Quest Diagnostics (DGX)

NYSEHealth CareMedical - Diagnostics & ResearchSnapshot 2026-10-15

$235.00-1.74%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Quest Diagnostics’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.2%

+10% or more+5%0%−5%−10% or less

12.06 → 12.04 EPS · FY ending Dec 31, 2027 · 11 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 11 to 11; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

4 key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Share buybacks continue at $1 billion scale	A supporting condition in Quest Diagnostics's published investment case. The stated target is >= $1B buybacks authorized.	Intact	no buyback authorization or buybacks halted	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS reaches about $9.68 per share	Profit per share is rising toward $9.68 in 2026.	Intact	EPS falls below $9.0 in FY26	Diluted EPS: $2.84 per share FY2026-Q2; GAAP. Published target: ~$9.68. Target period is not explicitly aligned with this observation. Source published Jul 23, 20262.84 USD/share · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: d1ae9765-e0e7-4a2d-b91b-a1c662a5ff28. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 7 of last 7 quarters. Adjusted diluted EPS grew from $2.21 in 2025-Q1 to $3.12 in 2026-Q2, a 19.1% increase year-over-year in the latest quarter. Management has consistently raised EPS guidance reflecting operational execution and strategic growth. The trajectory is delivering with sustained EPS growth. Delivery assessment Oct 15, 2026
Free cash flow at least $1.75 billion	Free cash flow is strong at $1.75 billion.	Intact	free cash flow falls below $1.5 billion in FY26	Free cash flow: $330M FY2026-Q2; GAAP. Published target: >= $1.75B. Target period is not explicitly aligned with this observation. Source published Jul 23, 2026330,000,000 USD · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue reaches about $11.84 billion	A primary condition in Quest Diagnostics's published investment case. The stated target is ~$11.84B.	Intact	revenue falls below $11.0 billion in FY26	Revenue: $3.043B FY2026-Q2; GAAP. Published target: ~$11.84B. Target period is not explicitly aligned with this observation. Source published Jul 23, 20263,043,000,000 USD · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: d1ae9765-e0e7-4a2d-b91b-a1c662a5ff28. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 7 of last 7 quarters. Revenue grew from $2.65 billion in 2025-Q1 to $3.04 billion in 2026-Q2, a 10.2% increase year-over-year in the latest quarter. Management has consistently raised revenue guidance reflecting organic growth and acquisitions. The trajectory is delivering with sustained double-digit revenue growth. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$12.04

