NYSE : LH
Labcorp Holdings Inc. — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 361.39 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 29.34B
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Financial statements
Labcorp Holdings Inc. (LH) reported revenue of 14.59B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 14.59B | 13.95B | 13.01B | 12.16B | 11.86B | 13.14B |
| Cost of Revenue | 10.37B | 9.94B | 9.38B | 8.80B | 8.15B | 8.14B |
| Gross Profit | 4.23B | 4.01B | 3.62B | 3.36B | 3.71B | 4.99B |
| Selling, General & Admin | 2.29B | 2.23B | 2.23B | 2.03B | 1.76B | 1.69B |
| Amortization of Goodwill & Intangibles | 305.00M | 280.00M | 256.40M | 219.80M | 193.60M | 141.10M |
| Other Operating Expenses | 2.50M | |||||
| Operating Expenses | 2.60B | 2.51B | 2.49B | 2.25B | 1.96B | 1.83B |
| Operating Income | 1.63B | 1.51B | 1.14B | 1.11B | 1.75B | 3.16B |
| Interest Expense | -230.30M | -224.10M | -208.30M | -199.60M | -179.80M | -211.80M |
| Interest & Investment Income | 22.70M | 15.20M | 22.30M | 28.80M | 7.50M | 8.80M |
| Earnings From Equity Investments | -28.40M | -13.30M | -1.40M | -1.40M | 5.40M | 26.50M |
| Other Non Operating Income (Expenses) | -6.50M | -1.30M | 65.20M | 26.40M | -32.20M | -46.30M |
| EBT Excluding Unusual Items | 1.38B | 1.28B | 1.02B | 967.00M | 1.55B | 2.94B |
| Merger & Restructuring Charges | -154.50M | -127.20M | -46.00M | -49.10M | -54.00M | -24.00M |
| Impairment of Goodwill | -349.00M | |||||
| Gain (Loss) on Sale of Investments | -18.70M | -42.60M | -11.40M | 61.80M | ||
| Gain (Loss) on Sale of Assets | 6.40M | |||||
| Asset Writedown | -4.30M | -4.30M | -5.30M | -261.70M | -88.40M | |
| Other Unusual Items | 18.80M | |||||
| Pretax Income | 1.22B | 1.11B | 959.50M | 568.90M | 1.24B | 2.89B |
| Income Tax Expense | 219.60M | 229.80M | 212.40M | 188.50M | 233.90M | 690.00M |
| Earnings From Continuing Operations | 1.01B | 877.70M | 747.10M | 380.40M | 1.00B | 2.20B |
| Earnings From Discontinued Operations | 38.80M | 277.10M | 181.90M | |||
| Net Income to Company | 1.01B | 877.70M | 747.10M | 419.20M | 1.28B | 2.38B |
| Minority Interest in Earnings | -1.10M | -1.20M | -1.10M | -1.20M | -1.50M | -2.20M |
| Net Income | 1.00B | 876.50M | 746.00M | 418.00M | 1.28B | 2.38B |
| Net Income to Common | 1.00B | 876.50M | 746.00M | 418.00M | 1.28B | 2.38B |
| Shares Outstanding (Basic) | 81.92M | 83.20M | 83.90M | 87.10M | 91.10M | 96.70M |
| Shares Outstanding (Diluted) | 82.38M | 83.80M | 84.40M | 87.60M | 91.60M | 97.50M |
| EPS (Basic) | 12.26 | 10.53 | 8.89 | 4.80 | 14.04 | 24.58 |
| EPS (Diluted) | 12.18 | 10.46 | 8.84 | 4.77 | 13.97 | 24.39 |
