Quest Diagnostics (DGX)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $24.7B, Quest Diagnostics's free cash flow of $1.4B (fiscal 2025) would need to grow about 4% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Quest Diagnostics's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from DGX's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Quest Diagnostics's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.8B | $9.9B | $9.3B | $9.9B | $11.0B |
| Net income | $2.0B | $946M | $854M | $871M | $992M |
| Free cash flow | $1.8B | $1.3B | $864M | $909M | $1.4B |
| EPS (diluted) | $15.55 | $7.97 | $7.49 | $7.69 | $8.75 |
| Operating margin | 22.1% | 14.4% | 13.6% | 13.6% | 14.1% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own DGX
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Joel Greenblatt Gotham Asset Management |
Trimmed | $25M | 0.06% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $13M | 0.00% | Q2 2026 |
| Will Nasgovitz Heartland Advisors |
Trimmed | $10M | 0.43% | Q2 2026 |
| Jean-Marie Eveillard First Eagle Investment Management |
Added | $2M | 0.00% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Held | $614,655 | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Quest Diagnostics's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Jan 29, 2026 | Ro Khanna |
0 | $182.31 | — |
| Jan 29, 2026 | Ro Khanna |
0 | $182.31 | — |
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In the full deep dive
Questions
What growth does Quest Diagnostics's stock price imply?
At a market value of $24.7B, Quest Diagnostics would need its free cash flow to grow about 4% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 6% a year.
Are Quest Diagnostics insiders buying the stock?
2 open-market insider purchases of DGX in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Quest Diagnostics?
5 of the superinvestors Investingly tracks hold DGX in their latest 13F, including Joel Greenblatt, Cliff Asness, Will Nasgovitz.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.