Abbott Laboratories
ABT on NYSE. Abbott sells healthcare products to wholesalers, pharmacies, hospitals, and government agencies. Market value $173.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.61 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 11 cents a year. Above 10 is good.
Quality score: 95 of 100. Price score: 49 of 100. Our list needs 70 on quality and 60 on price.
$98.16 a share, 20% above its 1-year low
Over the past year the price has ranged from $81.97 to $135.13.
Expected to report results Wednesday 14 Oct, before the market opens.
Dividend: 2.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $43.1bn | $43.7bn | $40.1bn | $42.0bn | $44.3bn |
| Operating margin | |||||
| Operating margin | 19.6% | 19.2% | 16.2% | 16.3% | 18.2% |
| Debt to equity | |||||
| Debt to equity | 0.50 | 0.46 | 0.38 | 0.30 | 0.25 |
| Shares outstanding | |||||
| Shares outstanding | 1.74bn | 1.74bn | 1.73bn | 1.74bn | 1.74bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.25× equity
- Revenue growth, five yearsSlow, 5.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $12.6 billion last quarter, up 13% on a year ago.
- Profit: $928 million, down 48% on a year ago.
- It keeps 16 cents of each $1 of sales as operating profit, down from 17 cents a year earlier.
- Spare cash over the past 12 months: $7.8 billion, up from $6.8 billion.
- About the same number of shares as a year ago.
- Debt is $27.5 billion more than cash, up from $6.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $10.6bn |
| December 2024 | $11.0bn |
| March 2025 | $10.4bn |
| June 2025 | $11.1bn |
| September 2025 | $11.4bn |
| December 2025 | $11.5bn |
| March 2026 | $11.2bn |
| June 2026 | $12.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $1.6bn |
| December 2024 | $9.2bn |
| March 2025 | $1.3bn |
| June 2025 | $1.8bn |
| September 2025 | $1.6bn |
| December 2025 | $1.8bn |
| March 2026 | $1.1bn |
| June 2026 | $928m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 14 October 2026
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
24 long-term investors we follow own it, up from 21 last quarter. 2,966 funds in all.
- GMOJeremy Grantham
- Value
- $798m
- Share of fund
- 1.8%
- Mairs & PowerAndy Adams
- Value
- $66m
- Share of fund
- 0.6%
- Bruce & Co.R. Jeffrey Bruce
- Value
- $10m
- Share of fund
- 2.8%
- Auxier Asset ManagementJeff Auxier
- Value
- $6m
- Share of fund
- 0.8%
- Aristotle Capital ManagementHoward Gleicher
- Value
- $5m
- Share of fund
- <0.1%
- Dodge & CoxDodge & Cox investment committee
- Value
- $2m
- Share of fund
- <0.1%
- Gardner Russo & QuinnTom Russo
- Value
- $1m
- Share of fund
- <0.1%
- Horizon KineticsMurray Stahl
- Value
- $881,630
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $293,000
- Share of fund
- <0.1%
- Heartland AdvisorsBill Nasgovitz
- Value
- $122,499
- Share of fund
- <0.1%
Largest holders overall
- BlackRock$13.8bnAdded
- Vanguard Capital Management$10.3bn
- State Street$7.3bn
- Charles Schwab Investment Management$5.4bnAdded
- Vanguard Portfolio Management$4.4bnAdded
- Geode Capital Management$3.5bn
- Capital Research Global Investors$3.3bnCut
- Capital International Investors$3.1bnCut
- Morgan Stanley$2.4bnCut
- Norges Bank$2.1bnNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $4m of shares on the open market. 7 sold $48m.
