“This $1.6 billion decrease in net cash used in investing activities for the nine months ended September 30, 2025, compared to the prior year period, was a result of decreased cash used for business acquisitions, partially offset by higher capital expenditures.”10-Q · Oct 21, 2025 ↗
Quest Diagnostics Incorporated
DGX
Market read
Quest Diagnostics Incorporated's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 39 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
- Revenue increased 9.2% versus the comparable filing period.
- Filing attributes approximately 9% of DIS volume growth to new Corewell relationship and increased testing at Fresenius Medical Care dialysis clinics.
Invalidation: The isolated read changes if DGX's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 39 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
- Revenue increased 9.2% versus the comparable filing period.
- Operating margin improved 0.7 percentage points.
No thresholded adverse filing evidence is available yet.
- Filing attributes approximately 9% of DIS volume growth to new Corewell relationship and increased testing at Fresenius Medical Care dialysis clinics.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +11.8% year over year.
- Operating cash flow covered net income at 1.90x in the latest annual period.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- EV/sales is 29% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
230.96Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“For the six months ended June 30, 2026, interest expense, net decreased by $8 million compared to the prior year period primarily due to lower interest rates associated with our indebtedness and the repayment in full of the outstanding indebtedness under our…”10-Q · Jul 23, 2026 ↗
“Results for the nine months ended September 30, 2024 were affected by certain items that on a net basis decreased diluted earnings per share by $0.96 as follows: • pre-tax amortization expense of $90 million recorded in amortization of intangible assets, or $…”10-Q · Oct 21, 2025 ↗
“-tax charges of $6 million ($2 million recorded in cost of services, $2 million recorded in selling, general and administrative expenses and $2 million recorded in other operating (income) expense, net), or $0.04 per diluted share, including an increase in th…”10-K · Feb 26, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 2.4× · EV/sales 2.8×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for DGX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-22 against the comparable filing from 2025-04-23.
What improved
- Revenue increased 9.2% versus the comparable filing period.
- Operating margin improved 0.7 percentage points.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Revenue per requisition decreased by 1.3% compared to the prior year period primarily driven by the business mix associated with our new relationships with Corewell Health and Fresenius Medical Care, which include a greater proportion of routine tests than most of our clinical testing.”
“Excluding the Corewell Health and Fresenius Medical Care business mix impacts, revenue per requisition increased by approximately 2.5% primarily driven by an increase in the number of tests per requisition and favorable test mix.”
“DIS volume increased by 10.9% compared to the prior year period principally driven by organic growth of 10.8%, of which approximately 7% was due to both our new relationship with Corewell Health to provide Collaborative Lab Solutions and increasing our laboratory testing at dialysis clinics owned by Fresenius Medical Care in the United States.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind DGX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
FMSFresenius Medical Care AGsupplierApr 22, 2026 ▾
“DIS volume increased by 10.9% compared to the prior year period principally driven by organic growth of 10.8%, of which approximately 7% was due to both our new relationship with Corewell Health to provide Collaborative Lab Solutions and increasing our labora…”
Depended on by
CAICaris Life Sciences, Inc.supplierMar 3, 2026 ▾
“Other companies offering testing in the precision oncology industry include Illumina, NeoGenomics, Myriad Genetics, Laboratory Corporation of America, Quest Diagnostics, and BostonGene.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
DGX is currently a Follower in the organic co-movement group Diagnostics & Defense. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for DGX; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.