Labcorp Holdings Inc. (LH) intrinsic value & 10-year financials
Labcorp Holdings Inc. (LH) has a Graham intrinsic value of $158.47 per share. At $317.95 on Oct 17, 2026, the stock trades 101% above that value. Over the last 10 fiscal years revenue grew 4.2% a year to $14.0B, with an average return on invested capital of 9.1%.
- Graham intrinsic value
- $158.47
- Share price (Oct 17, 2026)
- $317.95
- Price vs Graham value
- 101% above
- Market cap
- $26.6B
- Revenue (FY2025)
- $14.0B
- Revenue growth (10-yr CAGR)
- 4.2%
- ROIC (10-yr avg)
- 9.1%
- Free cash flow (FY2025)
- $1.2B
LH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $14.0B | $876.5M | $10.46 | $1.2B | 9.9% | 7.8% |
| FY2024 | $13.0B | $746.0M | $8.84 | $1.1B | 8.4% | 6.6% |
| FY2023 | $12.2B | $418.0M | $4.77 | $874.1M | 6.0% | 3.6% |
| FY2022 | $14.9B | $1.3B | $13.97 | $1.5B | 11.9% | 9.4% |
| FY2021 | $16.1B | $2.4B | $24.39 | $2.6B | 20.2% | 17.0% |
| FY2020 | $14.0B | $1.6B | $15.88 | $1.8B | 17.5% | 12.3% |
| FY2019 | $11.6B | $823.8M | $8.35 | $1.0B | 11.5% | 7.5% |
| FY2018 | $11.3B | $883.7M | $8.61 | $925.6M | 11.7% | 7.1% |
| FY2017 | $10.4B | $1.3B | $12.21 | $1.1B | 13.1% | 11.2% |
| FY2016 | $9.6B | $732.1M | $7.02 | $897.0M | 13.6% | 7.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Labcorp has demonstrated mature, steady growth, with revenue compounding at 4.2% annually over the past decade.
Labcorp returns on capital have been average, hovering around 9.1% ROIC over the decade.
Over the decade, Labcorp shows that management has aggressively returned capital to shareholders by retiring 19.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Labcorp is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $158.47 per share.