DGXNYSEServices-Medical LaboratoriesFiscal year ends December 31
QUEST DIAGNOSTICS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$234.91−0.09 (-0.04%)
Close on Oct 19, 2026
- Market cap
- $26.31B
- P/E (TTM)
- 25.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
33.2%−5.3 pts over 5 years
Operating margin
14.1%−6.8 pts over 5 years
Net margin
9.0%−6.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.8% | +3.7% | +3.2% | +3.9% | |
| Gross profit | +13.0% | +2.2% | +0.2% | +2.6% | |
| Operating income | +15.6% | +2.9% | -4.6% | +1.1% | |
| Net income | +13.9% | +1.6% | -7.1% | +3.4% | |
| EPS, diluted | +13.8% | +3.2% | -3.5% | +6.0% | |
| Free cash flow | +49.5% | +1.1% | -3.1% | +9.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.9% | 23.1% | 14.2% | |
| Return on assets | 6.4% | 10.7% | 6.1% | |
| Current ratio | 1.56 | 1.72 | 1.04 | |
| Debt to equity | 0.81 | 0.59 | 0.79 | |
| Net debt to EBITDA | 2.20× | 1.23× | 2.47× | |
| Interest coverage | 8.9× | 11.9× | – | |
| Inventory turnover | 52.0× | 33.5× | 39.1× | |
| Capex to revenue | 4.1% | 4.4% | 4.8% | |
| Diluted shares | 142M | 136M | 113M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Quest Diagnostics generated $8.44B from operations and spent $8.26B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$8.44B
Used
$8.26B
Capital expenditure$2.17B26%Dividends$1.61B20%Share buybacks$4.48B54%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin9.0%
×Asset turnover0.68×
×Equity multiplier2.32×
=Return on equity, FY202514.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.0% | 0.68× | 2.32× | 14.2% |
| FY2024 | 8.8% | 0.65× | 2.31× | 13.3% |
| FY2023 | 9.2% | 0.69× | 2.20× | 14.0% |
| FY2022 | 9.6% | 0.75× | 2.14× | 15.3% |
| FY2021 | 18.5% | 0.78× | 2.09× | 30.2% |
| FY2020 | 15.2% | 0.70× | 2.17× | 23.1% |
| FY2019 | 11.1% | 0.65× | 2.20× | 15.8% |
| FY2018 | 9.8% | 0.70× | 2.12× | 14.5% |
| FY2017 | 10.4% | 0.72× | 2.16× | 16.2% |
| FY2016 | 8.9% | 0.72× | 2.15× | 13.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$992.00M
- Cash generatingOperating cash flow above zero$1.89B
- Return on assets improvedROA up on the prior year6.2% → 6.1%
- Earnings backed by cashOperating cash flow above net income$1.89B vs $992.00M
- Less leverageLong-term debt to assets fell34.8% → 31.8%
- Better liquidityCurrent ratio rose1.10 → 1.04
- No dilutionShare count did not rise113M → 113M
- Gross margin improvedGross margin up on the prior year32.86% → 33.21%
- More efficientAsset turnover rose0.70 → 0.68