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LHLabcorp

Health care · Medical Labs · NYSE

Labcorp® Holdings Inc. is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. 10-K, Item 1

LH quote by TradingView
Headquarters
Burlington, NC
CEO
Adam H. Schechter
Next results
around Feb 16, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)12.20Sales (ttm)14.6BNet income (ttm)1.0BSales growth+7.2%EPS growth+18.3%Sales Q/Q+6.9%
Free cash flow1.3BGross margin29.0%Oper. margin10.3%Net margin6.9%FCF margin8.8%ROE11.3%
ROA5.3%R&D / sales-Dividend2.88Debt/Eq0.66Curr. ratio1.41Cash261.8M
Op. cash flow (ttm)1.8BEBITDA2.1BEBITDA margin14.8%Net debt5.6BQuick ratio1.22Interest cover6.18
ROIC6.5%Payout ratio27.5%Tax rate31.5%Stock pay / sales0.9%Shares out.81.2MShares Y/Y-0.7%
Book / share108.96Cash / share3.22Sales / share179.74Asset turnover0.77Inventory turns18.59Days sales out.55
Sales 3Y CAGR+5.6%Sales 5Y CAGR0.0%EPS 3Y CAGR-9.2%EPS 5Y CAGR-8.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

LH against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
LHPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.2%29th of 60 · median +7.1%
Net margin
6.9%37th of 60 · median 9.6%
Return on equity
11.3%32nd of 54 · median 13.1%
Free cash flow margin
8.8%40th of 56 · median 15.5%
Debt / equity (less is better)
0.6624th of 49 · median 0.66
LH and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
LH Labcorp$14.6B +7.2%29.0%6.9%11.3%8.8%0.66
REGN Regeneron Pharmaceuticals$16.9B +1.0%-28.5%14.4%22.6%0.06
VTRS Viatris$14.7B -3.0%35.3%-4.1%-4.4%14.3%0.97
DVA DaVita$14.2B +6.5%-6.5%-9.1%-
HSIC Henry Schein$13.7B +4.0%31.6%3.1%13.3%4.1%1.12
VRTX Vertex Pharmaceuticals$13.0B +8.9%85.5%30.7%19.0%24.7%0.22

From $13.1B of sales to $2.4B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $5.0BRevenue to Cost of revenue: $8.1BGross profit to Operating profit: $3.0BGross profit to Operating expenses: $1.9BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $671.3M Revenue: $13.1B Revenue$13.1B −6% Y/Y Gross profit: $5.0B · 38% margin Gross profit$5.0B38% margin +1% Y/Y Cost of revenue: $8.1B · 62% of revenue Cost of revenue$8.1B62% of revenue Operating profit: $3.0B · 23% margin Operating profit$3.0B23% margin +25% Y/Y Operating expenses: $1.9B · 15% of revenue Operating expenses$1.9B15% of revenue Net profit: $2.4B · 18% margin Net profit$2.4B18% margin +53% Y/Y Tax & other: $671.3M · 5% of revenue Tax & other$671.3M5% of revenue

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From $11.9B of sales to $1.3B of profit

FY2021, from the 10-K income statement and revenue by segment
Diagnostics to Revenue: $9.2BBiopharma Laboratory Services to Revenue: $2.7BRevenue to Gross profit: $3.7BRevenue to Cost of revenue: $8.2BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $157.4M Diagnostics: $9.2B · 77% Diagnostics$9.2B77% Biopharma Laboratory Services: $2.7B · 23% Biopharma Laboratory Se…$2.7B23% Revenue: $11.9B Revenue$11.9B −10% Y/Y Gross profit: $3.7B · 31% margin Gross profit$3.7B31% margin −26% Y/Y Cost of revenue: $8.2B · 69% of revenue Cost of revenue$8.2B69% of revenue Operating profit: $1.4B · 12% margin Operating profit$1.4B12% margin −53% Y/Y Operating expenses: $2.3B · 19% of revenue Operating expenses$2.3B19% of revenue Net profit: $1.3B · 11% margin Net profit$1.3B11% margin −46% Y/Y Tax & other: $157.4M · 1% of revenue Tax & other$157.4M1% of revenue

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From $12.2B of sales to $418.0M of profit

