Quest Diagnostics Incorporated (DGX) Key Metrics
DGX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $25.94B
- Enterprise value
- $31.47B
- P/E (TTM)
- 24.6 10-yr median 18.1
- Forward P/E
- 19.5
- PEG ratio
- 1.53
- Price / sales
- 2.2 10-yr median 1.8
- Price / book
- 3.4 10-yr median 2.7
- EV / EBITDA
- 14.0 10-yr median 11.9
- Dividend yield
- 1.46% $3.44 a year
- Beta
- 0.54
DGX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDGX valuation Price multiples at each fiscal year-end price.
DGX returns How much profit the business earns on the capital it uses.
DGX per-share figures Results divided by the shares outstanding at year-end.
DGX financial health Debt, liquidity and how easily interest is covered.
DGX efficiency & capital use Working capital cycle and where the cash goes.
DGX valuation history
DGX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DGX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DGX cash returned to shareholders
DGX price vs earnings per share
DGX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $19.61B | $17.05B | $15.58B | $18.46B | $22.15B | $16.21B | $14.52B | $11.57B | $13.79B | $13.05B |
| Enterprise value | $26.11B | $23.59B | $20.39B | $22.86B | $26.05B | $19.86B | $18.75B | $15.43B | $17.51B | $16.42B |
| P/E ratio | 19.8 | 19.6 | 18.2 | 19.5 | 11.1 | 11.3 | 16.9 | 15.7 | 17.9 | 20.2 |
| Price / sales | 1.8 | 1.7 | 1.7 | 1.9 | 2.1 | 1.7 | 1.9 | 1.5 | 1.8 | 1.7 |
| Price / book | 2.7 | 2.5 | 2.5 | 3.1 | 3.4 | 2.4 | 2.6 | 2.2 | 2.8 | 2.8 |
| Price / free cash flow | 14.4 | 18.8 | 18.0 | 14.0 | 12.1 | 10.2 | 17.2 | 14.2 | 14.9 | 16.8 |
| Price / operating cash flow | 10.4 | 12.8 | 12.2 | 10.7 | 9.9 | 8.1 | 11.7 | 9.6 | 11.7 | 12.2 |
| EV / sales | 2.4 | 2.4 | 2.2 | 2.3 | 2.4 | 2.1 | 2.4 | 2.0 | 2.3 | 2.2 |
| EV / EBITDA | 11.9 | 12.5 | 16.2 | 12.6 | 8.2 | 8.2 | 11.8 | 11.0 | 12.0 | 11.1 |
| EV / free cash flow | 19.2 | 25.9 | 23.6 | 17.4 | 14.2 | 12.5 | 22.2 | 18.9 | 19.0 | 21.2 |
| Earnings yield | 5.1% | 5.1% | 5.5% | 5.1% | 9.0% | 8.8% | 5.9% | 6.4% | 5.6% | 4.9% |
| Free cash flow yield | 6.9% | 5.3% | 5.5% | 7.1% | 8.3% | 9.8% | 5.8% | 7.1% | 6.7% | 5.9% |
| Dividend yield | 1.8% | 1.9% | 2.0% | 1.7% | 1.4% | 1.8% | 2.0% | 2.3% | 1.8% | 1.7% |
| Shareholder yield (dividends + buybacks) | 4.1% | 2.8% | 3.8% | 9.3% | 11.3% | 3.8% | 4.4% | 5.1% | 5.2% | 6.2% |
| Share price at fiscal year-end | $173.53 | $150.86 | $137.88 | $156.44 | $173.01 | $119.17 | $106.79 | $83.27 | $98.49 | $91.90 |
| Per share | ||||||||||
| Revenue per share | $97.65 | $87.36 | $81.88 | $83.75 | $84.28 | $69.39 | $56.81 | $54.18 | $55.06 | $52.92 |
| Earnings per share | $8.78 | $7.71 | $7.56 | $8.02 | $15.59 | $10.52 | $6.31 | $5.29 | $5.51 | $4.54 |
