# Labcorp Holdings Inc. (LH)

> Source: Nexqual · https://nexqual.com/LH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Labcorp Holdings Inc. (LH), nexqual.com/LH" · informational, not investment advice.

**Price:** USD 329.93 (+1.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 323.75 · day 316.22–331.71 · 52w 244.52–341.8 · market cap $26.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $14.3B, net income $1.00B (7.0% margin), free cash flow $1.16B (SEC filings).
- Valuation: P/E 26.7x (avg 32.5x at the last 3 fiscal year-ends), EV/EBITDA 14.8x, net debt $5.72B.
- 3 of 80 tracked superinvestors hold LH (13F, Q2 2026): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $5.0M; 2 not under a Rule 10b5-1 plan ($723K); 2 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.28 on a 1–5 scale) (18 analysts), mean target USD 345.13 (range 293–385).
- Total return with dividends: 1Y +17.4% vs S&P 500 +14.9%; 5Y +43.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 4.64, revenue estimate $3.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.1B | $11.9B | $12.2B | $13.0B | $14.0B | $14.3B |
| Gross profit | $4.99B | $3.71B | $3.36B | $3.62B | $4.01B | — |
| Operating income | $3.05B | $1.44B | $726M | $1.09B | $1.38B | $1.50B |
| Net income | $2.38B | $1.28B | $418M | $746M | $877M | $1.00B |
| EPS (diluted) | $24.39 | $13.97 | $4.77 | $8.84 | $10.46 | — |
| Free cash flow | $2.69B | $1.53B | $874M | $1.10B | $1.21B | $1.16B |
| Gross margin | 38.0% | 31.3% | 27.7% | 27.9% | 28.8% | — |
| Operating margin | 23.2% | 12.1% | 6.0% | 8.4% | 9.9% | 10.4% |
| Net margin | 18.1% | 10.8% | 3.4% | 5.7% | 6.3% | 7.0% |
| Revenue growth | -6.0% | -9.7% | +2.5% | +7.0% | +7.2% | — |
| Cash + short-term investments | $1.47B | $321M | $537M | $1.52B | $532M | — |
| Total debt | $5.42B | $5.34B | $5.05B | $6.33B | $5.58B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 26.7x · P/S 1.9x · EV/EBITDA 14.8x · EV/Sales 2.3x · P/FCF 23.2x · P/B 3.1x · FCF yield 4.32% · Earnings yield 3.75% · Dividend yield (paid, TTM) 0.89% · Buyback yield (TTM) 2.62% · Net debt $5.72B · EV $32.5B
P/E at fiscal year-ends: Dec 2025 24.0x, Dec 2024 25.9x, Dec 2023 47.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold LH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Wallace Weitz | Weitz Investment Management | 1.92% | $27.7M | Unchanged |
| John Rogers | Ariel Investments | 0.97% | $97.8M | Reduced -1.4% |
| Jensen Investment Management |  | 0.11% | $4.5M | Reduced -13.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Anderson Kerrii B | Director | 3,000 | $954K | 30.5% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Schechter Adam H | President & CEO | 4,669 | $1.5M | 4.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-04 | Summy Amy B. | EVP, Chief Marketing Officer | 924 | $283K | 11.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Wilkinson Peter J | SVP, Chief Accounting Officer | 1,420 | $439K | 44.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-02 | Kyle Kathryn W | EVP, Chief Legal Officer | 92 | $26K | 2.3% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-02 | Vaughn Bryan T | EVP and President, Diagnostics | 234 | $67K | 3.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Kyle Kathryn W | EVP, Chief Legal Officer | 762 | $201K | 16.7% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Schechter Adam H | President & CEO | 5,903 | $1.5M | 5.2% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.28 on a 1–5 scale), 18 analysts; mean target USD 345.13 (low 293, high 385).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Truist Securities | Target raised | Buy | $350 → $365 |
| 2026-09-11 | UBS | Target raised | Buy | $361 → $380 |
| 2026-09-11 | Barclays | Target raised | Equal-Weight | $320 → $330 |
| 2026-08-04 | Piper Sandler | Target raised | Neutral | $300 → $309 |
| 2026-08-03 | JP Morgan | Target raised | Overweight | $330 → $360 |
| 2026-07-31 | Morgan Stanley | Target raised | Overweight | $308 → $338 |
| 2026-07-31 | Truist Securities | Target raised | Buy | $320 → $350 |
| 2026-07-31 | Barclays | Target raised | Equal-Weight | $290 → $320 |
| 2026-07-13 | B of A Securities | Target raised | Buy | $300 → $320 |
| 2026-07-13 | Baird | Target raised | Outperform | $335 → $338 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.4% | +43.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.4% | +7.5% |
| Volatility (annualized) | 24.1% | 24.1% |
| Max drawdown | -13.4% (Feb 2026→May 2026) | -34.5% (Dec 2021→Sep 2022) |

## Peers (Diagnostics & Research)
DGX (Quest Diagnostics Incorporated) USD 243.28 +1.82% · GH (Guardant Health, Inc.) USD 162.94 -2.23% · MTD (Mettler-Toledo International, I) USD 1,684.64 +0.40% · MEDP (Medpace Holdings, Inc.) USD 653.96 -1.29% · ILMN (Illumina, Inc.) USD 269.4 -4.76% · RVTY (Revvity, Inc.) USD 157.36 +0.48%

## More
Full page: https://nexqual.com/LH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Diagnostics | $2.90B | 77.7% | +5.5% | $522.6M | 18.0% |
| Biopharma Laboratory Services | $836.2M | 22.4% | +6.5% | $142.2M | 17.0% |
| Total revenue | $3.73B | 100% | — | $451.6M | 12.1% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.64 | $4.61 | +0.8% | $3.76B | 14 |
| Next quarter (ends 2026-12-31) | $4.47 | $4.40 | +1.5% | $3.72B | 14 |
| Current fiscal year (ends 2026-12-31) | $18.35 | $18.01 | +1.9% | $14.75B | 18 |
| Next fiscal year (ends 2027-12-31) | $19.78 | $19.41 | +1.9% | $15.47B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±6.9%; last 8 reports averaged ±3.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.9% | ±6.9% |
| 2026-12-18 | 56 | 27.1% | ±8.5% |
| 2027-01-15 | 84 | 24.9% | ±9.6% |
| 2027-02-19 | 119 | 25.5% | ±11.7% |
| 2027-03-19 | 147 | 25.0% | ±12.7% |
| 2027-05-21 | 210 | 25.1% | ±15.3% |