- MCCOY JOHN A. JR.VICE PRESIDENT AND CONTROLLERSold
- Date
- 2 September 2026
- Shares
- 27
- Price
- $109.54
- Value
- $2,958
- Ford Robert BCHAIRMAN AND CEO, DirectorSold
- Date
- 25 August 2026
- Shares
- 398,832
- Price
- $115.85
- Value
- $46m
- Morrone Louis H.EXECUTIVE VICE PRESIDENTSold
- Date
- 11 August 2026
- Shares
- 5,850
- Price
- $109.83
- Value
- $642,506
- Stratton John GDirectorBought
- Date
- 7 May 2026
- Shares
- 2,000
- Price
- $86.82
- Value
- $173,640
- STARKS DANIEL JDirectorBought
- Date
- 27 April 2026
- Shares
- 10,000
- Price
- $92.65
- Value
- $926,500
- Boudreau Philip PEVP AND CFOBought
- Date
- 23 April 2026
- Shares
- 2,200
- Price
- $91.50
- Value
- $201,300
- Cushman Elizabeth C.EVP, GC AND SECRETARYSold
- Date
- 2 March 2026
- Shares
- 263
- Price
- $115.58
- Value
- $30,398
- Shroff EricSenior Vice PresidentSold
- Date
- 2 March 2026
- Shares
- 709
- Price
- $115.58
- Value
- $81,946
- Morrone Louis H.EXECUTIVE VICE PRESIDENTSold
- Date
- 2 March 2026
- Shares
- 1,144
- Price
- $115.58
- Value
- $132,224
- Moreland Mary KEXECUTIVE VICE PRESIDENTSold
- Date
- 2 March 2026
- Shares
- 613
- Price
- $115.58
- Value
- $70,851
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | MCCOY JOHN A. JR. VICE PRESIDENT AND CONTROLLER | Sold | 27 | $109.54 | $2,958 |
| 25 August 2026 | Ford Robert B CHAIRMAN AND CEO, Director | Sold | 398,832 | $115.85 | $46m |
| 11 August 2026 | Morrone Louis H. EXECUTIVE VICE PRESIDENT | Sold | 5,850 | $109.83 | $642,506 |
| 7 May 2026 | Stratton John G Director | Bought | 2,000 | $86.82 | $173,640 |
| 27 April 2026 | STARKS DANIEL J Director | Bought | 10,000 | $92.65 | $926,500 |
| 23 April 2026 | Boudreau Philip P EVP AND CFO | Bought | 2,200 | $91.50 | $201,300 |
| 2 March 2026 | Cushman Elizabeth C. EVP, GC AND SECRETARY | Sold | 263 | $115.58 | $30,398 |
| 2 March 2026 | Shroff Eric Senior Vice President | Sold | 709 | $115.58 | $81,946 |
| 2 March 2026 | Morrone Louis H. EXECUTIVE VICE PRESIDENT | Sold | 1,144 | $115.58 | $132,224 |
| 2 March 2026 | Moreland Mary K EXECUTIVE VICE PRESIDENT | Sold | 613 | $115.58 | $70,851 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 26.9× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Changes in geopolitical and macroeconomic conditions could negatively affect Abbott’s business, financial condition, and results of operations .
For example, the global economy has been impacted by geopolitical tensions focused on trade, which has increased uncertainty for global businesses such as Abbott. The U.S. government has imposed tariffs on imports into the U.S., and it may impose additional tariffs in the future. Some countries may retaliate with trade protection measures, including reciprocal tariffs. These tariffs or other trade protection measures could have a negative impact on macroeconomic conditions, including inflation rates, foreign currency exchange rates, and interest rates, as well as causing potential disruptions to Abbott’s global supply chain, which could adversely affect its business. Additionally, the ongoing Russia-Ukraine conflict has resulted in sanctions, economic and currency volatility, higher inflation, heightened cybersecurity risks, and operational and supply chain disruptions. To date, Abbott has been able to manage these disruptions without material impact to its results of operations. However, it is difficult to predict the future implications and consequences of the conflict on local, regional, or global economies and Abbott’s operations
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
It just passed both our tests. The deep dive checks what the numbers can't.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.