Does LABCORP HOLDINGS INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores LABCORP HOLDINGS INC. (LH) 39.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 43, returns on capital 23, balance-sheet safety 32, capital discipline 65.

Is LH stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $151.81 per share versus a recent price of $283.36 — 87% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LH's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

LABCORP HOLDINGS INC.

LH · Healthcare · $23.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power43

Median gross margin 29.3% over 10y, stable.

Returns on capital23

Median ROIC 7.9%, above the 9% hurdle in 30% of years.

Balance-sheet safety32

Net debt/EBITDA 2.4x, interest coverage 6x.

Capital discipline65

Owner earnings +2.1%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

87% above value

Owner earnings (normalized): $1.1B
Est. intrinsic value / share: $151.81
Recent price: $283.36
Discount to value: 87% above value

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

20 years of fundamentals

The business, in plain English

LABCORP HOLDINGS INC. booked $14.0B of revenue in FY2025 in the Healthcare sector and kept 28.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 6.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $4.1B (FY2007) to $14.0B (FY2025) — about 7.1% a year compounded over 18 years.

It earned 8.0% on invested capital in FY2025, with a median of 9.9% across 19 filed years. The Returns on Capital filter above scores it 23/100.

The balance sheet carried $5.6B of total debt in FY2025 against $1.1B of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 32/100.

The share count fell 24.0% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 65/100.

Put together: Capital Discipline is the strongest of the four filters (65/100) and Returns on Capital the weakest (23/100), which is how LH lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$14.0B FY2025

Gross marginRevenue kept after cost of goods28.8% FY2025

Return on invested capitalOperating profit on the capital employed8.0% FY2025

Owner earningsCash an owner could take out$1.1B FY2025

Gaps in a line mean that item isn’t in LH’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — LH has read No moat for every logged capture since Jul 17, 2026.

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

Healthcare context

#259 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#257ARQT ARCUTIS BIOTHERAPEUTICS, INC.39.4 out of 100, No moatNo moat
#258ARDX ARDELYX, INC.39.2 out of 100, No moatNo moat
#260CTSO CYTOSORBENTS CORPORATION39.1 out of 100, No moatNo moat
#261ALNY ALNYLAM PHARMACEUTICALS, INC.39.0 out of 100, No moatNo moat

Compare LH with its nearest peers →All Healthcare companies on the Index →

Common questions about LH

Does LABCORP HOLDINGS INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores LABCORP HOLDINGS INC. (LH) 39.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 43, returns on capital 23, balance-sheet safety 32, capital discipline 65.
Is LH stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $151.81 per share versus a recent price of $283.36 — 87% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LH's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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