19.84
7 days ago $18.36$19.78
Now $18.47$19.56

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.64 $4.78 +2.9%
Jun 2026 $4.77 $4.99 +4.7%
Mar 2026 $4.12 $4.25 +3.3%
Dec 2025 $3.94 $4.07 +3.2%

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

Management guidance

Earnings release, October 28, 2026
  • Adjusted EPS full year 2026 $18.30 to $18.70 Non-GAAP Raised
    “Adjusted EPS range of $18.30 to $18.70; up 18 cents at the midpoint” source
  • Labcorp Enterprise Revenue full year 2026 $14,779m to $14,887m Raised
    “Labcorp Enterprise (1)(2) $14,710 $14,827 $14,779 $14,887” source
  • Enterprise Revenue Growth full year 2026 5.9% growth to 6.7% growth Raised
    “Revenue growth range of 5.9% to 6.7%; up 50 basis points at the midpoint” source
  • Diagnostics Laboratories Revenue full year 2026 $11,475m to $11,551m Raised
    “Diagnostics Laboratories $11,450 $11,532 $11,475 $11,551” source
  • Diagnostics Laboratories Revenue Growth full year 2026 5.5% growth to 6.2% growth Raised
    “Growth (3) 5.3% 6.0% 5.5% 6.2%” source
  • Biopharma Laboratory Services Revenue full year 2026 $3,328m to $3,358m Raised
    “Biopharma Laboratory Services (4) $3,269 $3,300 $3,328 $3,358” source
Show 2 more items
  • Biopharma Laboratory Services Revenue Growth full year 2026 7.4% growth to 8.4% growth Raised
    “Growth (3) 5.5% 6.5% 7.4% 8.4%” source
  • Free Cash Flow full year 2026 $1,240m to $1,360m Non-GAAP Maintained
    “Free Cash Flow $1,240 $1,360 $1,240 $1,360” 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 Labcorp's revenue by +5.8% next year and +5.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.5%, weight 69%) and the company's own record (+6.3%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1271%
Hold529%
Sell00%

Monthly trend

  1. Oct 2026210517
  2. Sep 2026211418
  3. Aug 2026211418
  4. Jul 2026211518

Counts of recommendations published by analysts covering Labcorp, 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
3.2%
of tradable shares
Days to cover
3.39
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
71,000
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 +41.4%

$251.42 on October 31, 2025 to $355.59

ThenNowEffect
Revenue (last 12 months) $13.5bn $14.3bn +6.4%
Net margin 5.7% 7.0% +23.4%
P/E multiple 27.7x 29.4x +6.2%
Share count 84m 83m +1.5%

Biggest factor: net margin.

Last 3 years +75.2%

$203.00 on November 3, 2023 to $355.59

ThenNowEffect
Revenue (last 12 months) $11.9bn $14.3bn +20.9%
Net margin 7.0% 7.0% −0.2%
P/E multiple 21.9x 29.4x +34.7%
Share count 89m 83m +7.8%

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
LH+54%−24%+14%+2%+11%+43%
Industry peers (median)−3%−28%+6%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LH83%33%42%50%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LH−12%−35%−17%−17%−17%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 47% from February 14, 2020 to March 23, 2020. Getting back needed a 87% gain, reached on July 20, 2020, 119 days after the low.

Price behaviour

52-week range
$244.17 – $368.16
From 52-week high
−3.4%
vs 50-day average
+9.9%
vs 200-day average
+23.9%
Volatility (1 year)
24%
Beta vs S&P 500
0.37

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
6 up, 6 down
typical move ±4.9%
After a week
7 up, 4 down
typical move ±3.8%
After a month
6 up, 5 down
typical move ±6.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +11.2% 0.0% — —
July 30, 2026 +0.7% +2.4% +3.1% +9.3%
April 30, 2026 −0.5% +1.3% +0.4% +0.2%
February 17, 2026 −1.4% +0.7% +1.6% −5.7%
October 28, 2025 −10.0% +0.3% −8.5% −2.4%
July 24, 2025 +5.8% +0.5% +3.8% +11.0%
April 29, 2025 +5.0% +0.7% +6.2% +7.8%
February 6, 2025 −1.5% −0.6% −2.0% −2.1%
October 24, 2024 +4.0% +0.2% +3.8% +9.0%
August 1, 2024 +9.5% −3.3% +4.3% +7.0%
April 25, 2024 −4.6% +0.6% −3.7% −3.6%
February 15, 2024 −5.0% +0.2% −3.9% −7.8%

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 Labcorp’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.

