Quest Diagnostics Inc DGX

Health CareHealthcare Providers & ServicesUnited States of America

Last close 250.81 USD on Nov 2, 2026, +47.0% year to date

Quant rating

Quant rating B Rank 131 of 565 in Health Care

Growth C 263 of 565
Valuation B 106 of 565
Quality B 87 of 565
Revisions D 428 of 565
Momentum B 107 of 565

Wall Street consensus Buy (2.26)Average target 249.44 USD −0.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.6B
Enterprise value: 32.7B
52-week range: 171.42 – 256.99
3-year range: 123.78 – 256.99
Dividend yield: 1.37%
Beta (5 years): 0.55
Shares outstanding: 110M
Next earnings: Feb 8, 2027

About the company

Quest Diagnostics Incorporated is a provider of diagnostic information services. It provides diagnostic insights from the results of its laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes. It operates through the DIS segment, which provides diagnostic information services to a range of customers within its primary customer channels: physicians, hospitals, and patients and consumers. It offers broad access to clinical testing through a nationwide network of laboratories, patient service centers, phlebotomists in physician offices, and its connectivity resources, including call centers and mobile phlebotomists, nurses and other health and wellness professionals. Its other customers include health plans, employers, emerging retail healthcare providers, government agencies, and others. Its services are provided under the Quest Diagnostics brand and under other brands, including AmeriPath, Dermpath Diagnostics, ExamOne, and Quanum.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,035	9,872	9,252	9,883	10,788	–
Revenue growth	11.8%	6.7%	−6.4%	−8.4%	14.3%	3.2%
EPS (basic, normalized)	9.85	8.93	8.71	9.95	14.24	–
EPS growth	10.3%	2.5%	−12.5%	−30.1%	–	–
Gross margin	33.3%	33.2%	33.1%	35.1%	39.7%	34.9%
Net margin	9.0%	8.8%	9.2%	9.5%	18.4%	11.0%
ROE	14.2%	13.3%	14.0%	15.3%	30.2%	17.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	797
Current ratio	1.70x
Long-term debt (mil)	5,540
Net debt (mil)	5,152
Total equity (mil)	7,632
Net debt / equity	0.68x
Net debt / EBITDA	2.37x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	11,035	+11.8%	3.0x	2,175	+13.1%	15.1x	9.85	+10.3%	25.5x
2026	12,081	+9.5%	2.7x	2,414	+11.0%	13.6x	11.31	+14.8%	22.2x
2027	12,623	+4.5%	2.6x	2,587	+7.2%	12.7x	11.98	+5.9%	20.9x
2028	13,153	+4.2%	2.5x	2,707	+4.6%	12.1x	13.05	+9.0%	19.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	12,081	+0.7%	+0.7%	+1.9%	11.31	+1.1%	+1.0%	+5.1%
2027	12,623	+0.6%	+0.6%	+2.0%	11.98	−0.5%	−0.5%	+2.7%
2028	13,153	+0.5%	+0.5%	+2.0%	13.05	−0.3%	−0.3%	+2.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,366	2,397	2,488	2,621	2,652	2,761	2,816	2,806	2,895	3,043
Sales mean (mil)	2,287	2,390	2,423	2,578	2,630	2,725	2,736	2,754	2,830	2,967
Surprise	+3.5%	+0.3%	+2.7%	+1.6%	+0.8%	+1.3%	+2.9%	+1.9%	+2.3%	+2.6%
EPS reported	2.04	2.35	2.30	2.33	2.21	2.62	2.60	2.42	2.50	3.12
EPS mean	1.86	2.34	2.26	2.19	2.15	2.57	2.50	2.36	2.35	2.83
Surprise	+10.0%	+0.6%	+1.8%	+6.6%	+2.7%	+1.9%	+3.8%	+2.5%	+6.6%	+10.4%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DGX Quest Diagnostics Inc	27.6B	2.37x	9.0%	3.61x	22.2x	20.9x	13.6x	12.7x
UNH UnitedHealth Group Incorporated	359.4B	–	2.7%	3.45x	19.4x	17.1x	13.1x	11.9x
CVS CVS Health Corporation	113.2B	2.50x	0.4%	1.42x	11.0x	10.4x	8.3x	7.9x
HCA HCA Healthcare, Inc.	97.7B	3.41x	9.0%	−12.21x	15.6x	14.9x	9.5x	9.4x
ELV Elevance Health Inc	89.4B	–	2.8%	2.00x	14.2x	13.7x	10.0x	10.3x
CI The Cigna Group	78.0B	2.49x	2.2%	1.83x	9.7x	8.8x	7.7x	7.2x
Mean		2.69x	4.3%	0.02x	15.3x	14.3x	10.4x	9.9x
Median		2.50x	2.8%	1.91x	14.9x	14.3x	9.7x	9.8x