FY2023, from the 10-K income statement and revenue by segment
Diagnostics to Revenue: $9.4BBiopharma Laboratory Services to Revenue: $2.8BRevenue to Gross profit: $3.4BRevenue to Cost of revenue: $8.8BGross profit to Operating profit: $725.6MGross profit to Operating expenses: $2.6BOperating profit to Net profit: $418.0MOperating profit to Tax & other: $307.6M Diagnostics: $9.4B · 77% Diagnostics$9.4B77% Biopharma Laboratory Services: $2.8B · 23% Biopharma Laboratory Se…$2.8B23% Revenue: $12.2B Revenue$12.2B +3% Y/Y Gross profit: $3.4B · 28% margin Gross profit$3.4B28% margin −9% Y/Y Cost of revenue: $8.8B · 72% of revenue Cost of revenue$8.8B72% of revenue Operating profit: $725.6M · 6% margin Operating profit$725.6M6% margin −49% Y/Y Operating expenses: $2.6B · 22% of revenue Operating expenses$2.6B22% of revenue Net profit: $418.0M · 3% margin Net profit$418.0M3% margin −67% Y/Y Tax & other: $307.6M · 3% of revenue Tax & other$307.6M3% of revenue

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From $13.0B of sales to $746.0M of profit

FY2024, from the 10-K income statement and revenue by segment
Diagnostics to Revenue: $10.1BBiopharma Laboratory Services to Revenue: $2.9BRevenue to Gross profit: $3.6BRevenue to Cost of revenue: $9.4BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $2.5BOperating profit to Net profit: $746.0MOperating profit to Tax & other: $340.7M Diagnostics: $10.1B · 78% Diagnostics$10.1B78% Biopharma Laboratory Services: $2.9B · 22% Biopharma Laboratory Se…$2.9B22% Revenue: $13.0B Revenue$13.0B +7% Y/Y Gross profit: $3.6B · 28% margin Gross profit$3.6B28% margin +8% Y/Y Cost of revenue: $9.4B · 72% of revenue Cost of revenue$9.4B72% of revenue Operating profit: $1.1B · 8% margin Operating profit$1.1B8% margin +50% Y/Y Operating expenses: $2.5B · 20% of revenue Operating expenses$2.5B20% of revenue Net profit: $746.0M · 6% margin Net profit$746.0M6% margin +78% Y/Y Tax & other: $340.7M · 3% of revenue Tax & other$340.7M3% of revenue

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From $14.0B of sales to $876.5M of profit

FY2025, from the 10-K income statement and revenue by segment
Diagnostics to Revenue: $10.9BBiopharma Laboratory Services to Revenue: $3.1BRevenue to Gross profit: $4.0BRevenue to Cost of revenue: $9.9BGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.6BOperating profit to Net profit: $876.5MOperating profit to Tax & other: $508.2M Diagnostics: $10.9B · 78% Diagnostics$10.9B78% Biopharma Laboratory Services: $3.1B · 22% Biopharma Laboratory Se…$3.1B22% Revenue: $14.0B Revenue$14.0B +7% Y/Y Gross profit: $4.0B · 29% margin Gross profit$4.0B29% margin +11% Y/Y Cost of revenue: $9.9B · 71% of revenue Cost of revenue$9.9B71% of revenue Operating profit: $1.4B · 10% margin Operating profit$1.4B10% margin +27% Y/Y Operating expenses: $2.6B · 19% of revenue Operating expenses$2.6B19% of revenue Net profit: $876.5M · 6% margin Net profit$876.5M6% margin +17% Y/Y Tax & other: $508.2M · 4% of revenue Tax & other$508.2M4% of revenue

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Where each $100 of sales went

FY2021
FY2021
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 4
  • !
    Net margin below the peer median6.9% vs 9.6%
  • !
    Gross margin down over 5 years35.4% → 28.8%
  • !
    Return on equity below 15%11.3%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 7.5% → 6.3%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 6.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.66 on the latest balance sheet (peer median 0.66)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.41
  • !
    Net debt over 3 years of free cash flow$5.6B net debt, 4.3 years
Debt / equity at each year end, FY2016 to FY2025: 1.05 → 0.65
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.2B last year
  • ✓
    Share count down over 5 years−14.5%
  • ✓
    Dividend per share up over 3 years$2.16 → $2.88
  • ✓
    Cash from operations above net income$1.6B vs $876.5M
Free cash flow, FY2016 to FY2025: 918.2M → 1.2B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $5.9B Debt$5.9B Long-term debt: $5.3B · 90% Long-term debt$5.3B · 90% Due within a year: $601.2M · 10% Due within a year$601.2M · 10% Next 12 months: $500.3M · 9% Next 12 months$500.3M · 9% Year 2: $600.0M · 10% Year 2$600.0M · 10% Year 4: $1.2B · 20% Year 4$1.2B · 20% Year 5: $650.0M · 11% Year 5$650.0M · 11% After year 5: $2.7B · 46% After year 5$2.7B · 46%