Cash-secured put

Not offered: rated Sell.

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.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

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.

Labcorp in five measures

Fundamentals grade C+
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) Labcorp
$12B $13B $14B $15B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.2B Revenue (TTM), FY24 Q1: $12.3B Revenue (TTM), FY24 Q2: $12.5B Revenue (TTM), FY24 Q3: $12.7B Revenue (TTM), FY24 Q4: $13B Revenue (TTM), FY25 Q1: $13.2B Revenue (TTM), FY25 Q2: $13.5B Revenue (TTM), FY25 Q3: $13.8B Revenue (TTM), FY25 Q4: $14B Revenue (TTM), FY26 Q1: $14.1B Revenue (TTM), FY26 Q2: $14.3B Revenue (TTM), FY26 Q3: $14.6B $14.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.2B
FY24 Q1 $12.3B
FY24 Q2 $12.5B
FY24 Q3 $12.7B
FY24 Q4 $13B
FY25 Q1 $13.2B
FY25 Q2 $13.5B
FY25 Q3 $13.8B
FY25 Q4 $14B
FY26 Q1 $14.1B
FY26 Q2 $14.3B
FY26 Q3 $14.6B
Revenue growth, TTM YoY Labcorp
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -3.6% Revenue growth, TTM YoY, FY24 Q1: 4.6% Revenue growth, TTM YoY, FY24 Q2: 5.2% Revenue growth, TTM YoY, FY24 Q3: 5.4% Revenue growth, TTM YoY, FY24 Q4: 7.0% Revenue growth, TTM YoY, FY25 Q1: 7.1% Revenue growth, TTM YoY, FY25 Q2: 8.0% Revenue growth, TTM YoY, FY25 Q3: 8.3% Revenue growth, TTM YoY, FY25 Q4: 7.2% Revenue growth, TTM YoY, FY26 Q1: 7.3% Revenue growth, TTM YoY, FY26 Q2: 6.4% Revenue growth, TTM YoY, FY26 Q3: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -3.6%
FY24 Q1 4.6%
FY24 Q2 5.2%
FY24 Q3 5.4%
FY24 Q4 7.0%
FY25 Q1 7.1%
FY25 Q2 8.0%
FY25 Q3 8.3%
FY25 Q4 7.2%
FY26 Q1 7.3%
FY26 Q2 6.4%
FY26 Q3 6.0%
Operating margin (TTM) Labcorp
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.0% Operating margin (TTM), FY24 Q1: 5.8% Operating margin (TTM), FY24 Q2: 6.0% Operating margin (TTM), FY24 Q3: 5.9% Operating margin (TTM), FY24 Q4: 8.4% Operating margin (TTM), FY25 Q1: 8.3% Operating margin (TTM), FY25 Q2: 8.8% Operating margin (TTM), FY25 Q3: 9.7% Operating margin (TTM), FY25 Q4: 9.9% Operating margin (TTM), FY26 Q1: 10.2% Operating margin (TTM), FY26 Q2: 10.4% Operating margin (TTM), FY26 Q3: 10.3% 10.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.0%
FY24 Q1 5.8%
FY24 Q2 6.0%
FY24 Q3 5.9%
FY24 Q4 8.4%
FY25 Q1 8.3%
FY25 Q2 8.8%
FY25 Q3 9.7%
FY25 Q4 9.9%
FY26 Q1 10.2%
FY26 Q2 10.4%
FY26 Q3 10.3%
FCF margin (TTM) Labcorp
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.2% FCF margin (TTM), FY24 Q1: 5.4% FCF margin (TTM), FY24 Q2: 6.8% FCF margin (TTM), FY24 Q3: 6.6% FCF margin (TTM), FY24 Q4: 8.4% FCF margin (TTM), FY25 Q1: 8.7% FCF margin (TTM), FY25 Q2: 9.4% FCF margin (TTM), FY25 Q3: 10.0% FCF margin (TTM), FY25 Q4: 8.6% FCF margin (TTM), FY26 Q1: 9.8% FCF margin (TTM), FY26 Q2: 8.1% FCF margin (TTM), FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.2%
FY24 Q1 5.4%
FY24 Q2 6.8%
FY24 Q3 6.6%
FY24 Q4 8.4%
FY25 Q1 8.7%
FY25 Q2 9.4%
FY25 Q3 10.0%
FY25 Q4 8.6%
FY26 Q1 9.8%
FY26 Q2 8.1%
FY26 Q3 8.8%

