Labcorp Holdings Inc. (LH)
Health Care · Health Care Services · US stock · S&P 500 component
$329.93
▲ +6.18 (1.91%)
Fair valueFair
$299 −9.3% to fair value
$150fair band $255–$363$449
Day's range
$316.22 – $331.71
52-week range
$244.52 – $341.80
About Labcorp Holdings Inc.
Labcorp provides clinical laboratory testing and drug development services. Doctors, hospitals, health systems, employers and individual patients use its diagnostic testing network, which covers routine blood work as well as specialised genetic and cancer tests, while pharmaceutical and biotechnology companies use its laboratory and clinical trial services to bring new medicines to patients. The company is organised into a diagnostics business and a biopharma services business.
Labcorp earns revenue from fees for patient tests, paid by insurers, government programmes, employers and patients, and from research services. Sales for the last twelve months came to $14.3 billion, up 5.6% a year across the last three years. The operating margin is 10.4%, and the business earns a profit of 8% on the capital invested in it. It has net debt of 2.6 times EBITDA. The company pays a dividend with a yield of 0.9%. On the site's X-Ray Score it receives 44 out of 100.
Price chart
52-wk range $244.52 – $341.80Volume 961,890Daily, split-adjusted
Vitals
Market cap$27.1B
52-week range$244.52 – $341.80
Volume (last day)961,890
P/E (TTM)27.3
EBIT / EV yield4.6%
Free-cash-flow yield4.3%
Dividend yield0.9%
Revenue (TTM)$14.3B
Net income (TTM)$1.0B
Operating margin10.4%
Return on capital8.3%
Debt incl. leases$5.9B
Cash & securities$142M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$299middle half of models $277 – $342
Fair
−9.3% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $330
Undervalued < $255Fair $255 – $363Overvalued > $363
P/E multiple
$326
P/B multiple
$280
P/S multiple
$267
EV/EBITDA multiple
$304
EV/EBIT multiple
$309
EV/revenue multiple
$281
10-year DCF, EBITDA exit
$378
5-year DCF, EBITDA exit
$367
10-year DCF, revenue exit
$367
5-year DCF, revenue exit
$357
10-year DCF, growth exit
$277
5-year DCF, growth exit
$249
Dividend discount, stable
$139
Dividend discount, multi-stage
$277
Earnings power value
$311
Growth the price implies
14.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
43/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.6%
Free-cash-flow yield4.3%
Fair value vs price0.9×
Growth
Weak
42/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)5.6%
EPS growth (3y)-9.2%
Growth consistency100%
Profitability
Weak
32/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital8.3%
Operating margin10.4%
Gross profitability22.4%
Financial health
Fair
57/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA2.6×
Interest cover6.6×
Dividends
Fair
50/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.9%
Dividends vs free cash flow20%
Dividend growth7.2%
Quarterly results: last 6 quarters
+5.3%
Mar '25
+9.5%
Jun '25
+8.6%
Sep '25
+5.6%
Dec '25
+5.8%
Mar '26
+5.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.7B, diluted EPS $3.64.
Compare with peers
DVA Davita Inc.67 CI Cigna Group66 DGX Quest Diagnostics Inc56 CVS CVS HEALTH Corp52Other Health Care Services companies by X-Ray Score.
SWOT analysis: Labcorp Holdings Inc.
Strengthsinside the company
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Earnings per share have declined 9.2% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 27.0x earnings, 41% above the 19.1x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare LH with peers and sector
Medians of 4 Health Care Services peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): CVS 52, CI 66, DGX 56, DVA 67.
