Labcorp (LH) vs peers in numbers

LH and 9 peers, year by year

The 9 Health care companies closest to LH in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
LH Labcorp	FY2025	$14.0B	+7.2%	28.8%	9.9%	6.3%	8.6%	10.2%	0.65
VTRS Viatris	FY2025	$14.3B	−3.0%	35.1%	−18.6%	−24.6%	13.5%	−23.9%	0.98
DVA DaVita	FY2025	$13.6B	+6.5%	-	15.0%	5.5%	9.6%	n/m	n/m
HSIC Henry Schein	FY2025	$13.2B	+4.0%	31.1%	5.0%	3.0%	4.3%	12.3%	0.96
VRTX Vertex Pharmaceuticals	FY2025	$12.0B	+8.9%	-	34.8%	32.9%	26.6%	21.2%	0.00
REGN Regeneron Pharmaceuticals	FY2025	$14.3B	+1.0%	-	24.9%	31.4%	28.4%	14.4%	0.06
IQV IQVIA	FY2025	$16.3B	+5.9%	-	13.4%	8.3%	12.6%	20.9%	2.42
DGX Quest Diagnostics	FY2025	$11.0B	+11.8%	-	14.1%	9.0%	12.3%	13.8%	0.79
BAX Baxter International	FY2025	$11.2B	+5.7%	30.1%	−2.7%	−8.5%	3.0%	−15.6%	1.54
ISRG Intuitive Surgical	FY2025	$10.1B	+20.5%	66.0%	29.3%	28.4%	24.7%	16.0%	-

Revenuepeer median $13.2B

Sales growthpeer median +5.9%

Gross marginpeer median 33.1%

ISRG 66.0%
VTRS 35.1%
HSIC 31.1%
BAX 30.1%
LH 28.8%
DVA -
VRTX -
REGN -
IQV -
DGX -

Operating marginpeer median 14.1%

Net marginpeer median 8.3%

FCF marginpeer median 12.6%

Return on equitypeer median 14.1%

Debt / equitypeer median 0.96

IQV 2.42
BAX 1.54
VTRS 0.98
HSIC 0.96
DGX 0.79
LH 0.65
REGN 0.06
VRTX 0.00
DVA n/m
ISRG -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2015 to FY2025

Revenue as reported in the 10-K.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	$8.7B	$9.6B	$10.3B	$11.3B	$11.6B	$14.0B	$11.9B	$12.2B	$13.0B	$14.0B
VTRS Dec	-	-	-	$11.4B	$11.5B	$11.9B	$17.9B	$15.4B	$14.7B	$14.3B
DVA Dec	$10.0B	$10.7B	$10.9B	$11.4B	$11.4B	$11.6B	$11.6B	$12.1B	$12.8B	$13.6B
HSIC Dec	$10.6B	$11.6B	$12.5B	$13.2B	$10.0B	$10.1B	$12.4B	$12.3B	$12.7B	$13.2B
VRTX Dec	$1.0B	$1.7B	$2.5B	$3.0B	$4.2B	$6.2B	$7.6B	$9.9B	$11.0B	$12.0B
REGN Dec	$4.1B	$4.9B	$5.9B	$5.1B	$6.6B	$8.5B	$16.1B	$13.1B	$14.2B	$14.3B
IQV Dec	$5.7B	$6.9B	$9.7B	$10.4B	$11.1B	$11.4B	$13.9B	$15.0B	$15.4B	$16.3B
DGX Dec	$7.5B	$7.2B	$7.4B	$7.5B	$7.7B	$9.4B	$10.8B	$9.3B	$9.9B	$11.0B
BAX Dec	$10.0B	$10.2B	$10.6B	$11.1B	$11.4B	$11.7B	$12.1B	$10.4B	$10.6B	$11.2B
ISRG Dec	$2.4B	$2.7B	$3.1B	$3.7B	$4.5B	$4.4B	$5.7B	$7.1B	$8.4B	$10.1B
Peer median	$6.6B	$7.0B	$8.6B	$10.4B	$10.0B	$10.1B	$12.1B	$12.1B	$12.7B	$13.2B

