Forensic Analysis · Healthcare Providers & Services · as of Nov 8, 2026
Labcorp Holdings Inc. (LH)
A forensic read on Labcorp Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
3.4
Distress distance
Clean
Earnings quality
2
Forensic signals
10.5%
ROE
7.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Labcorp Holdings Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 3.4, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by goodwill impairments.
What the filings flag
$334M
FY2023
Goodwill impairments.Took $334M of goodwill writedowns across 1 year (FY2023 ($334M)) — about 80% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
7.3%
FY2025
Return on invested capital.Return on invested capital is 7.3% in the latest fiscal year and rising across FY2023–FY2025 from 4.1%. After-tax operating profit was $573M in FY2023 and $1.1B in FY2025, with operating income at 6.0% of revenue in FY2023, 8.4% in FY2024 and 9.9% in FY2025. The capital base behind it went from $14.0B in FY2023 to $15.0B in FY2025 (+8%), while the revenue it carried went from $12.2B to $14.0B. Across FY2024–FY2025, $2.4B went into capital expenditure, acquisitions and equity-method investments against $788M of depreciation excluding $536M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2023's operating profit carried a $349M asset write-down, a $334M goodwill write-off and a $56M restructuring charge that alone took about 4.2 points off that year's return, so more than the whole 3.2-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.
Key fundamentals
Latest Revenue$13.95B
Revenue Growth YoY+7.2%
Revenue CAGR (2yr)+7.1%
Net Margin6.3%
Free Cash Flow$1.21B
Return on Equity10.5%
Debt / Equity0.65x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Labcorp Holdings Inc.'s actual 10-K/10-Q/8-K filings?