15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has declined 0.0% per year over the past 5 years.
Net income has grown slower than revenue (-10.8% vs -0.0% per year).
Operating margin has contracted, at 9.9% in the latest year.
Free cash flow has declined 7.2% per year over the past 5 years.
Financial health
Total debt ($5.6B) exceeds cash ($532M); net debt is $5.1B.
Total debt has grown in line with revenue (0.6% vs -0.0% per year).
Operating income covered interest expense 6.2× in the latest year, down from 12× 5 years ago.
Total debt is 2.7× EBITDA.
Shareholder returns
Dividends have been paid for 4 consecutive years, consuming 27.4% of earnings and 20.0% of free cash flow.
The dividend has grown 7.2% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$14.0B
$877M
28.8%
9.9%
10.2%
4.8%
$1.2B
$5.6B
$532M
2024
$13.0B
$746M
27.9%
8.4%
9.3%
4.1%
$1.1B
$6.3B
$1.5B
2023
$12.2B
$418M
27.7%
6.0%
5.3%
2.5%
$874M
$4.1B
$537M
2022
$11.9B
$1.3B
31.3%
12.1%
12.7%
6.3%
$1.5B
$5.0B
$321M
2021
$13.1B
$2.4B
38.0%
23.2%
23.1%
11.7%
$2.7B
$5.4B
$1.5B
2020
$14.0B
$1.6B
35.4%
17.5%
16.5%
7.8%
$1.8B
$5.4B
$1.3B
2019
$11.6B
$824M
28.1%
11.5%
10.8%
4.6%
$1.0B
$6.2B
$338M
2018
$11.3B
$884M
28.0%
11.7%
12.5%
5.5%
$926M
$6.0B
$427M
2017
$10.3B
$1.2B
30.0%
12.7%
18.0%
7.4%
$1.2B
$6.7B
$317M
2016
$9.6B
$712M
29.9%
13.3%
12.9%
5.0%
$918M
$5.8B
$434M
2015
$8.7B
$438M
33.4%
11.5%
8.8%
3.1%
$727M
$6.4B
$716M
2014
$6.0B
$511M
36.6%
15.1%
18.1%
7.0%
$536M
$3.0B
$580M
2013
$5.8B
$574M
38.3%
17.1%
23.0%
8.2%
$617M
$3.0B
$404M
2013
—
$148M
—
—
5.6%
2.2%
—
$2.6B
$576M
2012
—
$583M
—
—
11.8%
8.6%
$668M
$2.2B
$404M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Sep '26
$3.8B
$263M
29.1%
10.6%
3.0%
1.4%
$412M
$5.9B
$262M
Jun '26
$3.7B
$299M
29.8%
12.1%
3.5%
1.6%
$314M
$5.9B
$142M
Mar '26
$3.5B
$278M
28.7%
10.8%
3.2%
1.5%
$71M
$6.3B
$981M
Dec '25
$3.5B
$165M
28.2%
7.6%
1.9%
0.9%
$490M
$5.6B
$532M
Sep '25
$3.6B
$261M
28.8%
11.1%
3.0%
1.4%
$281M
$5.1B
$598M
Jun '25
$3.5B
$238M
29.7%
11.2%
2.8%
1.3%
$543M
$5.1B
$647M
Mar '25
$3.3B
$213M
28.3%
9.7%
2.6%
1.2%
-$108M
$5.6B
$369M
Dec '24
$3.3B
$143M
26.9%
6.5%
1.8%
0.8%
$665M
$6.3B
$1.5B
Sep '24
$3.3B
$169M
27.6%
7.7%
2.1%
0.9%
$162M
$5.4B
$1.5B
Jun '24
$3.2B
$205M
28.8%
9.2%
2.6%
1.2%
$433M
$3.0B
$265M
Mar '24
$3.2B
$228M
28.2%
10.1%
2.9%
1.4%
-$164M
$3.0B
$99M
Dec '23
$3.0B
-$167M
27.1%
-4.0%
-2.1%
-1.0%
$412M
$4.1B
$537M
Sep '23
$3.1B
$183M
27.8%
8.3%
2.3%
1.1%
$171M
$4.4B
$728M
Jun '23
$3.0B
$189M
27.8%
8.8%
2.2%
1.1%
$248M
$5.0B
$1.9B
Mar '23
$3.0B
$213M
28.0%
10.9%
2.1%
1.1%
$43M
$5.1B
$394M
Dec '22
$2.9B
$76M
27.2%
1.0%
0.8%
0.4%
$555M
$5.0B
$321M
Sep '22
$2.9B
$353M
30.9%
13.0%
3.5%
1.8%
$291M
$5.3B
$410M
Jun '22
$2.9B
$359M
32.2%
14.7%
3.4%
1.8%
$442M
$5.4B
$1.1B
Mar '22
$3.9B
$492M
31.6%
17.6%
4.6%
2.4%
$239M
$5.4B
$1.2B
Dec '21
$4.1B
$553M
33.9%
18.0%
5.4%
2.7%
$548M
$5.4B
$1.5B
Valuation over time
How the market has priced LH against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 14.6× (Mar '23) to 32.9× (Nov '26).
The price-to-sales ratio has risen from 1.6× (Mar '23) to 2.1× (Nov '26).
The dividend yield has fallen from 1.0% (Mar '23) to 0.8% (Nov '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is LH growing its revenue and profit?
Over the past 5 years, Labcorp's revenue has declined 0.0% per year, and net income declined 10.8% per year. These are computed facts, not advice.
How much debt does LH have?
As of FY2025, Labcorp reported $5.6B of total debt against $532M of cash; operating income covered interest expense 6.2×.
What is LH's profit margin?
In FY2025, gross margin was 28.8%, operating margin 9.9%, and net margin 6.3%.
What is LH's P/E ratio?
Labcorp's P/E (TTM) is 28.77 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the LH stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 32.9× as of Nov '26) can differ. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.