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Held by 1,063 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 9 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DGX | $25.8B | 26.7× | 14.6× | 2.3× | 11.8% | 33.2% | 9.0% | 13.8% | 7.7% | 2.5× | 1,063 |
| LH | $25.0B | 29.5× | 14.6× | 1.8× | 7.2% | 28.8% | 6.3% | 10.2% | 6.2% | 2.5× | 1,003 |
| CAI | $8.0B | — | 112.0× | 9.8× | 97.0% | — | -8.4% | -11.8% | -7.1% | -6.2× | 244 |
| RDNT | $5.5B | — | 27.2× | 2.7× | 11.5% | — | -0.9% | -1.7% | -0.9% | 1.5× | 318 |
| BLLN | $5.0B | — | 198.9× | 16.4× | 100.0% | 68.3% | 2.4% | 1.6% | 1.4% | -19.1× | 153 |
| VCYT | $3.7B | 55.9× | 41.9× | 7.1× | 16.0% | 70.1% | 12.8% | 5.1% | 5.1% | -4.6× | 350 |
| PSNL | $1.7B | — | — | 25.0× | -17.7% | 22.7% | -117% | -31.1% | -31.1% | — | 156 |
| CSTL | $1.1B | — | — | 3.2× | 3.7% | 79.4% | -7.0% | -5.1% | -5.0% | — | 174 |
| FLGT | $591M | — | — | 1.8× | 13.8% | 40.6% | -18.8% | -5.4% | -5.4% | — | 139 |
| XGN | $198M | — | — | 3.0× | 19.7% | 58.3% | -30.0% | -114% | -49.4% | — | 56 |
Peers = companies sharing DGX's sector (Services-Medical Laboratories) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $232.22 today, the market must believe free cash flow compounds 3.1%/yr for a decade (off $1.04B on the 3-yr avg basis).
On the basis ($959.7M) the requirement is 4.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.1% is more conservative than its 9-yr track record.
Default is 6.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.11B shares (market data) · net debt $5.25B
mean 11.1% · volatility σ 38% · implied rate exceeded in 6/9 yrs
Central path = implied 3.1%/yr growth; shaded band = ±1σ (38%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 26% of free cash flow, leaving room to grow it and fund buybacks. Last year: $353.0M dividends + $450.0M buybacks = $803.0M returned on $1.36B FCF.
9 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 8%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $420.0M (at 2025-12-31) covers the $413.0M due within a year 1.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.5% on $4.71B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash of $420.0M is below short-term debt of $504.0M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.04B 100.0% | $9.87B 100.0% | $9.25B 100.0% | $9.88B 100.0% | $10.79B 100.0% | $9.44B 100.0% | $7.73B 100.0% | $7.53B 100.0% | $7.40B 100.0% | $7.21B 100.0% |
| Cost of Revenue | $7.37B 66.8% | $6.63B 67.1% | $6.20B 67.0% | $6.45B 65.3% | $6.58B 61.0% | $5.80B 61.5% | $5.04B 65.2% | $4.93B 65.4% | $4.72B 63.8% | $4.62B 64.0% |
| Gross Profit | — | — | — | — | — | $3.63B 38.5% | $2.69B 34.8% | $2.60B 34.6% | $2.68B 36.2% | $2.90B 40.2% |
| Selling, General & Admin | $1.97B 17.8% | $1.77B 17.9% | $1.64B 17.7% | $1.87B 19.0% | $1.73B 16.0% | $1.55B 16.4% | $1.46B 18.9% | $1.42B 18.9% | $1.44B 19.5% | $1.38B 19.1% |
| Total Operating Expenses | $9.48B 85.9% | $8.53B 86.4% | $7.99B 86.4% | $8.46B 85.6% | $8.41B 77.9% | $7.47B 79.1% | $6.50B 84.1% | $6.43B 85.4% | $6.24B 84.3% | $5.94B 82.3% |
| Operating Income | $1.56B 14.1% | $1.35B 13.6% | $1.26B 13.6% | $1.43B 14.4% | $2.38B 22.1% | $1.97B 20.9% | $1.23B 15.9% | $1.10B 14.6% | $1.17B 15.7% | $1.28B 17.7% |
| Interest Expense | — | — | $163.0M 1.8% | $148.0M 1.5% | $152.0M 1.4% | $166.0M 1.8% | $180.0M 2.3% | $169.0M 2.2% | $153.0M 2.1% | $144.0M 2.0% |
| Other Income (Expense), net | -$238.0M -2.2% | -$171.0M -1.7% | -$132.0M -1.4% | -$193.0M -2.0% | $218.0M 2.0% | -$87.0M -0.9% | -$155.0M -2.0% | -$175.0M -2.3% | -$135.0M -1.8% | -$191.0M -2.6% |
| Pretax Income | $1.32B 11.9% | $1.18B 11.9% | $1.13B 12.2% | $1.24B 12.5% | $2.60B 24.1% | $1.88B 20.0% | $1.08B 13.9% | $926.0M 12.3% | $1.03B 13.9% | $1.09B 15.1% |
| Income Tax Expense | $314.0M 2.8% | $273.0M 2.8% | $248.0M 2.7% | $264.0M 2.7% | $597.0M 5.5% | $460.0M 4.9% | $247.0M 3.2% | $182.0M 2.4% | $241.0M 3.3% | $429.0M 5.9% |
| Net Income | $992.0M 9.0% | $871.0M 8.8% | $854.0M 9.2% | $946.0M 9.6% | $2.00B 18.5% | $1.43B 15.2% | $858.0M 11.1% | $736.0M 9.8% | $772.0M 10.4% | $645.0M 8.9% |