| Free Cash Flow | 1.29B | 1.21B | 1.10B | 874.10M | 1.42B | 2.60B |
| Free Cash Flow Per Share | 15.62 | 14.39 | 12.98 | 9.98 | 15.47 | 26.63 |
| Dividend Per Share | 2.88 | 2.88 | 2.88 | 2.88 | 2.16 | |
| Gross Margin | 28.96% | 28.76% | 27.86% | 27.67% | 31.26% | 38.01% |
| Operating Margin | 11.18% | 10.79% | 8.75% | 9.15% | 14.77% | 24.06% |
| Profit Margin | 6.88% | 6.28% | 5.73% | 3.44% | 10.78% | 18.10% |
| Free Cash Flow Margin | 8.82% | 8.64% | 8.42% | 7.19% | 11.95% | 19.77% |
| EBITDA | 2.34B | 2.19B | 1.79B | 1.70B | 2.22B | 3.66B |
| EBITDA Margin | 16.07% | 15.71% | 13.75% | 13.96% | 18.73% | 27.89% |
| D&A For EBITDA | 713.80M | 686.60M | 651.00M | 584.40M | 469.50M | 503.30M |
| EBIT | 1.63B | 1.51B | 1.14B | 1.11B | 1.75B | 3.16B |
| EBIT Margin | 11.18% | 10.79% | 8.75% | 9.15% | 14.77% | 24.06% |
| Effective Tax Rate | 17.93% | 20.75% | 22.14% | 33.13% | 18.90% | 23.89% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 261.80M | 532.30M | 1.52B | 536.80M | 320.60M | 1.47B |
| Short-Term Investments | 10.90M | |||||
| Cash & Short-Term Investments | 261.80M | 532.30M | 1.52B | 536.80M | 320.60M | 1.48B |
| Receivables | 2.56B | 2.26B | 2.10B | 2.10B | 2.00B | 2.98B |
| Inventory | 538.40M | 534.70M | 493.20M | 474.60M | 470.60M | 401.40M |
| Prepaid Expenses | 607.30M | 692.80M | 697.60M | 655.30M | 610.40M | 467.20M |
| Other Current Assets | 1.23B | |||||
| Total Current Assets | 3.97B | 4.02B | 4.81B | 3.77B | 4.62B | 5.33B |
| Property, Plant & Equipment | 3.14B | 3.13B | 3.11B | 2.98B | 2.87B | 2.90B |
| Long-Term Investments | 354.60M | 355.80M | 216.00M | 26.90M | 65.70M | 63.80M |
| Goodwill | 7.18B | 6.79B | 6.37B | 6.14B | 6.12B | 7.96B |
| Other Intangible Assets | 3.72B | 3.60B | 3.49B | 3.34B | 3.12B | 3.74B |
| Long-Term Deferred Tax Assets | 6.40M | 21.60M | ||||
| Other Long-Term Assets | 567.10M | 496.60M | 388.40M | 467.00M | 3.34B | 378.00M |
| Total Assets | 18.92B | 18.39B | 18.38B | 16.73B | 20.16B | 20.39B |
| Accounts Payable | 738.00M | 840.80M | 875.80M | 827.50M | 852.20M | 621.30M |
| Accrued Expenses | 890.10M | 423.90M | 495.40M | 431.40M | 444.60M | 884.60M |
| Current Portion of Long-Term Debt | 601.20M | 500.10M | 1.00B | 999.80M | 301.30M | 1.50M |
| Current Portion of Leases | 187.70M | 195.70M | 190.70M | 172.20M | 169.80M | 197.50M |
| Current Income Taxes Payable | 160.30M | 152.70M | 127.50M | 105.60M | 239.60M | |
| Current Unearned Revenue | 402.60M | 439.10M | 392.20M | 421.70M | 310.60M | 558.50M |
| Other Current Liabilities | 263.60M | 223.10M | 245.10M | 894.40M | 279.90M | |
