Quest Diagnostics Incorporated (DGX) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Diagnostics & Research
EV/EBITDA
↑
12.92
+11% vs avg
5yr avg: 11.68
30Y Low4.9·High16.7
P/FCF
↑
15.88
+3% vs avg
5yr avg: 15.47
30Y Low3.8·High26.5
P/B Ratio
↓
3.02
+8% vs avg
5yr avg: 2.81
30Y Low0.8·High6.5
ROE
↓
14.0%
-18% vs avg
5yr avg: 17.1%
30Y Low-116%·High30%
Debt/EBITDA
↑
3.18
+10% vs avg
5yr avg: 2.90
30Y Low1.0·High5.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DGX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Quest Diagnostics Incorporated trades at 22.3x earnings, 26% above its 5-year average of 17.7x, sitting at the 89th percentile of its historical range. This is roughly in line with the Healthcare sector median P/E of 22.1x. On a free-cash-flow basis, the stock trades at 15.9x P/FCF, roughly in line with the 5-year average of 15.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.6B | $19.6B | $17.0B | $15.6B | $18.5B | $22.1B | $16.2B | $14.5B | $11.6B | $13.8B | $13.0B |
| Enterprise Value | $28.1B | $26.1B | $23.6B | $20.4B | $22.9B | $26.0B | $19.9B | $18.7B | $15.4B | $17.5B | $16.4B |
| P/E Ratio → | 22.29 | 19.83 | 19.62 | 18.34 | 19.60 | 11.14 | 11.33 | 16.98 | 15.74 | 17.91 | 20.38 |
| P/S Ratio | 1.96 | 1.78 | 1.73 | 1.68 | 1.87 | 2.05 | 1.72 | 1.88 | 1.54 | 1.79 | 1.74 |
| P/B Ratio | 3.02 | 2.69 | 2.47 | 2.43 | 3.07 | 3.37 | 2.35 | 2.52 | 2.17 | 2.74 | 2.75 |
| P/FCF | 15.88 | 14.43 | 18.75 | 18.03 | 14.05 | 12.10 | 10.21 | 17.23 | 14.17 | 14.94 | 16.82 |
| P/OCF | 11.44 | 10.40 | 12.78 | 12.25 | 10.75 | 9.92 | 8.08 | 11.68 | 9.65 | 11.73 | 12.21 |
P/E links to full P/E history page with 30-year chart
DGX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Quest Diagnostics Incorporated's enterprise value stands at 12.9x EBITDA, 11% above its 5-year average of 11.7x. The Healthcare sector median is 14.2x, placing the stock at a 9% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 2.39 | 2.20 | 2.31 | 2.41 | 2.10 | 2.43 | 2.05 | 2.27 | 2.19 |
| EV / EBITDA | 12.92 | 12.01 | 12.83 | 11.99 | 12.26 | 9.34 | 8.52 | 12.02 | 10.94 | 12.20 | 10.76 |
| EV / EBIT | 17.52 | 16.08 | 16.83 | 15.77 | 16.53 | 9.47 | 9.69 | 14.93 | 14.09 | 14.80 | 13.35 |
| EV / FCF | — | 19.21 | 25.95 | 23.60 | 17.40 | 14.23 | 12.51 | 22.24 | 18.89 | 18.97 | 21.17 |
DGX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Quest Diagnostics Incorporated earns an operating margin of 14.5%. ROE of 14.0% is modest. ROIC of 8.8% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.9% | 31.9% | 32.9% | 33.2% | 34.7% | 39.0% | 38.5% | 34.8% | 34.6% | 38.8% | 38.6% |
| Operating Margin | 14.5% | 14.5% | 13.6% | 13.6% | 14.4% | 22.1% | 20.9% | 15.9% | 14.6% | 15.1% | 17.0% |
| Net Profit Margin | 9.0% | 9.0% | 8.8% | 9.2% | 9.6% | 18.5% | 15.2% | 11.1% | 9.8% | 10.0% | 8.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.0% | 14.0% | 13.1% | 13.7% | 15.1% | 29.7% | 22.6% | 15.4% | 14.2% | 15.8% | 13.6% |
| ROA | 6.1% | 6.1% | 5.8% | 6.4% | 7.2% | 14.4% | 10.7% | 7.2% | 6.8% | 7.5% | 6.4% |
| ROIC | 8.8% | 8.8% | 8.2% | 8.7% | 10.3% | 17.0% | 14.4% | 9.6% | 9.2% | 10.4% | 11.7% |
| ROCE | 11.5% | 11.5% | 10.3% | 10.7% | 12.3% | 19.8% | 17.1% | 12.1% | 11.6% | 12.6% | 14.3% |
DGX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Quest Diagnostics Incorporated carries a Debt/EBITDA ratio of 3.2x, which is moderately leveraged (roughly in line with the sector average of 3.2x). Net debt stands at $6.5B ($6.9B total debt minus $420M cash). Interest coverage of 6.2x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.95 | 0.95 | 1.03 | 0.86 | 0.78 | 0.73 | 0.70 | 0.94 | 0.75 | 0.77 | 0.79 |
| Debt / EBITDA | 3.18 | 3.18 | 3.85 | 3.23 | 2.53 | 1.71 | 2.06 | 3.47 | 2.83 | 2.69 | 2.45 |
| Net Debt / Equity | — | 0.89 | 0.95 | 0.75 | 0.73 | 0.59 | 0.53 | 0.73 | 0.72 | 0.74 | 0.71 |
| Net Debt / EBITDA | 2.99 | 2.99 | 3.56 | 2.83 | 2.36 | 1.40 | 1.57 | 2.71 | 2.73 | 2.59 | 2.21 |
| Debt / FCF | — | 4.78 | 7.19 | 5.57 | 3.35 | 2.13 | 2.30 | 5.01 | 4.72 | 4.03 | 4.35 |
