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One of the largest US clinical laboratory testing companies, offering diagnostic testing and drug-development (CRO) services.
One of the largest US clinical laboratory testing companies, offering diagnostic testing and drug-development (CRO) services.
The diagnostics side is paid per test by insurers and government programs, and hospital outreach-lab acquisitions have been a main route of growth. The drug-development side charges drugmakers fees per study, so revenue follows pharma outsourcing. In 2023 it spun off its clinical-trial management arm as Fortrea, keeping the lab-testing side.
Moat: narrow (scale, distribution, installed base). National lab/patient-service-center network and payer contracts create scale advantages over smaller labs.
Headquarters: Burlington, North Carolina, USA · Founded: 1971 · Employees: 71,000
Size Labcorp (LH) is a United States Health Care company (Medical/Nursing Services) with a market value of $29.8B, the 366th largest of 3,117 United States companies the cockpit tracks. Shares closed at $366.57 on 6 Nov 2026.
Performance Over six months the shares gained 44.6%, against +18.3% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +5.6%); the operating margin is 11.3% (peer median 10.2%).
Valuation It trades at 19.0× forward earnings against a peer median of 18.5× (5th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +14 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 0.0 points below its cost of capital (8.5% WACC).
Credit Labcorp has 7 bonds outstanding ($4.65B), rated BBB by the agencies and trading like A at a weighted spread of 74 bp.
Short interest Short interest is 3.1% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $14.6B | $14.0B | $13.0B | $12.2B | $11.9B |
| Revenue growth | — | +7% | +7% | +3% | — |
| Gross profit | $3.92B | $3.73B | $3.37B | $3.15B | $3.52B |
| EBITDA | $2.35B | $2.48B | $2.04B | $1.70B | $2.29B |
| Net income | $1.00B | $876M | $746M | $418M | $1.28B |
| Free cash flow | $1.29B | $1.21B | $1.10B | $874M | $1.53B |
| Capital expenditure | $528M | $434M | $490M | $454M | $429M |
| Total debt | $6.78B | $6.53B | $7.27B | $5.95B | $6.25B |
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 |
|---|---|---|---|---|---|---|
| Labcorp LH | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% |
| Quest Diagnostics DGX | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% |
| ICON ICLR | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% |
| Iqvia IQV | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% |
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 | LH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.7% | +10.2% | 2nd highest of 9 |
| 6-month return | +44.6% | +18.3% | highest of 9 |
| Distance from 52-week high | -1.8% | -8.5% | highest of 9 |
| Revenue growth (TTM) | +6.0% | +5.6% | 5th highest of 9 |
| Operating margin | 11.3% | 10.2% | 4th highest of 9 |
| Forward P/E | 19.0× | 18.5× | 5th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 13.9% | 5.7% | 2nd most demanding of 8 |
| Growth delivered (Del g) | 0.0% | +5.0% | lowest of 8 |
| Hurdle (Req g minus delivered) | +13.9 pp | -1.8 pp | most demanding of 8 |
| ROIC minus cost of capital | -0.0 pp | +1.1 pp | 3rd lowest of 9 |
| EV / EBITDA | 15.4× | 11.1× | 3rd most expensive of 7 |
| Net debt / EBITDA | 2.8× | 2.8× | 4th least indebted of 8 |
| Bond spread | 74 bp | 102 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Labcorp LH | United States | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% | 0.0% |
| Koninklijke Philips PHIA.AS | Netherlands | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% | +0.6% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
Labcorp has 7 bonds outstanding with $4.65B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 5.51%, a spread of 74 bp over government bonds.