Labcorp Holdings Inc. (LH) 10-Year Financial Performance & Capital Metrics

LH • • Industrial / General

HealthcareMedical EquipmentClinical Diagnostics & Laboratory ServicesClinical Laboratory Testing

AboutLabcorp Holdings, Inc. provides laboratory services to help doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. The company was founded on April 16, 2024 and is headquartered in Burlington, NC.Show more

Revenue $13.01B +7.0%
EBITDA $1.73B +32.8%
Net Income $746M +78.5%
EPS (Diluted) 8.84 +85.3%
Gross Margin 27.86% +0.7%
EBITDA Margin 13.3% +24.1%
Operating Margin 8.35% +40.0%
Net Margin 5.73% +66.8%
ROE 9.35% +101.4%
ROIC 6.01% +62.0%
Debt/Equity 0.90 +19.5%
Interest Coverage 5.22 +43.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.7% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.03%

5Y2.4%

3Y-0.32%

TTM8.28%

Profit (Net Income) CAGR

10Y3.85%

5Y-1.96%

3Y-32.05%

TTM96.37%

EPS CAGR

10Y4.11%

5Y1.12%

3Y-28.69%

TTM96.91%

ROCE

10Y Avg10.29%

5Y Avg10.68%

3Y Avg6.88%

Latest7.61%

Peer Comparison

Clinical Laboratory Testing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LHLabcorp Holdings Inc.	22.29B	268.89	30.42	6.97%	6.21%	9.82%	4.92%	0.90