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 14.0B Net income 876.5M
FY2016 revenue 9.6B · Revenues, 0000920148-19-000033 FY2016 net income 711.8M · NetIncomeLoss, 0000920148-19-000033 9.6B FY2016 FY2017 revenue 10.3B · Revenues, 0000920148-20-000011 FY2017 net income 1.2B · NetIncomeLoss, 0000920148-20-000011 10.3B FY2017 FY2018 revenue 11.3B · Revenues, 0000920148-21-000018 FY2018 net income 883.7M · NetIncomeLoss, 0000920148-21-000018 11.3B FY2018 FY2019 revenue 11.6B · Revenues, 0000920148-22-000015 FY2019 net income 823.8M · NetIncomeLoss, 0000920148-22-000015 11.6B FY2019 FY2020 revenue 14.0B · Revenues, 0000920148-23-000017 FY2020 net income 1.6B · NetIncomeLoss, 0000920148-23-000017 14.0B FY2020 FY2021 revenue 13.1B · Revenues, 0000920148-24-000014 FY2021 net income 2.4B · NetIncomeLoss, 0000920148-24-000014 13.1B FY2021 FY2021 revenue 11.9B · Revenues, 0000920148-25-000032 FY2021 net income 1.3B · NetIncomeLoss, 0000920148-25-000032 11.9B FY2021 FY2023 revenue 12.2B · Revenues, 0000920148-26-000111 FY2023 net income 418.0M · NetIncomeLoss, 0000920148-26-000111 12.2B FY2023 FY2024 revenue 13.0B · Revenues, 0000920148-26-000111 FY2024 net income 746.0M · NetIncomeLoss, 0000920148-26-000111 13.0B FY2024 FY2025 revenue 14.0B · Revenues, 0000920148-26-000111 FY2025 net income 876.5M · NetIncomeLoss, 0000920148-26-000111 14.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

LH's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue14.0B
FY2016: 9.6BFY2017: 10.3BFY2018: 11.3BFY2019: 11.6BFY2020: 14.0BFY2021: 13.1BFY2021: 11.9BFY2023: 12.2BFY2024: 13.0BFY2025: 14.0B FY2017FY2019FY2021FY2023FY2025
Net income876.5M
FY2016: 711.8MFY2017: 1.2BFY2018: 883.7MFY2019: 823.8MFY2020: 1.6BFY2021: 2.4BFY2021: 1.3BFY2023: 418.0MFY2024: 746.0MFY2025: 876.5M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.2B
FY2016: 918.2MFY2017: 1.2BFY2018: 925.6MFY2019: 1.0BFY2020: 1.8BFY2021: 2.7BFY2021: 1.5BFY2023: 874.1MFY2024: 1.1BFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)10.46
FY2016: 6.82FY2017: 11.81FY2018: 8.61FY2019: 8.35FY2020: 15.88FY2021: 24.39FY2021: 13.97FY2023: 4.77FY2024: 8.84FY2025: 10.46 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.88
FY2016: -FY2017: -FY2018: -FY2019: -FY2020: -FY2021: -FY2021: 2.16FY2023: 2.88FY2024: 2.88FY2025: 2.88 FY2017FY2019FY2021FY2023FY2025
Diluted shares83.8M
FY2016: 104.3MFY2017: 103.9MFY2018: 102.6MFY2019: 98.6MFY2020: 98.0MFY2021: 97.5MFY2021: 91.6MFY2023: 87.6MFY2024: 84.4MFY2025: 83.8M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Diagnostics 10.9B78.0% +7.2%
Biopharma Laboratory Services 3.1B22.2% +6.0%

