Latest revenue
$3.54B
as of 2026-03-31
Latest net income
$277.8M
as of 2026-03-31
Net margin
7.9%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $21.31B
- Enterprise value
- $25.80B
- P/E (trailing)
- 24.3×
- Forward P/E
- —
- P/B
- 2.45×
- Dividend yield
- 1.1%
- 52-wk high
- $293.72
- 52-wk low
- $241.81
- Beta
- —
- Shares out
- 82.0M
5-year trend
What this company does
Labcorp runs a global network of medical laboratories, processing blood tests and diagnostic samples for doctors, hospitals, and patients while also running clinical trials for drugmakers. The Diagnostics Laboratories segment generates roughly 78% of revenue, with the smaller Biopharma Laboratory Services arm contributing the remaining 22%. Revenue grew 8% year-over-year to $10.4 billion for the nine months, with operating income up 28%, as the company continues to absorb hospital lab acquisitions funded partly by drawing down its cash balance from $1.5 billion to $598 million.
Generated from LH's filing dated 2026-02-24
Key risks
- Leverage: $5.58B total debt against $598M cash (down from $1.52B YE2024); $500M current debt portion due within 12 months.
- Goodwill/intangibles of $10.25B equal 118% of shareholders' equity, reflecting acquisition-heavy strategy with elevated impairment risk.
- Concentration: Diagnostics Laboratories generates 78% of revenue, leaving Labcorp exposed to U.S. reimbursement pressure and PAMA-driven pricing cuts.
Generated from LH's filing dated 2026-02-24
Profitability
Gross margin
28.8%
3.2%Operating margin
9.9%
18.8%Net margin
6.3%
9.6%Return on equity
10.2%
7.3%Return on assets
4.8%
17.4%Leverage
Debt / equity
1.13×
15.0%Long-term debt / equity
0.59×
12.9%Debt / assets
53.1%
7.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $3.54B | +5.8% | $277.8M | +30.5% | 7.9% |
Q4 2025 2025-12-31 | $3.52B | +5.6% | $164.7M | +14.9% | 4.7% |
Q3 2025 2025-09-30 | $3.56B | +8.6% | $261.1M | +54.2% | 7.3% |
Q2 2025 2025-06-30 | $3.53B | +9.5% | $237.9M | +15.9% | 6.7% |
Q1 2025 2025-03-31 | $3.35B | +5.3% | $212.8M | -6.7% | 6.4% |
Q4 2024 2024-12-31 | $3.33B | — | $143.4M | — | 4.3% |
Q3 2024 2024-09-30 | $3.28B | +7.4% | $169.3M | -7.6% | 5.2% |
Q2 2024 2024-06-30 | $3.22B | +6.2% | $205.3M | +8.7% | 6.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Medical Laboratories · SIC 8071
Your notes
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Insider activity
Insider buying
$0
Insider selling
$16.1M
Net activity
−$16.1M
Distinct insiders
8
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns LH
Institutional value
$10.52B
Total shares held
41.6M
Distinct holders
734
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 6.4M | $1.72B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 5.4M | $1.43B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 3.7M | $982.0M | — | New |
| 4 | Boston Partners | 2.4M | $632.4M | — | New |
| 5 | Allspring Global Investments Holdings, LLC | 2.2M | $607.2M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 1.3M | $355.6M | — | New |
| 7 | Invesco Ltd. | 1.3M | $351.2M | — | New |
| 8 | Meridiem Investment Management Ltd. | 979.4K | $261.3M | — | New |
| 9 | DIAMOND HILL CAPITAL MANAGEMENT INC | 764.3K | $203.9M | — | New |
| 10 | COOKE & BIELER LP | 674.0K | $179.8M | — | New |
| 11 | Legal & General Group Plc | 670.4K | $178.9M | — | New |
| 12 | BECK MACK & OLIVER LLC | 616.6K | $164.5M | — | New |
| 13 | UBS Group AG | 564.5K | $150.6M | — | New |
| 14 | Bank of New York Mellon Corp | 536.4K | $143.1M | — | New |
| 15 | River Road Asset Management, LLC | 504.9K | $134.7M | — | New |
| 16 | Madison Asset Management, LLC | 490.5K | $130.9M | — | New |
| 17 | VANGUARD FIDUCIARY TRUST CO | 466.5K | $124.5M | — | New |
| 18 | DEUTSCHE BANK AG\ | 379.5K | $101.3M | — | New |
| 19 | WELLS FARGO & COMPANY/MN | 321.4K | $85.8M | — | New |
| 20 | DAVIDSON INVESTMENT ADVISORS | 295.8K | $73.5M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating margin expanded to 11.1% in Q3 from 7.7% a year ago—how much is sustainable versus one-time SG&A leverage and lower restructuring charges?
- 2
Cash fell $920M to $598M while you spent $324M on acquisitions and $225M on buybacks—why issue debt-funded buybacks at this leverage?
- 3
With $324M of YTD acquisitions and goodwill up $312M, what organic versus M&A revenue growth underlies the 7.8% YTD top-line increase?
Refreshed when LH files a new report · last from 2026-02-24