$11.67 → $12.04 · observed estimates

FY2027 revenue$12.56B

$12.37B → $12.56B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$11.67	$12,369,620,230	17 / 16
2026-07-25	$11.92	$12,492,541,620	17 / 16
2026-07-26	$11.94	$12,510,397,733	11 / 14
2026-07-27	$11.94	$12,512,459,060	17 / 16
2026-07-28	$11.94	$12,510,397,733	11 / 14
2026-07-29	$11.94	$12,510,397,733	11 / 14
2026-07-30	$12.03	$12,556,766,458	12 / 13
2026-07-31	$12.03	$12,556,766,458	12 / 13
2026-08-01	$12.03	$12,556,766,458	12 / 13
2026-08-02	$12.06	$12,569,955,780	16 / 15
2026-08-03	$12.06	$12,569,955,780	16 / 15
2026-08-04	$12.06	$12,571,869,939	11 / 13
2026-08-05	$12.06	$12,571,869,939	11 / 13
2026-08-06	$12.06	$12,571,869,939	11 / 13
2026-08-07	$12.06	$12,571,869,939	11 / 13
2026-08-08	$12.06	$12,569,955,780	16 / 15
2026-08-09	$12.06	$12,569,955,780	16 / 15
2026-08-10	$12.06	$12,569,955,780	16 / 15
2026-08-11	$12.06	$12,569,955,780	16 / 15
2026-08-12	$12.06	$12,569,955,780	16 / 15
2026-08-13	$12.06	$12,571,869,939	11 / 13
2026-08-14	$12.06	$12,571,869,939	11 / 13
2026-08-15	$12.06	$12,571,869,939	11 / 13
2026-08-16	$12.06	$12,571,869,939	11 / 13
2026-08-17	$12.06	$12,571,869,939	11 / 13
2026-08-18	$12.06	$12,571,869,939	11 / 13
2026-08-19	$12.06	$12,571,869,939	11 / 13
2026-08-20	$12.06	$12,571,869,939	11 / 13
2026-08-21	$12.06	$12,571,869,939	11 / 13
2026-08-22	$12.06	$12,571,869,939	11 / 13
2026-08-23	$12.06	$12,571,869,939	11 / 13
2026-08-24	$12.06	$12,571,869,939	11 / 13
2026-08-25	$12.06	$12,571,869,939	11 / 13
2026-08-26	$12.06	$12,571,869,939	11 / 13
2026-08-27	$12.06	$12,571,869,939	11 / 13
2026-08-28	$12.06	$12,571,869,939	11 / 13
2026-08-29	$12.06	$12,571,869,939	11 / 13
2026-08-30	$12.06	$12,571,869,939	11 / 13
2026-08-31	$12.06	$12,571,869,939	11 / 13
2026-09-01	$12.06	$12,571,869,939	11 / 13
2026-09-02	$12.06	$12,571,869,939	11 / 13
2026-09-03	$12.06	$12,571,869,939	11 / 13
2026-09-04	$12.06	$12,571,869,939	11 / 13
2026-09-05	$12.06	$12,571,869,939	11 / 13
2026-09-06	$12.06	$12,571,869,939	11 / 13
2026-09-07	$12.06	$12,571,869,939	11 / 13
2026-09-08	$12.06	$12,571,869,939	11 / 13
2026-09-09	$12.06	$12,571,869,939	11 / 13
2026-09-10	$12.06	$12,571,869,939	11 / 13
2026-09-11	$12.06	$12,571,869,939	11 / 13
2026-09-12	$12.06	$12,571,869,939	11 / 13
2026-09-13	$12.06	$12,571,869,939	11 / 13
2026-09-14	$12.06	$12,571,869,939	11 / 13
2026-09-15	$12.06	$12,571,869,939	11 / 13
2026-09-16	$12.06	$12,571,869,939	11 / 13
2026-09-17	$12.06	$12,571,869,939	11 / 13
2026-09-18	$12.06	$12,571,869,939	11 / 13
2026-09-19	$12.06	$12,571,869,939	11 / 13
2026-09-20	$12.06	$12,573,584,224	11 / 13
2026-09-21	$12.06	$12,573,584,224	11 / 13
2026-09-22	$12.06	$12,573,584,224	11 / 13
2026-09-23	$12.07	$12,573,584,224	11 / 13
2026-09-24	$12.07	$12,573,584,224	11 / 13
2026-09-25	$12.07	$12,573,584,224	11 / 13
2026-09-26	$12.07	$12,573,584,224	11 / 13
2026-09-27	$12.07	$12,573,584,224	11 / 13
2026-09-28	$12.07	$12,573,584,224	11 / 13
2026-09-29	$12.07	$12,573,584,224	11 / 13
2026-09-30	$12.07	$12,573,584,224	11 / 13
2026-10-01	$12.07	$12,573,584,224	11 / 13
2026-10-02	$12.07	$12,573,584,224	11 / 13
2026-10-03	$12.06	$12,573,561,637	11 / 13
2026-10-04	$12.06	$12,573,561,637	11 / 13
2026-10-05	$12.06	$12,573,561,637	11 / 13
2026-10-06	$12.06	$12,564,683,066	11 / 13
2026-10-07	$12.06	$12,564,683,066	11 / 13
2026-10-08	$12.06	$12,564,683,066	11 / 13
2026-10-09	$12.04	$12,564,511,637	11 / 13
2026-10-10	$12.04	$12,564,511,637	11 / 13
2026-10-11	$12.04	$12,564,511,637	11 / 13
2026-10-12	$12.04	$12,564,511,637	11 / 13
2026-10-13	$12.04	$12,564,511,637	11 / 13
2026-10-14	$12.04	$12,564,511,637	11 / 13
2026-10-15	$12.04	$12,564,511,637	11 / 13

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	9	9	0
2026-06-01	9	9	1
2026-07-01	9	9	1
2026-08-01	9	7	1
2026-09-01	9	7	1
2026-10-01	9	8	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 8 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades2 maintains

Recent actions · Sep 16–Oct 15 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BarclaysOct 7 · prior Jul 23

$250.00 → $260.00+4.0%

Truist FinancialSep 21

$260.00New observation · no comparable prior

$0$143.00$286.00

1 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Share buybacks continue at $1 billion scaleDirect metric needs a verified mapping
EPS reaches about $9.68 per shareDiluted EPS: $2.84 per share
Free cash flow at least $1.75 billionFree cash flow: $330M
Revenue reaches about $11.84 billionRevenue: $3.043B

Next proof point

Oct 22, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.7%Typical daily move · historical

Downside history

-11.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Quest Diagnostics outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

DGX represents a stable investment with a focus on revenue and earnings growth. The company has demonstrated strong recent financial performance, but it operates in a sector that is currently neutral, which may impact its long-term trajectory.

What's priced into Quest Diagnostics

The market appears to price DGX as relatively cheap compared to its peers, with a notable expectations gap. This suggests that investors may not fully recognize the potential for continued growth in revenue and earnings.

What the fundamentals likely do

Management is on track to increase revenue and earnings per share, supported by a strong recent performance. However, there is a low probability of missing future earnings expectations, which could affect sentiment if industry peers continue to struggle.

What Quest Diagnostics hinges on

The long-term thesis hinges on DGX's ability to maintain its growth trajectory while navigating potential economic headwinds. Key factors include the performance of sector bellwethers and the overall health of the job market.