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Quest Diagnostics Incorporated

DGX Healthcare Diagnostics & Research

Quest Diagnostics Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $11.0 billion, up 11.8% from fiscal 2024.

Revenue
+9.98%
EPS
+29.4%
Free cash flow
+6.21%
Total debt
−2.20%

Quarter to September 2026, against a year earlier

254.25 1.43 −0.56%
Market cap
$28.0B
P/E
25.0×
Fwd P/E
24.4×
Dividend yield
1.33%
F-score
8/9
Altman Z
3.15
Beneish M
−2.65
Dividend safety
85/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • DIS business
  • All other operating segments

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 30.45
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 8 — — 2 1 1 1 1 1
Insider Ownership 0.46%

Capital & Financial Ratios $m

Size
Market Cap 28,030.00
Revenue ttm 11,841.00
Net income ttm 1,180.00
Free cash flow ttm 1,375.00
Net debt Q 4,753.00
Valuation
P/E 24.98
Forward P/E 24.40
Price / sales 2.36
Forward P/S Powerpack
Price / FCF 20.34
Price / book 3.52
Financial health
Current ratio Q 1.70 (at or above 1.5: strong)
Debt / equity Q 0.70
Interest coverage Q 7.85
Growth
Revenue growth Q +9.98% (above 0%: growing)
Operating income growth Q +24.09% (above 0%: growing)
EPS, this year +14.90%
EPS, next year A +5.82%
Revenue, next year A +9.51%
EPS, past 5 yrs −3.53% (below 0%: weak)
EPS, next 5 yrs A +9.85%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.8×, against a ten-year median of 2.2×; over the ten years it ranged from 1.7× in 2022 to 2.8× in 2026.
P/E against its own 10 years 99.30%
10-year low 10-year high
P/S against its own 10 years 99.82%
10-year low 10-year high
P/B against its own 10 years 99.96%
10-year low 10-year high
EV/Sales against its own 10 years 99.45%
10-year low 10-year high
EV/FCF against its own 10 years 89.77%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.33%
Annual rate
3.38
Payout ratio
33.7%
Growth, 2018–26
+7.12%/yr
  1. 1.95 ’18
  2. 2.12 ’19 +9
  3. 2.21 ’20 +4
  4. 2.42 ’21 +10
  5. 2.60 ’22 +7
  6. 2.79 ’23 +7
  7. 2.96 ’24 +6
  8. 3.15 ’25 +6
  9. 3.38 ’26 +7
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 686 549 420 797
Receivables 1,210 1,304 1,408 1,712
Inventory 190 188 189 218
Other — — — —
2,372 2,392 2,378 3,117
2023 2024 2025 Q'26
Payables 1,359 1,394 1,600 1,643
ST’ Debt 303 602 504 10
Other — — — —
1,815 2,169 2,278 1,834

Compound Annual Growth %

10y 5y 3y
Sales 3.95% 3.18% 3.74%
Cash Flow 8.67% (1.22%) 3.16%
Earnings 3.42% (7.06%) 1.60%
Book Value 4.34% 1.14% 6.71%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.85 Actual 3.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.35 2.42 Beat by 0.07
Q1 FY26 2.37 2.50 Beat by 0.13
Q2 FY26 2.81 3.12 Beat by 0.31
Q3 FY26 2.85 3.00 Beat by 0.15
Q4 FY26 2.68 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.24 2.84 2.78 — —
’25 1.94 2.47 2.16 2.18 8.75
’24 1.72 2.03 1.99 1.95 7.69
’23 1.78 2.05 1.96 1.70 7.49
’22 2.92 1.96 2.17 0.87 7.97
’21 3.46 4.96 4.02 3.12 15.55
’20 0.73 1.36 4.14 4.21 10.47
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,895 3,043 3,097 — —
’25 2,652 2,761 2,816 2,806 11,035
’24 2,366 2,397 2,488 2,621 9,872
’23 2,331 2,338 2,295 2,288 9,252
’22 2,611 2,453 2,486 2,333 9,883
’21 2,720 2,550 2,774 2,744 10,788
’20 1,822 1,827 2,786 3,002 9,437
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 278 597 611 — —
’25 314 544 563 465 1,886
’24 154 360 356 464 1,334
’23 94 444 207 527 1,272
’22 480 402 502 334 1,718
’21 731 460 561 481 2,233
’20 247 355 862 541 2,005
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 164 459 445 — —
’25 197 436 419 307 1,359
’24 50 268 250 341 909
’23 (33) 340 102 455 864
’22 417 326 384 187 1,314
’21 645 376 472 337 1,830
’20 164 273 771 379 1,587
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.0% a year for ten years. It grew 5.8% a year over the last ten.