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

Where the money goes

FY2025, from the 10-K

Each dollar Labcorp 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 $14B
  2. Cost of revenue $9.9B · 71.2%
  3. Gross profit $4B · 28.8%
  4. Selling, general and admin $2.2B · 15.9%
  5. Other operating costs $412M · 2.9%
  6. Operating income $1.4B · 9.9%
  7. Income tax $230M · 1.6%
  8. Interest and other $278M · 2.0%
  9. Net income $877M · 6.3%

Shares of revenue. Source: Labcorp'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 4.7 5.0 5.5 5.7 5.8 6.0 8.7 9.6 10.3 11.3 11.6 14.0 13.1 11.9 12.2 13.0 14.0 14.6
Gross profit 2.0 2.1 2.3 2.2 2.2 2.2 2.9 2.9 3.1 3.2 3.3 5.0 5.0 3.7 3.4 3.6 4.0 4.2
EBITDA 1.1 1.2 1.2 1.3 1.2 1.2 1.5 1.8 1.8 1.9 1.9 3.1 3.6 2.0 1.3 1.7 2.1 2.2
Operating income 0.9 1.0 0.9 1.0 1.0 0.9 1.0 1.3 1.3 1.3 1.3 2.4 3.0 1.4 0.7 1.1 1.4 1.5
Net income 0.5 0.6 0.5 0.6 0.6 0.5 0.4 0.7 1.2 0.9 0.8 1.6 2.4 1.3 0.4 0.7 0.9 1.0
Diluted EPS $4.98 $5.29 $5.11 $5.99 $6.25 $5.91 $4.35 $6.82 $11.81 $8.61 $8.35 $15.88 $24.39 $13.97 $4.77 $8.84 $10.46 $12.18
Growth (year on year)
Revenue +4.2% +6.6% +10.8% +2.3% +2.4% +3.5% +44.4% +10.1% +7.9% +9.9% +2.0% +21.0% −6.0% −9.7% +2.5% +7.0% +7.2% +6.0%
EBITDA +10.6% +4.5% −0.2% +6.2% −2.6% −5.3% +25.8% +21.7% +3.9% +2.1% +1.6% +61.0% +18.1% −45.6% −34.0% +32.8% +19.4% +9.8%
Operating income +11.0% +4.6% −3.1% +7.9% −3.2% −8.1% +9.5% +27.5% +2.7% +1.6% +0.3% +83.8% +24.7% −52.9% −49.5% +49.8% +27.4% +12.6%
Net income +17.0% +2.7% −6.9% +12.2% −1.6% −10.9% −14.4% +62.7% +72.4% −28.0% −6.8% +88.9% +52.8% −46.2% −67.3% +78.5% +17.5% +17.4%
Diluted EPS +19.7% +6.2% −3.4% +17.2% +4.3% −5.4% −26.4% +56.8% +73.2% −27.1% −3.0% +90.2% +53.6% −42.7% −65.9% +85.3% +18.3% +19.6%
Margins
Gross margin 42.0% 41.9% 41.0% 39.7% 38.3% 36.6% 33.4% 29.9% 30.0% 28.0% 28.1% 35.4% 38.0% 31.3% 27.7% 27.9% 28.8% 29.0%
EBITDA margin 24.1% 23.6% 21.3% 22.1% 21.0% 19.2% 16.8% 18.5% 17.8% 16.6% 16.5% 22.0% 27.6% 16.6% 10.7% 13.3% 14.8% 15.1%
Operating margin 19.9% 19.6% 17.1% 18.0% 17.1% 15.1% 11.5% 13.3% 12.7% 11.7% 11.5% 17.5% 23.2% 12.1% 6.0% 8.4% 9.9% 10.3%