| Per Share | ||||||||||
| EPS (Basic) | $8.87 | $7.78 | $7.59 | $8.10 | $15.85 | $10.62 | $6.36 | $5.39 | $5.63 | $4.58 |
| EPS (Diluted) | $8.75 | $7.69 | $7.49 | $7.97 | $15.55 | $10.47 | $6.28 | $5.29 | $5.50 | $4.51 |
| Weighted Avg Shares (Basic) | 111.0M | 111.0M | 112.0M | 116.0M | 125.0M | 134.0M | 134.0M | 136.0M | 137.0M | 140.0M |
| Weighted Avg Shares (Diluted) | 113.0M | 113.0M | 113.0M | 118.0M | 128.0M | 136.0M | 136.0M | 139.0M | 140.0M | 142.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 14% against ROIC 8% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 1.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 65.4 | 65.2 | 61.5 | 61.0 | 65.3 | 67.0 | 67.1 | 66.8 |
| Gross Profit | 34.6 | 34.8 | 38.5 | — | — | — | — | — |
| SG&A | 18.9 | 18.9 | 16.4 | 16.0 | 19.0 | 17.7 | 17.9 | 17.8 |
| Operating Income | 14.6 | 15.9 | 20.9 | 22.1 | 14.4 | 13.6 | 13.6 | 14.1 |
| Income Tax | 2.4 | 3.2 | 4.9 | 5.5 | 2.7 | 2.7 | 2.8 | 2.8 |
| Net Income | 9.8 | 11.1 | 15.2 | 18.5 | 9.6 | 9.2 | 8.8 | 9.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on DGX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 2.74pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 9.5% | 6.2% (today's — no rate published for this year) | 3.4pts |
| FY2020 | 14.5% | 6.2% (today's — no rate published for this year) | 8.3pts |
| FY2021 | 17.5% | 5.5% | 12.0pts |
| FY2022 | 10.6% | 6.6% | 3.9pts |
| FY2023 | 8.7% | 6.8% | 1.9pts |
| FY2024 | 7.8% | 6.2% (today's — no rate published for this year) | 1.6pts |
| FY2025 | 9.0% | 6.2% (today's — no rate published for this year) | 2.8pts |
| Now | 7.7% | 6.2% | 1.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 40.2% | 17.7% | 8.9% |
| FY2017 | 36.2% | 15.7% | 10.4% |
| FY2018 | 34.6% | 14.6% | 9.8% |
| FY2019 | 34.8% | 15.9% | 11.1% |
| FY2020 | 38.5% | 20.9% | 15.2% |
| FY2021 | 39.0% | 22.1% | 18.5% |
| FY2022 | 34.7% | 14.4% | 9.6% |
| FY2023 | 33.0% | 13.6% | 9.2% |
| FY2024 | 32.9% | 13.6% | 8.8% |
| FY2025 | 33.2% | 14.1% | 9.0% |
Leverage and buybacks account for 6 points of the 14% return on equity in FY2025. The business earns 8% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$9.1B of goodwill — 68% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 27.42% against 8.89% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.15x of reported profit into free cash flow over 5 years, with accruals negative.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $233.33, free cash flow must compound 3.45%/yr for 10 years. It has done 8.28%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 88.3% | 3.4% |
| FY2021 | 15.3% | 3.4% |
| FY2022 | −28.2% | 3.4% |
| FY2023 | −34.2% | 3.4% |
| FY2024 | 5.2% | 3.4% |
| FY2025 | 49.5% | 3.4% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $992M | $992M |
| Share-based comp | $88M | $1.08B |
| Other non-cash & working capital | $806M | $1.89B |
| Operating cash flow | $1.89B | $1.89B |
| Capex | −$527M | $1.36B |
| Free cash flow | $1.36B | $1.36B |
| FCF after SBC | $1.27B | $1.27B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 22.1% | 43.0% | 20.8 points |
| FY2021 | 14.3% | -5.4% | -19.7 points |
| FY2022 | -8.4% | -16.9% | -8.5 points |
| FY2023 | -6.4% | 1.3% | 7.6 points |
| FY2024 | 6.7% | 7.8% | 1.1 points |
| FY2025 | 11.8% | 8.0% | -3.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 50.2 days | 8.9 days | 19.1 days | 40.1 days |
| FY2020 | 58.8 days | 14 days | 28 days | 44.8 days |
| FY2021 | 48.7 days | 11.5 days | 19.8 days | 40.4 days |
| FY2022 | 44.1 days | 10.9 days | 18.3 days | 36.7 days |
| FY2023 | 47.7 days | 11.2 days | 22.3 days | 36.7 days |
| FY2024 | 48.2 days | 10.4 days | 15.8 days | 42.8 days |
| FY2025 | 46.6 days | 9.4 days | 15.2 days | 40.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.0 percent |
| FY2020 | -4.1 percent |
| FY2021 | -1.8 percent |
| FY2022 | -6.0 percent |
| FY2023 | -3.0 percent |
| FY2024 | -2.9 percent |
| FY2025 | -5.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.