Sales growth, FY2015 to FY2025

Revenue against the fiscal year before.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	-	+11.1%	+7.9%	+9.9%	+2.0%	+21.0%	−9.7%	+2.5%	+7.0%	+7.2%
VTRS Dec	-	-	-	-	+0.9%	+4.0%	+50.7%	−5.1%	−4.5%	−3.0%
DVA Dec	-	+7.3%	+1.6%	+4.9%	−0.1%	+1.4%	+0.6%	+4.6%	+5.6%	+6.5%
HSIC Dec	-	+8.9%	+7.7%	+6.0%	+6.0%	+1.3%	+22.6%	−2.4%	+2.7%	+4.0%
VRTX Dec	-	+64.9%	+46.2%	+22.5%	+36.6%	+49.1%	+22.1%	+10.5%	+11.7%	+8.9%
REGN Dec	-	+18.4%	+20.8%	+14.3%	+27.4%	+29.6%	+89.1%	+7.8%	+8.3%	+1.0%
IQV Dec	-	+19.9%	+42.4%	+7.3%	+6.5%	+2.4%	+22.1%	+4.0%	+2.8%	+5.9%
DGX Dec	-	+0.3%	+2.6%	+1.7%	+2.6%	+22.1%	+14.3%	−6.4%	+6.7%	+11.8%
BAX Dec	-	+2.0%	+3.9%	+4.9%	+2.4%	+2.7%	+9.5%	+3.0%	+2.7%	+5.7%
ISRG Dec	-	+13.4%	+16.0%	+18.7%	+20.3%	−2.7%	+31.0%	+14.5%	+17.2%	+20.5%
Peer median	-	+11.1%	+11.8%	+6.7%	+6.0%	+2.7%	+22.1%	+4.0%	+5.6%	+5.9%

Gross margin, FY2015 to FY2025

Gross profit / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	33.4%	29.9%	30.0%	28.0%	28.1%	35.4%	31.3%	27.7%	27.9%	28.8%
VTRS Dec	-	-	-	35.0%	33.9%	31.8%	31.2%	41.7%	38.2%	35.1%
DVA Dec	-	-	-	-	-	-	-	-	-	-
HSIC Dec	28.3%	27.9%	22.0%	22.0%	31.0%	27.8%	29.6%	31.3%	31.7%	31.1%
VRTX Dec	-	-	-	-	-	-	-	-	-	-
REGN Dec	-	-	-	-	-	-	-	-	-	-
IQV Dec	-	-	-	-	-	-	-	-	-	-
DGX Dec	37.8%	40.2%	36.2%	34.6%	34.8%	38.5%	-	-	-	-
BAX Dec	41.6%	40.5%	42.3%	42.9%	41.9%	39.3%	38.9%	40.1%	37.5%	30.1%
ISRG Dec	66.2%	69.9%	70.2%	69.9%	69.4%	65.6%	69.3%	66.4%	67.5%	66.0%
Peer median	39.7%	40.3%	39.3%	35.0%	34.8%	38.5%	35.0%	40.9%	37.8%	33.1%

Operating margin, FY2015 to FY2025

Operating income / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	11.5%	13.3%	12.7%	11.7%	11.5%	17.5%	12.1%	6.0%	8.4%	9.9%
VTRS Dec	-	-	-	7.9%	6.2%	−1.8%	−0.2%	5.0%	0.1%	−18.6%
DVA Dec	11.4%	19.0%	16.7%	13.4%	14.4%	14.7%	15.5%	13.2%	16.3%	15.0%
HSIC Dec	6.9%	6.7%	5.4%	4.5%	7.2%	5.3%	6.9%	5.0%	4.9%	5.0%
VRTX Dec	−45.2%	0.6%	5.0%	20.8%	28.8%	46.0%	36.7%	38.8%	−2.1%	34.8%
REGN Dec	30.5%	27.4%	35.4%	49.3%	33.7%	42.1%	55.7%	30.9%	28.1%	24.9%
IQV Dec	11.3%	8.4%	6.8%	7.1%	7.0%	6.4%	10.0%	13.2%	14.3%	13.4%
DGX Dec	18.7%	17.7%	15.7%	14.6%	15.9%	20.9%	22.1%	13.6%	13.6%	14.1%
BAX Dec	4.5%	7.3%	12.2%	14.3%	15.6%	13.8%	11.1%	6.8%	0.1%	−2.7%
ISRG Dec	31.0%	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	24.8%	28.1%	29.3%
Peer median	11.3%	13.0%	14.0%	14.3%	15.6%	14.7%	15.5%	13.2%	13.6%	14.1%