| Metric | LH | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 44 | 61 | 49 |
| Valuation | 43 | 87 | 55 |
| Growth | 42 | 58 | 48 |
| Profitability | 32 | 50 | 51 |
| Financial health | 57 | 45 | 48 |
| Dividends | 50 | 63 | 52 |
Sector leaders: highest X-Ray Score in Health Care
LH ranks #42 of 60 in Health Care and #5 of 5 in Health Care Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for LH
Each factor is rated by where LH stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 14 Average · 6 Bad of 23
Growth: 0 · 2 · 1
Profitability: 0 · 2 · 3
Financial strength: 1 · 3 · 0
Valuation: 1 · 4 · 0
Cash flow: 0 · 2 · 2
Efficiency: 1 · 1 · 0
| Factor | LH | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +5.6% | Average beats 51% | +5.5% | – | – |
| Revenue growth, last year | +7.2% | Average beats 53% | +7.1% | +2.5% | ▲ Better |
| EPS growth, 3 years a year | −9.2% | Bad beats 18% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 28.9% | Bad beats 13% | 65.0% | 28.8% | ≈ In line |
| Operating margin | 10.4% | Bad beats 28% | 16.4% | 9.9% | ≈ In line |
| Net margin | 7.0% | Bad beats 32% | 11.1% | 6.3% | ≈ In line |
| Return on invested capital | 8.3% | Average beats 34% | 12.2% | – | – |
| Return on equity | 11.7% | Average beats 41% | 13.7% | 10.2% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 2.6x | Average beats 40% | 2.0x | 2.5x | ≈ In line |
| Interest cover | 6.6x | Average beats 36% | 9.4x | 6.2x | ≈ In line |
| Current ratio | 1.80 | Average beats 64% | 1.52 | 1.44 | ▲ Better |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 27.0x | Average beats 59% | 28.2x | 24.0x | ▼ Worse |
| Price / book | 3.1x | Average beats 59% | 3.7x | 2.4x | ▼ Worse |
| Price / sales | 1.9x | Good beats 71% | 3.7x | 1.6x | ▼ Worse |
| EV / EBITDA | 14.9x | Average beats 62% | 17.6x | 12.6x | ▼ Worse |
| Free cash flow yield | 4.3% | Average beats 45% | 4.4% | 5.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 8.1% | Bad beats 24% | 16.3% | 8.6% | ≈ In line |
| Cash from operations / net income | 1.63 | Average beats 54% | 1.61 | 1.87 | ▼ Worse |
| Free cash flow growth, 3 years a year | −7.6% | Bad beats 19% | +4.3% | – | – |
| Accruals (lower is better) | −3.4% | Average beats 44% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 18.1x | Good beats 94% | 2.9x | 18.6x | ≈ In line |
| Days sales outstanding | 60 days | Average beats 60% | 62 days | 55 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 9 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 42/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $13.1B | $11.9B | $12.2B | $13.0B | $14.0B |
| Operating income | $3.0B | $1.4B | $726M | $1.1B | $1.4B |
| Net income | $2.4B | $1.3B | $418M | $746M | $877M |
| Operating cash flow | $3.1B | $2.0B | $1.3B | $1.6B | $1.6B |
| Operating margin | 23.2% | 12.1% | 6.0% | 8.4% | 9.9% |
| Free cash flow | $2.7B | $1.5B | $874M | $1.1B | $1.2B |
| Diluted EPS | $24.39 | $13.97 | $4.77 | $8.84 | $10.46 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 319.7 | Bullish |
| EMA 10 | 320.8 | Bullish |
| SMA 20 | 314.7 | Bullish |
| EMA 20 | 318.1 | Bullish |
| SMA 50 | 320.5 | Bullish |
| EMA 50 | 314.4 | Bullish |
| SMA 100 | 301.6 | Bullish |
| EMA 100 | 304.4 | Bullish |
| SMA 200 | 283.8 | Bullish |
| EMA 200 | 290.1 | Bullish |
Oscillators (daily)
| RSI (14) | 64.21 | Neutral |
| MACD (12, 26) | 2.37 | Bullish |
| Momentum (12) | 5.85 | Bullish |
| Stochastic %K (14) | 93.36 | Bearish |
| Williams %R (14) | -6.64 | Bearish |
| CCI (20) | 156.3 | Bearish |
Pivot points (classic, last session)
S3 304.7 | S2 310.5 | S1 320.2 | Pivot 326.0 | R1 335.7 | R2 341.4 | R3 351.2 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.88 USD
Yield on today's price
0.87%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold LH
| ETF | Share of the fund |
|---|---|
| IHF iShares U.S. Healthcare Providers | 3.43% |
| JAVA JPMorgan Active Value | 0.50% |
| COWZ Pacer US Cash Cows 100 | 0.48% |
| FVD First Trust Value Line Dividend Index | 0.43% |
| IYH iShares U.S. Healthcare | 0.42% |
| XLV Health Care Select Sector SPDR | 0.40% |
| VOE Vanguard Mid-Cap Value | 0.40% |
| FHLC Fidelity MSCI Health Care Index | 0.37% |
The eight funds with the largest weight in LH among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
LH stock splits
LH has split its stock 3 times since 2000. The latest was a 2-for-1 split on 13 May 2002.
Full LH stock split history →LH SEC filings
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.