Quest Diagnostics Incorporated

DGX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Valuation
Market cap	$19,304	$16,838	$15,503	$17,817	$21,224	$14,619	$13,100	$10,215	$12,082	$11,274	$8,727	$9,724	$8,138	$9,242	$9,214	$9,483	$11,225	$10,086	$10,222	$10,440	$10,390	$9,735	$7,567	$5,488	$6,690	$6,356	$1,039	$532	$489	$444
Enterprise value	$25,839	$23,411	$20,350	$22,253	$25,164	$18,319	$17,370	$14,122	$15,834	$14,681	$12,274	$13,324	$11,308	$12,332	$13,096	$12,044	$13,820	$12,936	$13,596	$11,847	$11,890	$10,761	$8,515	$6,214	$7,389	$7,211	$2,229	$794	$842	$938
P/E (TTM) at period end	19.54×	19.44×	18.24×	18.91×	10.68×	10.26×	15.69×	13.94×	15.71×	17.56×	12.36×	17.71×	9.62×	14.72×	19.56×	13.15×	15.39×	17.35×	30.07×	17.80×	19.02×	19.50×	17.33×	17.04×	41.22×	62.28×	–	19.78×	–	–
P/S (TTM) at period end	1.75×	1.71×	1.68×	1.80×	1.97×	1.55×	1.70×	1.36×	1.63×	1.56×	1.16×	1.31×	1.14×	1.25×	1.25×	1.31×	1.51×	1.39×	1.52×	1.67×	1.89×	1.90×	1.60×	1.34×	1.84×	1.86×	0.47×	0.36×	0.32×	0.27×
P/B at period end	2.69×	2.48×	2.46×	3.02×	3.29×	2.16×	2.32×	1.96×	2.46×	2.44×	1.86×	2.26×	2.06×	2.22×	2.50×	2.35×	2.81×	2.80×	3.08×	3.46×	3.76×	4.25×	3.16×	3.10×	5.01×	6.16×	1.20×	0.94×	0.90×	0.82×
EV / EBITDA (TTM)	12.15×	12.73×	11.96×	11.93×	9.02×	7.86×	11.13×	10.02×	11.03×	9.62×	7.21×	10.27×	6.43×	8.29×	10.33×	7.83×	8.55×	8.70×	10.23×	8.94×	10.39×	10.06×	8.97×	8.58×	13.22×	15.95×	9.18×	4.87×	5.57×	–
EV / Sales (TTM)	2.34×	2.37×	2.20×	2.25×	2.33×	1.94×	2.25×	1.88×	2.14×	2.04×	1.64×	1.79×	1.58×	1.67×	1.77×	1.66×	1.85×	1.78×	2.03×	1.89×	2.16×	2.10×	1.80×	1.51×	2.04×	2.11×	1.01×	0.54×	0.55×	0.58×
Returns
Return on equity	13.8%	12.8%	13.5%	16.0%	30.9%	21.1%	14.8%	14.1%	15.6%	13.9%	15.1%	12.8%	21.4%	15.1%	12.8%	17.9%	18.3%	16.1%	10.2%	19.4%	19.8%	21.8%	18.2%	18.2%	12.1%	9.9%	(0.4%)	4.7%	(4.1%)	(116.2%)
Return on invested capital	8.6%	7.7%	8.8%	10.9%	17.7%	14.2%	9.6%	9.7%	10.3%	9.6%	11.2%	8.5%	12.9%	10.3%	7.6%	12.4%	12.9%	12.0%	9.9%	15.4%	13.6%	16.3%	14.1%	14.1%	11.2%	8.8%	–	5.7%	8.3%	(53.9%)
Dividend yield	1.8%	2.0%	2.0%	1.7%	1.5%	2.0%	2.2%	2.6%	2.0%	2.0%	2.4%	1.9%	2.3%	1.2%	0.7%	0.8%	0.7%	0.8%	0.8%	0.7%	0.7%	0.6%	–	–	0.1%	0.1%	0.0%	0.0%	0.0%	0.3%
Financial health
Current ratio	1.04×	1.10×	1.31×	1.22×	1.56×	1.72×	1.25×	0.94×	1.24×	1.56×	1.28×	0.94×	1.22×	1.49×	0.90×	1.32×	1.59×	1.22×	1.07×	1.03×	0.97×	0.89×	1.38×	1.30×	1.33×	1.03×	1.24×	1.87×	1.94×	2.05×
Debt / equity	0.79×	0.92×	0.75×	0.68×	0.62×	0.59×	0.85×	0.75×	0.77×	0.81×	0.78×	0.87×	0.84×	0.81×	1.09×	0.74×	0.78×	0.86×	1.06×	0.52×	0.58×	0.48×	0.46×	0.47×	0.62×	0.99×	1.41×	0.82×	0.95×	0.99×
Effective tax rate	23.8%	23.2%	21.9%	21.4%	23.0%	24.4%	23.0%	19.7%	23.4%	39.5%	33.8%	31.8%	37.8%	37.6%	41.5%	36.3%	37.5%	36.8%	39.3%	39.4%	40.0%	40.2%	40.8%	40.6%	44.7%	47.8%	109.0%	50.1%	(16.8%)	7.4%
Share count
Diluted shares outstanding	113	113	113	118	128	136	136	139	140	142	145	145	153	160	160	177	188	196	195	200	206	212	216	199	196	189	136	121	116	117