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	8.68B	9.64B	10.44B	11.33B	11.55B	13.98B	13.14B	11.86B	12.16B	13.01B
Revenue Growth %	0.44%	0.11%	0.08%	0.09%	0.02%	0.21%	-0.06%	-0.1%	0.03%	0.07%
Cost of Goods Sold+	5.78B	6.46B	6.98B	8.16B	8.3B	9.03B	8.14B	8.15B	8.8B	9.38B
COGS % of Revenue	0.67%	0.67%	0.67%	0.72%	0.72%	0.65%	0.62%	0.69%	0.72%	0.72%
Gross Profit+	2.9B	3.18B	3.46B	3.18B	3.25B	4.95B	4.99B	3.71B	3.36B	3.62B
Gross Margin %	0.33%	0.33%	0.33%	0.28%	0.28%	0.35%	0.38%	0.31%	0.28%	0.28%
Gross Profit Growth %	0.32%	0.1%	0.09%	-0.08%	0.02%	0.52%	0.01%	-0.26%	-0.09%	0.08%
Operating Expenses+	1.79B	1.81B	2.03B	1.8B	1.87B	2.51B	1.94B	2.27B	2.64B	2.54B
OpEx % of Revenue	0.21%	0.19%	0.19%	0.16%	0.16%	0.18%	0.15%	0.19%	0.22%	0.2%
Selling, General & Admin	1.62B	1.63B	1.81B	1.57B	1.62B	1.73B	1.69B	2B	2.02B	2.23B
SG&A % of Revenue	0.19%	0.17%	0.17%	0.14%	0.14%	0.12%	0.13%	0.17%	0.17%	0.17%
Research & Development	0	0	0	0	0	0	0	0	2M	0
R&D % of Revenue	-	-	-	-	-	-	-	-	0%	-
Other Operating Expenses	-7.8M	2.6M	-7.6M	167.7M	243.2M	778.1M	253.5M	275.8M	615.9M	307.7M
Operating Income+	1B	1.31B	1.36B	1.33B	1.33B	2.45B	3.05B	1.44B	725.6M	1.09B
Operating Margin %	0.12%	0.14%	0.13%	0.12%	0.12%	0.17%	0.23%	0.12%	0.06%	0.08%
Operating Income Growth %	0.1%	0.31%	0.04%	-0.03%	0%	0.84%	0.25%	-0.53%	-0.49%	0.5%
EBITDA+	1.46B	1.8B	1.9B	1.88B	2.1B	3.27B	3.63B	1.97B	1.3B	1.73B
EBITDA Margin %	0.17%	0.19%	0.18%	0.17%	0.18%	0.23%	0.28%	0.17%	0.11%	0.13%
EBITDA Growth %	0.26%	0.23%	0.05%	-0.01%	0.12%	0.56%	0.11%	-0.46%	-0.34%	0.33%
D&A (Non-Cash Add-back)	457.8M	490.6M	533.2M	552.1M	771.3M	825M	577M	537.2M	577.3M	643.5M
EBIT	1B	1.32B	1.31B	1.51B	1.35B	2.43B	3.1B	1.42B	768.5M	1.17B
Net Interest Income+	-274.9M	-219.1M	-235.1M	-244.2M	-240.7M	-207.4M	-211.8M	-179.8M	-199.6M	-208.3M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	274.9M	219.1M	235.1M	244.2M	240.7M	207.4M	211.8M	179.8M	199.6M	208.3M
Other Income/Expense	-270.8M	-206.9M	-227.7M	-57.4M	-225.3M	-226.3M	-161M	-199.1M	-156.7M	-127.2M
Pretax Income+	732.1M	1.11B	1.13B	1.27B	1.1B	2.22B	2.89B	1.24B	568.9M	959.5M
Pretax Margin %	0.08%	0.11%	0.11%	0.11%	0.1%	0.16%	0.22%	0.1%	0.05%	0.07%
Income Tax+	294.1M	372.3M	-139.1M	384.4M	280M	662.1M	690M	233.9M	188.5M	212.4M
Effective Tax Rate %	0.6%	0.66%	1.12%	0.7%	0.75%	0.7%	0.82%	1.03%	0.73%	0.78%
Net Income+	436.9M	732.1M	1.27B	883.7M	823.8M	1.56B	2.38B	1.28B	418M	746M
Net Margin %	0.05%	0.08%	0.12%	0.08%	0.07%	0.11%	0.18%	0.11%	0.03%	0.06%
Net Income Growth %	-0.15%	0.68%	0.73%	-0.3%	-0.07%	0.89%	0.53%	-0.46%	-0.67%	0.78%
Net Income (Continuing)	438.7M	733.2M	1.23B	883.9M	824.9M	1.56B	2.2B	1B	380.4M	747.1M
Discontinued Operations	0	0	0	0	0	0	181.9M	277.1M	38.8M	0
Minority Interest	14.9M	15.2M	20.8M	19.1M	20.1M	20.7M	20.6M	18.9M	15.5M	14.3M
EPS (Diluted)+	4.34	7.02	12.21	8.61	8.36	15.88	24.38	13.96	4.77	8.84
EPS Growth %	-0.27%	0.62%	0.74%	-0.29%	-0.03%	0.9%	0.54%	-0.43%	-0.66%	0.85%
EPS (Basic)	4.42	7.14	12.39	8.71	8.41	15.99	24.58	14.04	4.80	8.89
Diluted Shares Outstanding	100.6M	104.3M	103.9M	102.6M	98.6M	98M	97.5M	91.6M	87.6M	84.4M