| Total Current Liabilities | 2.82B | 2.82B | 3.33B | 3.23B | 3.08B | 2.78B |
| Long-Term Debt | 5.32B | 5.08B | 5.33B | 4.12B | 5.04B | 5.42B |
| Long-Term Leases | 736.30M | 745.60M | 750.60M | 727.50M | 736.50M | 727.10M |
| Pension & Post-Retirement Benefits | 60.40M | 59.50M | 64.50M | 50.80M | 136.50M | |
| Long-Term Deferred Tax Liabilities | 528.50M | 454.50M | 383.10M | 417.90M | 543.40M | 762.90M |
| Other Long-Term Liabilities | 653.70M | 587.40M | 457.90M | 275.20M | 591.60M | 265.50M |
| Total Liabilities | 10.06B | 9.76B | 10.31B | 8.83B | 10.04B | 10.09B |
| Common Stock | 7.30M | 7.50M | 7.60M | 7.70M | 8.10M | 8.50M |
| Additional Paid-In Capital | 78.70M | 2.80M | 38.40M | |||
| Retained Earnings | 8.91B | 8.64B | 8.30B | 7.89B | 10.58B | 10.46B |
| Comprehensive Income & Other | -143.40M | -27.60M | -261.60M | -59.30M | -493.20M | -191.90M |
| Total Common Equity | 8.85B | 8.62B | 8.05B | 7.88B | 10.10B | 10.27B |
| Minority Interest | 16.10M | 16.90M | 14.30M | 15.50M | 18.90M | 20.60M |
| Shareholders' Equity | 8.86B | 8.64B | 8.07B | 7.89B | 10.12B | 10.29B |
| Total Liabilities & Equity | 18.92B | 18.39B | 18.38B | 16.73B | 20.16B | 20.39B |
| Total Debt | 6.85B | 6.53B | 7.27B | 6.02B | 6.25B | 6.34B |
| Net Cash (Debt) | -6.59B | -5.99B | -5.75B | -5.49B | -5.93B | -4.86B |
| Net Cash Per Share | -79.95 | -71.52 | -68.18 | -62.64 | -64.69 | -49.84 |
| Filing Date Shares Outstanding | 81.20M | 82.40M | 83.70M | 84.10M | 88.50M | 93.40M |
| Total Common Shares Outstanding | 81.20M | 82.20M | 83.40M | 83.90M | 88.20M | 93.10M |
| Working Capital | 1.15B | 1.20B | 1.48B | 540.20M | 1.55B | 2.55B |
| Book Value Per Share | 108.96 | 104.86 | 96.55 | 93.86 | 114.47 | 110.35 |
| Tangible Book Value | -2.05B | -1.77B | -1.81B | -1.61B | 849.30M | -1.42B |
| Tangible Book Value Per Share | -25.20 | -21.48 | -21.66 | -19.18 | 9.63 | -15.26 |
| Land | 87.50M | 112.30M | 98.80M | 98.50M | 101.40M | |
| Buildings | 1.17B | 1.10B | 1.08B | 1.01B | 954.40M | |
| Machinery | 2.23B | 2.21B | 2.11B | 1.93B | 1.78B | |
| Construction In Progress | 381.50M | 333.40M | 342.20M | 306.50M | 344.20M | |
| Leasehold Improvements | 577.90M | 550.60M | 515.80M | 484.00M | 459.90M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.00B | 876.50M | 746.00M | 418.00M | 1.28B | 2.38B |
| Depreciation & Amortization | 713.80M | 686.60M | 651.00M | 584.40M | 469.50M | 503.30M |
| Other Amortization | 75.70M | 73.70M | ||||
| Asset Writedown & Restructuring Costs | 105.60M | 105.60M | 5.30M | 349.00M | 261.70M | |
| Stock-Based Compensation | 127.10M | 125.80M | 116.70M | 128.70M | 116.80M | 132.90M |
