Labcorp Holdings
LH on NYSE. Labcorp sells laboratory tests and drug development services to doctors, hospitals, and drugmakers. Market value $25.0bn.
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?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
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 20.6 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 63 of 100. Price score: 65 of 100. Our list needs 70 on quality and 60 on price.
$308.65 a share, 26% above its 1-year low
Over the past year the price has ranged from $244.52 to $341.80.
Dividend: 1.0% a year
Paid every year for 4 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $13.1bn | $11.9bn | $12.2bn | $13.0bn | $14.0bn |
| Operating margin | |||||
| Operating margin | 23.2% | 12.1% | 6.0% | 8.4% | 9.9% |
| Debt to equity | |||||
| Debt to equity | 0.54 | 0.54 | 0.65 | 0.80 | 0.66 |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt0.66× equity
- Revenue growth, five yearsShrinking, 0.0% a year
- Buying back its own sharesYes, 8% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.7 billion last quarter, up 6% on a year ago.
- Profit: $299 million, up 26% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, up from 9 cents a year earlier.
- Spare cash over the past 12 months: $1.2 billion, down from $1.3 billion.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $5.8 billion more than cash, up from $4.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.3bn |
| December 2024 | $3.3bn |
| March 2025 | $3.3bn |
| June 2025 | $3.5bn |
| September 2025 | $3.6bn |
| December 2025 | $3.5bn |
| March 2026 | $3.5bn |
| June 2026 | $3.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $169m |
| December 2024 | $143m |
| March 2025 | $213m |
| June 2025 | $238m |
| September 2025 | $261m |
| December 2025 | $165m |
| March 2026 | $278m |
| June 2026 | $299m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 27 October 2026
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
16 long-term investors we follow own it, unchanged from 16 last quarter. 1,043 funds in all.
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $208m
- Share of fund
- 0.6%
- Cooke & BielerCooke & Bieler partners
- Value
- $187m
- Share of fund
- 2.2%
- Ariel InvestmentsJohn Rogers Jr.
- Value
- $98m
- Share of fund
- 1.0%
- Brandes Investment PartnersCharles Brandes
- Value
- $70m
- Share of fund
- 0.5%
- Cambiar InvestorsBrian Barish
- Value
- $58m
- Share of fund
- 2.5%
- Weitz Investment ManagementWally Weitz
- Value
- $28m
- Share of fund
- 1.9%
- Auxier Asset ManagementJeff Auxier
- Value
- $249,200
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $854m | 0.8% | Added |
| Select Equity GroupGeorge Loening | $555m | 2.9% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $208m | 0.6% | |
| Cooke & BielerCooke & Bieler partners | $187m | 2.2% | |
| Diamond Hill Capital ManagementRic Dillon (founder) | $168m | 1.3% | Cut |
| Ariel InvestmentsJohn Rogers Jr. | $98m | 1.0% | |
| Brandes Investment PartnersCharles Brandes | $70m | 0.5% | |
| Cambiar InvestorsBrian Barish | $58m | 2.5% | |
| Weitz Investment ManagementWally Weitz | $28m | 1.9% | |
| Gotham Asset ManagementJoel Greenblatt | $25m | <0.1% | Cut |
| Jensen Investment ManagementEric Schoenstein | $4m | 0.1% | Cut |
| Delphi ManagementScott Black | $2m | 1.6% | Added |
| Mondrian Investment PartnersMondrian team | $1m | <0.1% | Cut |
| Boyar Asset ManagementMark Boyar | $1m | 0.6% | Added |
| First Manhattan Co.First Manhattan partners | $274,400 | <0.1% | Cut |
| Auxier Asset ManagementJeff Auxier | $249,200 | <0.1% |
Largest holders overall
- BlackRock$1.8bnAdded
- Vanguard Capital Management$1.5bn
- Victory Capital Management$1.4bnAdded
- State Street$1.1bn
- Vanguard Portfolio Management$1.0bn
- Boston Partners$854mAdded
- Allspring Global Investments Holdings$635m
- Geode Capital Management$610m
- Select Equity Group$555mCut
- FMR$533mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.6%Since 31 March 2025
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.6% | 31 March 2025 | |
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
No insider bought shares on the open market in the last 12 months. 10 sold $14m, $8m of it under preset trading plans.
- ANDERSON KERRII BDirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 3,000
- Price
- $318.02
- Value
- $954,060
- Schechter Adam HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 4,669
- Price
- $320.37
- Value
- $1m
- Summy Amy B.EVP, Chief Marketing OfficerSold
- Date
- 4 August 2026
- Shares
- 924
- Price
- $306.74
- Value
- $283,428
- Wilkinson Peter JSVP, Chief Accounting OfficerSold
- Date
- 3 August 2026
- Shares
- 1,420
- Price
- $309.23
- Value
- $439,107
- Kyle Kathryn WEVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 92
- Price
- $286.19
- Value
- $26,329
- Vaughn Bryan TEVP and President, DiagnosticsSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 234
- Price
- $286.19
- Value
- $66,968
- Kyle Kathryn WEVP, Chief Legal OfficerSoldunder a preset trading plan
- Date
- 8 June 2026
- Shares
- 762
- Price
- $263.89
- Value
- $201,084
- Schechter Adam HPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 11 May 2026
- Shares
- 5,903
- Price
- $254.50
- Value
- $2m
- Wilkinson Peter JSVP, Chief Accounting OfficerSoldunder a preset trading plan
- Date
- 27 March 2026
- Shares
- 1,633
- Price
- $267.05
- Value
- $436,093
- Meltzer Jonathan CEVP, OperationsSoldunder a preset trading plan
- Date
- 27 March 2026
- Shares
- 839
- Price
- $267.05
- Value
- $224,055
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | ANDERSON KERRII B Director | Sold under a preset trading plan | 3,000 | $318.02 | $954,060 |
| 11 August 2026 | Schechter Adam H President & CEO, Director | Sold under a preset trading plan | 4,669 | $320.37 | $1m |
| 4 August 2026 | Summy Amy B. EVP, Chief Marketing Officer | Sold | 924 | $306.74 | $283,428 |
| 3 August 2026 | Wilkinson Peter J SVP, Chief Accounting Officer | Sold | 1,420 | $309.23 | $439,107 |
| 2 July 2026 | Kyle Kathryn W EVP, Chief Legal Officer | Sold under a preset trading plan | 92 | $286.19 | $26,329 |
| 2 July 2026 | Vaughn Bryan T EVP and President, Diagnostics | Sold under a preset trading plan | 234 | $286.19 | $66,968 |
| 8 June 2026 | Kyle Kathryn W EVP, Chief Legal Officer | Sold under a preset trading plan | 762 | $263.89 | $201,084 |
| 11 May 2026 | Schechter Adam H President & CEO, Director | Sold under a preset trading plan | 5,903 | $254.50 | $2m |
| 27 March 2026 | Wilkinson Peter J SVP, Chief Accounting Officer | Sold under a preset trading plan | 1,633 | $267.05 | $436,093 |
| 27 March 2026 | Meltzer Jonathan C EVP, Operations | Sold under a preset trading plan | 839 | $267.05 | $224,055 |
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 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 15 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
- Sales have shrunk: 0.0% a year.
Whether the price already reflects the risks is what the deep dive is for.
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
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.