20-quarter listed-company comparison

Diagnostics & Research Stocks

Diagnostics & Research: Thermo Fisher Scientific Inc. owns the largest revenue base; BillionToOne, Inc. has the fastest current growth.

The industry itself · before any single company

How has Diagnostics & Research moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 26% ahead of S&P 500. Earnings across its companies grew 7% on average over the last four reported quarters — close to flat. It has been ahead of S&P 500 on a rolling three-month view for 9 weeks running.

BREAKING OUT · ahead 9w~Price up, without the fundamentals confirming29 of 33 companies ahead of S&P 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑9w · 23/33 >200d (+0) · 29/33 lead (+7) · EPS 19/33↑

Diagnostics & Research, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy Broadening down the ladderHow much of the industry is participating, how recently, and whether the movers score well.

Together29 of 33 stocks moving

Fresh7 crossed in the last 4 weeks

Backed by scoresmovers score +2 vs the industry average

Down the cap ladder — bar is now, tick is four weeks ago

Large 6/7+3

Mid 11/12+4

Small 12/140

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 33 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Diagnostics & Research outperforming S&P 500?

Diagnostics & Research has outperformed S&P 500 by 41.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 32.9%. 21 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Twist Bioscience Corporation is the strongest against the sector itself at +50.6%.

+32.9%Sector vs S&P 500 · 13 weeks

+41.4%Sector vs S&P 500 · 52 weeks

21/29Stocks leading S&P 500

9/29Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Diagnostics & Research has outperformed S&P 500 by 41.4% over 52 weeks and 32.9% over 13 weeks. 21 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 29 beat the sector itself. Thermo Fisher Scientific Inc. leads with revenue of $45,197 million, based on 25 of 30 comparable companies through Mar 2026.

Is the Diagnostics & Research sector outperforming S&P 500?

Which Diagnostics & Research company is largest by revenue?

Thermo Fisher Scientific Inc. leads with revenue of $45,197 million, based on 25 of 30 comparable companies through Mar 2026.

Which Diagnostics & Research company is growing fastest?

BillionToOne, Inc. has the fastest current revenue growth at 99.4%, across 25 of 30 comparable companies.

Which Diagnostics & Research company has the strongest 4-Factor Sector Score?

Veracyte, Inc. ranks first at 67.9/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Diagnostics & Research company reports the most CAPEX?

Thermo Fisher Scientific Inc. reports the largest latest CAPEX at $376 million, with 30 of 30 companies comparable.

Which Diagnostics & Research company has the least gross debt?

CareDx, Inc. has the lowest comparable gross debt at $18 million. Thermo Fisher Scientific Inc. has the highest at $43,161 million.

Which Diagnostics & Research company has the lowest comparable PEG?

ICON Public Limited Company has the lowest comparable Guarded PEG at 0.49, among 7 of 30 companies that pass the metric’s comparability rules.

How much history does this Diagnostics & Research comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

$784.9B

Thermo Fisher Scientific Inc.

Revenue growing

22/25

positive TTM year-on-year growth

Beating S&P 500

21/29

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Veracyte, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 72% evidence confidence.

ICON Public Limited Company looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Twist Bioscience Corporation has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Veracyte, Inc. · VCYT

67.9/100 · Favorable setup · 72% evidence

Exact sum: 25.6 + 14.1 + 10.5 + 17.7 = 67.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

25.6/35Growth & earnings

Revenue 17.1% · PAT 100% · OPM change 13.8 pp

83% evidence

14.1/25Capital efficiency

ROCE 1.7% · debt/equity 0.03×

80% evidence

10.5/20Valuation

P/E 29.6× · PEG —

15% evidence

17.7/20Relative strength

RS sector 12.1% · RS bench 30.1% · 1Y 135.1%

100% evidence

2. CareDx, Inc. · CDNA

64.1/100 · Thin evidence · provisional · 59% evidence

Exact sum: 24.4 + 11.5 + 11.5 + 16.7 = 64.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

24.4/35Growth & earnings

Revenue 19% · PAT -112.9% · OPM change 16.8 pp

62% evidence

11.5/25Capital efficiency

ROCE 0.3% · debt/equity 0.06×

80% evidence

11.5/20Valuation

P/E 12.2× · PEG —

15% evidence

16.7/20Relative strength

RS sector 47.3% · RS bench 70.9% · 1Y 192.6%

70% evidence

3. Medpace Holdings, Inc. · MEDP

60.9/100 · Thin evidence · provisional · 59% evidence

Exact sum: 21.1 + 20.8 + 10.2 + 8.8 = 60.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

21.1/35Growth & earnings

Revenue — · PAT — · OPM change -0.3 pp

45% evidence

20.8/25Capital efficiency

ROCE 30.2% · debt/equity 0.28×

80% evidence

10.2/20Valuation

P/E 31× · PEG —

15% evidence

8.8/20Relative strength

RS sector -10.9% · RS bench 3.9% · 1Y 35%

100% evidence

4. Adaptive Biotechnologies Corporation · ADPT

60.2/100 · Mixed-positive evidence · 62% evidence

Exact sum: 23.9 + 8.4 + 10 + 17.9 = 60.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.9/35Growth & earnings

Revenue 57.5% · PAT — · OPM change 29.3 pp

62% evidence

8.4/25Capital efficiency

ROCE -4.6% · debt/equity 0.35×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

17.9/20Relative strength

RS sector 14% · RS bench 32.3% · 1Y 118%

100% evidence

5. Illumina, Inc. · ILMN

57.7/100 · Mixed-positive evidence · 65% evidence

Exact sum: 18.4 + 12.8 + 11.1 + 15.4 = 57.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.4/35Growth & earnings

Revenue 1.3% · PAT — · OPM change 3.4 pp

62% evidence

12.8/25Capital efficiency

ROCE 4.3% · debt/equity 0.92×

80% evidence

11.1/20Valuation

P/E 21.4× · PEG —

15% evidence

15.4/20Relative strength

RS sector 17.7% · RS bench 37.1% · 1Y 103.9%

100% evidence

6. Agilent Technologies, Inc. · A

56.6/100 · Mixed-positive evidence · 86% evidence

Exact sum: 21.6 + 15.8 + 13.6 + 5.6 = 56.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.6/35Growth & earnings

