Labcorp (LH)

NYSEHealth CareMedical - Diagnostics & ResearchSnapshot 2026-10-15

$317.95-2.19%

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 Labcorp’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

-0.4%

+10% or more+5%0%−5%−10% or less

19.90 → 19.83 EPS · FY ending Dec 31, 2027 · 12 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 12 to 12; 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
Adjusted EPS near $18 in 2026	A primary condition in Labcorp's published investment case. The stated target is >= $17.98 per share.	Intact	Adjusted EPS falls below $17.0 in FY26	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. Management context Stated as a priority in 6 of last 6 quarters. Labcorp raised its full-year 2026 adjusted EPS guidance from a midpoint of about $15.70 in 2025-Q1 to $18.325 in 2026-Q2. Diluted EPS grew from $2.52 in 2025-Q1 to $3.64 in 2026-Q2, reflecting double-digit growth and margin expansion. The trajectory matches management's repeated guidance increases and delivery of earnings growth. Delivery assessment Oct 15, 2026
Free cash flow about $1.3 billion in 2026	Free cash flow is strong at about $1.3 billion.	Intact	Free cash flow falls below $1.1 billion in FY26	Free cash flow: $313.9M FY2026-Q2; GAAP. Published target: ~$1.3 billion. Target period is not explicitly aligned with this observation. Source published Aug 5, 2026313,900,000 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. Management context Stated as a priority in 6 of last 6 quarters. Labcorp maintained free cash flow guidance of $1.24 billion to $1.36 billion for 2026, up from about $1.10 billion in early 2025. Quarterly cash from operating activities was $445.5 million in 2026-Q2 versus $620.6 million in 2025-Q2, reflecting timing and capital expenditure increases. The trajectory shows disciplined capital allocation with some quarterly variability. Delivery assessment Oct 15, 2026
Growth from AI tools and oncology partnerships	New AI tools and cancer trial partnerships support growth.	Intact	No revenue growth from AI or oncology partnerships in 2026	Qualitative: 3 reinforcing events (AI app, oncology trials, oncology acquisition) vs 0 negative AI app launch, colorectal cancer trial partnership, and MLM Medical Labs acquisition reinforce specialty and oncology growth. Context reviewed through Oct 15, 2026Last status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue grows about 6% to ~$14.72 billion in 2026	Labcorp grows revenue about 6% a year.	Intact	Revenue falls below $13.9 billion in FY26	Revenue: $3.731B FY2026-Q2; GAAP. Published target: ~$14.72 billion. Target period is not explicitly aligned with this observation. Source published Aug 5, 20263,731,100,000 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: 9036fa29-83d5-41ac-a476-64ef9da255ab. 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 6 of last 6 quarters. Labcorp raised its full-year 2026 revenue guidance from about $14.65 billion in 2026-Q1 to $14.71 billion in 2026-Q2, reflecting mid-single-digit growth. Quarterly revenue grew from $3.35 billion in 2025-Q1 to $3.73 billion in 2026-Q2. The trajectory is delivering consistent revenue growth aligned with guidance. 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$19.83

