NYSE: DGX
Quest Diagnostics
Health Care · Services-Medical Laboratories
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$25.6B
Show tableHide table
| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.6B |
| FY2017, ended Dec 31, 2017 | $13.4B |
| FY2018, ended Dec 31, 2018 | $11.2B |
| FY2019, ended Dec 31, 2019 | $14.3B |
| FY2020, ended Dec 31, 2020 | $15.9B |
| FY2021, ended Dec 31, 2021 | $20.7B |
| FY2022, ended Dec 31, 2022 | $17.4B |
| FY2023, ended Dec 31, 2023 | $15.3B |
| FY2024, ended Dec 31, 2024 | $16.7B |
| FY2025, ended Dec 31, 2025 | $19.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$11.8B
Show tableHide table
| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.21B |
| FY2017, ended Dec 31, 2017 | $7.40B |
| FY2018, ended Dec 31, 2018 | $7.53B |
| FY2019, ended Dec 31, 2019 | $7.73B |
| FY2020, ended Dec 31, 2020 | $9.44B |
| FY2021, ended Dec 31, 2021 | $10.8B |
| FY2022, ended Dec 31, 2022 | $9.88B |
| FY2023, ended Dec 31, 2023 | $9.25B |
| FY2024, ended Dec 31, 2024 | $9.87B |
| FY2025, ended Dec 31, 2025 | $11.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $11.8B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $645M | $823M |
| FY2017, ended Dec 31, 2017 | $772M | $923M |
| FY2018, ended Dec 31, 2018 | $736M | $817M |
| FY2019, ended Dec 31, 2019 | $858M | $843M |
| FY2020, ended Dec 31, 2020 | $1.43B | $1.59B |
| FY2021, ended Dec 31, 2021 | $2.00B | $1.83B |
| FY2022, ended Dec 31, 2022 | $946M | $1.31B |
| FY2023, ended Dec 31, 2023 | $854M | $864M |
| FY2024, ended Dec 31, 2024 | $871M | $909M |
| FY2025, ended Dec 31, 2025 | $992M | $1.36B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.13B | $1.38B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$797M
Show tableHide table
| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $359M |
| FY2017, ended Dec 31, 2017 | $137M |
| FY2018, ended Dec 31, 2018 | $135M |
| FY2019, ended Dec 31, 2019 | $1.19B |
| FY2020, ended Dec 31, 2020 | $1.16B |
| FY2021, ended Dec 31, 2021 | $872M |
| FY2022, ended Dec 31, 2022 | $315M |
| FY2023, ended Dec 31, 2023 | $686M |
| FY2024, ended Dec 31, 2024 | $549M |
| FY2025, ended Dec 31, 2025 | $420M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $797M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.55B
Show tableHide table
| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.73B |
| FY2017, ended Dec 31, 2017 | $3.78B |
| FY2018, ended Dec 31, 2018 | $3.89B |
| FY2019, ended Dec 31, 2019 | $4.77B |
| FY2020, ended Dec 31, 2020 | $4.01B |
| FY2021, ended Dec 31, 2021 | $4.01B |
| FY2022, ended Dec 31, 2022 | $3.98B |
| FY2023, ended Dec 31, 2023 | $4.71B |
| FY2024, ended Dec 31, 2024 | $6.22B |
| FY2025, ended Dec 31, 2025 | $5.67B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.55B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 20.0% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.110M
Show tableHide table
| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 137M |
| FY2017, ended Dec 31, 2017 | 136M |
| FY2018, ended Dec 31, 2018 | 134M |
| FY2019, ended Dec 31, 2019 | 133M |
| FY2020, ended Dec 31, 2020 | 133M |
| FY2021, ended Dec 31, 2021 | 119M |
| FY2022, ended Dec 31, 2022 | 111M |
| FY2023, ended Dec 31, 2023 | 111M |
| FY2024, ended Dec 31, 2024 | 111M |
| FY2025, ended Dec 31, 2025 | 110M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 110M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $464M more bought back than issued
Show tableHide table
| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $590M | $69.0M |
| FY2017, ended Dec 31, 2017 | $465M | $79.0M |
| FY2018, ended Dec 31, 2018 | $322M | $61.0M |
| FY2019, ended Dec 31, 2019 | $353M | $56.0M |
| FY2020, ended Dec 31, 2020 | $325M | $97.0M |
| FY2021, ended Dec 31, 2021 | $2.20B | $79.0M |
| FY2022, ended Dec 31, 2022 | $1.41B | $77.0M |
| FY2023, ended Dec 31, 2023 | $275M | $77.0M |
| FY2024, ended Dec 31, 2024 | $151M | $88.0M |
| FY2025, ended Dec 31, 2025 | $450M | $88.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $552M | $88.0M |
Revenue (TTM)
$11.8B
+9.1% YoY
Net income (TTM)
$1.13B
+16.5% YoY
Cash
$797M
+84.5% YoY
Total debt
$5.55B
−2.2% YoY
Valuation
At current price- Market Cap
- $27.7B
- P/E
- 24.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.3×
- Price / Book
- 3.6×
- EV / EBITDA
- 14.1×
Growth
Trailing 12 months- Revenue (TTM)
- $11.8B
- Revenue Growth YoY
- 9.1%
- Revenue CAGR 3Y
- 3.7%
- Revenue CAGR 5Y
- 3.2%
- EPS Growth YoY
- 17.8%
- Net Income Growth YoY
- 16.5%
Profitability
Trailing 12 months- Gross Margin
- 33.1%
- Operating Margin
- 14.6%
- Net Margin
- 9.5%
- FCF Margin
- 11.6%
- Return on Equity
- 15.2%
Earnings
Trailing 12 months- Net Income
- $1.13B
- EPS (diluted)
- $10.04
- EBITDA
- $2.31B
- Operating Income
- $1.72B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $797M
- Total Debt
- $5.55B
- Net Debt
- $4.75B
- Total Assets
- $17.2B
- Total Liabilities
- $9.27B
- Shareholders' Equity
- $7.63B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.95B
- Capital Expenditure
- $576M
- Free Cash Flow
- $1.38B
Dividends and risk
Last 12 months- Dividend Yield
- 1.3%
- Dividend / Share
- $3.38
- Beta (5Y)
- 0.54
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.1% year over year, at $11.8B.