Revenue 9.1% · PAT 21.3% · OPM change 3.7 pp

95% evidence

15.8/25Capital efficiency

ROCE 3.8% · debt/equity 0.47×

80% evidence

13.6/20Valuation

P/E 23.2× · PEG 1.01

65% evidence

5.6/20Relative strength

RS sector -14% · RS bench 0.5% · 1Y 23.8%

100% evidence

7. Labcorp Holdings Inc. · LH

55.7/100 · Mixed-positive evidence · 82% evidence

Exact sum: 19.8 + 12 + 15 + 8.9 = 55.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.8/35Growth & earnings

Revenue 7.3% · PAT 28.6% · OPM change 1.1 pp

83% evidence

12.0/25Capital efficiency

ROCE 2.4% · debt/equity 0.83×

80% evidence

15.0/20Valuation

P/E 23.6× · PEG 0.77

65% evidence

8.9/20Relative strength

RS sector -7.9% · RS bench 8.3% · 1Y 20.2%

100% evidence

8. Charles River Laboratories International, Inc. · CRL

54.0/100 · Mixed-positive evidence · 65% evidence

Exact sum: 17.7 + 10.6 + 8.8 + 16.9 = 54

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.7/35Growth & earnings

Revenue 0.1% · PAT — · OPM change 4.4 pp

62% evidence

10.6/25Capital efficiency

ROCE 1.8% · debt/equity 1.02×

80% evidence

8.8/20Valuation

P/E 427.2× · PEG —

15% evidence

16.9/20Relative strength

RS sector 5.6% · RS bench 23% · 1Y 44%

100% evidence

9. NeoGenomics, Inc. · NEO

51.3/100 · Mixed-positive evidence · 65% evidence

Exact sum: 18.8 + 8.2 + 8.9 + 15.4 = 51.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.8/35Growth & earnings

Revenue 10.8% · PAT — · OPM change 6.8 pp

62% evidence

8.2/25Capital efficiency

ROCE -1.4% · debt/equity 0.49×

80% evidence

8.9/20Valuation

P/E 134× · PEG —

15% evidence

15.4/20Relative strength

RS sector 5.7% · RS bench 22% · 1Y 159.7%

100% evidence

10. Quest Diagnostics Incorporated · DGX

51.1/100 · Thin evidence · provisional · 59% evidence

Exact sum: 17 + 13.6 + 11 + 9.5 = 51.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.0/35Growth & earnings

Revenue — · PAT — · OPM change 0.8 pp

45% evidence

13.6/25Capital efficiency

ROCE 3.2% · debt/equity 0.81×

80% evidence

11.0/20Valuation

P/E 22.5× · PEG —

15% evidence

9.5/20Relative strength

RS sector -2.5% · RS bench 14.5% · 1Y 38.1%

100% evidence

11. IDEXX Laboratories, Inc. · IDXX

50.8/100 · Mixed-positive evidence · 82% evidence

Exact sum: 22.5 + 17.9 + 9.8 + 0.6 = 50.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.5/35Growth & earnings

Revenue 13.1% · PAT 22.4% · OPM change 0.1 pp

83% evidence

17.9/25Capital efficiency

ROCE 17.4% · debt/equity 0.69×

80% evidence

9.8/20Valuation

P/E 41.4× · PEG 1.62

65% evidence

0.6/20Relative strength

RS sector -27.8% · RS bench -15.3% · 1Y 6.4%

100% evidence

12. Guardant Health, Inc. · GH

50.4/100 · Mixed-positive evidence · 62% evidence

Exact sum: 19.6 + 3.5 + 10 + 17.3 = 50.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.6/35Growth & earnings

Revenue 39.7% · PAT — · OPM change 14.4 pp

62% evidence

3.5/25Capital efficiency

ROCE -8.9% · debt/equity 19.41×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

17.3/20Relative strength

RS sector 18.3% · RS bench 36.7% · 1Y 246.7%

100% evidence

13. Twist Bioscience Corporation · TWST

49.7/100 · Mixed-negative evidence · 62% evidence

Exact sum: 16.8 + 8.3 + 10 + 14.6 = 49.7

Decision use: Price leads the evidence: RS versus the benchmark is 75.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

16.8/35Growth & earnings

Revenue 17.8% · PAT — · OPM change 3.4 pp

62% evidence

8.3/25Capital efficiency

ROCE -8.5% · debt/equity 0.21×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

14.6/20Relative strength

RS sector 50.6% · RS bench 75.2% · 1Y 162.9%

100% evidence

14. Natera, Inc. · NTRA

48.3/100 · Mixed-negative evidence · 62% evidence

Exact sum: 20.9 + 9.1 + 10 + 8.3 = 48.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.9/35Growth & earnings

Revenue 36.6% · PAT — · OPM change 2.4 pp

62% evidence

9.1/25Capital efficiency

ROCE -5.5% · debt/equity 0.13×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

8.3/20Relative strength

RS sector -3.3% · RS bench 12.5% · 1Y 87.4%

100% evidence

15. OPKO Health, Inc. · OPK

48.2/100 · Thin evidence · provisional · 59% evidence

Exact sum: 16.7 + 9.2 + 10.1 + 12.2 = 48.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

16.7/35Growth & earnings

Revenue -15.7% · PAT — · OPM change 3.7 pp

62% evidence

9.2/25Capital efficiency

ROCE -2.9% · debt/equity 0.32×

80% evidence

10.1/20Valuation

P/E 33.2× · PEG —

15% evidence

12.2/20Relative strength

RS sector -1% · RS bench 16.2% · 1Y 38.7%

70% evidence

16. IQVIA Holdings Inc. · IQV

47.7/100 · Mixed-negative evidence · 82% evidence

Exact sum: 12.5 + 11.1 + 9.4 + 14.7 = 47.7

Decision use: Price leads the evidence: RS versus the benchmark is 15.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

