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Friday 6 November 2026
Export LH’s income statement to Excel — free account
Labcorp Holdings Inc.
LH Healthcare Diagnostics & Research
Labcorp Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $14.0 billion, up 7.25% from fiscal 2024.
- Revenue
- +6.92%
- EPS
- +3.18%
- Free cash flow
- +44.7%
- Total debt
- +3.21%
Quarter to September 2026, against a year earlier
362.28
5.51
−1.50%
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Target Price Range
Analyst price targets
Free accountTen 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 | 9,553 | 10,308 | 11,333 | 11,555 | 13,979 | 13,136 | 11,864 | 12,162 | 13,009 | 13,952 | 14,595 | +4.3% | 14,810 | 15,583 | 16,343 | +5.4% | |
| Gross margin, % | 29.88 | 29.99 | 28.03 | 28.15 | 35.43 | 38.01 | 31.26 | 27.67 | 27.86 | 28.76 | 28.96 | (1.1) pt | ||||||
| EBT | 1,074 | 1,078 | 1,268 | 1,105 | 2,219 | 2,888 | 1,237 | 569 | 960 | 1,108 | 1,225 | +0.3% | ||||||
| EBT margin, % | 11.24 | 10.45 | 11.19 | 9.56 | 15.88 | 21.98 | 10.43 | 4.68 | 7.38 | 7.94 | 8.39 | (3.3) pt | ||||||
| Net income | 713 | 1,233 | 884 | 825 | 1,557 | 2,380 | 1,281 | 419 | 747 | 878 | 1,005 | +2.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 93.20 | 100.66 | 111.77 | 118.03 | 143.66 | 135.84 | 130.23 | 139.63 | 155.05 | 167.69 | 179.96 | +6.7% | |||||
| Earnings | 7.14 | 12.39 | 8.71 | 8.42 | 15.99 | 24.60 | 14.05 | 4.80 | 8.89 | 10.54 | 12.27 | +4.4% | ||||||
| Cash flow | 11.68 | 14.63 | 12.87 | 14.76 | 21.95 | 32.16 | 21.47 | 15.24 | 18.90 | 19.72 | 22.38 | +6.0% | ||||||
| Capex | (2.42) | (3.03) | (3.25) | (4.01) | (3.49) | (3.46) | (4.70) | (5.20) | (5.82) | (5.13) | (6.41) | +8.7% | ||||||
| Free cash flow | 9.26 | 11.60 | 9.62 | 10.75 | 18.46 | 28.70 | 16.77 | 10.04 | 13.09 | 14.59 | 15.97 | +5.2% | ||||||
| Book value | 53.72 | 66.45 | 68.75 | 77.29 | 96.98 | 106.24 | 110.83 | 90.41 | 95.97 | 103.60 | 109.10 | +7.6% | ||||||
| Shares, m | 103 | 102 | 101 | 98 | 97 | 97 | 91 | 87 | 84 | 83 | 82 | (2.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 15.64 | 11.19 | 12.39 | 17.16 | 10.90 | 10.92 | 14.58 | 49.48 | 25.80 | 23.80 | 29.53 | 19.2 | |||||
| P/S | 1.18 | 1.38 | 0.97 | 1.22 | 1.21 | 1.98 | 1.56 | 1.67 | 1.48 | 1.50 | 2.01 | 1.4 | ||||||
| P/B | 2.05 | 2.09 | 1.57 | 1.87 | 1.79 | 2.53 | 1.83 | 2.57 | 2.39 | 2.42 | 3.32 | 2.1 | ||||||
| EV/Sales | 1.69 | 1.96 | 1.46 | 1.76 | 1.55 | 2.28 | 1.96 | 1.96 | 1.78 | 1.83 | 2.36 | 1.8 | ||||||
| EV/FCF | 17.04 | 17.02 | 17.03 | 19.36 | 12.09 | 10.81 | 15.28 | 32.39 | 24.10 | 23.69 | 29.77 | 18.9 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 1,197 | 1,498 | 1,305 | 1,445 | 2,135 | 3,110 | 1,956 | 1,328 | 1,586 | 1,641 | 1,815 | +3.6% | |||||
| Capex | (248) | (310) | (330) | (392) | (340) | (334) | (428) | (453) | (488) | (426) | (520) | +6.2% | ||||||
| Free cash flow | 949 | 1,188 | 976 | 1,052 | 1,796 | 2,775 | 1,528 | 875 | 1,098 | 1,214 | 1,295 | +2.8% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 651 | 548 | 957 | 325 | 2,047 | 2,548 | 1,547 | 540 | 1,476 | 1,197 | 1,147 | +7.0% | |||||
| Net debt | 4,866 | 6,028 | 5,615 | 5,543 | 4,183 | 4,028 | 4,802 | 3,597 | 3,887 | 4,615 | 5,050 | (0.6%) | ||||||
| Shareholders’ equity | 5,506 | 6,804 | 6,971 | 7,567 | 9,437 | 10,273 | 10,097 | 7,875 | 8,052 | 8,620 | 8,848 | +5.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 5.02 | 7.94 | 5.38 | 4.81 | 8.16 | 11.75 | 6.31 | 2.27 | 4.25 | 4.77 | 5.40 | (0.3) pt | |||||