Net margin 11.6% 11.2% 9.4% 10.3% 9.9% 8.5% 5.0% 7.5% 11.9% 7.8% 7.1% 11.1% 18.1% 10.8% 3.4% 5.7% 6.3% 6.9%
Free-cash-flow margin 15.9% 15.1% 12.8% 11.8% 10.6% 8.9% 8.4% 9.6% 11.5% 8.2% 9.0% 12.5% 20.5% 12.9% 7.2% 8.4% 8.6% 8.8%
Cash flow
Cash from operations 0.9 0.9 0.9 0.8 0.8 0.7 1.0 1.2 1.5 1.3 1.4 2.1 3.1 2.0 1.3 1.6 1.6 1.8
Capital spending 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.4 0.5
Free cash flow 0.7 0.8 0.7 0.7 0.6 0.5 0.7 0.9 1.2 0.9 1.0 1.8 2.7 1.5 0.9 1.1 1.2 1.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 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
Free cash flow after stock pay 0.7 0.7 0.7 0.6 0.6 0.5 0.6 0.8 1.1 0.8 0.9 1.6 2.6 1.4 0.7 1.0 1.1 1.2
Balance sheet
Cash 0.1 0.2 0.5 0.4 0.4 0.6 0.7 0.4 0.3 0.4 0.3 1.3 1.5 0.3 0.5 1.5 0.5 0.3
Total debt 1.4 2.2 2.2 2.7 3.1 3.4 6.9 6.4 7.2 6.1 6.2 5.8 5.4 5.3 5.1 6.3 5.6 5.9
Net debt (negative = net cash) 1.2 2.0 1.8 2.3 2.7 2.8 6.2 6.0 6.9 5.7 5.9 4.5 3.9 5.0 4.5 4.8 5.1 5.6
Diluted shares 109m 105m 102m 97m 92m 86m 101m 104m 104m 103m 99m 98m 98m 92m 88m 84m 84m 82m
Returned to shareholders
Dividends — — — — — — — — — — — 0.0 0.0 0.2 0.3 0.2 0.2 0.2
Buybacks 0.3 0.3 0.6 0.5 1.0 0.3 0.0 0.0 0.3 0.7 0.5 0.1 1.7 1.1 1.0 0.3 0.5 0.7
Total returned 0.3 0.3 0.6 0.5 1.0 0.3 0.0 0.0 0.3 0.7 0.5 0.1 1.7 1.3 1.3 0.5 0.7 0.9

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

3 of 7 checks passed · September 30, 2026
What it owns · $18.9bn
Short-term assets $4.0bnLonger-term assets $15.0bn
What it owes, and who funded it · $18.9bn
Short-term liabilities $2.8bnLonger-term liabilities $7.2bnShareholders' equity $8.8bn
  • Short-term assets cover short-term liabilities $4.0bn of assets due within a year against $2.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.0bn short-term assets against $7.2bn of longer-dated liabilities.
  • More cash than debt $262m of cash against $5.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 66% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 50% to 66% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $5.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.5bn against $230m of interest.