| Operating cash flow per share | $16.69 | $11.81 | $11.26 | $14.56 | $17.45 | $14.74 | $9.14 | $8.63 | $8.39 | $7.53 |
| Free cash flow per share | $12.03 | $8.04 | $7.65 | $11.14 | $14.30 | $11.67 | $6.20 | $5.88 | $6.59 | $5.46 |
| Cash per share | $3.72 | $4.86 | $6.07 | $2.67 | $6.81 | $8.51 | $8.76 | $0.97 | $0.98 | $2.53 |
| Book value per share | $63.45 | $59.98 | $55.81 | $49.94 | $50.34 | $49.70 | $41.48 | $37.53 | $35.15 | $32.59 |
| Tangible book value per share | −$30.19 | −$33.99 | −$22.94 | −$20.50 | −$14.20 | −$9.42 | −$15.43 | −$18.37 | −$18.09 | −$16.35 |
| Dividends per share | $3.12 | $2.93 | $2.78 | $2.58 | $2.41 | $2.18 | $2.10 | $1.91 | $1.76 | $1.57 |
| Capex per share | $4.66 | $3.76 | $3.61 | $3.42 | $3.15 | $3.07 | $2.94 | $2.76 | $1.80 | $2.06 |
| Debt per share | $61.23 | $62.72 | $48.65 | $39.95 | $37.29 | $35.35 | $39.82 | $28.71 | $27.54 | $26.30 |
| Shares outstanding | 113.0M | 113.0M | 113.0M | 118.0M | 128.0M | 136.0M | 136.0M | 139.0M | 140.0M | 142.0M |
| Change in shares outstanding | 0.0% | 0.0% | −4.2% | −7.8% | −5.9% | 0.0% | −2.2% | −0.7% | −1.4% | −2.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.2% | 13.3% | 14.0% | 15.3% | 30.2% | 23.1% | 15.8% | 14.5% | 16.2% | 13.9% |
| Return on invested capital (ROIC) | 9.1% | 8.5% | 11.8% | 11.0% | 17.8% | 14.9% | 10.2% | 10.0% | 10.7% | 9.5% |
| Return on assets (ROA) | 6.1% | 5.8% | 6.4% | 7.2% | 14.4% | 10.7% | 7.2% | 6.8% | 7.5% | 6.4% |
| Return on tangible assets | 17.6% | 15.7% | 16.7% | 20.9% | 37.3% | 23.9% | 16.8% | 22.8% | 25.3% | 20.5% |
| Free cash flow margin | 12.3% | 9.2% | 9.3% | 13.3% | 17.0% | 16.8% | 10.9% | 10.8% | 12.0% | 10.3% |
| Income quality (OCF / net income) | 1.90 | 1.53 | 1.49 | 1.82 | 1.12 | 1.40 | 1.45 | 1.63 | 1.52 | 1.66 |
| Financial health | ||||||||||
| Total debt | $6.92B | $7.09B | $5.50B | $4.71B | $4.77B | $4.81B | $5.42B | $3.99B | $3.85B | $3.73B |
| Cash & short-term investments | $420.0M | $549.0M | $686.0M | $315.0M | $872.0M | $1.16B | $1.19B | $135.0M | $137.0M | $359.0M |
| Net debt | $6.50B | $6.54B | $4.81B | $4.40B | $3.90B | $3.65B | $4.22B | $3.86B | $3.72B | $3.38B |
| Debt / equity | 0.96 | 1.05 | 0.87 | 0.80 | 0.74 | 0.71 | 0.96 | 0.77 | 0.78 | 0.81 |
| Debt / assets | 0.43 | 0.44 | 0.39 | 0.37 | 0.35 | 0.34 | 0.42 | 0.36 | 0.37 | 0.37 |
| Net debt / EBITDA | 2.96 | 3.45 | 3.81 | 2.42 | 1.23 | 1.51 | 2.66 | 2.75 | 2.56 | 2.28 |
| Current ratio | 1.04 | 1.10 | 1.31 | 1.22 | 1.56 | 1.72 | 1.25 | 0.94 | 1.24 | 1.56 |
| Quick ratio | 0.96 | 1.02 | 1.20 | 1.10 | 1.44 | 1.60 | 1.19 | 0.87 | 1.15 | 1.48 |
| Interest coverage | 5.8 | 6.0 | 8.3 | 9.6 | 15.7 | 11.9 | 6.8 | 6.5 | 7.6 | 8.9 |