Net margin, FY2015 to FY2025

Net income / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	5.0%	7.5%	11.9%	7.8%	7.1%	11.1%	10.8%	3.4%	5.7%	6.3%
VTRS Dec	-	-	-	3.1%	0.1%	−5.6%	−7.1%	0.4%	−4.3%	−24.6%
DVA Dec	2.7%	8.2%	6.1%	1.4%	7.1%	6.7%	8.4%	5.7%	7.3%	5.5%
HSIC Dec	4.5%	4.4%	3.3%	4.1%	7.0%	4.0%	5.1%	3.4%	3.1%	3.0%
VRTX Dec	−53.9%	−6.6%	10.6%	68.8%	28.3%	43.7%	30.9%	36.7%	−4.9%	32.9%
REGN Dec	15.5%	18.4%	20.4%	47.5%	32.3%	41.3%	50.2%	30.1%	31.1%	31.4%
IQV Dec	6.7%	1.0%	13.1%	2.5%	1.7%	2.5%	7.0%	9.1%	8.9%	8.3%
DGX Dec	9.5%	8.9%	10.4%	9.8%	11.1%	15.2%	18.5%	9.2%	8.8%	9.0%
BAX Dec	9.7%	48.9%	5.7%	13.9%	8.8%	9.4%	10.6%	25.6%	−6.1%	−8.5%
ISRG Dec	24.7%	27.3%	21.4%	30.3%	30.8%	24.3%	29.9%	25.2%	27.8%	28.4%
Peer median	8.1%	8.6%	10.5%	9.8%	8.8%	9.4%	10.6%	9.2%	7.3%	8.3%

Free cash flow, FY2015 to FY2025

Cash from operations minus capital spending.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	$726.6M	$918.2M	$1.2B	$925.6M	$1.0B	$1.8B	$1.5B	$874.1M	$1.1B	$1.2B
VTRS Dec	-	-	-	$2.1B	$1.6B	$988.8M	$2.6B	$2.5B	$2.0B	$1.9B
DVA Dec	$849.2M	$1.1B	$1.0B	$784.5M	$1.3B	$1.3B	$1.3B	$1.5B	$1.5B	$1.3B
HSIC Dec	$543.8M	$572.4M	$483.1M	$613.4M	$577.9M	$550.0M	$631.0M	$353.0M	$700.0M	$573.0M
VRTX Dec	−$410.7M	$179.5M	$745.5M	$1.2B	$1.5B	$3.0B	$2.4B	$3.3B	−$790.3M	$3.2B
REGN Dec	$652.8M	$974.0M	$1.0B	$1.8B	$2.0B	$2.0B	$6.5B	$3.9B	$3.7B	$4.1B
IQV Dec	$398.0M	$696.0M	$601.0M	$795.0M	$835.0M	$1.3B	$2.3B	$1.5B	$2.1B	$2.1B
DGX Dec	$558.0M	$823.0M	$923.0M	$817.0M	$843.0M	$1.6B	$1.8B	$864.0M	$909.0M	$1.4B
BAX Dec	$860.0M	$935.0M	$1.1B	$1.4B	$1.4B	$1.2B	$1.5B	$1.3B	$573.0M	$332.0M
ISRG Dec	$725.2M	$1.0B	$953.2M	$982.2M	$1.2B	$1.1B	$1.7B	$749.6M	$1.3B	$2.5B
Peer median	$605.4M	$879.0M	$938.1M	$982.2M	$1.3B	$1.3B	$1.8B	$1.5B	$1.3B	$1.9B

FCF margin, FY2015 to FY2025

Free cash flow / revenue.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	8.4%	9.6%	11.5%	8.2%	9.0%	12.5%	12.9%	7.2%	8.4%	8.6%
VTRS Dec	-	-	-	18.3%	13.8%	8.3%	14.3%	16.4%	13.4%	13.5%
DVA Dec	8.5%	10.7%	9.3%	6.9%	11.5%	11.3%	11.1%	12.3%	11.4%	9.6%
HSIC Dec	5.1%	4.9%	3.9%	4.6%	5.8%	5.4%	5.1%	2.9%	5.5%	4.3%
VRTX Dec	−39.8%	10.5%	30.0%	38.5%	35.9%	48.2%	31.8%	33.8%	−7.2%	26.6%
REGN Dec	15.9%	20.0%	17.6%	35.2%	30.5%	23.6%	40.6%	29.5%	25.8%	28.4%
IQV Dec	6.9%	10.1%	6.2%	7.6%	7.5%	11.8%	16.6%	10.0%	13.7%	12.6%
DGX Dec	7.4%	11.4%	12.5%	10.8%	10.9%	16.8%	17.0%	9.3%	9.2%	12.3%
BAX Dec	8.6%	9.2%	10.4%	12.2%	12.4%	9.9%	12.6%	12.5%	5.4%	3.0%
ISRG Dec	30.4%	38.2%	30.4%	26.4%	26.2%	26.2%	30.6%	10.5%	15.6%	24.7%
Peer median	8.0%	10.6%	11.4%	12.2%	12.4%	11.8%	16.6%	12.3%	11.4%	12.6%