From Labcorp'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

FY2026 Q3 TTM
Buybacks (TTM)
$677M
Dividends (TTM)
$237M
Returned to shareholders
71%
of free cash flow
Buybacks, last 3 fiscal years
$1.7B
Diluted share count
−1.9%
year over year
Total shareholder yield
3.2%
dividends 0.8% + buybacks 2.3% of market value
Dividend payout ratio
24%
of net income paid out
Sales & admin spending
15.6%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated LH DVA BTSG DGX AGL OPCH Median
Revenue, last 12 months $14.6bn $14.2bn $15.3bn $11.8bn $5.9bn $5.7bn $1.2bn
Revenue growth, last 12 months 6.0% 6.4% 35.9% 9.1% 0.3% 5.9% 7.3%
Revenue growth, 3-year average 6.6% 6.0% — 8.4% 22.9% 11.3% 11.3%
Revenue growth, latest quarter 6.9% 4.6% 26.4% 10.0% 7.2% 1.9% 8.5%
Gross margin 29.0% — 12.5% 33.1% — 19.1% 27.9%
Operating margin 10.3% 15.0% 3.4% 14.6% −5.2% 5.9% 2.3%
Operating margin, 3-year average 8.6% 15.2% 2.0% 13.9% −5.5% 6.3% 2.3%
Net margin 6.9% 6.5% 2.7% 9.5% −3.9% 3.7% 1.2%
Cash from operations / revenue 12.4% 13.2% 4.0% 16.5% −1.2% 6.1% 6.1%
Free-cash-flow margin 8.8% 9.1% 3.2% 11.6% −1.4% 5.3% 5.1%
Free-cash-flow margin, 3-year average 8.5% 10.0% 1.9% 11.7% −1.9% 4.7% 3.6%
Stock pay / revenue 0.9% 0.9% 0.4% 0.7% 0.8% 0.7% 1.1%
Change in share count −1.9% −14.1% 6.4% −1.1% 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 6.0% 7.3% 24 of 41
Change in growth rate Growth -0.4pp +1.1pp 28 of 41
Gross margin Profitability 29.0% 29.0% 14 of 27
Operating margin Profitability 10.3% 2.6% 9 of 40
Net margin Profitability 6.9% 1.2% 9 of 41
Free-cash-flow margin Cash generation 8.8% 5.1% 14 of 40
Stock pay as % of revenue Cash generation 0.9% 0.9% 16 of 35
Long-term debt as % of assets Balance sheet 27.7% 27.7% 16 of 31
Change in share count Balance sheet -1.9% 0.4% 11 of 39
Days sales outstanding Balance sheet 60 days 39 days 24 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
Diagnostics $10.9B 77.8% ▲ 7.2%
Biopharma Laboratory Services $3.1B 22.2% ▲ 6.0%

From Labcorp's 10-K filed February 24, 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
1,042
Shares held vs prior quarter
▲ 1.6%
Positions opened / closed
95 / 72

Top buyers and sellers, Q2 2026: 452 institutions bought and 462 sold ; the biggest buyer was Boston Partners (+683K shares) and the biggest seller Alliancebernstein L.P (−459K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.8B 6.6M 8.3% ▲ 2.0%
Vanguard Capital Management LLC $1.5B 5.4M 6.8% ▼ 0.3%
Victory Capital Management Inc $1.4B 4.8M 6.1% ▲ 4.5%
State Street Corp $1.1B 3.9M 4.9% ▲ 1.2%
Vanguard Portfolio Management LLC $1B 3.7M 4.6% ▼ 0.1%
Boston Partners $854M 3.1M 3.8% ▲ 28.8%
Allspring Global Investments Holdings, LLC $635M 2.2M 2.9% ▲ 0.5%
Geode Capital Management, LLC $610M 2.2M 2.7% ▲ 0.1%
Select Equity Group, L.P. $555M 2.0M 2.5% ▼ 8.9%
FMR LLC $533M 1.9M 2.4% ▲ 47.8%
Morgan Stanley $451M 1.6M 2.0% ▲ 7.4%
Dimensional Fund Advisors LP $383M 1.4M 1.7% ▲ 2.6%