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Revenue and gross profit
Revenue	$11,841	$11,035	$9,872	$9,252	$9,883	$10,788	$9,437	$7,726	$7,531	$7,402	$7,214	$7,493	$7,435	$7,146	$7,383	$7,392	$7,260	$7,455	$7,249	$6,705	$6,269	$5,504	$5,127	$4,738	$4,108	$3,628	$3,421	$2,205	$1,459	$1,529	$1,616
Cost of revenue	($7,920)	($7,370)	($6,628)	($6,199)	($6,450)	($6,579)	($5,804)	($5,037)	($4,926)	($4,719)	($4,616)	($4,657)	($4,637)	($4,326)	($4,365)	($4,363)	($4,276)	($4,321)	($4,256)	($3,970)	($3,696)	($3,257)	($2,991)	($2,769)	($2,432)	($2,152)	($1,968)	($1,319)	($814)	($876)	($1,011)
Gross profit	$3,921	$3,665	$3,244	$3,053	$3,433	$4,209	$3,633	$2,689	$2,605	$2,683	$2,899	$2,836	$2,798	$2,820	$3,018	$3,029	$3,052	$3,134	$2,993	$2,735	$2,573	$2,246	$2,136	$1,969	$1,676	$1,476	$1,454	$886	$645	$653	$605
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($2,060)	($1,967)	($1,770)	($1,642)	($1,874)	($1,727)	($1,550)	($1,457)	($1,424)	($1,443)	($1,380)	($1,679)	($1,728)	($1,704)	($1,745)	($1,743)	($1,659)	($1,748)	($1,737)	($1,613)	($1,434)	($1,258)	($1,228)	($1,166)	($1,075)	($1,019)	($1,001)	($643)	($482)	($502)	($495)
Total operating expenses	($2,198)	($2,109)	($1,898)	($1,791)	($2,005)	($1,828)	($1,662)	($1,458)	($1,504)	($1,518)	($1,622)	($1,437)	($1,815)	($1,345)	($1,817)	($2,042)	($1,768)	($1,775)	($1,771)	($1,644)	($1,445)	($1,278)	($1,234)	($1,174)	($1,083)	($1,065)	($1,136)	($734)	($550)	($578)	($1,207)
Total costs and expenses	($10,118)	($9,479)	($8,526)	($7,990)	($8,455)	($8,407)	($7,466)	($6,495)	($6,430)	($6,237)	($5,937)	($6,094)	($6,452)	($5,671)	($6,182)	($6,405)	($5,977)	($6,096)	($6,027)	($5,614)	($5,141)	($4,536)	($4,225)	($3,943)	($3,516)	($3,216)	($3,103)	($2,053)	($1,364)	($1,454)	($2,218)
Operating income	$1,723	$1,556	$1,346	$1,262	$1,428	$2,381	$1,971	$1,231	$1,101	$1,165	$1,277	$1,399	$983	$1,475	$1,201	$987	$1,284	$1,359	$1,222	$1,091	$1,128	$968	$901	$795	$592	$411	$318	$152	$94	$75	($601)
Earnings
EBITDA	$2,308	$2,126	$1,839	$1,701	$1,865	$2,789	$2,332	$1,560	$1,410	$1,435	$1,526	$1,703	$1,297	$1,758	$1,488	$1,268	$1,538	$1,616	$1,487	$1,329	$1,325	$1,144	$1,070	$949	$724	$559	$452	$243	$163	$151	($502)
Interest income	–	($264)	($201)	($152)	$10	$1	$3	$5	$2	$2	–	–	$3	$3	$3	$3	$1	$3	$6	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($261)	($277)	($226)	($163)	($148)	($152)	($166)	($180)	($169)	($153)	($144)	($154)	($167)	($159)	($165)	($173)	($148)	($147)	($185)	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,492	$1,318	$1,175	$1,130	$1,235	$2,599	$1,884	$1,076	$926	$1,030	$1,086	$1,103	$823	$1,324	$1,068	$856	$1,184	$1,228	$1,051	$912	$1,033	$910	$835	$738	$542	$333	$201	$14	$54	($19)	($676)
Income tax expense	($342)	($314)	($273)	($248)	($264)	($597)	($460)	($247)	($182)	($241)	($429)	($373)	($262)	($500)	($402)	($355)	($430)	($460)	($387)	($359)	($408)	($364)	($336)	($301)	($220)	($149)	($96)	($16)	($27)	($3)	$50
Net income	$1,129	$992	$871	$854	$946	$1,995	$1,431	$858	$736	$772	$645	$709	$556	$849	$556	$471	$721	$729	$581	$340	$586	$546	$499	$437	$322	$162	$102	($3)	$27	($22)	($626)
Per share
Diluted EPS (GAAP)	$10.04	$8.75	$7.69	$7.49	$7.97	$15.55	$10.47	$6.28	$5.29	$5.50	$4.51	$4.87	$3.81	$5.54	$3.46	$2.92	$4.05	$3.87	$2.96	$1.74	$2.94	$2.66	$2.35	$2.02	$1.62	$0.83	$0.54	($0.025)	$0.22	($0.19)	($5.33)
Basic EPS (GAAP)	$10.18	$8.87	$7.78	$7.59	$8.10	$15.85	$10.62	$6.36	$5.39	$5.63	$4.58	$4.92	$3.83	$5.58	$3.49	$2.95	$4.08	$3.91	$2.99	$1.76	$2.98	$2.71	$2.45	$2.11	$1.67	$0.87	$0.57	($0.025)	$0.23	($0.19)	($5.33)
Basic shares outstanding	110	111	111	112	116	125	134	134	136	137	140	144	145	152	159	159	176	186	194	193	197	202	204	207	193	187	179	136	120	116	117
Margins
Gross margin	33.1%	33.2%	32.9%	33.0%	34.7%	39.0%	38.5%	34.8%	34.6%	36.2%	40.2%	37.8%	37.6%	39.5%	40.9%	41.0%	42.0%	42.0%	41.3%	40.8%	41.0%	40.8%	41.7%	41.6%	40.8%	40.7%	42.5%	40.2%	44.2%	42.7%	37.5%
Operating margin	14.6%	14.1%	13.6%	13.6%	14.4%	22.1%	20.9%	15.9%	14.6%	15.7%	17.7%	18.7%	13.2%	20.6%	16.3%	13.4%	17.7%	18.2%	16.9%	16.3%	18.0%	17.6%	17.6%	16.8%	14.4%	11.3%	9.3%	6.9%	6.5%	4.9%	(37.2%)
Net margin	9.5%	9.0%	8.8%	9.2%	9.6%	18.5%	15.2%	11.1%	9.8%	10.4%	8.9%	9.5%	7.5%	11.9%	7.5%	6.4%	9.9%	9.8%	8.0%	5.1%	9.4%	9.9%	9.7%	9.2%	7.8%	4.5%	3.0%	(0.2%)	1.8%	(1.5%)	(38.7%)

