FirmAtlas
Company handbook · LH · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
LH · CIK 920148 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
LABCORP HOLDINGS INC.
$317.95
−7.12 (−2.19%)
Close, Oct 16, 2026 · 52-week $245–342
Last fiscal year
LABCORP HOLDINGS INC. reported revenue of $14.0B for the year ended Dec 31, 2025 (FY25), up 7.2% from FY24. Net income was $876M, operating cash flow $1.6B and free cash flow $1.2B. Source: 10-K filed Feb 24, 2026.
Market cap
$26.1B
P/E
26.1
EV/EBITDA
15.1x
P/B
3.0
Div yield
0.91%
ROIC
8.2%
Revenue 1Y
7.2%/yr
EPS 1Y
18.3%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAdam H. Schechter
HQBurlington, NC
AuditorDeloitte & Touche LLP
Employees71,000
Year endsDecember
Revenue by segment · FY25
Routine Testing78%
All Other Segments22%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.9%
3.2%
16.5%
12.1%
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
$3.5B deployed
Capex
$924M
26.2%
Acquisitions
$1.4B
40.3%
Dividends
$484M
13.7%
Buybacks
$700M
19.8%
Operating cash flow over the period: $3.2B. Total debt changed by −$747M.
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
13,009
13,952+7.2%
14,348
YoY
+7.2%
Gross profit
3,624
4,012+10.7%
4,144
Gross margin
27.9%
28.8%+0.9 pp
—
Operating income
1,087
1,385+27.4%
1,497
Operating margin
8.4%
9.9%+1.6 pp
—
EBITDA
1,730
2,066+19.4%
—
EBITDA margin
13.3%
14.8%+1.5 pp
—
Interest expense
208
224+7.6%
—
Interest coverage
8.31x
9.22x+0.91x
—
Net income
746
876+17.5%
1,002
YoY
+17.5%
Net margin
5.7%
6.3%+0.5 pp
—
EPS (diluted, $)
8.84
10.46+18.3%
12.11
YoY
+18.3%
Balance sheet
Total assets
18,379
18,393+0.1%
18,532
Cash & short-term investments
1,519
532−65.0%
—
Accounts receivable
1,944
2,104+8.2%
—
Inventory
493
535+8.4%
—
Net PP&E
3,045
3,082+1.2%
—
Other assets
11,378
12,140+6.7%
—
Total liabilities
10,327
9,773−5.4%
9,926
Accounts payable
876
841−4.0%
—
Total debt
6,332
5,585−11.8%
5,858
Other liabilities
3,119
3,347+7.3%
—
Shareholders’ equity
8,052
8,620+7.0%
8,607
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,586
1,640+3.4%
1,638
Net income
747
878+17.5%
—
Depreciation & amortization
644
681+5.8%
—
Stock-based compensation
117
126+7.8%
—
Working capital & other
78
(44)−156.2%
—
Cash from investing
(1,367)
(1,194)n/m
—
Capex
(490)
(434)n/m
—
PP&E sold
2
8+300.0%
—
Acquisitions
(839)
(582)n/m
—
Investments bought
(55)
(192)n/m
—
Other investing
15
7−54.3%
—
Cash from financing
780
(1,457)−286.8%
—
Debt raised
2,000
0−100.0%
—
Debt repaid
(1,000)
(1,000)n/m
—
Dividends
(243)
(241)n/m
—
Buybacks
(250)
(450)n/m
—
Shares issued
6
2−61.5%
—
Other financing
267
231−13.3%
—
Net change in cash
982
(986)−200.5%
—
Free cash flow (OCF − capex)
1,096
1,206+10.0%
1,155
Where the cash went
Operating cash flow
1,586
1,640+3.4%
1,638
Reinvested in the business
1,329
1,016−23.5%
—
% of operating cash flow
83.8%
62.0%
Capex
490
434−11.3%
483
Acquisitions
839
582−30.6%
—
Free cash flow
1,096
1,206+10.0%
1,155
YoY
+10.0%
Returned to shareholders
493
691+40.0%
—
% of free cash flow
45.0%
57.3%
Dividends
243
241−1.0%
—
Buybacks
250
450+79.9%
—
Change in total debt
—
(747)
—
Cash left over
—
(813)
—
FCF conversion (FCF ÷ net income)
146.9%
137.6%−9.3 pp
—
Owner earnings
—
887
—
Owner earnings margin
—
6.4%
—
Buyback yield
1.3%
2.2%+0.9 pp
—
Returns & ratios
ROIC (all capital)
6.7%
8.2%+1.6 pp
—
ROIC (operating)
18.6%
23.1%+4.4 pp
—
Net debt / EBITDA
2.78x
2.45x−0.34x
—
Debt / equity
0.79x
0.65x−0.14x
—
ROE
9.3%
10.2%+0.9 pp
—
ROA
4.1%
4.8%+0.7 pp
—
ROCE
7.2%
8.9%+1.7 pp
—
NOPAT
858
1,094+27.4%
—
Invested capital (operating)
4,607
4,879+5.9%
—
Invested capital (all)
12,865
13,672+6.3%
—
Reinvestment rate
—
24.9%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,564
3,516
3,538
3,731
vs year-ago quarter
Gross profit
1,025
993
1,014
1,112
Gross margin
28.8%
28.2%
28.7%
29.8%
Operating income
397
268
381
452
Net income
261
165
278
299
vs year-ago quarter
Net margin
7.3%
4.7%
7.9%
8.0%
EPS (diluted, $)
3.12
2.00
3.35
3.64
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
18,262
18,393
19,087
18,532
Cash & equivalents
598
532
981
142
Total debt
5,083
5,585
6,334
5,858
Shareholders’ equity
8,697
8,620
8,729
8,607
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
387
614
192
446
Capex
107
124
121
132
Free cash flow
280
490
70
314
vs year-ago quarter