| Other Operating Activities | 336.60M | 372.10M | 220.90M | 84.10M | -61.80M | -87.10M |
| Change in Accounts Receivable | -301.10M | -122.20M | -21.90M | -75.30M | 23.10M | 226.30M |
| Change in Inventory | -16.70M | -30.20M | -12.60M | -700.00K | -45.50M | 2.80M |
| Change in Accounts Payable | 59.20M | -52.80M | 72.10M | -42.40M | 285.40M | -5.30M |
| Change in Unearned Revenue | 7.70M | 34.60M | -24.60M | 105.50M | 67.80M | 3.80M |
| Change in Other Net Operating Assets | -221.20M | -355.50M | -167.10M | -349.00M | -707.00M | -381.40M |
| Operating Cash Flow | 1.81B | 1.64B | 1.59B | 1.33B | 1.85B | 3.02B |
| Capital Expenditures | -528.10M | -434.50M | -489.90M | -453.60M | -429.30M | -421.50M |
| Sale of Property, Plant & Equipment | 8.00M | 8.00M | 2.00M | 600.00K | 1.40M | 87.30M |
| Cash Acquisitions | -941.40M | -582.00M | -839.00M | -671.50M | -1.16B | -496.90M |
| Divestitures | 15.10M | 1.60M | ||||
| Investment in Securities | -40.20M | -185.50M | -55.00M | -22.30M | -12.20M | -14.60M |
| Other Investing Activities | -10.20M | -24.70M | -49.70M | -38.90M | ||
| Investing Cash Flow | -1.51B | -1.19B | -1.37B | -1.17B | -1.65B | -884.60M |
| Short-Term Debt Issued | 64.80M | 2.46B | 2.49B | 787.40M | ||
| Long-Term Debt Issued | 2.00B | 1.00B | ||||
| Total Debt Issued | 750.00M | 64.80M | 4.46B | 2.49B | 787.40M | 1.00B |
| Short-Term Debt Repaid | -64.80M | -2.46B | -2.49B | -787.40M | ||
| Long-Term Debt Repaid | -1.00B | -1.00B | -300.00M | -1.38B | ||
| Total Debt Repaid | -500.00M | -1.06B | -3.46B | -2.79B | -787.40M | -1.38B |
| Net Debt Issued (Repaid) | 250.00M | -1.00B | 1.00B | -300.00M | -375.00M | |
| Issuance of Common Stock | 84.20M | 54.30M | 56.20M | 54.40M | 50.60M | 51.70M |
| Repurchase of Common Stock | -725.80M | -481.90M | -296.50M | -1.04B | -1.15B | -1.72B |
| Common Dividends Paid | -237.40M | -240.70M | -243.10M | -254.00M | -195.20M | |
| Other Financing Activities | -10.80M | 211.30M | 263.30M | 1.48B | -27.00M | -26.50M |
| Financing Cash Flow | -639.80M | -1.46B | 779.90M | -59.30M | -1.32B | -2.07B |
| Foreign Exchange Rate Adjustments | 400.00K | 24.10M | -17.00M | 9.90M | -24.20M | -7.30M |
| Net Cash Flow | -336.30M | -986.40M | 981.90M | 106.80M | -1.15B | 60.60M |
| Free Cash Flow | 1.29B | 1.21B | 1.10B | 874.10M | 1.42B | 2.60B |
| Free Cash Flow Margin | 8.82% | 8.64% | 8.42% | 7.19% | 11.95% | 19.77% |
| Free Cash Flow Per Share | 15.62 | 14.39 | 12.98 | 9.98 | 15.47 | 26.63 |
| Levered Free Cash Flow | 1.06B | 966.62M | 885.66M | 1.35B | 781.45M | 2.17B |
| Unlevered Free Cash Flow | 1.20B | 1.11B | 1.02B | 1.48B | 893.83M | 2.30B |