| ROIC | 7.66 | 6.36 | 6.58 | 6.34 | 11.22 | 13.32 | 6.03 | 3.95 | 5.69 | 6.54 | 6.76 | (1.1) pt | ||||||
| ROE | 13.62 | 19.94 | 12.83 | 11.33 | 18.30 | 24.12 | 12.56 | 4.65 | 9.37 | 10.51 | 11.45 | (3.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 52,000 | 60,000 | 61,000 | 65,000 | 72,400 | 75,500 | 80,000 | 67,000 | 70,000 | 71,000 | — | +3.5% | |||||
| Revenue/emp, $m | 0.18 | 0.17 | 0.19 | 0.18 | 0.19 | 0.17 | 0.15 | 0.18 | 0.19 | 0.20 | — | +0.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Diagnostics | 10,877 | 77.96% |
|---|---|---|
| Biopharma Laboratory Services | 3,098 | 22.21% |
| Gross margin | 28.76% | |
| Operating margin | 9.92% | |
| Pre-tax margin | 7.94% |
Labcorp Holdings Inc. 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 |
|---|---|---|---|---|---|---|---|---|---|
| A Agilent Technologies, Inc. | $48.4B | 33.8× | 34.1× | +8.06% (above 0%: growing) | +8.47% (above 0%: growing) | +69.50% (above 0%: growing) | 55.48% | 23.64% | 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% | |
| 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% | Compare |
| 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 |
| Median of peers | $32.5B | 34.6× | 35.8× | +8.28% | +18.30% | +12.48% | 59.39% | 19.30% |
From the latest earnings call
- CEO Adam Schechter said proposed Medicare laboratory payment cuts could threaten patient access, while Labcorp is preparing to offset part of their expected impact.
- CFO Julia Wang said organic growth and operating efficiencies supported margin expansion, while central laboratory demand contributed to Labcorp’s increased revenue outlook.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
98.02%
Held by the ten largest
47.20%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 9.89m | 12.23% | −13.74k |
| BlackRock | 6.57m | 8.13% | +129.41k |
| Victory Capital | 4.84m | 5.98% | +210.45k |
| State Street | 3.91m | 4.83% | +44.49k |
| Boston Partners | 3.05m | 3.77% | +682.89k |
| Allspring Global Investments Holdings, LLC | 2.24m | 2.77% | +10.51k |
| Geode Capital Management | 2.19m | 2.71% | +2.95k |
| Select Equity Group, L.P. | 1.98m | 2.45% | −192.84k |
| Fidelity (FMR) | 1.90m | 2.35% | +616.46k |
| Morgan Stanley | 1.61m | 1.99% | +111.42k |
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.
Pay and ownership Proxy statement filed 10 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.34m | 30.13m | 150.00 |
| 2024 | 19.33m | 21.33m | 163.00 |
| 2023 | 15.98m | 23.76m | 160.00 |
| 2022 | 14.93m | (2.32m) | 140.00 |
| 2021 | 20.55m | 49.70m | 186.00 |
Ownership
Directors and executive officers, together
less than 1%
New York, NY
7.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Labcorp Holdings Inc. (LH) Latest News
29 Oct
28 Oct
27 Oct
22 Oct
21 Oct
20 Oct
15 Oct
LH metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Labcorp Holdings provides laboratory testing and related services to doctors, hospitals, patients, health plans and drug developers. It was founded in 1978 and is headquartered in Burlington. Adam Schechter is chairman and chief executive officer.
The diagnostics business tests patient samples to help providers diagnose conditions, monitor health and make treatment decisions. Its services range from commonly ordered blood and urine tests to specialty tests using genetic and other technologies. Labcorp collects samples through patient service centers and staff placed in customer offices, then processes them through its laboratory network. Patients can also buy certain tests directly through Labcorp OnDemand.