12.5/35Growth & earnings

Revenue 7.3% · PAT 0.5% · OPM change -0.6 pp

83% evidence

11.1/25Capital efficiency

ROCE 2.5% · debt/equity 2.53×

80% evidence

9.4/20Valuation

P/E 21.1× · PEG 2.12

65% evidence

14.7/20Relative strength

RS sector -1.1% · RS bench 15.3% · 1Y 33.2%

100% evidence

17. Revvity, Inc. · RVTY

47.2/100 · Thin evidence · provisional · 59% evidence

Exact sum: 15.2 + 12.4 + 9.4 + 10.2 = 47.2

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

15.2/35Growth & earnings

Revenue — · PAT — · OPM change -1.9 pp

45% evidence

12.4/25Capital efficiency

ROCE 0.7% · debt/equity 0.47×

80% evidence

9.4/20Valuation

P/E 42.6× · PEG —

15% evidence

10.2/20Relative strength

RS sector -8.3% · RS bench 7.2% · 1Y 26.4%

100% evidence

18. ICON Public Limited Company · ICLR

46.8/100 · Mixed-negative evidence · 82% evidence

Exact sum: 8.2 + 11.9 + 14.1 + 12.6 = 46.8

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

8.2/35Growth & earnings

Revenue 1.3% · PAT -75% · OPM change -2.8 pp

83% evidence

11.9/25Capital efficiency

ROCE 1.3% · debt/equity 0.38×

80% evidence

14.1/20Valuation

P/E 50.8× · PEG 0.49

65% evidence

12.6/20Relative strength

RS sector -6.4% · RS bench 9.1% · 1Y 8.3%

100% evidence

19. Qiagen N.V. · QGEN

45.8/100 · Mixed-negative evidence · 72% evidence

Exact sum: 15.3 + 13.1 + 11.4 + 6 = 45.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

15.3/35Growth & earnings

Revenue 4.8% · PAT 100% · OPM change -6.8 pp

83% evidence

13.1/25Capital efficiency

ROCE 1.6% · debt/equity 0.49×

80% evidence

11.4/20Valuation

P/E 20.9× · PEG —

15% evidence

6.0/20Relative strength

RS sector -25.7% · RS bench -12.9% · 1Y -19.6%

100% evidence

20. Sotera Health Company · SHC

45.0/100 · Mixed-negative evidence · 65% evidence

Exact sum: 19.5 + 11.5 + 9.8 + 4.2 = 45

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.5/35Growth & earnings

Revenue 7.3% · PAT 100% · OPM change 4.7 pp

62% evidence

11.5/25Capital efficiency

ROCE 2.6% · debt/equity 3.64×

80% evidence

9.8/20Valuation

P/E 35× · PEG —

15% evidence

4.2/20Relative strength

RS sector -13.5% · RS bench 1.2% · 1Y 59.3%

100% evidence

21. Danaher Corporation · DHR

45.0/100 · Thin evidence · provisional · 59% evidence

Exact sum: 18.1 + 13.7 + 9.9 + 3.3 = 45

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.1/35Growth & earnings

Revenue — · PAT — · OPM change 0.4 pp

45% evidence

13.7/25Capital efficiency

ROCE 1.4% · debt/equity 0.51×

80% evidence

9.9/20Valuation

P/E 34.8× · PEG —

15% evidence

3.3/20Relative strength

RS sector -22.2% · RS bench -9% · 1Y 1%

100% evidence

22. GRAIL, Inc. · GRAL

42.6/100 · Mixed-negative evidence · 62% evidence

Exact sum: 21.2 + 9.3 + 10 + 2.1 = 42.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.2/35Growth & earnings

Revenue 19.9% · PAT — · OPM change 149.6 pp

62% evidence

9.3/25Capital efficiency

ROCE -4.9% · debt/equity 0.02×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

2.1/20Relative strength

RS sector -22.7% · RS bench -11.2% · 1Y 96.5%

100% evidence

23. Castle Biosciences, Inc. · CSTL

41.4/100 · Thin evidence · provisional · 59% evidence

Exact sum: 18.7 + 10.1 + 9.3 + 3.3 = 41.4

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.7/35Growth & earnings

Revenue -2% · PAT — · OPM change 9.7 pp

62% evidence

10.1/25Capital efficiency

ROCE -3.8% · debt/equity 0.08×

80% evidence

9.3/20Valuation

P/E 43× · PEG —

15% evidence

3.3/20Relative strength

RS sector -30.3% · RS bench -19.4% · 1Y 63.1%

70% evidence

24. Waters Corporation · WAT

41.0/100 · Thin evidence · provisional · 59% evidence

Exact sum: 11.8 + 11.3 + 9.7 + 8.2 = 41

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

11.8/35Growth & earnings

Revenue — · PAT — · OPM change -28.1 pp

45% evidence

11.3/25Capital efficiency

ROCE -0.4% · debt/equity 0.36×

80% evidence

9.7/20Valuation

P/E 38.7× · PEG —

15% evidence

8.2/20Relative strength

RS sector -11.1% · RS bench 3.8% · 1Y 32.2%

100% evidence

25. Personalis, Inc. · PSNL

40.8/100 · Thin evidence · provisional · 56% evidence

Exact sum: 7.1 + 8 + 10 + 15.7 = 40.8

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

7.1/35Growth & earnings

Revenue -27.6% · PAT — · OPM change -122 pp

62% evidence

8.0/25Capital efficiency

ROCE -12.1% · debt/equity 0.12×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

15.7/20Relative strength

RS sector 15.3% · RS bench 32.7% · 1Y 120.4%

70% evidence

26. Thermo Fisher Scientific Inc. · TMO

39.6/100 · Mixed-negative evidence · 82% evidence

Exact sum: 14.2 + 12.9 + 6.3 + 6.2 = 39.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.2/35Growth & earnings

Revenue 5.4% · PAT 4.6% · OPM change 0.3 pp

83% evidence

12.9/25Capital efficiency

ROCE 2% · debt/equity 0.83×

80% evidence

6.3/20Valuation

P/E 26× · PEG 3.89

65% evidence

6.2/20Relative strength

RS sector -12.3% · RS bench 2.5% · 1Y 24.5%

100% evidence

27. RadNet, Inc. · RDNT

36.9/100 · Mixed-negative evidence · 65% evidence

Exact sum: 18.2 + 7.8 + 8.6 + 2.3 = 36.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.2/35Growth & earnings