Note
Net margin of 9.5% over the last 12 months.
Note
Net debt of $4.75B is 2.1× EBITDA.
Note
Free cash flow of $1.38B, 11.6% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K62Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 20, 2025 · Read the filing on EDGAR
- Revenue rose 6.7% to $9.87 billion and operating income rose 6.7% to $1.35 billion; net income rose 2% to $871 million.
- Quest spent about $2.1 billion on seven lab acquisitions, led by Canada's LifeLabs, and issued $1.85 billion of new notes.
- Growth came mainly from the non-COVID business, whose revenue rose 9.0% including acquisitions; organic test volume grew only 0.7%.
- New disclosures cover AI risks, a multi-year billing systems overhaul, post-election regulatory uncertainty and the FDA's move to regulate lab-developed tests.
Business momentum
Improving
“Net revenues for the year ended December 31, 2024 increased by 6.7% compared to the prior year.”
Outlook
Cautious
“we expect there to be changes with respect to the regulatory environment applicable to our business and these changes may be significant.”
Financial stress
Low
“partially offset by increased interest income (principally due to higher cash on hand) and lower borrowings under our secured receivables credit facility.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Core non-COVID testing revenue grew strongly, helped by acquisitions
“DIS revenues in the base business (including the impact of recent acquisitions) increased by 9.0% compared to the prior year.”
Acquisitions expanded the business, including entry into Canada through LifeLabs
“On August 23, 2024, we acquired LifeLabs in an all-cash transaction for approximately CAN $1.35 billion (approximately USD $1 billion).”
Cost-saving program helps offset wage and supply inflation
“The Invigorate program aims to deliver 3% annual cost savings and productivity improvements”
Concerns
Medicare lab payment cuts could begin in 2026 after repeated delays
“reimbursement reduction from 2026 - 2028 is capped by PAMA at 15% annually”
Higher debt pushed up interest costs, limiting net income growth
“Interest expense, net increased by $49 million for the year ended December 31, 2024 compared to the prior year”
Wages and other costs keep rising, and Quest has limited ability to raise prices
“Our ability to raise the prices and fees we charge for the services we provide is limited.”
New risks since the previous report
Errors or competitive setbacks from using AI in testing
“Additionally, AI technology can create accuracy issues and other outcomes that could harm our customers and negatively impact our reputation and our business.”
Disruption from Project Nova, a multi-year billing and order systems overhaul
“in February 2025, we committed to a multi-year project ("Project Nova") to modernize our "Order to Cash" business processes”
New administration's spending cuts could reduce Medicare and other program funding
“Pressures on and uncertainty surrounding the U.S. federal government’s budget, and potential changes in budgetary priorities, could adversely affect the funding for individual programs”
FDA oversight of lab-developed tests has moved from possibility to phased rollout
“As of May 6, 2024, the FDA announced it was phasing out its general enforcement discretion approach”
More revenue now comes from fixed-rate payment deals after LifeLabs
“The increases from 2023 to 2024 were principally due to LifeLabs, which has revenues generated from various capitated arrangements with the government.”
Biggest risks named
- Medicare fee cuts and payment pressure from government and health insurers
- Competition from hospital labs, in-house testing and new technologies
- Government billing investigations, whistleblower suits and possible exclusion from federal programs
- Cyberattacks and patient data breaches, including at outside vendors
- FDA regulation of lab-developed tests and post-election policy changes
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 62 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 26, 2026 | Pro | |||
| 10-K | Feb 20, 2025 | 62 | Improving | None | |
| 10-K | Feb 22, 2024 | 50 | Weakening | 1 minor | |
| 10-K | Feb 21, 2023 | 39 | Sharp deterioration | None | |
| 10-K | Feb 28, 2022 | 67 | Strong improvement | 1 minor | |
| 10-K | Feb 22, 2021 | 70 | Strong improvement | None | |
| 10-K | Feb 20, 2020 | 63 | Improving | 1 minor | |
| 10-K | Feb 21, 2019 | 51 | Mixed | None | |
| 10-K | Feb 23, 2018 | 55 | Mixed | None | |
| 10-K | Feb 22, 2017 | 54 | Mixed | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 23, 2026. View filings on SEC EDGAR