NYSE: LH
Labcorp
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.$25.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.1B |
| FY2017, ended Dec 31, 2017 | $16.3B |
| FY2018, ended Dec 31, 2018 | $12.5B |
| FY2019, ended Dec 31, 2019 | $16.5B |
| FY2020, ended Dec 31, 2020 | $19.9B |
| FY2021, ended Dec 31, 2021 | $29.3B |
| FY2022, ended Dec 31, 2022 | $20.8B |
| FY2023, ended Dec 31, 2023 | $19.1B |
| FY2024, ended Dec 31, 2024 | $19.2B |
| FY2025, ended Dec 31, 2025 | $20.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $25.0B |
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.$14.6B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.55B |
| FY2017, ended Dec 31, 2017 | $10.3B |
| FY2018, ended Dec 31, 2018 | $11.3B |
| FY2019, ended Dec 31, 2019 | $11.6B |
| FY2020, ended Dec 31, 2020 | $14.0B |
| FY2021, ended Dec 31, 2021 | $13.1B |
| FY2022, ended Dec 31, 2022 | $11.9B |
| FY2023, ended Dec 31, 2023 | $12.2B |
| FY2024, ended Dec 31, 2024 | $13.0B |
| FY2025, ended Dec 31, 2025 | $14.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $14.6B |
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 | $712M | $918M |
| FY2017, ended Dec 31, 2017 | $1.23B | $1.19B |
| FY2018, ended Dec 31, 2018 | $884M | $926M |
| FY2019, ended Dec 31, 2019 | $824M | $1.04B |
| FY2020, ended Dec 31, 2020 | $1.56B | $1.75B |
| FY2021, ended Dec 31, 2021 | $2.38B | $2.69B |
| FY2022, ended Dec 31, 2022 | $1.28B | $1.53B |
| FY2023, ended Dec 31, 2023 | $418M | $874M |
| FY2024, ended Dec 31, 2024 | $746M | $1.10B |
| FY2025, ended Dec 31, 2025 | $877M | $1.21B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.00B | $1.29B |
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.$262M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $434M |
| FY2017, ended Dec 31, 2017 | $317M |
| FY2018, ended Dec 31, 2018 | $427M |
| FY2019, ended Dec 31, 2019 | $338M |
| FY2020, ended Dec 31, 2020 | $1.32B |
| FY2021, ended Dec 31, 2021 | $1.47B |
| FY2022, ended Dec 31, 2022 | $321M |
| FY2023, ended Dec 31, 2023 | $537M |
| FY2024, ended Dec 31, 2024 | $1.52B |
| FY2025, ended Dec 31, 2025 | $532M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $262M |
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.$5.85B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.78B |
| FY2017, ended Dec 31, 2017 | $6.70B |
| FY2018, ended Dec 31, 2018 | $6.00B |
| FY2019, ended Dec 31, 2019 | $6.21B |
| FY2020, ended Dec 31, 2020 | $5.80B |
| FY2021, ended Dec 31, 2021 | $5.42B |
| FY2022, ended Dec 31, 2022 | $5.34B |
| FY2023, ended Dec 31, 2023 | $5.05B |
| FY2024, ended Dec 31, 2024 | $6.33B |
| FY2025, ended Dec 31, 2025 | $5.58B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.85B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 20.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.81.2M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 102M |
| FY2017, ended Dec 31, 2017 | 102M |
| FY2018, ended Dec 31, 2018 | 98.6M |
| FY2019, ended Dec 31, 2019 | 97.3M |
| FY2020, ended Dec 31, 2020 | 97.6M |
| FY2021, ended Dec 31, 2021 | 93.4M |
| FY2022, ended Dec 31, 2022 | 88.5M |
| FY2023, ended Dec 31, 2023 | 84.1M |
| FY2024, ended Dec 31, 2024 | 83.7M |
| FY2025, ended Dec 31, 2025 | 82.4M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 81.2M |
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: $550M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $43.9M | $110M |
| FY2017, ended Dec 31, 2017 | $338M | $110M |
| FY2018, ended Dec 31, 2018 | $700M | $91.6M |
| FY2019, ended Dec 31, 2019 | $450M | $107M |
| FY2020, ended Dec 31, 2020 | $100M | $112M |
| FY2021, ended Dec 31, 2021 | $1.67B | $133M |
| FY2022, ended Dec 31, 2022 | $1.10B | $117M |
| FY2023, ended Dec 31, 2023 | $1.00B | $129M |
| FY2024, ended Dec 31, 2024 | $250M | $117M |
| FY2025, ended Dec 31, 2025 | $450M | $126M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $677M | $127M |
Revenue (TTM)
$14.6B
+6.0% YoY
Net income (TTM)
$1.00B
+17.4% YoY
Cash
$262M
−56.2% YoY
Total debt
$5.85B
+15.2% YoY
Valuation
At current price- Market Cap
- $29.3B
- P/E
- 29.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.0×
- Price / Book
- 3.3×
- EV / EBITDA
- 15.8×
Growth
Trailing 12 months- Revenue (TTM)
- $14.6B
- Revenue Growth YoY
- 6.0%
- Revenue CAGR 3Y
- 5.6%
- Revenue CAGR 5Y
- −0.0%
- EPS Growth YoY
- 19.7%
- Net Income Growth YoY
- 17.4%
Profitability
Trailing 12 months- Gross Margin
- 29.0%
- Operating Margin
- 10.3%
- Net Margin
- 6.9%
- FCF Margin
- 8.8%
- Return on Equity
- 11.4%
Earnings
Trailing 12 months- Net Income
- $1.00B
- EPS (diluted)
- $12.20
- EBITDA
- $2.21B
- Operating Income
- $1.50B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $262M
- Total Debt
- $5.85B
- Net Debt
- $5.59B
- Total Assets
- $18.9B
- Total Liabilities
- $10.1B
- Shareholders' Equity
- $8.85B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.81B
- Capital Expenditure
- $528M
- Free Cash Flow
- $1.29B
Dividends and risk
Last 12 months- Dividend Yield
- 0.8%
- Dividend / Share
- $2.88
- Beta (5Y)
- 0.87
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 6.0% year over year, at $14.6B.