Revenue 14.8% · PAT 100% · OPM change 0.9 pp

62% evidence

7.8/25Capital efficiency

ROCE -0.8% · debt/equity 1.43×

80% evidence

8.6/20Valuation

P/E 1746× · PEG —

15% evidence

2.3/20Relative strength

RS sector -25.6% · RS bench -12.9% · 1Y 15.6%

100% evidence

28. Mettler-Toledo International Inc. · MTD

34.3/100 · Adverse evidence · 82% evidence

Exact sum: 11.7 + 13.4 + 5.3 + 3.9 = 34.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.7/35Growth & earnings

Revenue 6.8% · PAT 2.8% · OPM change -0.8 pp

83% evidence

13.4/25Capital efficiency

ROCE 9.8% · debt/equity 80.6×

80% evidence

5.3/20Valuation

P/E 29.6× · PEG 4.67

65% evidence

3.9/20Relative strength

RS sector -15.9% · RS bench -1.5% · 1Y 16%

100% evidence

29. GeneDx Holdings Corp. · WGS

27.2/100 · Adverse evidence · 65% evidence

Exact sum: 12.5 + 5.9 + 8.5 + 0.3 = 27.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

12.5/35Growth & earnings

Revenue 33.8% · PAT — · OPM change -51 pp

62% evidence

5.9/25Capital efficiency

ROCE -14.4% · debt/equity 0.66×

80% evidence

8.5/20Valuation

P/E 2693.5× · PEG —

15% evidence

0.3/20Relative strength

RS sector -49.8% · RS bench -41.4% · 1Y -39.1%

100% evidence

30. BillionToOne, Inc. · BLLN

59.4/100 · Thin evidence · provisional · 45% evidence

Exact sum: 26 + 14.4 + 9 + 10 = 59.4

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

26.0/35Growth & earnings

Revenue 99.4% · PAT — · OPM change 20.4 pp

62% evidence

14.4/25Capital efficiency

ROCE 3.9% · debt/equity 0.28×

80% evidence

9.0/20Valuation

P/E 60.9× · PEG —

15% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Thermo Fisher Scientific Inc. has the highest Revenue among the 30 Diagnostics & Research companies compared here, at $45,197 million. IQVIA Holdings Inc. is next at $16,632 million. BillionToOne, Inc. has the highest Revenue growth at 99.4%, so level and change sit with different companies. 25 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Thermo Fisher Scientific Inc. is the scale leader at $45,197 million, 171.7% ahead of IQVIA Holdings Inc.. BillionToOne, Inc.'s growth is 99.4% from a $355 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderThermo Fisher Scientific Inc. · $45,197 million

Gap171.7% versus #2 · IQVIA Holdings Inc.

Persistence6/8 recent comparable periods

Coverage25/30 companies · 548 observations

Investor read: Thermo Fisher Scientific Inc. is the scale benchmark; BillionToOne, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Thermo Fisher Scientific Inc.'s growth falls below BillionToOne, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Thermo Fisher Scientific Inc. TMO$45.2B

2IQVIA Holdings Inc. IQV$16.6B

3Labcorp Holdings Inc. LH$14.1B

4ICON Public Limited Company ICLR$8.3B

5Agilent Technologies, Inc. A$7.2B

Revenue growthfastest growers

1BillionToOne, Inc. BLLN99%

2Adaptive Biotechnologies Corporation ADPT58%

3Guardant Health, Inc. GH40%

4Natera, Inc. NTRA37%

5GeneDx Holdings Corp. WGS34%

Revenue · company comparison

25/30 level · 25/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Thermo Fisher Scientific Inc. TMO	$11.0B	6.2%	Mar 2026
Danaher Corporation DHR	$6.0B	3.7%	Jun 2026
IQVIA Holdings Inc. IQV	$4.2B	8.4%	Mar 2026
Labcorp Holdings Inc. LH	$3.5B	5.8%	Mar 2026
Quest Diagnostics Incorporated DGX	$2.9B	9.2%	Jun 2026
ICON Public Limited Company ICLR	$2.0B	0.9%	Mar 2026
Agilent Technologies, Inc. A	$1.8B	10%	Jun 2026
Waters Corporation WAT	$1.3B	64%	Jun 2026
IDEXX Laboratories, Inc. IDXX	$1.1B	14%	Mar 2026
Illumina, Inc. ILMN	$1.1B	4.8%	Mar 2026
Charles River Laboratories International, Inc. CRL	$996M	1.2%	Mar 2026
Mettler-Toledo International Inc. MTD	$947M	7.1%	Mar 2026
Revvity, Inc. RVTY	$711M	-1.3%	Jun 2026
Medpace Holdings, Inc. MEDP	$707M	26%	Jun 2026
Natera, Inc. NTRA	$697M	39%	Mar 2026
RadNet, Inc. RDNT	$576M	22%	Mar 2026
Qiagen N.V. QGEN	$492M	1.9%	Mar 2026
Guardant Health, Inc. GH	$302M	49%	Mar 2026
Sotera Health Company SHC	$280M	9.8%	Mar 2026
NeoGenomics, Inc. NEO	$187M	11%	Mar 2026
Veracyte, Inc. VCYT	$139M	22%	Mar 2026
OPKO Health, Inc. OPK	$124M	-17%	Mar 2026
CareDx, Inc. CDNA	$118M	39%	Mar 2026
Twist Bioscience Corporation TWST	$111M	19%	Mar 2026
BillionToOne, Inc. BLLN	$108M	83%	Mar 2026
GeneDx Holdings Corp. WGS	$102M	17%	Mar 2026
Castle Biosciences, Inc. CSTL	$84M	-4.6%	Mar 2026
Adaptive Biotechnologies Corporation ADPT	$71M	37%	Mar 2026
GRAIL, Inc. GRAL	$41M	28%	Mar 2026
Personalis, Inc. PSNL	$15M	-29%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021$1.6B