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 Labcorp's complete shareholder register. Values are as reported by the filers ; 2 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 → $11.9M 20 trades by 9 insiders · 69% under pre-set plans
Net ▼ $11.9M net selling
Insider Date Trade Shares Price Value
Anderson Kerrii B Director August 17, 2026 Sell pre-set plan 3,000 $318.02 $954,060
Schechter Adam H President & CEO August 11, 2026 Sell pre-set plan 4,669 $320.37 $1.5M
Summy Amy B. EVP, Chief Marketing Officer August 4, 2026 Sell 924 $306.74 $283,428
Wilkinson Peter J SVP, Chief Accounting Officer August 3, 2026 Sell 1,338 $309.23 $413,751
Wilkinson Peter J SVP, Chief Accounting Officer August 3, 2026 Sell 82 $309.22 $25,356
Vaughn Bryan T EVP and President, Diagnostics July 2, 2026 Sell pre-set plan 234 $286.19 $66,968
Kyle Kathryn W EVP, Chief Legal Officer July 2, 2026 Sell pre-set plan 92 $286.19 $26,329
Kyle Kathryn W EVP, Chief Legal Officer June 8, 2026 Sell pre-set plan 762 $263.89 $201,084
Schechter Adam H President & CEO May 11, 2026 Sell pre-set plan 5,903 $254.50 $1.5M
Meltzer Jonathan C EVP, Operations March 27, 2026 Sell pre-set plan 839 $267.05 $224,055
Wilkinson Peter J SVP, Chief Accounting Officer March 27, 2026 Sell pre-set plan 1,633 $267.05 $436,093
Schechter Adam H President & CEO March 3, 2026 Sell 8,705 $279.96 $2.4M

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 34 trades and filings

In the last 12 months, 1 member of Congress disclosed 4 purchases and 4 sales of Labcorp shares.

  • April McClain Delaney(D-MD 6):Sale (full), $100,001 - $250,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded August 7, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded August 6, 2026, filed September 9, 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 February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 30, 2026
  • April 30, 2026
  • February 17, 2026
  • October 28, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Labcorp 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.

Labcorp in brief

What does Labcorp do?
Labcorp is a US-listed company in the health care services industry. Its financial year ends in December.
What is Labcorp's stock ticker?
Labcorp trades under the ticker LH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Labcorp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Labcorp reported revenue of $14.6B, 6.0% higher than a year earlier, according to its SEC filings.
What is Labcorp's free cash flow?
Labcorp's free-cash-flow margin is 8.8% of revenue over the trailing twelve months, ranking 14 of the 40 health care services companies we cover.
What is Labcorp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Labcorp's free cash flow after stock-based pay gives ~$270 per share in the base case, and ~$180–$380 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Labcorp'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 Victory Capital Management Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Labcorp buying back stock, and does it pay a dividend?
Labcorp spent $677M on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Labcorp's market cap?
On November 2, 2026, Labcorp's market capitalisation was about $29.3B, with a price-to-earnings ratio of 29.2 and net debt of $5.6B. Market figures come from third-party market data and may be delayed.
Does Labcorp pay a dividend?
Yes: Labcorp paid $237M in dividends over the trailing twelve months, a dividend yield of 0.82% and a payout ratio of 23.6%.
How much debt does Labcorp have?
Labcorp's debt-to-equity ratio is 66.1%, from its latest balance sheet (50.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Labcorp's competitors?
In our Health Care Services peer group, the companies closest to Labcorp are DaVita, Brightspring Health Services, Inc., Quest Diagnostics, Agilon Health, Inc. and Option Care Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against Labcorp's.
Are insiders buying or selling Labcorp stock?
Over the last 12 months, Labcorp's directors and officers reported 0 open-market purchases and 20 sales on Form 4. The insider trading page charts every trade.
When is Labcorp's next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Labcorp announces its own schedule.