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Labcorp Holdings Inc. provides laboratory services. It operates through two segments, Diagnostics Laboratories and Biopharma Laboratory Services. The company offers various tests, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, PAP tests, hemoglobin A1C, PSA, tests for sexually transmitted diseases, vitamin D testing, microbiology cultures and procedures, and alcohol and other substance abuse tests. It also provides specialty testing services comprising gene-based and esoteric testing; advanced tests target specific diseases; services related to anatomic pathology/oncology, cardiovascular disease, coagulation, diagnostic genetics, endocrinology, infectious disease, women's health, pharmacogenetics, parentage and donor testing, occupational testing services, medical drug monitoring services, chronic disease programs, and kidney stone prevention tests; and health and wellness services to employers and managed care organizations. In addition, the company offers digital pathology solutions, a pathology platforms that support the digitization, centralized review, and sharing of pathology slides; provider and payer digital platforms, an online applications for providers, MCOs, and ACOs; online and mobile applications that enable patients to check offerings, schedule PSC visits, check-in upon PSC arrival, complete documentation, access tests and test results, and manage their accounts; and Generative AI-enabled Test Selection, a generative AI-enabled tool. It serves clients, third party, medicare/medicaid, patients, pharmaceutical, biotechnology, medical device, diagnostic companies, and CROs. The company has a strategic collaboration with the Children's Hospital of Philadelphia to accelerate the discovery, development, and availability of pediatric diagnostics. The company was founded in 1995 and is headquartered in Burlington, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $14.0B | $2.0B | $877M | $1.2B | 10.2% | 7.2% | 17.5% |
| 2024 | $13.0B | $1.8B | $746M | $1.1B | 9.3% | 7.0% | 78.5% |
| 2023 | $12.2B | $1.3B | $418M | $874M | 5.3% | 2.5% | -67.3% |
| 2022 | $11.9B | $2.0B | $1.3B | $1.5B | 12.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 11,863.90 | 12,161.60 | 13,008.90 | 13,951.70 |
| Operating Revenue | - | 11,863.90 | 12,161.60 | 13,066.90 | 13,974.70 |
| Cost Of Revenue | - | 8,155 | 8,796.70 | 9,384.50 | 9,939.20 |
| Gross Profit | - | 3,708.90 | 3,364.90 | 3,624.40 | 4,012.50 |
| Operating Expense | - | 1,956.70 | 2,241.20 | 2,486.40 | 2,496.30 |
| Selling General And Administration | - | 1,763.10 | 2,021.40 | 2,230 | 2,216.30 |
| Total Expenses | - | 10,111.70 | 11,037.90 | 11,870.90 | 12,435.50 |
| Operating Income | - | 1,752.20 | 1,123.70 | 1,138 | 1,516.20 |
| Total Operating Income As Reported | - | 1,436.50 | 725.60 | 1,086.70 | 1,384.70 |
| EBITDA | - | 1,954.40 | 1,345.80 | 1,811.30 | 2,012.70 |
| Normalized EBITDA | - | 2,262.60 | 1,715.10 | 1,840.30 | 2,129 |
| EBIT | - | 1,417.20 | 768.50 | 1,167.80 | 1,331.60 |
| Interest Expense | - | 179.80 | 199.60 | 208.30 | 224.10 |
| Net Interest Income | - | -179.80 | -199.60 | -208.30 | -224.10 |
| Other Non Operating Income Expenses | - | -32.20 | 15.50 | 60.20 | -55 |
| Other Income Expense | - | -335 | -355.20 | 29.80 | -184.60 |
| Interest Expense Non Operating | - | 179.80 | 199.60 | 208.30 | 224.10 |
| Net Non Operating Interest Income Expense | - | -179.80 | -199.60 | -208.30 | -224.10 |
| Pretax Income | - | 1,237.40 | 568.90 | 959.50 | 1,107.50 |
| Tax Provision | - | 233.90 | 188.50 | 212.40 | 229.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -58.26 | -122.24 | -6.41 | -24.07 |
| Net Income Continuous Operations | - | 1,003.50 | 380.40 | 747.10 | 877.70 |
| Net Income From Continuing And Discontinued Operation | - | 1,279.10 | 418 | 746 | 876.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,002 | 379.20 | 746 | 876.50 |
| Net Income | - | 1,279.10 | 418 | 746 | 876.50 |
| Net Income Common Stockholders | - | 1,279.10 | 418 | 746 | 876.50 |
| Net Income Including Noncontrolling Interests | - | 1,280.60 | 419.20 | 747.10 | 877.70 |
| Normalized Income | - | 1,251.94 | 626.26 | 768.59 | 968.73 |
| Diluted NI Availto Com Stockholders | - | 1,279.10 | 418 | 746 | 876.50 |
| Basic Average Shares | - | 91.10 | 87.10 | 83.90 | 83.20 |
| Diluted Average Shares | - | 91.60 | 87.60 | 84.40 | 83.80 |
| Reconciled Depreciation | - | 537.20 | 577.30 | 643.50 | 681.10 |
| Reconciled Cost Of Revenue | - | 7,811.40 | 8,439.20 | 8,997.40 | 9,538.10 |
| Total Unusual Items | - | -308.20 | -369.30 | -29 | -116.30 |
| Total Unusual Items Excluding Goodwill | - | -308.20 | -369.30 | -29 | -116.30 |
| Minority Interests | - | -1.50 | -1.20 | -1.10 | -1.20 |
| Net Income Discontinuous Operations | - | 277.10 | 38.80 | 0 | 0 |
| Special Income Charges | - | -315.70 | -398.10 | -51.30 | -131.50 |
| Impairment Of Capital Assets | - | 261.70 | 349 | 5.30 | 4.30 |
| Restructuring And Mergern Acquisition | - | 54 | 49.10 | 46 | 127.20 |
| Gain On Sale Of Security | - | 7.50 | 28.80 | 22.30 | 15.20 |
| Depreciation Amortization Depletion Income Statement | - | 193.60 | 219.80 | 256.40 | 280 |
| Depreciation And Amortization In Income Statement | - | 193.60 | 219.80 | 256.40 | 280 |
| Earnings From Equity Interest | - | 5.40 | -1.40 | -1.40 | -13.30 |
| Amortization | - | 193.60 | 219.80 | 256.40 | 280 |
| Amortization Of Intangibles Income Statement | - | 193.60 | 219.80 | 256.40 | 280 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Labcorp Holdings Inc.this co. | LH | $21.4B | 24.41↑ premium | 2.48 | 10.2% | 13.61 |
| Mettler-Toledo International Inc. | MTD | $23.9B | 27.44 | - | -3676.8% | 20.87 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| West Pharmaceutical Services, Inc. | WST | $22.4B | 45.41 | 7.06 | 15.5% | 28.40 |
| Quest Diagnostics Incorporated | DGX |
| - |
| - |
| - |
| - |
| - |
| $21.7B |
| 21.88 |
| 3.03 |
| 13.8% |
| 12.88 |
| STERIS plc | STE | $20.7B | 26.48 | 2.88 | 10.9% | 14.02 |
| Moderna, Inc. | MRNA | $20.5B | -7.25 | 2.37 | -32.6% | -7.54 |
| Incyte Corporation | INCY | $20.2B | 15.72 | 3.91 | 24.9% | 9.75 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Peer Median | - | 21.88 | 3.03 | -6.5% | 13.45 | |