Dec 2021$1.7B

Mar 2022$1.7B

Jun 2022$1.6B

Sep 2022$1.7B

Dec 2022$1.8B

Mar 2023$1.8B

Jun 2023$1.7B

Sep 2023$1.7B

Dec 2023$1.7B

Mar 2024$1.7B

Jun 2024$1.6B

Sep 2024$1.6B

Dec 2024$1.7B

Mar 2025$1.7B

Jun 2025$1.7B

Sep 2025$1.7B

Dec 2025$1.9B

Mar 2026$1.8B

Jun 2026$1.8B

Danaher Corporation · DHR

Sep 2021$7.2B

Dec 2021$7.2B

Mar 2022—

Jun 2022$7.7B

Sep 2022$7.8B

Dec 2022$7.1B

Mar 2023$5.9B

Jun 2023$5.9B

Sep 2023$5.6B

Dec 2023$6.4B

Mar 2024$5.8B

Jun 2024$5.7B

Sep 2024$5.8B

Dec 2024$6.5B

Mar 2025$5.7B

Jun 2025$5.9B

Sep 2025$6.1B

Dec 2025$6.8B

Mar 2026$6.0B

Jun 2026—

Guardant Health, Inc. · GH

Sep 2021$95M

Dec 2021$108M

Mar 2022$96M

Jun 2022$109M

Sep 2022$117M

Dec 2022$127M

Mar 2023$129M

Jun 2023$137M

Sep 2023$143M

Dec 2023$155M

Mar 2024$168M

Jun 2024$177M

Sep 2024$191M

Dec 2024$202M

Mar 2025$203M

Jun 2025$232M

Sep 2025$265M

Dec 2025$281M

Mar 2026$302M

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021$810M

Dec 2021$801M

Mar 2022$837M

Jun 2022$861M

Sep 2022$842M

Dec 2022$829M

Mar 2023$900M

Jun 2023$944M

Sep 2023$916M

Dec 2023$902M

Mar 2024$964M

Jun 2024$1.0B

Sep 2024$976M

Dec 2024$954M

Mar 2025$998M

Jun 2025$1.1B

Sep 2025$1.1B

Dec 2025$1.1B

Mar 2026$1.1B

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021$1.1B

Dec 2021$1.1B

Mar 2022$1.2B

Jun 2022$1.2B

Sep 2022$1.2B

Dec 2022$1.1B

Mar 2023$1.1B

Jun 2023$1.1B

Sep 2023$1.2B

Dec 2023$1.1B

Mar 2024$1.1B

Jun 2024$1.1B

Sep 2024$1.1B

Dec 2024$1.1B

Mar 2025$1.0B

Jun 2025$1.1B

Sep 2025$1.1B

Dec 2025$1.2B

Mar 2026$1.1B

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021$3.4B

Dec 2021$3.6B

Mar 2022$3.6B

Jun 2022$3.5B

Sep 2022$3.6B

Dec 2022$3.7B

Mar 2023$3.7B

Jun 2023$3.7B

Sep 2023$3.7B

Dec 2023$3.9B

Mar 2024$3.7B

Jun 2024$3.8B

Sep 2024$3.9B

Dec 2024$4.0B

Mar 2025$3.8B

Jun 2025$4.0B

Sep 2025$4.1B

Dec 2025$4.4B

Mar 2026$4.2B

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021$4.1B

Dec 2021$4.1B

Mar 2022$3.9B

Jun 2022$2.9B

Sep 2022$2.9B

Dec 2022$2.9B

Mar 2023$3.0B

Jun 2023$3.0B

Sep 2023$3.1B

Dec 2023$3.0B

Mar 2024$3.2B

Jun 2024$3.2B

Sep 2024$3.3B

Dec 2024$3.3B

Mar 2025$3.3B

Jun 2025$3.5B

Sep 2025$3.6B

Dec 2025$3.5B

Mar 2026$3.5B

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021$952M

Dec 2021$1.0B

Mar 2022$898M

Jun 2022$978M

Sep 2022$986M

Dec 2022$1.1B

Mar 2023$929M

Jun 2023$982M

Sep 2023$942M

Dec 2023$935M

Mar 2024$926M

Jun 2024$947M

Sep 2024$955M

Dec 2024$1.0B

Mar 2025$884M

Jun 2025$983M

Sep 2025$1.0B

Dec 2025$1.1B

Mar 2026$947M

Jun 2026—

Natera, Inc. · NTRA

Sep 2021$158M

Dec 2021$173M

Mar 2022$194M

Jun 2022$198M

Sep 2022$211M

Dec 2022$217M

Mar 2023$242M

Jun 2023$261M

Sep 2023$268M

Dec 2023$311M

Mar 2024$368M

Jun 2024$413M

Sep 2024$440M

Dec 2024$476M

Mar 2025$502M

Jun 2025$547M

Sep 2025$592M

Dec 2025$665M

Mar 2026$697M

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021$2.8B

Dec 2021$2.7B

Mar 2022$2.6B

Jun 2022$2.5B

Sep 2022$2.5B

Dec 2022$2.3B

Mar 2023$2.3B

Jun 2023$2.3B

Sep 2023$2.3B

Dec 2023$2.3B

Mar 2024$2.4B

Jun 2024$2.4B

Sep 2024$2.5B

Dec 2024$2.6B

Mar 2025$2.7B

Jun 2025$2.8B

Sep 2025$2.8B

Dec 2025$2.8B

Mar 2026$2.9B

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 2021$9.3B

Dec 2021$9.3B

Mar 2022—

Jun 2022$11.8B

Sep 2022$11.0B

Dec 2022$10.7B

Mar 2023—

Jun 2023$10.7B

Sep 2023$10.7B

Dec 2023$10.9B

Mar 2024$10.3B

Jun 2024$10.5B

Sep 2024$10.6B

Dec 2024$11.4B

Mar 2025$10.4B

Jun 2025$10.9B

Sep 2025$11.1B

Dec 2025$12.2B

Mar 2026$11.0B

Jun 2026—

Waters Corporation · WAT

Sep 2021$682M

Dec 2021$659M

Mar 2022—

Jun 2022$691M

Sep 2022$714M

Dec 2022$709M

Mar 2023—

Jun 2023$685M

Sep 2023$741M

Dec 2023$819M

Mar 2024$637M

Jun 2024$709M

Sep 2024$740M

Dec 2024$873M

Mar 2025$662M

Jun 2025$771M

Sep 2025$800M

Dec 2025$932M

Mar 2026—

Jun 2026$1.3B

Revenue growth · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20228.3%

Dec 202211%

Mar 20234.9%

Jun 20236.9%

Sep 2023-2.7%

Dec 2023-8.7%

Mar 2024-5.6%

Jun 2024-8.4%

Sep 2024-5.6%

Dec 20240.8%

Mar 20251.4%

Jun 20256.0%

Sep 202510%

Dec 20259.4%

Mar 20267.0%

Jun 202610%

Danaher Corporation · DHR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20227.4%