| Working capital | $100.0M | $223.0M | $557.0M | $347.0M | $988.0M | $1.28B | $500.0M | −$95.0M | $249.0M | $550.0M |
| Invested capital | $13.67B | $13.32B | $11.12B | $10.29B | $10.35B | $10.41B | $9.87B | $9.07B | $8.64B | $8.00B |
| Tangible asset value | −$3.29B | −$3.72B | −$2.48B | −$2.31B | −$1.70B | −$1.15B | −$1.98B | −$2.43B | −$2.42B | −$2.21B |
| Net current asset value | −$6.56B | −$6.87B | −$5.23B | −$4.93B | −$4.31B | −$4.08B | −$4.59B | −$4.27B | −$4.16B | −$3.83B |
| Graham number | $111.95 | $101.99 | $97.42 | $94.91 | $132.87 | $108.47 | $76.73 | $66.86 | $66.04 | $57.71 |
| Graham net-net per share | −$65.21 | −$67.58 | −$52.35 | −$46.80 | −$39.02 | −$34.75 | −$36.98 | −$33.92 | −$32.79 | −$30.06 |
| Capital allocation | ||||||||||
| Dividends paid | $353.0M | $331.0M | $314.0M | $305.0M | $309.0M | $297.0M | $286.0M | $266.0M | $247.0M | $223.0M |
| Share buybacks (net) | $450.0M | $151.0M | $275.0M | $1.41B | $2.20B | $325.0M | $353.0M | $322.0M | $465.0M | $590.0M |
| Dividend payout ratio | 35.6% | 38.0% | 36.8% | 32.2% | 15.5% | 20.8% | 33.3% | 36.1% | 32.0% | 34.6% |
| Dividends + buybacks / free cash flow | 59.1% | 53.0% | 68.2% | 130.4% | 137.0% | 39.2% | 75.8% | 72.0% | 77.1% | 104.8% |
| Capex / revenue | 4.8% | 4.3% | 4.4% | 4.1% | 3.7% | 4.4% | 5.2% | 5.1% | 3.3% | 3.9% |
| Capex / operating cash flow | 27.9% | 31.9% | 32.1% | 23.5% | 18.0% | 20.8% | 32.2% | 31.9% | 21.4% | 27.4% |
| Capex / depreciation | 0.92 | 0.86 | 0.93 | 0.92 | 0.99 | 1.16 | 1.22 | 1.24 | 0.93 | 1.18 |
| Stock-based compensation / revenue | 0.8% | 0.9% | 0.8% | 0.8% | 0.7% | 1.0% | 0.7% | 0.8% | 1.0% | 0.9% |
| SG&A / revenue | 17.4% | 17.9% | 19.4% | 18.4% | 16.0% | 16.4% | 18.9% | 18.9% | 22.7% | 22.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 44.9 | 46.5 | 47.4 | 48.6 | 50.0 | 50.0 | 49.0 | 46.9 | 43.8 | 44.4 |
| Days of inventory on hand | 9.2 | 10.4 | 11.2 | 11.3 | 12.0 | 10.9 | 8.0 | 7.2 | 6.8 | 6.6 |
| Days payables outstanding | 45.8 | 18.3 | 20.7 | 19.3 | 22.3 | 22.3 | 17.6 | 16.5 | 18.8 | 21.3 |
| Cash conversion cycle (days) | 8.2 | 38.6 | 38.0 | 40.7 | 39.7 | 38.5 | 39.5 | 37.6 | 31.9 | 29.6 |
| Receivables turnover | 8.14 | 7.85 | 7.69 | 7.51 | 7.29 | 7.31 | 7.45 | 7.78 | 8.33 | 8.23 |
| Payables turnover | 7.96 | 19.93 | 17.66 | 18.94 | 16.39 | 16.37 | 20.77 | 22.09 | 19.46 | 17.10 |
| Inventory turnover | 39.85 | 35.07 | 32.46 | 32.25 | 30.53 | 33.55 | 45.38 | 50.78 | 53.32 | 55.61 |
| Asset turnover | 0.68 | 0.65 | 0.69 | 0.75 | 0.78 | 0.70 | 0.65 | 0.70 | 0.75 | 0.75 |
| Average receivables | $1.36B | $1.26B | $1.20B | $1.32B | $1.48B | $1.29B | $1.04B | $968.0M | $925.0M | $913.5M |
| Average payables | $943.5M | $332.5M | $351.0M | $340.5M | $401.5M | $354.5M | $242.5M | $223.0M | $242.5M | $270.0M |