| Interest Coverage | 6.15 | 6.15 | 6.20 | 7.93 | 9.34 | 18.10 | 12.35 | 6.98 | 6.48 | 7.73 | 8.60 |
DGX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.04x means Quest Diagnostics Incorporated can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.31x to 1.04x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.10 | 1.31 | 1.22 | 1.56 | 1.72 | 1.25 | 0.94 | 1.24 | 1.56 |
| Quick Ratio | 0.96 | 0.96 | 1.02 | 1.20 | 1.10 | 1.44 | 1.60 | 1.19 | 0.87 | 1.15 | 1.48 |
| Cash Ratio | 0.18 | 0.18 | 0.25 | 0.38 | 0.20 | 0.50 | 0.65 | 0.60 | 0.09 | 0.13 | 0.37 |
| Asset Turnover | — | 0.68 | 0.61 | 0.66 | 0.77 | 0.79 | 0.67 | 0.60 | 0.68 | 0.73 | 0.74 |
| Inventory Turnover | 39.75 | 39.75 | 35.26 | 32.63 | 33.59 | 31.63 | 26.03 | 40.95 | 49.76 | 49.67 | 56.29 |
| Days Sales Outstanding | — | 46.57 | 48.21 | 47.74 | 44.13 | 48.65 | 58.79 | 50.22 | 49.05 | 43.75 | 44.98 |
DGX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Quest Diagnostics Incorporated returns 3.7% to shareholders annually — split between a 1.6% dividend yield and 2.1% buyback yield. The payout ratio of 35.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 4.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.8% | 1.9% | 2.0% | 1.7% | 1.4% | 1.8% | 2.0% | 2.3% | 1.8% | 1.7% |
| Payout Ratio | 35.6% | 35.6% | 38.0% | 36.8% | 32.2% | 15.5% | 20.8% | 33.3% | 36.1% | 32.0% | 34.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 5.0% | 5.1% | 5.5% | 5.1% | 9.0% | 8.8% | 5.9% | 6.4% | 5.6% | 4.9% |
| FCF Yield | 6.3% | 6.9% | 5.3% | 5.5% | 7.1% | 8.3% | 9.8% | 5.8% | 7.1% | 6.7% | 5.9% |
| Buyback Yield | 2.1% | 2.3% | 0.9% | 1.8% | 7.6% | 9.9% | 2.0% | 2.4% | 2.8% | 3.4% | 4.5% |
| Total Shareholder Yield | 3.7% | 4.1% | 2.8% | 3.8% | 9.3% | 11.3% | 3.8% | 4.4% | 5.1% | 5.2% | 6.2% |
| Shares Outstanding | — | $113M | $113M | $113M | $118M | $128M | $136M | $136M | $139M | $140M | $142M |
Peer Comparison
Compare DGX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DGXYou | $22B | 22.3 | 12.9 | 15.9 | 31.9% | 14.5% | 14.0% | 8.8% | 3.2 |
 LH | $21B | 24.5 | 12.6 | 17.5 | 26.8% | 10.9% | 10.5% | 7.8% | 3.3 |
 SLNO | $3B | 135.9 | 158.9 | 59.1 | 98.6% | 7.9% | 6.0% | 3.8% | 0.2 |
 EXAS | $20B | -95.4 | — | 56.1 | 69.7% | -6.4% | -8.7% | -3.6% | — |
 BIO | $8B | 10.1 | 18.1 | 20.4 | 52.0% | 10.5% | 10.8% | 2.6% | 3.2 |
 NEOG | $2B | -1.9 | 20.8 | — | 47.1% | 1.1% | -41.9% | 0.2% | 6.8 |
 QDEL | $931M | -0.8 | — | — | 46.7% | -33.7% | -46.1% | -13.6% | — |
 MYRG | $7B | 61.2 | 31.1 | 30.9 | 11.5% | 4.4% | 18.8% | 18.3% | 0.5 |
 CERS | $541M | -32.9 | — | 63.5 | 53.5% | -17.6% | -25.6% | -19.7% | — |
 ABT | $154B | 11.6 | 16.1 | 24.2 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 TMO | $173B | 26.2 | 18.7 | 27.4 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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DGX — Frequently Asked Questions
Quick answers to the most common questions about buying DGX stock.
What is Quest Diagnostics Incorporated's P/E ratio?
Quest Diagnostics Incorporated's current P/E ratio is 22.3x. The historical average is 20.3x. This places it at the 89th percentile of its historical range.
What is Quest Diagnostics Incorporated's EV/EBITDA?
Quest Diagnostics Incorporated's current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
What is Quest Diagnostics Incorporated's ROE?
Quest Diagnostics Incorporated's return on equity (ROE) is 14.0%. The historical average is 10.7%.
Is DGX stock overvalued?
Based on historical data, Quest Diagnostics Incorporated is trading at a P/E of 22.3x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Quest Diagnostics Incorporated's dividend yield?
Quest Diagnostics Incorporated's current dividend yield is 1.60% with a payout ratio of 35.6%.
What are Quest Diagnostics Incorporated's profit margins?
Quest Diagnostics Incorporated has 31.9% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Quest Diagnostics Incorporated have?
Quest Diagnostics Incorporated's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.