Dec 2022-1.3%

Mar 2023—

Jun 2023-23%

Sep 2023-27%

Dec 2023-10%

Mar 2024-2.6%

Jun 2024-2.9%

Sep 20243.1%

Dec 20242.1%

Mar 2025-1.0%

Jun 20253.4%

Sep 20254.4%

Dec 20254.6%

Mar 20263.7%

Jun 2026—

Guardant Health, Inc. · GH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202218%

Sep 202223%

Dec 202218%

Mar 202334%

Jun 202326%

Sep 202322%

Dec 202322%

Mar 202430%

Jun 202429%

Sep 202434%

Dec 202430%

Mar 202521%

Jun 202531%

Sep 202539%

Dec 202539%

Mar 202649%

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20224.2%

Sep 20224.0%

Dec 20223.5%

Mar 20237.5%

Jun 20239.6%

Sep 20238.8%

Dec 20238.8%

Mar 20247.1%

Jun 20246.4%

Sep 20246.6%

Dec 20245.8%

Mar 20253.5%

Jun 202510%

Sep 202513%

Dec 202514%

Mar 202614%

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20223.2%

Dec 20220.6%

Mar 2023-9.7%

Jun 2023-11%

Sep 20231.2%

Dec 20230.4%

Mar 2024-0.7%

Jun 20242.3%

Sep 2024-8.2%

Dec 2024-1.3%

Mar 2025-3.3%

Jun 2025-4.8%

Sep 20250.4%

Dec 20255.0%

Mar 20264.8%

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20223.0%

Sep 20225.0%

Dec 20222.8%

Mar 20232.4%

Jun 20235.3%

Sep 20234.9%

Dec 20233.5%

Mar 20242.3%

Jun 20242.3%

Sep 20244.3%

Dec 20242.3%

Mar 20252.5%

Jun 20255.3%

Sep 20255.2%

Dec 202510%

Mar 20268.4%

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-24%

Sep 2022-29%

Dec 2022-28%

Mar 2023-22%

Jun 20233.8%

Sep 20236.6%

Dec 20233.5%

Mar 20244.6%

Jun 20246.2%

Sep 20247.4%

Dec 20249.8%

Mar 20255.3%

Jun 20259.5%

Sep 20258.6%

Dec 20255.6%

Mar 20265.8%

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20225.8%

Sep 20223.6%

Dec 20222.0%

Mar 20233.5%

Jun 20230.4%

Sep 2023-4.5%

Dec 2023-12%

Mar 2024-0.3%

Jun 2024-3.6%

Sep 20241.4%

Dec 202412%

Mar 2025-4.5%

Jun 20253.8%

Sep 20257.9%

Dec 20258.1%

Mar 20267.1%

Jun 2026—

Natera, Inc. · NTRA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202239%

Sep 202234%

Dec 202225%

Mar 202325%

Jun 202332%

Sep 202327%

Dec 202343%

Mar 202452%

Jun 202458%

Sep 202464%

Dec 202453%

Mar 202536%

Jun 202532%

Sep 202535%

Dec 202540%

Mar 202639%

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-3.8%

Sep 2022-10%

Dec 2022-15%

Mar 2023-11%

Jun 2023-4.7%

Sep 2023-7.7%

Dec 2023-1.9%

Mar 20241.5%

Jun 20242.5%

Sep 20248.4%

Dec 202415%

Mar 202512%

Jun 202515%

Sep 202513%

Dec 20257.1%

Mar 20269.2%

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202218%

Dec 202214%

Mar 2023—

Jun 2023-9.4%

Sep 2023-2.6%

Dec 20232.0%

Mar 2024—

Jun 2024-1.6%

Sep 2024-0.8%

Dec 20244.7%

Mar 20250.2%

Jun 20253.0%

Sep 20254.9%

Dec 20257.2%

Mar 20266.2%

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20224.7%

Dec 20227.6%

Mar 2023—

Jun 2023-0.9%

Sep 20233.8%

Dec 202316%

Mar 2024—

Jun 20243.5%

Sep 2024-0.1%

Dec 20246.6%

Mar 20253.9%

Jun 20258.7%

Sep 20258.1%

Dec 20256.8%

Mar 2026—

Jun 202664%

02 · compare level, then change

Operating Economics & Margin Trend

IDEXX Laboratories, Inc. has the highest OPM among the 30 Diagnostics & Research companies compared here, at 31.8%. Sotera Health Company is next at 27.1%. GRAIL, Inc. has the highest Margin change at +149.6 percentage points, so level and change sit with different companies. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: IDEXX Laboratories, Inc. leads opm at 31.8%; GRAIL, Inc. leads margin change at +149.6 percentage points.

LeaderIDEXX Laboratories, Inc. · 31.8%

Gap17.3% versus #2 · Sotera Health Company

Persistence7/8 recent comparable periods

Coverage30/30 companies · 545 observations

Investor read: IDEXX Laboratories, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1IDEXX Laboratories, Inc. IDXX32%

