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Runs the largest US network of clinical diagnostic laboratories, performing blood, genetic and other medical tests for patients and providers.
Runs the largest US network of clinical diagnostic laboratories, performing blood, genetic and other medical tests for patients and providers.
Is paid per test, mostly by health insurers and government programs under negotiated rates, so which insurers include it in their networks matters. It has grown by buying the outreach lab businesses of hospitals, which run their outpatient tests, and by winning contracts with health systems. Labcorp is its main rival.
Moat: narrow (scale, installed base, distribution). Massive nationwide lab/logistics network and payer contracts create scale advantages hard for smaller labs to match.
Headquarters: Secaucus, New Jersey, United States · Founded: 1967 · Employees: 57,000
Size Quest Diagnostics (DGX) is a United States Health Care company (Services to the Health Industry) with a market value of $28.1B, the 383rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $255.63 on 6 Nov 2026.
Performance Over six months the shares gained 36.4%, against +22.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 6 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +4.9%); the operating margin is 14.8% (peer median 10.2%).
Valuation It trades at 22.0× forward earnings against a peer median of 19.3× (3rd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.7 points above its cost of capital (7.2% WACC).
Credit Quest Diagnostics has 10 bonds outstanding ($5.50B), rated BBB+ by the agencies and trading like A at a weighted spread of 69 bp.
Short interest Short interest is 3.2% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.8B | $11.0B | $9.87B | $9.25B | $9.88B |
| Revenue growth | — | +12% | +7% | -6% | — |
| Gross profit | $3.78B | $3.52B | $3.15B | $2.96B | $3.35B |
| EBITDA | $2.33B | $2.17B | $1.91B | $1.79B | $2.06B |
| Net income | $1.12B | $988M | $866M | $850M | $942M |
| Free cash flow | $1.38B | $1.36B | $909M | $864M | $1.31B |
| Capital expenditure | $576M | $527M | $425M | $408M | $404M |
| Total debt | $6.29B | $6.58B | $7.09B | $5.50B | $4.71B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Quest Diagnostics DGX | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% |
| Labcorp LH | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% |
| Sonic Healthcare SHL.AX | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% |
| OPKO Health OPK | $1.29B | +52% | -11% | -29% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DGX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +8.5% | 3rd highest of 6 |
| 6-month return | +36.4% | +22.5% | 3rd highest of 6 |
| Distance from 52-week high | -1.3% | -9.9% | 2nd highest of 6 |
| Revenue growth (TTM) | +9.1% | +4.9% | 3rd highest of 6 |
| Operating margin | 14.8% | 10.2% | 2nd highest of 6 |
| Forward P/E | 22.0× | 19.3× | 3rd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | 11.2% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +3.2% | +9.1% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +3.2 pp | -7.4 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | +2.7 pp | +5.4 pp | 3rd lowest of 6 |
| EV / EBITDA | 14.6× | 8.5× | 2nd most expensive of 4 |
| Net debt / EBITDA | 2.4× | 3.5× | 3rd least indebted of 6 |
| Bond spread | 69 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Quest Diagnostics DGX | United States | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% | +3.2% |
| Pro Medicus PME.AX | Australia | $14.8B | +63% | +23% | 75% | 112.9× | 55.0% | +31.0% |
| Attendo ATT.ST | Sweden | $1.92B | +23% | -1% | 10% | 17.7× | 1.7% | +9.1% |
| Astrana Health ASTH | United States | $1.71B | -12% | +59% | 3% | 19.3× | 12.8% | +35.9% |
| NRC Health NRC | United States | $572M | +38% | +3% | 11% | 26.1× | 11.2% | +0.6% |
| Tokai 9729.T | Japan | $553M | +3% | +5% | 6% | 12.4× | -13.2% | +6.2% |
Quest Diagnostics has 10 bonds outstanding with $5.50B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 5.36%, a spread of 69 bp over government bonds.