Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Quest Diagnostics

DGX stock analysis · Health Care · Health Care Services

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$211.95HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$23.5B

Price × SEC outstanding shares. Shares measured 2026-04-15. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$186.47

Equity cash-flow scenario · SEC outstanding shares at 2026-04-15 · -12.0% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

8.1%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

10.1%

52 sector peers · median 26.0×

How this is calculated ↗
Valuation

Historical multiples

18.7×

7 annual observations · snapshot P/E 23.7× · 26.4% versus history

How this is calculated ↗
Valuation

Free cash flow yield

5.8%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

9.9%

Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

59/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

0.4%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

3.1%

Annual basis · read assumptions below

How this is calculated ↗
Quality

Accrual quality

-5.2%

Annual basis · read assumptions below

How this is calculated ↗
Momentum

Fundamental momentum

5.3%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 2.2B2020-12-31: cfo $2,005,000,000.002020-12-31: capex $418,000,000.0020202021-12-31: cfo $2,233,000,000.002021-12-31: capex $403,000,000.0020212022-12-31: cfo $1,718,000,000.002022-12-31: capex $404,000,000.0020222023-12-31: cfo $1,272,000,000.002023-12-31: capex $408,000,000.0020232024-12-31: cfo $1,334,000,000.002024-12-31: capex $425,000,000.0020242025-12-31: cfo $1,886,000,000.002025-12-31: capex $527,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$233.88$255.19$278.10
10.0%$171.39$186.47$202.66
12.0%$135.21$146.72$159.05

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3111B1B1.9B527M16.2B
2024-12-319.9B921M1.3B425M16.2B
2023-12-319.3B908M1.3B408M14B
2022-12-319.9B1B1.7B404M12.8B
2021-12-3110.8B2.1B2.2B403M13.6B
2020-12-319.4B1.5B2B418M14B
2019-12-317.7B906M1.2B400M12.8B
2018-12-317.5B788M1.2B383M11B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue11BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-26
netIncome1BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-26
Parent/common earnings proxy992MNetIncomeLoss2026-02-26
cfo1.9BNetCashProvidedByUsedInOperatingActivities2026-02-26
capex527MPaymentsToAcquirePropertyPlantAndEquipment2026-02-26
operatingIncome1.6BOperatingIncomeLoss2026-02-26
assets16.2BAssets2026-02-26
equity7.2BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-26
Parent book equity proxy7.2BStockholdersEquity2026-02-26
debt5.7BLongTermDebt2026-02-26
shortDebtNot reported under a supported tag
cash420MCashAndCashEquivalentsAtCarryingValue2026-02-26
shares113MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-26
dividends353MPaymentsOfDividendsCommonStock2026-02-26
buybacks450MPaymentsForRepurchaseOfCommonStock2026-02-26
issuance79MReviewed manual correction
Bounded FY2025-12-31 consolidated financing-statement extraction. Exercise of stock options: 79000000 USD [us-gaap:ProceedsFromStockOptionsExercised]. All 8 financing lines reconcile exactly to reported financing cash flow -1388000000 USD. Cash inflows from common shares, employee plans and option exercises are summed once as displayed on the statement; noncash compensation, withholding payments, preferred and noncontrolling interests are excluded. This review applies only to this issuer and fiscal period. Source limitation: the statement also aggregates other financing cash flows (net 39000000 USD). Their common-equity portion is not separately disclosed here. Issuance is the sum of separately reported common cash-issuance lines, not an independently verified gross total; additional equity flows may be inside those aggregates.
2026-02-26