10-K 0000920148-26-000111, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Revenue9.6B10.3B11.3B11.6B14.0B13.1B11.9B12.2B13.0B14.0B
Cost of revenue6.7B7.2B8.2B8.3B9.0B8.1B8.2B8.8B9.4B9.9B
Gross profit2.9B3.1B3.2B3.3B5.0B5.0B3.7B3.4B3.6B4.0B
SG&A1.3B1.5B1.6B1.6B1.7B1.7B1.8B2.0B2.2B2.2B
Operating income1.3B1.3B1.3B1.3B2.4B3.0B1.4B725.6M1.1B1.4B
Interest expense219.1M235.1M244.2M240.7M207.4M211.8M179.8M199.6M208.3M224.1M
Pretax income884.5M838.8M937.7M784.4M1.8B2.5B1.1B504.0M629.7M728.9M
Income tax360.7M-155.4M384.4M280.0M662.1M690.0M233.9M188.5M212.4M229.8M
Net income711.8M1.2B883.7M823.8M1.6B2.4B1.3B418.0M746.0M876.5M
EPS (diluted)6.8211.818.618.3515.8824.3913.974.778.8410.46
Diluted shares104.3M103.9M102.6M98.6M98.0M97.5M91.6M87.6M84.4M83.8M
Depreciation & amortization499.2M533.2M552.1M577.2M624.7M577.0M537.2M577.3M643.5M681.1M
EBITDA1.8B1.8B1.9B1.9B3.1B3.6B2.0B1.3B1.7B2.1B
Gross margin29.9%30.0%28.0%28.1%35.4%38.0%31.3%27.7%27.9%28.8%
Operating margin13.3%12.7%11.7%11.5%17.5%23.2%12.1%6.0%8.4%9.9%
Net margin7.5%11.9%7.8%7.1%11.1%18.1%10.8%3.4%5.7%6.3%
Revenue growth-+7.9%+9.9%+2.0%+21.0%-6.0%-9.7%+2.5%+7.0%+7.2%
EPS growth-+73.2%-27.1%-3.0%+90.2%+53.6%-42.7%-65.9%+85.3%+18.3%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Cash433.6M316.6M426.8M337.5M1.3B1.5B320.6M536.8M1.5B532.3M
Receivables1.3B1.5B1.5B1.5B2.5B2.3B1.8B1.9B1.9B2.1B
Inventory205.2M227.2M237.3M244.7M423.2M401.4M470.6M474.6M493.2M534.7M
Current assets2.5B2.7B2.8B3.0B5.1B5.3B4.6B3.8B4.8B4.0B
Property & equipment1.7B1.7B1.7B2.6B2.7B2.8B2.8B2.9B3.0B3.1B
Goodwill6.4B7.4B7.4B7.9B7.8B5.9B6.1B6.1B6.4B6.8B
Total assets14.2B16.7B16.2B18.0B20.1B20.4B20.2B16.7B18.4B18.4B
Accounts payable508.4M573.9M634.6M632.3M638.9M621.3M852.2M827.5M875.8M840.8M
Current liabilities1.8B2.2B1.9B2.7B3.1B2.8B3.1B3.2B3.3B2.8B
Total debt5.8B6.7B6.0B6.6B5.8B5.4B5.3B5.1B6.3B5.6B
Total liabilities8.7B9.8B9.2B10.5B10.6B10.1B10.0B8.8B10.3B9.8B
Shareholders' equity5.5B6.8B7.0B7.6B9.4B10.3B10.1B7.9B8.1B8.6B
Retained earnings5.0B6.2B7.2B8.0B9.5B10.5B10.6B7.9B8.3B8.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Operating cash flow1.2B1.5B1.3B1.4B2.1B3.1B2.0B1.3B1.6B1.6B
Capital spending278.9M312.9M379.8M400.2M381.7M421.5M429.3M453.6M489.9M434.5M
Free cash flow918.2M1.2B925.6M1.0B1.8B2.7B1.5B874.1M1.1B1.2B
Stock-based pay (added back)109.6M109.7M91.6M107.0M111.7M132.9M116.8M128.7M116.7M125.8M
Dividends paid------195.2M254.0M243.1M240.7M
Buybacks43.9M338.1M700.0M450.0M100.0M1.7B1.1B1.0B250.1M450.0M
Acquisitions548.6M1.9B117.8M876.0M267.6M496.9M1.2B671.5M839.0M582.0M
Debt raised01.2B01.1B01.0B002.0B0
Debt repaid454.7M500.1M400.0M687.9M412.2M1.0B0300.0M1.0B1.0B
Investing cash flow-795.7M-2.2B206.7M-1.3B-643.2M-884.6M-1.7B-1.2B-1.4B-1.2B
Financing cash flow-671.0M593.2M-1.4B-252.7M-517.4M-2.1B-1.3B-59.3M779.9M-1.5B
Dividend per share------2.162.882.882.88

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2021FY2023FY2024FY2025
Stock-based pay (expense)109.6M109.7M91.6M107.0M111.7M132.9M116.8M128.7M116.7M125.8M
Stock-based pay / revenue1.1%1.1%0.8%0.9%0.8%1.0%1.0%1.1%0.9%0.9%
Operating lease cost---224.0M215.4M220.7M198.1M202.6M220.9M240.7M
Operating lease cash paid---227.3M213.8M219.6M200.2M209.7M229.7M245.1M
Finance lease principal paid---8.9M15.2M13.1M12.3M12.6M11.9M8.8M
Right-of-use assets---732.8M789.8M746.3M738.1M737.1M784.5M803.9M
Operating lease liabilities--0803.1M869.6M829.5M816.7M814.7M860.9M873.7M
Finance lease liabilities---99.5M91.1M95.1M89.6M85.0M80.4M67.6M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LH in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LH/export.csv") into a cell.