QUEST DIAGNOSTICS INC

DGX · Healthcare · $23.0B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power56

Median gross margin 34.8% over 10y, very stable.

Returns on capital55

Median ROIC 10.3%, above the 9% hurdle in 90% of years.

Balance-sheet safety66

Net debt/EBITDA 2.5x, no material interest expense disclosed.

Capital discipline77

Owner earnings +5.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

112% above value

Owner earnings (normalized): $979.0M
Est. intrinsic value / share: $99.01
Recent price: $209.71
Discount to value: 112% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DGX. See the disclaimer.