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Arphra AIPlain-English read on Labcorp Holdings Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $13.14B | $11.86B | $12.16B | $13.01B | $13.95B | $14.69B | $15.4B | $16.11B | $17.13B |
| Cost of revenue | $8.14B | $8.16B | $8.8B | $9.38B | $10.22B | $10.66B | $11.14B | $11.57B | $12.45B |
| Gross profit | $4.99B | $3.71B | $3.36B | $3.62B | $3.73B | $4.05B | $4.17B | $4.3B | $4.6B |
| Gross margin | +38.01% | +31.26% | +27.67% | +27.86% | +26.75% | +27.57% | +27.08% | +26.71% | +26.83% |
| Operating | |||||||||
| Research & development | $0 | $0 | $2M | $0 | $0 | $784.94K | $842.27K | $856.93K | $916.08K |
| Selling, general & administrative | $1.69B | $2B | $2.02B | $2.23B | $2.22B | $2.37B | $2.59B | $2.6B | $2.91B |
| Total operating expenses | $1.94B | $2.27B | $2.64B | $2.54B | $2.22B | $2.87B | $3B | $3B | $3.23B |
| Operating income | $3.05B | $1.44B | $725.6M | $1.09B | $1.52B | $1.24B | $1.33B | $1.37B | $1.48B |
| Operating margin | +23.21% | +12.11% | +5.97% | +8.35% | +10.87% | +8.45% | +8.61% | +8.53% | +8.62% |
| EBITDA | $3.68B | $1.95B | $1.35B | $1.81B | $2.01B | $1.93B | $2.05B | $2.07B | $2.19B |
| EBIT | $3.1B | $1.42B | $768.5M | $1.17B | $1.33B | $1.24B | $1.29B | $1.3B | $1.42B |
| Below the line | |||||||||
| Interest expense | $211.8M | $179.8M | $199.6M | $208.3M | $224.1M | $243.54M | $244.91M | $268.03M | $284.68M |
| Interest income | $0 | $0 | $0 | $0 | $15.2M | $5.25M | $5.57M | $5.91M | $6.24M |
| Other income / expense | -$161M | -$199.1M | -$156.7M | -$127.2M | -$408.7M | — | — | — | — |
| Pre-tax income | $2.89B | $1.24B | $568.9M | $959.5M | $1.11B | $975.31M | $1.05B | $1.05B | $1.13B |
| Income tax expense | $690M | $233.9M | $188.5M | $212.4M | $229.8M | $251.14M | $260.87M | $276.49M | $295.46M |
| Earnings | |||||||||
| Net income | $2.38B | $1.28B | $418M | $746M | $876.5M | $761.87M | $813.61M | $831.38M | $868.3M |
| Net income · continuing ops | $2.2B | $1B | $380.4M | $747.1M | $877.7M | $753.34M | $779.48M | $791.3M | $865.93M |
| Net margin | +18.10% | +10.78% | +3.44% | +5.73% | +6.28% | +5.19% | +5.28% | +5.16% | +5.07% |
| EPS · basic | $24.58 | $14.04 | $4.80 | $8.89 | $10.54 | $18.25 | $19.36 | $21.26 | $23.43 |
| EPS · diluted | $24.38 | $13.96 | $4.77 | $8.84 | $10.46 | $18.01 | $19.50 | $21.19 | $23.58 |
| EPS · low estimate | — | — | — | — | — | $17.72 | $18.58 | $19.04 | $23.27 |
| EPS · high estimate | — | — | — | — | — | $18.35 | $19.96 | $23.97 | $23.90 |
| Shares · basic | 96.7M | 91.1M | 87.1M | 83.9M | 83.2M | 82.52M | 82.87M | 82.37M | 82.64M |
| Shares · diluted | 97.5M | 91.6M | 87.6M | 84.4M | 83.8M | 84.23M | 84.22M | 83.9M | 83.74M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 12 | 11 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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