Technical analysis

1M+7.9%
3M+8.0%
1Y+44.9%
3Y+102.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Quest Diagnostics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,035	9,872	9,252	9,883	10,788	9,437
Cost of revenue	7,358	6,599	6,186	6,418	6,510	5,720
Gross profit	3,677	3,273	3,066	3,465	4,278	3,717
Selling, general & administrative expenses	1,927	1,731	1,630	1,818	1,680	1,509
Research & development	–	–	–	–	–	–
Depreciation/amortization	154	127	108	120	103	103
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	95.0	62.0	54.0	92.0	116	134
Other operating expenses	−55.0	7.0	12.0	7.0	−2.0	0
Operating income	1,556	1,346	1,262	1,428	2,381	1,971
Net interest income (expense)	−245	−183	−132	−193	−151	−163
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7.0	12.0	0	0	369	76.0
Net income before taxes	1,318	1,175	1,130	1,235	2,599	1,884
Provision for taxes	314	273	248	264	597	460
Minority interest	−54.0	−50.0	−54.0	−69.0	−85.0	−68.0
Equity in affiliates	42.0	19.0	26.0	44.0	78.0	75.0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	992	871	854	946	1,995	1,431
Extraordinary items	–	–	–	–	–	0
Net income	992	871	854	946	1,995	1,431
EBIT, normalized	1,651	1,408	1,316	1,520	2,497	2,105
EBITDA, normalized	2,221	1,901	1,755	1,957	2,905	2,466
Basic EPS, normalized	9.85	8.93	8.71	9.95	14.24	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Quest Diagnostics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	420	549	686	315	872	1,158
Receivables	1,408	1,304	1,210	1,195	1,438	1,523
Total inventory	189	188	190	192	208	223
Prepaid expenses	361	351	286	196	223	154
Other current assets	0	0	0	0	0	0
Total current assets	2,378	2,392	2,372	1,898	2,741	3,058
Property, plant & equipment	2,860	2,764	2,418	2,351	2,304	2,231
Goodwill	8,945	8,856	7,733	7,220	7,095	6,873
Intangibles	1,636	1,763	1,166	1,092	1,167	1,167
Long-term investments	136	123	135	132	141	521
Note receivable	–	–	–	–	–	–
Other long-term assets	270	255	198	144	163	176
Total assets	16,225	16,153	14,022	12,837	13,611	14,026
Liabilities
Accounts payable	307	287	378	324	357	446
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,106	1,029	921	1,034	1,189	1,056
Short-term debt	203	162	129	92.0	116	153
Current portion of long-term debt	504	602	303	2.0	2.0	2.0
Other current liabilities	158	89.0	84.0	99.0	89.0	119
Total current liabilities	2,278	2,169	1,815	1,551	1,753	1,776
Long-term debt	5,167	5,615	4,410	3,978	4,010	4,013
Minority interest	116	118	111	114	118	132
Other liabilities	1,494	1,473	1,379	1,301	1,286	1,346
Total liabilities	9,055	9,375	7,715	6,944	7,167	7,267
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	2,381	2,361	2,320	2,295	2,260	2,841
Retained earnings (accumulated deficit)	9,994	9,360	8,825	8,290	7,649	9,303
Treasury stock	−5,180	−4,857	−4,826	−4,673	−3,453	−5,366
Other equity	−27.0	−88.0	−14.0	−21.0	−14.0	−21.0
Total equity	7,170	6,778	6,307	5,893	6,444	6,759
Total liabilities & shareholders' equity	16,225	16,153	14,022	12,837	13,611	14,026

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Quest Diagnostics Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,046	921	908	1,015	2,080	1,499
Depreciation, depletion & amortization	570	493	439	437	408	361
Deferred taxes	105	13.0	−49.0	1.0	−57.0	85.0
Non-cash items	115	108	119	146	−285	38.0
Changes in working capital	50.0	−201	−145	119	87.0	22.0
Cash from operations	1,886	1,334	1,272	1,718	2,233	2,005
Investing activities
Capital expenditures	−527	−425	−408	−404	−403	−418
Other investing cash flows	−104	−2,123	−653	−139	424	−354
Cash from investing	−631	−2,548	−1,061	−543	21.0	−772
Financing activities
Financing cash flow items	−62.0	−50.0	−71.0	−140	−159	−29.0
Cash dividends paid	−353	−331	−314	−305	−309	−297
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−973	1,465	545	−1,287	−2,072	−941
Cash from financing	−1,388	1,084	160	−1,732	−2,540	−1,267
Foreign exchange effects	4.0	−7.0	–	–	–	–
Net change in cash	−129	−137	371	−557	−286	−34.0
Free cash flow	1,359	909	864	1,314	1,830	1,587

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.