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Labcorp Holdings Inc. (LH) vs Waters Corporation (WAT)

Labcorp Holdings Inc. and Waters Corporation are both Diagnostics & Research companies. Waters Corporation is the larger, with a market value of $44.5B against $29.5B — 1.5× the size. Labcorp Holdings Inc. trades at the lower P/E: 29.5× against 194×. Waters Corporation grew revenue faster over the last twelve months: 80.7% against 6.02%. Labcorp Holdings Inc. has the higher net margin (6.88% vs 1.76%) and the higher return on invested capital (6.76% vs 1.13%). Across the 22 metrics below, Labcorp Holdings Inc. leads on 15 and Waters Corporation on 7.

Valuation

Metric LH WAT Diagnostics & Research median
P/E 29.53 193.97 34.52
P/S 2.01 7.96 4.24
P/B 3.32 2.94 3.42
Price to free cash flow 25.40 172.93 33.51
EV/EBITDA 15.61 51.94 23.44
EV/Sales 2.36 8.73 5.18
Earnings yield 3.39% 0.52% (1.50%)
Free cash flow yield 3.94% 0.58% 0.00%

Profitability

Metric LH WAT Diagnostics & Research median
Gross margin 28.96% 49.53% 48.32%
Operating margin 10.29% 4.73% (5.68%)
Net margin 6.88% 1.76% (4.10%)
Free cash flow margin 8.87% 4.60% 0.00%
Return on equity 11.45% 0.00% 0.00%
Return on assets 5.40% 0.68% (6.05%)
Return on invested capital 6.76% 1.13% 0.00%

Growth

Metric LH WAT Diagnostics & Research median
Revenue growth (TTM) 6.02% 80.69% 8.99%
EPS growth (last fiscal year) 18.33% 0.47% 20.36%
Revenue growth, 5-year CAGR (0.04%) 6.00% 7.30%
Net income growth, 5-year CAGR (10.85%) 4.26% 0.00%

Health

Metric LH WAT Diagnostics & Research median
Debt to equity 0.60 0.00 0.01
Current ratio 1.41 0.66 2.27
Net debt to EBITDA 2.23 0.36 0.68

Dividend

Metric LH WAT Diagnostics & Research median
Dividend yield 0.79% — 0.67%
Payout ratio 0.24 — 0.20

Size

Metric LH WAT Diagnostics & Research median
Market cap 29.50b 44.51b 2.22b

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