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
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
FCF
Total debt
Cash
2025
$14.0B
$877M
28.8%
9.9%
$1.2B
$5.6B
$532M
2024
$13.0B
$746M
27.9%
8.4%
$1.1B
$6.3B
$1.5B
2023
$12.2B
$418M
27.7%
6.0%
$874M
$4.1B
$537M
2022
$11.9B
$1.3B
31.3%
12.1%
$1.5B
$5.0B
$321M
2021
$13.1B
$2.4B
38.0%
23.2%
$2.7B
$5.4B
$1.5B
2020
$14.0B
$1.6B
35.4%
17.5%
$1.8B
$5.4B
$1.3B
2019
$11.6B
$824M
28.1%
11.5%
$1.0B
$6.2B
$338M
2018
$11.3B
$884M
28.0%
11.7%
$926M
$6.0B
$427M
2017
$10.3B
$1.2B
30.0%
12.7%
$1.2B
$6.7B
$317M
2016
$9.6B
$712M
29.9%
13.3%
$918M
$5.8B
$434M
2015
$8.7B
$438M
33.4%
11.5%
$727M
$6.4B
$716M
2014
$6.0B
$511M
36.6%
15.1%
$536M
$3.0B
$580M
2013
$5.8B
$574M
38.3%
17.1%
$617M
$3.0B
$404M
2013
—
$148M
—
—
—
$2.6B
$576M
2012
—
$583M
—
—
$668M
$2.2B
$404M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$3.5B
$278M
28.7%
10.8%
$71M
$6.3B
$981M
Dec '25
$3.5B
$165M
28.2%
7.6%
$490M
$5.6B
$532M
Sep '25
$3.6B
$261M
28.8%
11.1%
$281M
$5.1B
$598M
Jun '25
$3.5B
$238M
29.7%
11.2%
$543M
$5.1B
$647M
Mar '25
$3.3B
$213M
28.3%
9.7%
-$108M
$5.6B
$369M
Dec '24
$3.3B
$143M
26.9%
6.5%
$665M
$6.3B
$1.5B
Sep '24
$3.3B
$169M
27.6%
7.7%
$162M
$5.4B
$1.5B
Jun '24
$3.2B
$205M
28.8%
9.2%
$433M
$3.0B
$265M
Mar '24
$3.2B
$228M
28.2%
10.1%
-$164M
$3.0B
$99M
Dec '23
$3.0B
-$167M
27.1%
-4.0%
$412M
$4.1B
$537M
Sep '23
$3.1B
$183M
27.8%
8.3%
$171M
$4.4B
$728M
Jun '23
$3.0B
$189M
27.8%
8.8%
$248M
$5.0B
$1.9B
Mar '23
$3.0B
$213M
28.0%
10.9%
$43M
$5.1B
$394M
Dec '22
$2.9B
$76M
27.2%
1.0%
$555M
$5.0B
$321M
Sep '22
$2.9B
$353M
30.9%
13.0%
$291M
$5.3B
$410M
Jun '22
$2.9B
$359M
32.2%
14.7%
$442M
$5.4B
$1.1B
Mar '22
$3.9B
$492M
31.6%
17.6%
$239M
$5.4B
$1.2B
Dec '21
$4.1B
$553M
33.9%
18.0%
$548M
$5.4B
$1.5B
Sep '21
$4.1B
$587M
34.1%
18.9%
$650M
$5.4B
$2.0B
Jun '21
$3.8B
$467M
32.9%
18.3%
$390M
$5.4B
$2.0B
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 14.7× (Mar '23) to 24.9× (Jun '26).
The price-to-sales ratio has fallen from 1.6× (Mar '23) to 1.6× (Jun '26).
The dividend yield has risen from 1.0% (Mar '23) to 1.1% (Jun '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?
As of Jun '26, Labcorp traded at a price-to-earnings ratio of about 24.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.