FirmAtlas
Company handbook · DGX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
DGX · CIK 1022079 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
Quest Diagnostics Inc
$235.00
−4.15 (−1.74%)
Close, Oct 16, 2026 · 52-week $171–249
Last fiscal year
Quest Diagnostics Inc reported revenue of $11.0B for the year ended Dec 31, 2025 (FY25), up 11.8% from FY24. Net income was $992M, operating cash flow $1.9B and free cash flow $1.4B. Source: 10-K filed Feb 26, 2026.
Market cap
$26.6B
P/E
25.0
EV/EBITDA
14.7x
P/B
3.5
Div yield
1.44%
ROIC
10.0%
Revenue 1Y
11.8%/yr
EPS 1Y
13.8%/yr
Shares 1Y
+0.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJames E. Davis
HQSecaucus, NJ
AuditorPricewaterhouseCoopers LLP
Employees57,000
Year endsDecember
Revenue by segment · FY25
Clinical Laboratory Testing Business98%
All Other Segments2%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
10.9%
10.5%
24.1%
25.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.5B deployed
Capex
$952M
21.1%
Acquisitions
$2.3B
50.3%
Dividends
$684M
15.2%
Buybacks
$601M
13.3%
Operating cash flow over the period: $3.2B. Total debt changed by −$448M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
9,872
11,035+11.8%
11,560
YoY
+11.8%
Operating income
1,346
1,556+15.6%
1,630
Operating margin
13.6%
14.1%+0.5 pp
—
EBITDA
1,839
2,126+15.6%
—
EBITDA margin
18.6%
19.3%+0.6 pp
—
Interest expense
262
280+6.9%
—
Interest coverage
7.02x
7.59x+0.57x
—
Net income
871
992+13.9%
1,062
YoY
+13.9%
Net margin
8.8%
9.0%+0.2 pp
—
EPS (diluted, $)
7.69
8.75+13.8%
9.41
YoY
+13.8%
Balance sheet
Total assets
16,153
16,225+0.4%
16,939
Cash & short-term investments
549
420−23.5%
—
Accounts receivable
1,304
1,408+8.0%
—
Inventory
188
189+0.5%
—
Net PP&E
2,113
2,203+4.3%
—
Other assets
11,999
12,005+0.1%
—
Total liabilities
9,375
9,055−3.4%
9,423
Accounts payable
1,394
1,600+14.8%
—
Total debt
5,615
5,167−8.0%
5,632
Other liabilities
2,366
2,288−3.3%
—
Shareholders’ equity
6,778
7,170+5.8%
7,516
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,334
1,886+41.4%
1,903
Net income
921
1,046+13.6%
—
Depreciation & amortization
493
570+15.6%
—
Stock-based compensation
88
88+0.0%
—
Working capital & other
(168)
182n/m
—
Cash from investing
(2,548)
(631)n/m
—
Capex
(425)
(527)n/m
—
Acquisitions
(2,164)
(101)n/m
—
Other investing
41
(3)−107.3%
—
Cash from financing
1,084
(1,388)−228.0%
—
Debt raised
1,846
410−77.8%
—
Debt repaid
(303)
(1,012)n/m
—
Dividends
(331)
(353)n/m
—
Buybacks
(151)
(450)n/m
—
Shares issued
73
79+8.2%
—
Other financing
(50)
(62)n/m
—
Net change in cash
(137)
(129)n/m
—
Free cash flow (OCF − capex)
909
1,359+49.5%
1,349
Where the cash went
Operating cash flow
1,334
1,886+41.4%
1,903
Reinvested in the business
2,589
628−75.7%
—
% of operating cash flow
194.1%
33.3%
Capex
425
527+24.0%
554
Acquisitions
2,164
101−95.3%
—
Free cash flow
909
1,359+49.5%
1,349
YoY
+49.5%
Returned to shareholders
482
803+66.6%
—
% of free cash flow
53.0%
59.1%
Dividends
331
353+6.6%
—
Buybacks
151
450+198.0%
—
Change in total debt
—
(448)
—
Cash left over
—
7
—
FCF conversion (FCF ÷ net income)
104.4%
137.0%+32.6 pp
—
Owner earnings
—
1,136
—
Owner earnings margin
—
10.3%
—
Buyback yield
0.9%
2.3%+1.4 pp
—
Returns & ratios
ROIC (all capital)
8.7%
10.0%+1.3 pp
—
ROIC (operating)
46.7%
53.7%+7.0 pp
—
Net debt / EBITDA
2.75x
2.23x−0.52x
—
Debt / equity
0.83x
0.72x−0.11x
—
ROE
12.9%
13.8%+1.0 pp
—
ROA
5.4%
6.1%+0.7 pp
—
ROCE
9.6%
11.2%+1.5 pp
—
NOPAT
1,033
1,185+14.7%
—
Invested capital (operating)
2,211
2,200−0.5%
—
Invested capital (all)
11,844
11,917+0.6%
—
Reinvestment rate
—
−0.9%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,816
2,806
2,895
3,043
vs year-ago quarter
Gross profit
949
910
942
1,027
Gross margin
33.7%
32.4%
32.5%
33.7%
Operating income
386
386
399
459
Net income
245
245
252
320
vs year-ago quarter
Net margin
8.7%
8.7%
8.7%
10.5%
EPS (diluted, $)
2.16
2.17
2.24
2.84
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
16,197
16,225
16,673
16,939
Cash & equivalents
432
420
393
626
Total debt
5,171
5,167
5,155
5,632
Shareholders’ equity
7,258
7,170
7,366
7,516
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
563
465
278
597
Capex
144
158
114
138
Free cash flow
419
307
164
459
vs year-ago quarter