$19.41 → $19.83 · observed estimates

FY2027 revenue$15.47B

$15.42B → $15.47B · 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	$19.41	$15,417,593,790	19 / 17
2026-07-25	$19.46	$15,417,706,390	12 / 14
2026-07-26	$19.41	$15,417,593,790	19 / 17
2026-07-27	$19.41	$15,417,593,790	19 / 17
2026-07-28	$19.41	$15,417,593,790	19 / 17
2026-07-29	$19.46	$15,404,953,035	12 / 14
2026-07-30	$19.41	$15,417,593,790	19 / 17
2026-07-31	$19.67	$15,454,148,542	12 / 14
2026-08-01	$19.67	$15,454,148,542	12 / 14
2026-08-02	$19.78	$15,460,290,642	12 / 14
2026-08-03	$19.75	$15,456,425,860	18 / 16
2026-08-04	$19.75	$15,456,425,860	18 / 16
2026-08-05	$19.75	$15,456,428,080	18 / 16
2026-08-06	$19.75	$15,456,428,080	18 / 16
2026-08-07	$19.78	$15,460,290,642	12 / 14
2026-08-08	$19.76	$15,458,309,410	18 / 16
2026-08-09	$19.78	$15,464,003,160	18 / 16
2026-08-10	$19.78	$15,460,290,642	12 / 14
2026-08-12	$19.78	$15,464,003,160	18 / 16
2026-08-13	$19.78	$15,460,290,642	12 / 14
2026-08-14	$19.78	$15,460,290,642	12 / 14
2026-08-15	$19.78	$15,460,290,642	12 / 14
2026-08-16	$19.78	$15,460,290,642	12 / 14
2026-08-17	$19.78	$15,460,290,642	12 / 14
2026-08-18	$19.78	$15,460,290,642	12 / 14
2026-08-19	$19.78	$15,460,290,642	12 / 14
2026-08-20	$19.86	$15,474,031,599	12 / 13
2026-08-21	$19.86	$15,474,031,599	12 / 13
2026-08-22	$19.86	$15,474,031,599	12 / 13
2026-08-23	$19.86	$15,474,031,599	12 / 13
2026-08-24	$19.86	$15,474,031,599	12 / 13
2026-08-25	$19.86	$15,474,031,599	12 / 13
2026-08-26	$19.86	$15,474,031,599	12 / 13
2026-08-27	$19.86	$15,474,031,599	12 / 13
2026-08-28	$19.86	$15,474,031,599	12 / 13
2026-08-29	$19.86	$15,474,031,599	12 / 13
2026-08-30	$19.86	$15,474,031,599	12 / 13
2026-08-31	$19.86	$15,474,031,599	12 / 13
2026-09-01	$19.86	$15,474,031,599	12 / 13
2026-09-02	$19.88	$15,474,031,599	12 / 13
2026-09-03	$19.88	$15,474,031,599	12 / 13
2026-09-04	$19.88	$15,474,031,599	12 / 13
2026-09-05	$19.88	$15,474,031,599	12 / 13
2026-09-06	$19.88	$15,474,031,599	12 / 13
2026-09-07	$19.88	$15,474,031,599	12 / 13
2026-09-08	$19.88	$15,474,031,599	12 / 13
2026-09-09	$19.88	$15,474,031,599	12 / 13
2026-09-10	$19.88	$15,474,031,599	12 / 13
2026-09-11	$19.88	$15,474,031,599	12 / 13
2026-09-12	$19.90	$15,480,017,264	12 / 13
2026-09-13	$19.90	$15,480,017,264	12 / 13
2026-09-14	$19.90	$15,480,017,264	12 / 13
2026-09-15	$19.90	$15,480,017,264	12 / 13
2026-09-16	$19.90	$15,480,017,264	12 / 13
2026-09-17	$19.90	$15,480,017,264	12 / 13
2026-09-18	$19.90	$15,480,017,264	12 / 13
2026-09-19	$19.90	$15,480,017,264	12 / 13
2026-09-20	$19.90	$15,480,017,264	12 / 13
2026-09-21	$19.90	$15,480,017,264	12 / 13
2026-09-22	$19.90	$15,480,017,264	12 / 13
2026-09-23	$19.89	$15,478,329,726	12 / 13
2026-09-24	$19.89	$15,478,329,726	12 / 13
2026-09-25	$19.90	$15,484,877,603	12 / 13
2026-09-26	$19.90	$15,484,877,603	12 / 13
2026-09-27	$19.90	$15,484,877,603	12 / 13
2026-09-28	$19.90	$15,484,877,603	12 / 13
2026-09-29	$19.90	$15,484,877,603	12 / 13
2026-09-30	$19.90	$15,484,877,603	12 / 13
2026-10-01	$19.90	$15,484,877,603	12 / 13
2026-10-02	$19.90	$15,484,877,603	12 / 13
2026-10-03	$19.89	$15,483,096,538	12 / 13
2026-10-04	$19.89	$15,483,096,538	12 / 13
2026-10-05	$19.89	$15,483,096,538	12 / 13
2026-10-06	$19.87	$15,475,667,967	12 / 13
2026-10-07	$19.87	$15,475,667,967	12 / 13
2026-10-08	$19.87	$15,475,667,967	12 / 13
2026-10-09	$19.83	$15,468,439,395	12 / 13
2026-10-10	$19.83	$15,468,439,395	12 / 13
2026-10-11	$19.83	$15,468,439,395	12 / 13
2026-10-12	$19.83	$15,468,439,395	12 / 13
2026-10-13	$19.83	$15,468,439,395	12 / 13
2026-10-14	$19.83	$15,468,439,395	12 / 13
2026-10-15	$19.83	$15,468,439,395	12 / 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	15	5	0
2026-06-01	15	5	0
2026-07-01	14	5	0
2026-08-01	13	5	1
2026-09-01	13	4	1
2026-10-01	13	4	1

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

Latest: 13 Buy / Strong Buy · 4 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 16–Oct 15 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Truist FinancialSep 21

$365.00New observation · no comparable prior

$0$200.75$401.50

0 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

Adjusted EPS near $18 in 2026Direct metric needs a verified mapping
Free cash flow about $1.3 billion in 2026Free cash flow: $313.9M
Revenue grows about 6% to ~$14.72 billion in 2026Revenue: $3.731B

Next proof point

Oct 28, 2026

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

Review earnings

Bottom line

3 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

0.8%Typical daily move · historical

Downside history

-15.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Labcorp 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

This investment represents a durable compounder with a focus on consistent earnings and revenue growth. The current thesis state is intact, supported by strong recent financial performance and management's commitment to increasing guidance.

What's priced into Labcorp

The market appears to have priced in a neutral valuation relative to peers, with a slight expectation gap indicating modest growth assumptions. The company's valuation is considered cheap compared to its industry counterparts.

What the fundamentals likely do

Fundamentals are likely to continue showing strong performance, as management is on track with their priorities for earnings and revenue guidance. However, there is moderate risk due to the potential for external economic factors to impact performance.

What Labcorp hinges on

The thesis hinges on management's ability to maintain or raise guidance, as well as the performance of sector bellwethers that could influence overall market sentiment. Additionally, any signs of economic weakness could negatively affect the stock.