Quest Diagnostics Inc. (DGX) intrinsic value & 10-year financials
Quest Diagnostics Inc. (DGX) has a Graham intrinsic value of $179.52 per share. At $235.00 on Oct 17, 2026, the stock trades 31% above that value. Over the last 10 fiscal years revenue grew 4.4% a year to $11.0B, with an average return on invested capital of 11.9%.
- Graham intrinsic value
- $179.52
- Share price (Oct 17, 2026)
- $235.00
- Price vs Graham value
- 31% above
- Market cap
- $26.6B
- Revenue (FY2025)
- $11.0B
- Revenue growth (10-yr CAGR)
- 4.4%
- ROIC (10-yr avg)
- 11.9%
- Free cash flow (FY2025)
- $1.4B
DGX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.0B | $992.0M | $8.75 | $1.4B | 14.1% | 9.9% |
| FY2024 | $9.9B | $871.0M | $7.69 | $909.0M | 13.6% | 9.4% |
| FY2023 | $9.3B | $854.0M | $7.49 | $864.0M | 13.6% | 10.0% |
| FY2022 | $9.9B | $946.0M | $7.97 | $1.3B | 14.4% | 11.7% |
| FY2021 | $10.8B | $2.0B | $15.55 | $1.8B | 22.1% | 19.1% |
| FY2020 | $9.4B | $1.4B | $10.47 | $1.6B | 20.9% | 16.5% |
| FY2019 | $7.7B | $858.0M | $6.28 | $843.0M | 15.9% | 11.3% |
| FY2018 | $7.5B | $736.0M | $5.29 | $817.0M | 14.6% | 10.4% |
| FY2017 | $7.4B | $772.0M | $5.50 | $923.0M | 15.7% | 10.7% |
| FY2016 | $7.5B | $645.0M | $4.51 | $776.0M | 17.0% | 9.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Quest Diagnostics has demonstrated mature, steady growth, with revenue compounding at 4.4% annually over the past decade.
Quest Diagnostics returns on capital have been average, hovering around 11.9% ROIC over the decade.
Over the decade, Quest Diagnostics shows that management has aggressively returned capital to shareholders by retiring 20.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Quest Diagnostics is modeled at 7.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $179.52 per share.