Note
Net margin of 6.9% over the last 12 months.
Note
Net debt of $5.59B is 2.5× EBITDA.
Note
Free cash flow of $1.29B, 8.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 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
2025 · 10-K71Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 24, 2026 · Read the filing on EDGAR
- Revenue rose 7.2% to $13.95 billion, with 4.4% organic growth and 2.5% from acquisitions.
- Operating income rose 27.4% to $1,384.7 million, helped by better margins in both segments and lower corporate costs, despite higher restructuring charges.
- Medicare payment cuts under PAMA are frozen for 2026, and the FDA's lab-developed test rule was rescinded, easing two risks from last year.
- Cash fell to $532.3 million from $1,518.7 million after less new borrowing, more buybacks and acquisitions; operating cash flow rose to $1,640.5 million.
Business momentum
Strong improvement
“Total Operating income $ 1,384.7 $ 1,086.7 27.4 %”
Outlook
Neutral
“However, the Company currently believes any such reduction would not likely have a material impact on its results of operations in future periods.”
Financial stress
Low
“Based on current and projected levels of cash flows from operations, coupled with availability under its revolving credit facility, the Company believes it has sufficient liquidity to meet both its anticipated short-term and long-term cash needs”
Tone against the previous report
More positive
Red flags
- Minor
Large write-down
“For the year ended December 31, 2025, the Company recorded net restructuring charges of $127.2, including $105.5 of charges associated with the restructuring of ED.”
Positives
Core diagnostics profit grew 10.8%, and its margin improved about 50 basis points, reversing last year's margin decline.
“Dx segment operating income was $1,779.9 for the year ended December 31, 2025, an increase of 10.8% from operating income of $1,606.3 in the corresponding period of 2024”
Medicare payment cuts are frozen for 2026 and capped at 15% a year for 2027 through 2029.
“PAMA has already reduced Medicare reimbursement rates for many tests, and further reductions are expected, although rate reductions are frozen for 2026 and capped at 15% per year for 2027-2029.”
The FDA's rule regulating lab-developed tests was withdrawn after legal challenges, though the FDA could try again.
“Legal challenges to the rule led to its recission”
Concerns
Cash on hand fell by about two-thirds during the year, and $500.3 million of debt due within 12 months is expected to be refinanced.
“Cash and cash equivalents at December 31, 2025, and 2024, totaled $532.3 and $1,518.7, respectively.”
Medicare payment cuts return in 2027 and could continue after 2029.
“are now frozen for 2026 but will resume in 2027, with capped reductions in 2027-2029, with potential for further reductions thereafter”
The Ravgen patent case remains unresolved, with large damages and a per-test royalty still under appeal.
“The Company strongly disagrees with the verdict, based on a number of legal factors, and will vigorously defend the lawsuit through the appeal process.”
New risks since the previous report
Federal health law (OBBBA) could reduce insurance coverage and testing demand, though management does not expect a material impact.
“As a result of these changes, the Company could experience a decline in utilization of its diagnostics testing services due to a reduction in overall insurance coverage, which may cause the Company’s revenue to decrease.”
AI applied to testing could reduce demand for Labcorp's services or give competitors an advantage.
“Similarly, application of AI to testing could reduce demand for the Company’s services, or competitors could adopt use of these technologies and derive benefits from them sooner than the Company”
Labcorp's and its vendors' own use of AI tools could cause data leaks, flawed results or reputational harm.
“Improper use may lead to data leaks of sensitive, proprietary, or confidential information, flawed outputs, biased decisions, or reputational harm.”
Losses from outside investments are growing, including the SYNLAB stake and technology investments.
“there were net investment losses of $42.6, recorded during the year ended December 31, 2025, compared to net investment losses of $11.4 for the corresponding period of 2024”
Biggest risks named
- Medicare, Medicaid and insurer payment cuts, including PAMA cuts resuming in 2027
- Ravgen patent case, with $372 million in damages plus royalties and interest, under appeal
- Cyberattacks and data breaches, including at vendors and increasingly aided by AI
- Lower drug-industry research spending hurting biopharma lab demand
- Reduced insurance coverage from Medicaid and ACA changes under the OBBBA law
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −1.5 | |
| New risks | −2 | |
| Score | 71 | |
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-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 24, 2026 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2025 | 70 | Strong improvement | 1 medium | |
| 10-K | Feb 26, 2024 | 36 | Sharp deterioration | 2 medium | |
| 10-K | Feb 28, 2023 | 34 | Sharp deterioration | 2 medium | |
| 10-K | Feb 25, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 25, 2021 | 67 | Strong improvement | 1 medium | |
| 10-K | Feb 28, 2020 | 54 | Mixed | 1 minor | |
| 10-K | Feb 28, 2019 | 52 | Mixed | 1 minor | |
| 10-K | Feb 27, 2018 | 64 | Improving | 2 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 30, 2026. View filings on SEC EDGAR