2Sotera Health Company SHC27%

3Mettler-Toledo International Inc. MTD24%

4Danaher Corporation DHR23%

5Agilent Technologies, Inc. A22%

Margin changefastest expanders

1GRAIL, Inc. GRAL+149.6 pp

2Adaptive Biotechnologies Corporation ADPT+29.3 pp

3BillionToOne, Inc. BLLN+20.4 pp

4CareDx, Inc. CDNA+16.8 pp

5Guardant Health, Inc. GH+14.4 pp

Operating margin · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
IDEXX Laboratories, Inc. IDXX	32%	+0.1 pp	Mar 2026
Sotera Health Company SHC	27%	+4.7 pp	Mar 2026
Mettler-Toledo International Inc. MTD	24%	−0.8 pp	Mar 2026
Danaher Corporation DHR	23%	+0.4 pp	Jun 2026
Agilent Technologies, Inc. A	22%	+3.7 pp	Jun 2026
Medpace Holdings, Inc. MEDP	20%	−0.3 pp	Jun 2026
Illumina, Inc. ILMN	19%	+3.4 pp	Mar 2026
Qiagen N.V. QGEN	17%	−6.8 pp	Mar 2026
Thermo Fisher Scientific Inc. TMO	17%	+0.3 pp	Mar 2026
BillionToOne, Inc. BLLN	17%	+20.4 pp	Mar 2026
Veracyte, Inc. VCYT	16%	+13.8 pp	Mar 2026
Quest Diagnostics Incorporated DGX	14%	+0.8 pp	Jun 2026
IQVIA Holdings Inc. IQV	12%	−0.6 pp	Mar 2026
Charles River Laboratories International, Inc. CRL	12%	+4.4 pp	Mar 2026
Labcorp Holdings Inc. LH	11%	+1.1 pp	Mar 2026
Revvity, Inc. RVTY	11%	−1.9 pp	Jun 2026
ICON Public Limited Company ICLR	8.5%	−2.8 pp	Mar 2026
CareDx, Inc. CDNA	1.0%	+16.8 pp	Mar 2026
Waters Corporation WAT	-3.7%	−28.1 pp	Jun 2026
RadNet, Inc. RDNT	-4.2%	+0.9 pp	Mar 2026
NeoGenomics, Inc. NEO	-9.8%	+6.8 pp	Mar 2026
Natera, Inc. NTRA	-13%	+2.4 pp	Mar 2026
Castle Biosciences, Inc. CSTL	-22%	+9.7 pp	Mar 2026
Adaptive Biotechnologies Corporation ADPT	-27%	+29.3 pp	Mar 2026
Guardant Health, Inc. GH	-40%	+14.4 pp	Mar 2026
OPKO Health, Inc. OPK	-41%	+3.7 pp	Mar 2026
Twist Bioscience Corporation TWST	-41%	+3.4 pp	Mar 2026
GeneDx Holdings Corp. WGS	-56%	−51.0 pp	Mar 2026
Personalis, Inc. PSNL	-208%	−122.0 pp	Mar 2026
GRAIL, Inc. GRAL	-333%	+149.6 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 202121%