| Average inventory | $188.5M | $189.0M | $191.0M | $200.0M | $215.5M | $173.0M | $111.0M | $97.0M | $88.5M | $83.0M |
| Intangibles / total assets | 65.2% | 65.7% | 63.5% | 64.8% | 60.7% | 57.3% | 60.3% | 70.6% | 71.0% | 68.8% |
Computed from DGX's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DGX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Quest Diagnostics traded at 19.8 times earnings, against a 10-year median of 18.1. Based on the latest twelve months, the trailing P/E is 24.6 and the forward P/E is 19.5. Quest Diagnostics earned a return on equity of 14.2% and a return on invested capital of 9.1% in fiscal 2025. It ended the year with $6.9 billion of debt and $420.0 million in cash and short-term investments, net debt of $6.5 billion. It returned $803.0 million to shareholders: $353.0 million in dividends and $450.0 million in share buybacks, 59% of free cash flow. The share count fell 20.4% from 142.0M to 113.0M over 9 years.
See the DGX income statement, the DGX chart for price history, or the DGX stock overview for the latest quote and news.
DGX key metrics FAQ
What is Quest Diagnostics's P/E ratio?
Quest Diagnostics's trailing P/E ratio is 24.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.5. At the end of fiscal 2025 it was 19.8, compared with a 10-year median of 18.1.
What is Quest Diagnostics's EV/EBITDA?
Quest Diagnostics's enterprise value was 11.9 times EBITDA at the end of fiscal 2025 (enterprise value $26.1 billion, EBITDA $2.2 billion); the current EV/EBITDA is 14.0.
What is Quest Diagnostics's return on equity?
Quest Diagnostics's return on equity (ROE) was 14.2% in fiscal 2025: net income of $992.0 million on average shareholders' equity of $7.0 billion.
What is Quest Diagnostics's ROIC?
Quest Diagnostics's return on invested capital was 9.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Quest Diagnostics have?
Quest Diagnostics had total debt of $6.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.96 and $6.5 billion of net debt (2.96 times EBITDA).
What is Quest Diagnostics's dividend yield?
Quest Diagnostics's forward dividend yield is 1.46%. Quest Diagnostics paid $353.0 million in dividends in fiscal 2025 ($3.12 per share), a payout ratio of 35.6%.
Does Quest Diagnostics buy back its shares?
Yes. Quest Diagnostics spent $450.0 million on net share repurchases in fiscal 2025 Shares outstanding changed 0.0% over the year, to 113.0M..
What is Quest Diagnostics's free cash flow yield?
Quest Diagnostics generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.9% on its market value at year-end ($19.6 billion).
What is Quest Diagnostics's current ratio?
Quest Diagnostics's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.