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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 $43.6B against $26.4B — 1.7× the size. Labcorp Holdings Inc. trades at the lower P/E: 26.2× against 109×. Waters Corporation grew revenue faster over the last twelve months: 52.5% against 6.41%. Labcorp Holdings Inc. has the higher net margin (6.99% vs 3.59%) and the higher return on invested capital (6.50% vs 1.05%). Across the 22 metrics below, Labcorp Holdings Inc. leads on 14 and Waters Corporation on 8.

Valuation

Metric LH WAT Diagnostics & Research median
P/E 26.18 108.69 35.56
P/S 1.81 9.24 4.37
P/B 3.02 2.82 3.06
Price to free cash flow 25.22 117.05 35.76
EV/EBITDA 14.51 50.12 24.35
EV/Sales 2.22 10.18 5.51
Earnings yield 3.82% 0.92% (1.89%)
Free cash flow yield 3.97% 0.85% (0.15%)

Profitability

Metric LH WAT Diagnostics & Research median
Gross margin 28.88% 50.89% 50.89%
Operating margin 10.43% 7.10% (8.57%)
Net margin 6.99% 3.59% (6.37%)
Free cash flow margin 8.16% 7.89% 0.00%
Return on equity 11.74% 1.92% (2.92%)
Return on assets 5.48% 1.13% (6.71%)
Return on invested capital 6.50% 1.05% 0.00%

Growth

Metric LH WAT Diagnostics & Research median
Revenue growth (TTM) 6.41% 52.47% 7.69%
EPS growth (last fiscal year) 18.33% 0.47% 25.92%
Revenue growth, 5-year CAGR (0.04%) 6.00% 7.40%
Net income growth, 5-year CAGR (10.85%) 4.26% 0.00%

Health

Metric LH WAT Diagnostics & Research median
Debt to equity 0.69 0.32 0.11
Current ratio 1.80 1.86 2.02
Net debt to EBITDA 2.23 0.36 0.70

Dividend

Metric LH WAT Diagnostics & Research median
Dividend yield 0.90% — 0.66%
Payout ratio 0.24 — 0.20

Size

Metric LH WAT Diagnostics & Research median
Market cap 26.36b 43.64b 2.16b

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