DGX
Quest Diagnostics Incorporated
DGX's fundamentals are strong, but it looks expensive: trading at 26x earnings, above its usual 19x. Analysts expect earnings growth.
DGX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Stable |
DGX's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
DGX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $102 | -61% |
| Fair | 19x | $192 | -26% |
| Expensive | 22x | $220 | -15% |
| Forward | 22x | $260 | — |
| Current | 26x | $260 | — |
Historical ranges are pointers, not guarantees.
DGX's PE is in its expensive range at 26x. If earnings grow as analysts expect, today's price would be 22x next year's earnings.
DGX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for DGX, with profitability holding steady.
DGX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.60 | +16% |
| Q3 2026 | $10.04 | +18% |
| Q2 2026 | $9.42 | +13% |
| Q1 2026 | $9.05 | +14% |
| Q4 2025 | $8.75 | +14% |
| Q3 2025 | $8.52 | +15% |
| Q2 2025 | $8.35 | +13% |
| Q1 2025 | $7.91 | +6.5% |
| Q4 2024 | $7.69 | +2.7% |
DGX's earnings per share have fallen from their peak: $10.04 over the past year, against $16.77 in mid-2021.
DGX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.1B | +10% |
| Q2 2026 | $3B | +10% |
| Q1 2026 | $2.9B | +9.2% |
| Q4 2025 | $2.8B | +7.1% |
| Q3 2025 | $2.8B | +13% |
| Q2 2025 | $2.8B | +15% |
| Q1 2025 | $2.7B | +12% |
| Q4 2024 | $2.6B | +15% |
DGX's revenue has grown year over year for 11 quarters in a row: $3.1B last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +1.8 points |
| Q2 2026 | 15% | -0.8 points |
| Q1 2026 | 14% | +0.7 points |
| Q4 2025 | 14% | 0 points |
| Q3 2025 | 14% | +0.5 points |
| Q2 2025 | 16% | +1 points |
| Q1 2025 | 13% | +0.4 points |
| Q4 2024 | 14% | +2.1 points |
DGX's operating margin was 15% last quarter, up 1.8 points from the same quarter a year ago.
DGX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $445M | +6.2% |
| Q2 2026 | $459M | +5.3% |
| Q1 2026 | $164M | -17% |
| Q4 2025 | $307M | -10% |
| Q3 2025 | $419M | +68% |
| Q2 2025 | $436M | +63% |
| Q1 2025 | $197M | +294% |
| Q4 2024 | $341M | -25% |
DGX still generates free cash flow, though less than at its 2020 peak: $1.4B over the past year.
DGX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.9% | -1M shares |
| 3 years | -1.8% | -2M shares |
| 5 years | -10% | -13M shares |
| Available history | -18% | -24M shares |
DGX has 112M diluted shares, down 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $150M |
| Q4 2025 | $300M |
| Q4 2023 | $275M |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | $461M |
| Q3 2022 | $374M |
DGX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 3.0x | Moderate |
| Q4 2024 | 3.1x | Elevated |
DGX's net debt is about 2.1 years of its operating earnings (EBITDA), down from 2.5 years a year ago.
DGX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 70.0 | Neutral |
| Stochastic | 89.7 | Overbought |
DGX's weekly RSI is 70 (neutral) and its Stochastic is 90 (overbought).
DGX PE vs Healthcare Sector
| Metric | DGX | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 26x | Same PE |
| PE % | 99 | 29 | 70 pts above |
DGX is trading at 26x earnings, in line with the Healthcare sector's median of 26x.
DGX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $243.1 | 6.8% above |
| 20 week MA | $235.9 | 10% above |
| 50 week MA | $209.8 | 24% above |
| 100 week MA | $191.5 | 36% above |
| 200 week MA | $165.4 | 57% above |
DGX is in an uptrend: it's above all five of its weekly moving averages, and 57% above its 200-week average.
DGX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $106.9 | $120.2 | +13% |
| 2021 | $120.2 | $167.1 | +39% |
| 2022 | $167.1 | $156.3 | -6.4% |
| 2023 | $156.3 | $137.9 | -12% |
| 2024 | $137.9 | $152.6 | +11% |
| 2025 | $152.6 | $175.9 | +15% |
| 2026 YTD | $175.9 | $259.7 | +48% |
DGX has finished higher in four of the last six years. It's up 48% so far in 2026.