Basic Shares Outstanding	98.8M	102.5M	102.4M	101.4M	97.9M	97.3M	96.7M	91.1M	87.1M	83.9M
Dividend Payout Ratio	-	-	-	-	-	-	-	0.15%	0.61%	0.33%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.66B	2.48B	2.68B	2.84B	2.98B	5.13B	5.33B	4.63B	3.77B	4.81B
Cash & Short-Term Investments	716.4M	433.6M	316.7M	426.8M	337.5M	1.32B	1.47B	320.6M	536.8M	1.52B
Cash Only	716.4M	433.6M	316.6M	426.8M	337.5M	1.32B	1.47B	320.6M	536.8M	1.52B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.37B	1.52B	1.85B	1.86B	2.03B	3.02B	2.98B	2B	2.1B	2.1B
Days Sales Outstanding	57.8	57.49	64.58	59.98	63.98	78.77	82.76	61.45	62.99	58.84
Inventory	191M	205.2M	227.6M	237.3M	244.7M	423.2M	401.4M	470.6M	474.6M	493.2M
Days Inventory Outstanding	12.07	11.59	11.91	10.62	10.76	17.11	17.99	21.06	19.69	19.18
Other Current Assets	164.9M	148.3M	88.9M	0	0	0	0	1.84B	655.3M	697.6M
Total Non-Current Assets+	11.62B	11.77B	13.89B	13.35B	15.04B	14.95B	15.05B	15.53B	12.96B	13.57B
Property, Plant & Equipment	1.75B	1.72B	1.75B	1.78B	2.61B	2.73B	2.82B	2.79B	2.91B	3.05B
Fixed Asset Turnover	4.97x	5.61x	5.97x	6.35x	4.42x	5.12x	4.67x	4.25x	4.18x	4.27x
Goodwill	6.29B	6.42B	7.53B	7.36B	7.87B	7.75B	7.96B	6.12B	6.14B	6.37B
Intangible Assets	3.32B	3.4B	4.34B	3.91B	4.03B	3.96B	3.74B	3.12B	3.34B	3.49B
Long-Term Investments	58.2M	57.6M	58.4M	60.5M	84.9M	73.5M	60.9M	65.7M	26.9M	16.3M
Other Non-Current Assets	150M	165.1M	605.3M	276M	435.4M	410M	462.6M	3.42B	536.5M	652.2M
Total Assets+	14.29B	14.25B	16.57B	16.19B	18.02B	20.07B	20.39B	20.16B	16.73B	18.38B
Asset Turnover	0.61x	0.68x	0.63x	0.70x	0.64x	0.70x	0.64x	0.59x	0.73x	0.71x
Asset Growth %	0.96%	-0%	0.16%	-0.02%	0.11%	0.11%	0.02%	-0.01%	-0.17%	0.1%
Total Current Liabilities+	1.7B	1.83B	2.19B	1.88B	2.66B	3.08B	2.78B	3.08B	3.23B	3.33B
Accounts Payable	497.4M	508.4M	573.9M	634.6M	632.3M	638.9M	621.3M	852.2M	827.5M	875.8M
Days Payables Outstanding	31.43	28.72	30.02	28.4	27.8	25.84	27.85	38.14	34.34	34.06
Short-Term Debt	418.5M	541.1M	409.2M	10M	415.2M	376.7M	1.5M	301.3M	999.8M	1B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	353.7M	346.2M	432.8M	427.6M	474.6M	623.2M	735.5M	1.1B	431.4M	495.4M
Current Ratio	1.57x	1.36x	1.23x	1.51x	1.12x	1.66x	1.92x	1.50x	1.17x	1.44x
Quick Ratio	1.45x	1.24x	1.12x	1.38x	1.03x	1.53x	1.77x	1.35x	1.02x	1.30x
Cash Conversion Cycle	38.44	40.36	46.47	42.2	46.94	70.05	72.9	44.37	48.34	43.96
Total Non-Current Liabilities+	7.44B	6.9B	7.66B	7.32B	7.8B	7.54B	7.31B	6.96B	5.61B	6.98B
Long-Term Debt	5.88B	5.24B	6.29B	5.99B	5.79B	5.42B	5.42B	5.04B	4.05B	5.33B
Capital Lease Obligations	55.5M	56.2M	57.8M	51M	687.7M	762M	727.1M	736.5M	727.5M	750.6M
Deferred Tax Liabilities	1.18B	1.21B	875.5M	940M	942.8M	828.5M	762.9M	543.4M	417.9M	383.1M
Other Non-Current Liabilities	320.6M	392M	442.3M	334M	383.2M	526.4M	402M	642.4M	409.3M	517.4M
Total Liabilities	9.14B	8.73B	9.85B	9.19B	10.46B	10.61B	10.09B	10.04B	8.83B	10.31B
Total Debt+	6.36B	5.85B	6.76B	6.06B	7.11B	6.76B	6.34B	6.25B	5.95B	7.27B
Net Debt	5.65B	5.42B	6.45B	5.63B	6.77B	5.44B	4.87B	5.93B	5.42B	5.75B
