Labcorp Holdings Inc.LH
NYSE•Healthcare•Diagnostics & Research
Labcorp Holdings Inc. provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, PAP tests, hemoglobin A1C, PSA, tests for sexually transmitted diseases, vitamin D testing, microbiology cultures and procedures, and alcohol and other substance abuse tests. It also provides specialty testing services comprising gene-based and esoteric testing; advanced tests target specific diseases; services related to anatomic pathology/oncology, cardiovascular disease, coagulation, diagnostic genetics, endocrinology, infectious disease, women's health, pharmacogenetics, parentage and donor testing, occupational testing services, medical drug monitoring services, chronic disease programs, and kidney stone prevention tests; and health and wellness services to employers and managed care organizations. In addition, the company offers digital pathology solutions, a pathology platforms that support the digitization, centralized review, and sharing of pathology slides; provider and payer digital platforms, an online applications for providers, MCOs, and ACOs; online and mobile applications that enable patients to check offerings, schedule PSC visits, check-in upon PSC arrival, complete documentation, access tests and test results, and manage their accounts; and Generative AI-enabled Test Selection, a generative AI-enabled tool. It serves clients, third party, medicare/medicaid, patients, pharmaceutical, biotechnology, medical device, diagnostic companies, and CROs. The company has a strategic collaboration with the Children's Hospital of Philadelphia to accelerate the discovery, development, and availability of pediatric diagnostics. The company was founded in 1995 and is headquartered in Burlington, North Carolina.
Labcorp Holdings Inc. (LH) reported trailing twelve months revenue of $14.14B as of March 2026, a 7.3% increase year-over-year. Quarterly revenue reached $3.54B, reflecting continued top-line momentum.
Labcorp Holdings Inc. generated $941.50M in TTM net income, with quarterly EBITDA of $554.10M. The operating margin expanded from 9.7% to 10.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (10.8%) and net margin (7.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 6.4% a year ago, signaling stronger bottom-line efficiency.
LH trades at a P/E of 23.0x (in line with broad market averages) and a P/S of 1.5x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company generated $70.50M in free cash flow over the trailing twelve months, a 165.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $19.09B in total assets with $5.83B in long-term debt against $8.73B 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 positive at ~9.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~8.6% 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 ~20.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~10.2% — no sign of cost or pricing stress.
FCF covers net income by 1.7x 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.
Shares decreased 2.1% — net buybacks are reducing shares outstanding and boosting per-share value.
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