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Quest Diagnostics Incorporated

DGX
54
Medical - Diagnostics & Research · Healthcare
Also trades as: 0KSX.L GBP 2.36 (-1.00%)
Price
$243.55
+4.62 (+1.93%)
after-hours:$238.42-2.11%
Market Cap
$26.88B
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
13/30
Growth
Strong
16/20
Cash Flow
Strong
8/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Mixed
2/5

54 of 100 counted points = Winston Score 54.

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Share count falling — buybacks

−11.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 128.0M (2021) → 113.0M (2025)

§Winston Score History

The full picture

Quest Diagnostics is one of the largest medical testing companies in the United States. It collects blood, urine, and tissue samples from patients and runs laboratory tests that help doctors diagnose diseases, monitor health conditions, and guide treatment decisions. The company serves patients, hospitals, physician offices, and health insurers across a wide range of tests — from routine cholesterol checks to complex genetic screenings.

Quest makes money by charging for each test it performs, billing either the patient's insurance company, government programs like Medicare and Medicaid, or the patient directly. It operates thousands of patient service centers and processes millions of tests each year, giving it a large scale advantage that is difficult for smaller labs to match. The main growth driver is expanding its test menu into higher-value areas like genetic and molecular diagnostics, while the main risk is ongoing pricing pressure from insurers and government payers, which can squeeze revenue per test over time.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+14.7% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$763M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Quest Diagnostics Incorporated is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
33.7%
Modest — 33.7% gross margin
Profit after running costs
Operating Margin
15.1%
Healthy — 15.1% operating margin
Return on the money invested
ROCE
11.8%
Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.9%
Steady sales growth (+9.9% YoY)
Profit growth
EPS YoY
+12.6%
Earnings growing (+12.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
167%
Turns 167% of profit into real cash
Spare cash per sale
FCF Margin
10.6%
Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.85
Moderate — manageable debt (0.85)
Covers its interest
Interest Cover
6.24x
Adequate interest coverage (6.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
25.5x
Growth-priced — P/E 25.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+7.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (25.5 → 18.3)

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Dividends

Dividend
Dividend Yield
1.46%
Small dividend — 1.46% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+7.3%
Dividend growing modestly (7.3% YoY)
Payout Ratio
33%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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