| Cash Interest Paid | 207.10M | 217.70M | 209.20M | 221.50M | 196.70M | 194.50M |
| Cash Income Tax Paid | 30.60M | 84.20M | 215.40M | 206.80M | 474.90M | 964.70M |
| Change in Working Capital | -472.10M | -526.10M | -154.10M | -361.90M | -376.20M | -153.80M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 29.34B | 20.80B | 19.18B | 19.30B | 20.86B | 30.07B |
| Enterprise Value | 35.93B | 26.80B | 25.45B | 25.01B | 26.83B | 34.37B |
| Last Close Price | 361.39 | 249.03 | 225.13 | 220.24 | 193.49 | 255.96 |
| PE Ratio | 29.67 | 23.73 | 25.71 | 46.16 | 16.31 | 12.65 |
| Forward PE | 18.77 | 14.61 | 14.95 | 16.00 | 13.85 | 16.59 |
| PS Ratio | 2.01 | 1.49 | 1.47 | 1.59 | 1.76 | 2.29 |
| PB Ratio | 3.32 | 2.41 | 2.38 | 2.45 | 2.06 | 2.92 |
| P/TBV Ratio | 24.57 | |||||
| P/FCF Ratio | 22.80 | 17.25 | 17.50 | 22.08 | 14.72 | 11.58 |
| P/OCF Ratio | 16.17 | 12.68 | 12.10 | 14.53 | 11.30 | 9.96 |
| PEG Ratio | 2.01 | 1.62 | 1.78 | 1.02 | 1.02 | 1.02 |
| EV/Sales Ratio | 2.46 | 1.92 | 1.96 | 2.06 | 2.26 | 2.62 |
| EV/EBITDA Ratio | 15.32 | 12.23 | 14.23 | 14.74 | 12.07 | 9.38 |
| EV/EBIT Ratio | 22.03 | 17.81 | 22.37 | 22.48 | 15.31 | 10.87 |
| EV/FCF Ratio | 27.92 | 22.22 | 23.23 | 28.62 | 18.93 | 13.24 |
| Debt / Equity Ratio | 0.77 | 0.76 | 0.90 | 0.76 | 0.62 | 0.62 |
| Debt / EBITDA Ratio | 2.59 | 2.62 | 3.51 | 3.07 | 2.53 | 1.71 |
| Debt / FCF Ratio | 5.32 | 5.41 | 6.64 | 6.89 | 4.41 | 2.44 |
| Net Debt / Equity Ratio | 0.74 | 0.69 | 0.71 | 0.69 | 0.59 | 0.47 |
| Net Debt / EBITDA Ratio | 2.81 | 2.73 | 3.22 | 3.23 | 2.67 | 1.33 |
| Net Debt / FCF Ratio | 5.12 | 4.97 | 5.25 | 6.28 | 4.18 | 1.87 |
| Asset Turnover | 0.79 | 0.76 | 0.74 | 0.66 | 0.58 | 0.65 |
| Inventory Turnover | 19.56 | 19.34 | 19.39 | 18.61 | 18.70 | 19.75 |
| Quick Ratio | 1.00 | 0.99 | 1.09 | 0.82 | 0.75 | 1.60 |
| Current Ratio | 1.41 | 1.42 | 1.44 | 1.17 | 1.50 | 1.92 |
| Return on Equity (ROE) | 11.44% | 10.51% | 9.36% | 4.23% | 9.83% | 22.25% |
| Return on Assets (ROA) | 5.48% | 5.12% | 4.05% | 3.77% | 5.40% | 9.77% |
| Return on Invested Capital (ROIC) | 8.71% | 8.38% | 6.52% | 5.06% | 9.11% | 16.01% |
| Return on Capital Employed (ROCE) | 10.10% | 9.70% | 7.60% | 8.20% | 10.30% | 18.00% |
| Earnings Yield | 3.37% | 4.21% | 3.89% | 2.17% | 6.13% | 7.91% |
| FCF Yield | 4.39% | 5.80% | 5.71% | 4.53% | 6.79% | 8.64% |
| Dividend Yield | 0.80% | 1.14% | 1.25% | 1.25% | 0.91% | |
| Payout Ratio | 23.65% | 27.46% | 32.59% | 60.77% | 15.26% | |
| Buyback Yield / Dilution | 1.96% | 0.71% | 3.65% | 4.37% | 6.05% | 0.51% |
| Total Shareholder Return | 2.76% | 1.85% | 4.91% | 5.62% | 6.96% | 0.51% |