Implied
9.0%
10 years, reported
5.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,214 7,402 7,531 7,726 9,437 10,788 9,883 9,252 9,872 11,035 11,841 +4.8% 12,084 12,622 13,142 +6.0%
Gross margin, % 36.01 36.25 34.59 34.80 38.50 39.02 34.74 33.00 32.86 33.21 33.11 (2.8) pt
EBT 1,086 1,030 926 1,076 1,884 2,599 1,235 1,130 1,175 1,318 1,492 +2.2%
EBT margin, % 15.05 13.92 12.30 13.93 19.96 24.09 12.50 12.21 11.90 11.94 12.60 (3.1) pt
Net income 696 824 788 906 1,499 2,080 1,015 908 921 1,046 1,180 +4.6%
Per share, $
Per share, $ Revenue 51.53 54.03 55.38 57.66 70.43 86.30 85.20 82.61 88.94 99.41 107.65 +7.6%
Earnings 4.58 5.63 5.39 6.36 10.62 15.85 8.10 7.59 7.78 8.87 10.18 +7.6%
Cash flow 7.97 8.58 8.82 9.28 14.96 17.86 14.81 11.36 12.02 16.99 17.74 +8.8%
Capex (2.09) (1.84) (2.82) (2.99) (3.12) (3.22) (3.48) (3.64) (3.83) (4.75) (5.24) +9.5%
Free cash flow 5.88 6.74 6.01 6.29 11.84 14.64 11.33 7.71 8.19 12.24 12.50 +8.5%
Book value 33.29 36.17 38.73 42.44 50.81 51.86 51.12 56.63 61.38 64.92 72.27 +7.7%
Shares, m 140 137 136 134 134 125 116 112 111 111 111 (2.5%)
Valuation, ×
Valuation, × P/E 20.23 17.57 15.45 16.79 11.24 10.90 19.33 18.55 19.39 19.56 24.98 16.9
P/S 1.79 1.83 1.50 1.85 1.69 2.00 1.83 1.70 1.70 1.75 2.36 1.8
P/B 2.78 2.73 2.15 2.52 2.35 3.34 3.05 2.49 2.46 2.67 3.52 2.7
EV/Sales 2.26 2.32 2.00 2.32 1.99 2.30 2.20 2.14 2.27 2.22 2.76 2.2
EV/FCF 19.83 18.63 18.46 21.22 11.86 13.53 16.54 22.92 24.66 18.04 23.80 18.6
Cash, $m
Cash, $m Operating cash flow 1,116 1,175 1,200 1,243 2,005 2,233 1,718 1,272 1,334 1,886 1,951 +6.0%
Capex (293) (252) (383) (400) (418) (403) (404) (408) (425) (527) (576) +6.7%
Free cash flow 823 923 817 843 1,587 1,830 1,314 864 909 1,359 1,375 +5.7%
Balance, $m
Balance, $m Working capital 550 249 (95) 500 1,282 988 347 557 223 100 1,283 (17.3%)
Net debt 3,375 3,647 3,758 3,578 2,857 3,140 3,665 4,027 5,668 5,251 4,753 +5.0%
Shareholders’ equity 4,660 4,955 5,267 5,687 6,809 6,483 5,930 6,342 6,813 7,206 7,950 +5.0%
Returns, %
Returns, % ROA 6.40 7.49 6.84 7.20 10.61 14.39 7.12 6.33 5.74 6.10 6.73 (0.3) pt
ROIC 9.93 8.46 7.62 8.30 12.74 15.46 9.30 7.61 6.74 7.81 8.48 (2.1) pt
ROE 13.70 16.06 14.40 15.67 22.81 29.91 15.18 13.85 13.17 14.10 14.76 +0.4 pt
People
People Employees 43,000 45,000 46,000 47,000 49,000 49,000 49,000 48,000 56,000 57,000 — +3.2%
Revenue/emp, $m 0.17 0.16 0.16 0.16 0.19 0.22 0.20 0.19 0.18 0.19 — +1.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Quest Diagnostics is a diagnostic information services company. It performs laboratory and anatomic-pathology testing, then delivers results, diagnostic information and related insights used for screening, diagnosis, treatment choices, monitoring and prognosis. Its testing ranges from routine blood, urine and microbiology work to non-routine and Advanced Diagnostics™ services, including molecular diagnostics, oncology, neurology, genetics, cardiometabolic testing and women’s health.

