Quest Diagnostics IncorporatedDGX
NYSE•Healthcare•Diagnostics & Research
Quest Diagnostics Incorporated provides diagnostic testing and services in the United States. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services. It also provides services under the Quest Diagnostics brand, as well as under the AmeriPath, Dermpath Diagnostics, ExamOne, and Quanum brands to physicians, hospitals, patients and consumers, health plans, government agencies, employers, retailers, pharmaceutical companies and insurers commercial clinical laboratories, and accountable care organizations through a network of laboratories, patient service centers, phlebotomists in physician offices, call centers and mobile phlebotomists, nurses, and other health and wellness professionals. In addition, the company offers risk assessment services for the life insurance industry; healthcare IT healthcare providers and payers; testing and medical director services at hospital laboratories; test offerings in cardiometabolic and endocrine; cancer; clinical drug monitoring and toxicology; infectious disease, including autoimmune; neurology diagnostics, including Alzheimer's disease; and women's health, such as prenatal genetic; workplace drug testing, testing urine, hair, and oral fluid specimens services; and employer population health services, including biometric screenings, flu shots, and related preventative services. Further, it provides population health solutions; extended care services; develops in vitro diagnostic tests; laboratory diagnostic information and digital health connectivity systems; underwriting support services, including data gathering, paramedical examinations, and clinical laboratory testing and analytics; and national specimen collection and health data solutions. Quest Diagnostics Incorporated was founded in 1967 and is headquartered in Secaucus, New Jersey.
Quest Diagnostics Incorporated (DGX) reported trailing twelve months revenue of $11.28B as of March 2026, a 11.0% increase year-over-year. Quarterly revenue reached $2.90B, reflecting continued top-line momentum.
Quest Diagnostics Incorporated generated $1.02B in TTM net income, with quarterly EBITDA of $546.00M. The operating margin expanded from 13.0% to 13.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (13.8%) and net margin (8.7%) indicates moderate non-operating costs. Net margin has improved from 8.3% a year ago, signaling stronger bottom-line efficiency.
DGX trades at a P/E of 21.2x (in line with broad market averages) and a P/S of 1.9x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company generated $164.00M in free cash flow over the trailing twelve months, a 16.8% decrease year-over-year, indicating cash generation ability. The balance sheet shows $16.67B in total assets with $5.16B in long-term debt against $7.37B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~14.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~13.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~20.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~14.3% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation