# Laboratory Corporation of America (LH) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LH/thesis · /stocks/LH/memo

## Financial Snapshot

---
ticker: LH
step: 04
generated: 2026-05-12
source: quick-research
---

### Laboratory Corporation of America Holdings (LH) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $14.95B | $12.16B | $13.01B | +7.0% |
| Gross Margin | ~30% | ~28% | ~29% | |
| Operating Margin | ~10% | ~7% | ~7.4% | |
| Net Income | ~$1.5B | ~$750M | ~$830M | |
| EPS (diluted, non-GAAP) | ~$16.50 | ~$14.00 | ~$15.80 | +13% |

*FY2022 revenue was elevated by residual COVID-19 PCR testing volumes. FY2023 decline reflects the COVID testing winddown and the Fortrea CRO spin-off (mid-2023), which removed ~$2.5B in CRO revenue from the consolidated entity. FY2024 and forward comparisons are on the cleaner, post-Fortrea diagnostics-focused basis.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.6B |
| Free Cash Flow | ~$1.1B |
| Capital Expenditures | ~$500M |
| Cash & Equivalents | ~$800M |
| Total Debt | ~$5.5B |

#### Key Ratios (approximate)
- P/E: ~15x (non-GAAP) | EV/EBITDA: ~10x | FCF Yield: ~5.5%
- Revenue Growth (FY2024): +7.0% | FCF Margin: ~8.5%
- Dividend Yield: ~1.2%

#### Growth Profile
Post-Fortrea spin-off, Labcorp is a cleaner diagnostics and biopharma services story. The FY2023 base was depressed by the COVID testing cliff and Fortrea removal; FY2024's +7% growth reflects organic Diagnostics volume recovery, hospital partnership acquisitions, and Biopharma Central Lab growth. FY2025 continued strong at ~$14.0B revenue (+7.7% YoY), driven by specialty testing expansion (130+ new tests launched), hospital partnership wins (13 transactions), and sustained biopharma demand. Specialty testing (oncology, women's health, NGS genomics) carries materially higher margins than routine testing and is the primary earnings growth driver.

#### Forward Estimates
- FY2025 Revenue: ~$14.0B (actual, +7.7% YoY)
- FY2026 Revenue Guidance: +4.7%–6.0% growth (~$14.7B–$14.8B)
- FY2026 Adjusted EPS Guidance: $17.55–$18.25 (midpoint $17.90, +8.9% YoY)
- FY2026 FCF Guidance: $1.24B–$1.36B
- PAMA reimbursement cuts frozen for 2026 (resume in 2027 at max 15%/year through 2029)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LH/fundamental

## Navigation

- Overview: /stocks/LH
- Financials (this page): /stocks/LH/financials
- Thesis: /stocks/LH/thesis
- Investment Memo: /stocks/LH/memo
- Coverage universe: /stocks