Debt / Equity	1.28x	1.06x	0.99x	0.87x	0.94x	0.71x	0.62x	0.62x	0.75x	0.90x
Debt / EBITDA	4.36x	3.24x	3.56x	3.23x	3.38x	2.07x	1.75x	3.16x	4.57x	4.20x
Net Debt / EBITDA	3.87x	3.00x	3.40x	3.00x	3.22x	1.66x	1.34x	3.00x	4.16x	3.33x
Interest Coverage	3.65x	5.99x	5.80x	5.43x	5.53x	11.79x	14.39x	7.99x	3.64x	5.22x
Total Equity+	4.96B	5.52B	6.82B	6.99B	7.59B	9.46B	10.29B	10.12B	7.89B	8.07B
Equity Growth %	0.75%	0.11%	0.24%	0.02%	0.09%	0.25%	0.09%	-0.02%	-0.22%	0.02%
Book Value per Share	49.30	52.93	65.69	68.13	76.95	96.50	105.58	110.43	90.07	95.57
Total Shareholders' Equity	4.95B	5.51B	6.8B	6.97B	7.57B	9.44B	10.27B	10.1B	7.88B	8.05B
Common Stock	12M	12.1M	12M	11.7M	9M	9M	8.5M	8.1M	7.7M	7.6M
Retained Earnings	4.22B	4.96B	6.22B	7.08B	7.9B	9.48B	10.46B	10.58B	7.89B	8.3B
Treasury Stock	-978.1M	-1.01B	-1.06B	-1.11B	0	0	0	0	0	0
Accumulated OCI	-221.1M	-581.1M	-335.7M	-463.1M	-372.4M	-161.9M	-192M	-493.2M	-59.3M	-261.6M
Minority Interest	14.9M	15.2M	20.8M	19.1M	20.1M	20.7M	20.6M	18.9M	15.5M	14.3M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	982.4M	1.18B	1.46B	1.31B	1.44B	2.14B	3.11B	1.96B	1.33B	1.59B
Operating CF Margin %	0.11%	0.12%	0.14%	0.12%	0.13%	0.15%	0.24%	0.16%	0.11%	0.12%
Operating CF Growth %	0.33%	0.2%	0.24%	-0.11%	0.11%	0.48%	0.46%	-0.37%	-0.32%	0.19%
Net Income	438M	733.2M	1.27B	883.9M	824.9M	1.56B	2.38B	1B	379.2M	746M
Depreciation & Amortization	457.8M	499.2M	533.2M	552.1M	577.2M	624.7M	577M	537.2M	577.3M	643.5M
Stock-Based Compensation	102.1M	109.6M	109.7M	91.6M	107M	111.7M	132.9M	116.8M	128.7M	116.7M
Deferred Taxes	-54.4M	54.7M	-542.2M	22.2M	29.2M	-47M	-37.3M	26.3M	-78.1M	-20.1M
Other Non-Cash Items	46.4M	-6.4M	25.8M	-174.1M	200.8M	745.8M	321.2M	875.5M	682.5M	253.8M
Working Capital Changes	-7.5M	-214.4M	58.9M	-70.3M	-294.4M	-856.9M	-263.7M	-603.4M	-361.9M	-154.1M
Change in Receivables	-71.8M	-85.5M	-2.1M	50.2M	-64.1M	-955.9M	222M	15.9M	-75.3M	98.5M
Change in Inventory	-200K	-9.6M	-16.4M	-18.9M	-21.9M	-196.6M	2.8M	-45.5M	-700K	-14.6M
Change in Payables	30.7M	-8.7M	85.6M	43.3M	-12.8M	-5.3M	-10.2M	307.1M	-42.4M	210.3M
Cash from Investing+	-3.99B	-795.7M	-2.23B	206.7M	-1.28B	-643.2M	-884.6M	-1.65B	-1.17B	-1.37B
Capital Expenditures	-255.8M	-278.9M	-315.4M	-379.8M	-400.2M	-381.7M	-460.4M	-481.9M	-453.6M	-489.9M
CapEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	600K	30.8M	5.5M	324.8M	7.7M	42.1M	87.3M	1.4M	-24.1M	2M
Cash from Financing+	3.18B	-649.8M	631.9M	-1.39B	-252.7M	-517.4M	-2.07B	-1.32B	-59.3M	779.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	-195.2M	-254M	-243.1M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	75.2M	95.5M	21.8M	5.1M	27.8M	29.3M	25.2M	23.6M	1.53B	273.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	726.6M	897M	1.14B	925.6M	1.04B	1.75B	2.65B	1.47B	874.1M	1.1B
FCF Margin %	0.08%	0.09%	0.11%	0.08%	0.09%	0.13%	0.2%	0.12%	0.07%	0.08%
FCF Growth %	0.36%	0.23%	0.28%	-0.19%	0.13%	0.68%	0.51%	-0.44%	-0.41%	0.25%
FCF per Share	7.22	8.60	11.01	9.02	10.59	17.89	27.17	16.09	9.98	12.98