Analyst consensus

Hold34 analysts

Bearish · 3 · Hold · 18 · Bullish · 13

Earnings history

	EPS	Estimate
Q4 2024	$2.23	$2.19	Beat
Q1 2025	$2.21	$2.15	Beat
Q2 2025	$2.62	$2.57	Beat
Q3 2025	$2.60	$2.50	Beat
Q4 2025	$2.42	$2.36	Beat
Q1 2026	$2.50	$2.37	Beat
Q2 2026	$3.12	$2.82	Beat
Q3 2026	$3.00	$2.87	Beat

Peers

Company overview

IPO dateDec 17, 1996

CEOJames E. Davis

Employees51,500

SectorHealthcare

IndustryMedical - Diagnostics & Research

CountryUS

ExchangeNew York Stock Exchange

Websitewww.questdiagnostics.com

Quest Diagnostics Incorporated, founded in 1967 and headquartered in Secaucus, New Jersey, is a premier provider of diagnostic testing, information, and related services, serving clients both domestically and internationally. Its core business involves the development and provision of diverse diagnostic information services, such as routine, advanced clinical, and anatomic pathology testing. While primarily operating under the Quest Diagnostics brand, it also leverages specialized identities like AmeriPath, Dermpath Diagnostics, ExamOne, and Quanum to reach a broad spectrum of clients. Its extensive client base includes patients, clinicians, hospitals, integrated delivery networks, health plans, employers, and other direct healthcare entities. Delivery of these services is facilitated through a robust network comprising laboratories, patient service centers, in-office phlebotomists, call centers, and mobile health professionals including paramedics and nurses. Additionally, the company provides risk assessment services for the life insurance industry and offers comprehensive information technology solutions to healthcare organizations and clinicians.

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