Return on equity, FY2015 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	8.8%	12.9%	18.0%	12.5%	10.8%	16.5%	12.7%	5.3%	9.3%	10.2%
VTRS Dec	-	-	-	2.9%	n/m	−2.9%	−6.2%	0.3%	−3.4%	−23.9%
DVA Dec	5.5%	18.9%	14.1%	4.3%	38.0%	55.9%	129.5%	65.5%	n/m	n/m
HSIC Dec	16.6%	18.1%	14.5%	18.1%	23.2%	12.1%	18.4%	11.4%	11.5%	12.3%
VRTX Dec	−59.2%	−9.7%	13.0%	47.3%	19.3%	31.2%	23.2%	20.6%	−3.3%	21.2%
REGN Dec	17.4%	20.1%	19.5%	27.9%	19.1%	31.9%	43.0%	15.2%	15.0%	14.4%
IQV Dec	n/m	0.8%	16.0%	3.9%	3.2%	4.6%	16.0%	22.2%	22.6%	20.9%
DGX Dec	15.1%	13.9%	15.7%	14.1%	15.2%	21.2%	31.0%	13.5%	12.9%	13.8%
BAX Dec	10.9%	59.9%	6.6%	19.7%	12.7%	12.7%	14.1%	31.6%	−9.3%	−15.6%
ISRG Dec	13.6%	12.8%	14.0%	16.9%	16.7%	10.9%	14.3%	13.5%	14.1%	16.0%
Peer median	13.6%	16.0%	14.3%	16.9%	17.9%	12.7%	18.4%	15.2%	12.2%	14.1%

Debt / equity, FY2015 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	1.29	1.05	0.99	0.85	0.87	0.61	0.53	0.64	0.79	0.65
VTRS Dec	-	-	-	-	n/m	1.13	1.13	0.89	0.75	0.98
DVA Dec	1.87	1.96	1.99	2.73	3.80	5.84	11.79	7.95	n/m	n/m
HSIC Dec	0.17	0.28	0.33	0.66	0.25	0.21	0.25	0.64	0.75	0.96
VRTX Dec	-	-	-	-	-	-	-	-	-	0.00
REGN Dec	-	-	-	-	0.00	0.18	0.11	0.08	0.07	0.06
IQV Dec	n/m	0.84	1.28	1.64	1.94	2.09	2.01	2.24	2.30	2.42
DGX Dec	0.78	0.81	0.77	0.75	0.85	0.59	0.62	0.75	0.92	0.79
BAX Dec	0.57	0.34	0.38	0.44	0.68	0.72	1.99	1.65	2.20	1.54
ISRG Dec	-	-	-	-	-	-	-	-	-	-
Peer median	0.67	0.81	0.77	0.75	0.76	0.72	1.13	0.89	0.84	0.96

EPS (diluted), FY2015 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2025
LH Dec	$4.35	$6.82	$11.81	$8.61	$8.35	$15.88	$13.97	$4.77	$8.84	$10.46
VTRS Dec	-	-	-	$0.68	$0.03	−$1.11	−$1.05	$0.05	−$0.53	−$3.00
DVA Dec	$1.25	$4.29	$3.47	$0.92	$5.27	$6.31	$8.90	$7.42	$10.73	$9.84
HSIC Dec	$2.85	$3.10	$2.57	$3.49	$4.65	$2.82	$4.45	$3.16	$3.05	$3.27
VRTX Dec	−$2.31	−$0.46	$1.04	$8.09	$4.51	$10.29	$9.01	$13.89	−$2.08	$15.32
REGN Dec	$5.52	$7.70	$10.34	$21.29	$18.46	$30.52	$71.97	$34.77	$38.34	$41.48
IQV Dec	$3.08	$0.47	$5.74	$1.24	$0.96	$1.43	$4.95	$7.29	$7.49	$7.84
DGX Dec	$4.87	$4.51	$5.50	$5.29	$6.28	$10.47	$15.55	$7.49	$7.69	$8.75
BAX Dec	$1.76	$9.01	$1.08	$2.83	$1.93	$2.13	$2.53	$5.23	−$1.27	−$1.87
ISRG Dec	$1.73	$2.09	$1.92	$3.16	$3.85	$2.94	$4.66	$5.03	$6.42	$7.87
Peer median	$2.31	$3.70	$3.02	$3.16	$4.51	$2.94	$4.95	$7.29	$6.42	$7.87

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out LH and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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.

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