FCF Conversion (FCF/Net Income)	2.25x	1.61x	1.15x	1.48x	1.75x	1.37x	1.31x	1.53x	3.18x	2.13x
Interest Paid	166.1M	210.7M	239.1M	296.2M	0	216.6M	194.5M	196.7M	221.5M	209.2M
Taxes Paid	237.6M	345.7M	348M	349.7M	0	500M	964.7M	474.9M	206.8M	215.4M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.21%	13.97%	20.54%	12.79%	11.3%	18.26%	24.07%	12.53%	4.64%	9.35%
Return on Invested Capital (ROIC)	9.46%	9.14%	8.45%	7.68%	7.4%	12.54%	15.21%	6.91%	3.71%	6.01%
Gross Margin	33.45%	32.99%	33.18%	28.03%	28.15%	35.43%	38.01%	31.26%	27.67%	27.86%
Net Margin	5.03%	7.59%	12.15%	7.8%	7.13%	11.13%	18.1%	10.78%	3.44%	5.73%
Debt / Equity	1.28x	1.06x	0.99x	0.87x	0.94x	0.71x	0.62x	0.62x	0.75x	0.90x
Interest Coverage	3.65x	5.99x	5.80x	5.43x	5.53x	11.79x	14.39x	7.99x	3.64x	5.22x
FCF Conversion	2.25x	1.61x	1.15x	1.48x	1.75x	1.37x	1.31x	1.53x	3.18x	2.13x
Revenue Growth	44.39%	11.08%	8.29%	8.54%	1.95%	20.98%	-6.03%	-9.68%	2.51%	6.97%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
LabCorp Diagnostics	6.2B	6.59B	14.34B	6.66B	6.66B	-	10.36B	-	9.42B	10.14B
LabCorp Diagnostics Growth	-	6.37%	117.49%	-53.53%	-0.03%	-	-	-	-	7.75%
Covance Drug Development	-	2.84B	6.07B	2.19B	2.34B	-	5.85B	-	2.77B	-
Covance Drug Development Growth	-	-	113.58%	-63.95%	6.95%	-	-	-	-	-
Diagnostics	-	-	-	-	-	-	-	9.2B	-	-
Diagnostics Growth	-	-	-	-	-	-	-	-	-	-
Drug Development	-	-	-	-	-	-	-	5.71B	-	-
Drug Development Growth	-	-	-	-	-	-	-	-	-	-
Clinical diagnostics laboratory	6.2B	6.59B	-	-	-	-	-	-	-	-
Clinical diagnostics laboratory Growth	-	6.37%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	-	-	-	-	-	11.53B	13.09B	-	-	-
North America Growth	-	-	-	-	-	-	13.61%	-	-	-
Europe	-	-	-	-	-	1.51B	2.05B	-	-	-
Europe Growth	-	-	-	-	-	-	35.62%	-	-	-
Other countries	-	-	857.7M	1.18B	1.2B	941M	976.4M	-	-	-
Other countries Growth	-	-	-	37.74%	1.55%	-21.56%	3.76%	-	-	-
UNITED STATES	-	-	8.23B	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
SWITZERLAND	359.7M	450.5M	484.4M	-	-	-	-	-	-	-
SWITZERLAND Growth	-	25.24%	7.52%	-	-	-	-	-	-	-
CANADA	290.4M	295.8M	327.8M	-	-	-	-	-	-	-
CANADA Growth	-	1.86%	10.82%	-	-	-	-	-	-	-
UNITED KINGDOM	-	-	302M	-	-	-	-	-	-	-
UNITED KINGDOM Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Labcorp Holdings Inc. (LH) has a price-to-earnings (P/E) ratio of 30.4x. This suggests investors expect higher future growth.

Growth & Financials

Labcorp Holdings Inc. (LH) reported $13.77B in revenue for fiscal year 2024. This represents a 148% increase from $5.54B in 2011.

Labcorp Holdings Inc. (LH) grew revenue by 7.0% over the past year. This is steady growth.

Yes, Labcorp Holdings Inc. (LH) is profitable, generating $855.2M in net income for fiscal year 2024 (5.7% net margin).

Dividend & Returns

Yes, Labcorp Holdings Inc. (LH) pays a dividend with a yield of 1.07%. This makes it attractive for income-focused investors.

Labcorp Holdings Inc. (LH) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Labcorp Holdings Inc. (LH) generated $1.38B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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