The company sells primarily to physicians, hospitals, patients and consumers. It also serves health plans, employers, government agencies, pharmaceutical companies and other commercial laboratories. Physicians and hospitals can order tests and receive results through its connectivity platform, while patients can use patient service centers, mobile phlebotomy and digital services. Consumers can buy certain tests through QuestHealth.com with third-party physician review.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
DIS business 10,785 97.73%
All other operating segments 250 2.27%
Gross margin 33.21%
Operating margin 14.10%
Pre-tax margin 11.94%

Revenue by segment since 2009

Quest Diagnostics Incorporated vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WAT Waters Corporation $44.5B 194× 81.0× +120.91% (above 0%: growing) −67.02% (below 0%: shrinking) −66.71% (below 0%: shrinking) 50.25% 7.24% Compare
IQV IQVIA Holdings Inc. $43.7B 31.8× 34.8× +8.00% (above 0%: growing) +10.16% (above 0%: growing) −21.25% (below 0%: shrinking) 33.83% 12.92% Compare
MTD Mettler-Toledo International, Inc. $33.6B 37.6× 36.1× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
LH Labcorp Holdings Inc. $29.5B 29.5× 26.7× +6.92% (above 0%: growing) +3.18% (above 0%: growing) +44.73% (above 0%: growing) 29.08% 10.55% Compare
DGX Quest Diagnostics Incorporated $28.0B 25.0× 24.4× +9.98% (above 0%: growing) +29.36% (above 0%: growing) +6.21% (above 0%: growing) 33.65% 15.47%
GH Guardant Health, Inc. $20.6B — (loss-making) — (loss-making) +36.12% (above 0%: growing) n/m +18.74% (above 0%: growing) 65.42% (36.78%) Compare
MEDP Medpace Holdings, Inc. $17.8B 34.6× 35.8× +8.50% (above 0%: growing) +24.56% (above 0%: growing) −16.59% (below 0%: shrinking) 71.39% 23.12% Compare
RVTY Revvity Inc. $16.8B 71.9× 66.2× +4.29% (above 0%: growing) +2.17% (above 0%: growing) +26.97% (above 0%: growing) 57.43% 13.05% Compare
Median of peers $30.5B 35.6× 36.1× +7.46% +10.16% +22.86% 60.36% 12.99%

All 49 Diagnostics & Research stocks →

From the latest earnings call

Updated

  • CEO Jim Davis said physician and hospital demand grew in the third quarter, while Quest expects its consumer health growth rate to exceed 30% for the full year.
  • CFO Sam Samad estimated that PAMA rate changes could affect roughly 1% of 2027 revenue and said Quest intends to offset a portion through efficiencies.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.90%
Held by the ten largest 47.92%
Holder Shares Stake Change
Vanguard 14.55m 13.19% +164.74k
BlackRock 9.28m 8.40% +103.12k
State Street 5.52m 5.00% +135.82k
T. Rowe Price 5.44m 4.93% −853.00k
Boston Partners 4.74m 4.30% +732.24k
JPMorgan Chase 3.52m 3.19% −326.02k
Geode Capital Management 3.14m 2.84% +51.57k
Morgan Stanley 2.46m 2.23% −19.22k
EdgePoint Investment Group Inc. 2.25m 2.04% +3.70k
Dimensional Fund Advisors 1.99m 1.80% +38.51k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Quest Diagnostics Incorporated (DGX) Latest News

27 Oct

Impact 3 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · TechCrunch
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22 Oct

Impact 4 · · The Motley Fool
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Impact 4 · · StockStory
Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

21 Oct

Impact 4 · · Trefis

20 Oct

Impact 4 · · PR Newswire
Impact 3 · · Insider Monkey

19 Oct

Impact 4 · · PR Newswire

14 Oct

Impact 3 · · Zacks

5 Oct

Impact 3 · · Barchart

1 Oct

Impact 4 · · PR Newswire

30 Sep

Impact 3 · · PR Newswire

25 Sep

Impact 4 · · Zacks

23 Sep

Impact 4 ·

22 Sep

Impact 4 ·
Impact 4 · · MT Newswires
Impact 4 · · Zacks
Impact 3 · · The Motley Fool
Impact 3 ·

DGX metrics, ten years each

stockrow.com/DGX · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com