DGX vs LH: Quest Diagnostics and Laboratory Corporation of America Holdings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Laboratory Corporation of America Holdings is the larger company, worth $25.9B, close to Quest Diagnostics's $25.0B.
- Quest Diagnostics grew revenue faster over the last year (+10.2% vs +5.8%).
- Quest Diagnostics keeps more of each dollar of revenue as operating profit (14.1% vs 10.4%).
- On earnings, Quest Diagnostics is the cheaper stock (25.0x vs 28.0x).
- Laboratory Corporation of America Holdings's price assumes faster free cash flow growth: about 6% a year, against 4% for Quest Diagnostics (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DGX | LH |
|---|---|---|
| Market cap | $25.0B | $25.9B |
| Share price | $230.97 | $312.15 |
| Revenue (last fiscal year) | $11.0B | $14.0B |
| Free cash flow (last fiscal year) | $1.4B | $1.2B |
| Revenue growth, last year | +10.2% | +5.8% |
| Revenue growth per year, last 5 fiscal years | +0.6% | +1.5% |
| Operating margin | 14.1% | 10.4% |
| Net margin | 9.2% | 7.0% |
| Return on equity | 14.1% | 11.7% |
| P/E (trailing) | 25.0x | 28.0x |
| Price / free cash flow | 18.4x | 21.5x |
| EV / EBITDA | 15.7x | 13.2x |
| FCF growth the price implies | 3.9% | 5.9% |
| Dividend yield | 1.4% | 0.92% |
| Debt / equity | 1.21x | 1.15x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 7 |
| Insider purchases, last 12 months | 2 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Quest Diagnostics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.8B | $1.8B | 22.1% |
| 2022 | $9.9B | $1.3B | 14.4% |
| 2023 | $9.3B | $864M | 13.6% |
| 2024 | $9.9B | $909M | 13.6% |
| 2025 | $11.0B | $1.4B | 14.1% |
Laboratory Corporation of America Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.1B | $2.7B | 23.2% |
| 2022 | $11.9B | $1.5B | 12.1% |
| 2023 | $12.2B | $874M | 6.0% |
| 2024 | $13.0B | $1.1B | 8.4% |
| 2025 | $14.0B | $1.2B | 9.9% |
Where the revenue comes from
Quest Diagnostics · by segments, 2025
DIS business$10.8B98%
DS businesses$250M2%
Laboratory Corporation of America Holdings · by segments, 2025
Diagnostics$10.9B78%
Biopharma Laboratory Services$3.1B22%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DGX in InvestinglyQuestions
Which is bigger, Quest Diagnostics or Laboratory Corporation of America Holdings?
Laboratory Corporation of America Holdings (LH), at $25.9B against $25.0B.
Is DGX or LH cheaper?
By trailing P/E, Quest Diagnostics (25.0x) is cheaper than Laboratory Corporation of America Holdings (28.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, DGX or LH?
Quest Diagnostics: revenue grew +10.2% over the last year, against +5.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.