Dec 202124%

Mar 202223%

Jun 202222%

Sep 202224%

Dec 202226%

Mar 202324%

Jun 202322%

Sep 20238.0%

Dec 202324%

Mar 202423%

Jun 202423%

Sep 202421%

Dec 202424%

Mar 202522%

Jun 202518%

Sep 202521%

Dec 202524%

Mar 202620%

Jun 202622%

Danaher Corporation · DHR

Sep 202128%

Dec 202118%

Mar 2022—

Jun 202228%

Sep 202228%

Dec 202228%

Mar 202326%

Jun 202320%

Sep 202321%

Dec 202321%

Mar 202423%

Jun 202420%

Sep 202417%

Dec 202422%

Mar 202522%

Jun 202513%

Sep 202519%

Dec 202522%

Mar 202623%

Jun 2026—

Guardant Health, Inc. · GH

Sep 2021-113%

Dec 2021-91%

Mar 2022-128%

Jun 2022-119%

Sep 2022-123%

Dec 2022-115%

Mar 2023-104%

Jun 2023-87%

Sep 2023-79%

Dec 2023-127%

Mar 2024-59%

Jun 2024-57%

Sep 2024-61%

Dec 2024-62%

Mar 2025-55%

Jun 2025-46%

Sep 2025-37%

Dec 2025-43%

Mar 2026-40%

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 202128%

Dec 202125%

Mar 202230%

Jun 202221%

Sep 202229%

Dec 202227%

Mar 202331%

Jun 202331%

Sep 202330%

Dec 202327%

Mar 202431%

Jun 202426%

Sep 202431%

Dec 202427%

Mar 202532%

Jun 202534%

Sep 202532%

Dec 202529%

Mar 202632%

Jun 2026—

Illumina, Inc. · ILMN

Sep 202117%

Dec 2021-49%

Mar 20223.4%

Jun 202215%

Sep 2022-50%

Dec 2022-328%

Mar 2023-12%

Jun 2023-5.9%

Sep 2023-7.5%

Dec 2023-67%

Mar 2024-10%

Jun 2024-147%

Sep 202469%

Dec 202416%

Mar 202516%

Jun 202520%

Sep 202521%

Dec 202517%

Mar 202619%

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 20218.9%

Dec 202113%

Mar 202214%

Jun 202213%

Sep 202213%

Dec 202210%

Mar 202313%

Jun 202314%

Sep 202313%

Dec 202313%

Mar 202414%

Jun 202414%

Sep 202414%

Dec 202416%

Mar 202513%

Jun 202513%

Sep 202514%

Dec 202514%

Mar 202612%

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 202119%

Dec 202118%

Mar 202218%

Jun 202215%

Sep 202213%

Dec 20221.0%

Mar 202311%

Jun 20238.8%

Sep 20238.3%

Dec 2023-4.0%

Mar 202410%

Jun 20249.2%

Sep 20247.7%

Dec 20246.5%

Mar 20259.7%

Jun 202511%

Sep 202511%

Dec 20257.6%

Mar 202611%

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 202127%

Dec 202129%

Mar 202225%

Jun 202228%

Sep 202230%

Dec 202232%

Mar 202326%

Jun 202329%

Sep 202329%

Dec 202327%

Mar 202426%

Jun 202428%

Sep 202429%

Dec 202432%

Mar 202525%

Jun 202527%

Sep 202528%

Dec 202530%

Mar 202624%

Jun 2026—

Natera, Inc. · NTRA

Sep 2021-95%

Dec 2021-81%

Mar 2022-71%

Jun 2022-72%

Sep 2022-57%

Dec 2022-65%

Mar 2023-57%

Jun 2023-43%

Sep 2023-41%

Dec 2023-27%

Mar 2024-20%

Jun 2024-11%

Sep 2024-8.9%

Dec 2024-14%

Mar 2025-16%

Jun 2025-20%

Sep 2025-17%

Dec 2025-3.4%

Mar 2026-13%

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 202124%

Dec 202120%

Mar 202220%

Jun 202216%

Sep 202216%

Dec 20225.8%

Mar 202313%

Jun 202315%

Sep 202315%

Dec 202312%

Mar 202413%

Jun 202415%

Sep 202413%

Dec 202414%

Mar 202513%

Jun 202516%

Sep 202514%

Dec 202514%

Mar 202614%

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 202123%

Dec 202124%

Mar 2022—

Jun 202224%

Sep 202218%

Dec 202216%

Mar 2023—

Jun 202315%

Sep 202315%

Dec 202317%

Mar 202416%

Jun 202417%

Sep 202417%

Dec 202418%

Mar 202517%

Jun 202517%

Sep 202518%

Dec 202519%

Mar 202617%

Jun 2026—

Waters Corporation · WAT

Sep 202129%

Dec 202129%

Mar 2022—

Jun 202228%

Sep 202228%

Dec 202227%

Mar 2023—

Jun 202325%

Sep 202327%

Dec 202332%

Mar 202421%

Jun 202427%

Sep 202429%

Dec 202434%

Mar 202523%

Jun 202524%

Sep 202524%

Dec 202529%

Mar 2026—

Jun 2026-3.7%

Margin change · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+2.7 pp

Dec 2022+1.7 pp

Mar 2023+1.8 pp

Jun 2023−0.1 pp

Sep 2023−15.9 pp

Dec 2023−1.3 pp

Mar 2024−1.1 pp

Jun 2024+0.8 pp

Sep 2024+13.1 pp

Dec 2024−0.2 pp

Mar 2025−0.8 pp

Jun 2025−5.1 pp

Sep 2025−0.4 pp

Dec 2025−0.2 pp

Mar 2026−2.8 pp

Jun 2026+3.7 pp

Danaher Corporation · DHR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.6 pp

Dec 2022+9.9 pp

Mar 2023—

Jun 2023−8.6 pp

Sep 2023−7.3 pp

Dec 2023−7.1 pp

Mar 2024−2.9 pp

Jun 2024+0.6 pp

Sep 2024−4.6 pp

Dec 2024+0.9 pp

Mar 2025−0.4 pp

Jun 2025−7.5 pp

Sep 2025+2.6 pp

Dec 2025+0.2 pp

Mar 2026+0.4 pp

Jun 2026—

Guardant Health, Inc. · GH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−13.4 pp

Sep 2022−10.0 pp

Dec 2022−24.4 pp

Mar 2023+24.1 pp

Jun 2023+32.2 pp

Sep 2023+43.8 pp

Dec 2023−12.2 pp

Mar 2024+45.0 pp

Jun 2024+30.4 pp

Sep 2024+18.1 pp

Dec 2024+65.0 pp

Mar 2025+4.6 pp

Jun 2025+10.9 pp

Sep 2025+24.0 pp

Dec 2025+19.4 pp

Mar 2026+14.4 pp

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−10.6 pp

Sep 2022+1.2 pp

Dec 2022+2.4 pp

Mar 2023+1.4 pp

Jun 2023+10.6 pp

Sep 2023+1.0 pp

Dec 2023−0.1 pp

Mar 2024−0.1 pp

Jun 2024−5.1 pp

Sep 2024+1.1 pp

Dec 2024+0.2 pp

Mar 2025+0.7 pp

Jun 2025+7.3 pp

Sep 2025+0.9 pp

Dec 2025+1.5 pp

Mar 2026+0.1 pp

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−66.4 pp

Dec 2022−278.8 pp

Mar 2023−15.1 pp

Jun 2023−20.9 pp

Sep 2023+42.3 pp

Dec 2023+260.6 pp

Mar 2024+1.4 pp

Jun 2024−141.3 pp

Sep 2024+76.1 pp

Dec 2024+83.3 pp

Mar 2025+26.1 pp

Jun 2025+167.4 pp

Sep 2025−47.7 pp

Dec 2025+1.4 pp

Mar 2026+3.4 pp

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+4.5 pp

Sep 2022+4.4 pp

Dec 2022−2.6 pp

Mar 2023−1.0 pp

Jun 2023+1.3 pp

Sep 2023−0.4 pp

Dec 2023+2.9 pp

Mar 2024+0.6 pp

Jun 2024−0.5 pp

Sep 2024+1.2 pp

Dec 2024+2.8 pp

Mar 2025−0.5 pp

Jun 2025−1.0 pp

Sep 2025−0.6 pp

Dec 2025−1.4 pp

Mar 2026−0.6 pp

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−3.6 pp

Sep 2022−5.9 pp

Dec 2022−17.0 pp

Mar 2023−6.7 pp

Jun 2023−5.9 pp

Sep 2023−4.7 pp

Dec 2023−5.0 pp

Mar 2024−0.8 pp

Jun 2024+0.4 pp

Sep 2024−0.6 pp

Dec 2024+10.5 pp

Mar 2025−0.4 pp

Jun 2025+2.0 pp

Sep 2025+3.4 pp

Dec 2025+1.1 pp

Mar 2026+1.1 pp

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+1.4 pp

Sep 2022+2.3 pp

Dec 2022+3.3 pp

Mar 2023+1.4 pp

Jun 2023+1.3 pp

Sep 2023−0.7 pp

Dec 2023−5.4 pp

Mar 2024−0.5 pp

Jun 2024−1.1 pp

Sep 2024+0.3 pp

Dec 2024+4.9 pp

Mar 2025−1.2 pp

Jun 2025−0.7 pp

Sep 2025−1.2 pp

Dec 2025−1.7 pp

Mar 2026−0.8 pp

Jun 2026—

Natera, Inc. · NTRA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+9.0 pp

Sep 2022+38.5 pp

Dec 2022+15.4 pp

Mar 2023+13.4 pp

Jun 2023+29.2 pp

Sep 2023+15.1 pp

Dec 2023+38.1 pp

Mar 2024+37.0 pp

Jun 2024+32.4 pp

Sep 2024+32.5 pp

Dec 2024+13.6 pp

Mar 2025+4.4 pp

Jun 2025−9.6 pp

Sep 2025−7.6 pp

Dec 2025+10.2 pp

Mar 2026+2.4 pp

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−5.1 pp

Sep 2022−7.7 pp

Dec 2022−13.7 pp

Mar 2023−6.5 pp

Jun 2023−0.9 pp

Sep 2023−0.9 pp

Dec 2023+5.9 pp

Mar 2024−0.4 pp

Jun 2024−0.1 pp

Sep 2024−1.6 pp

Dec 2024+2.1 pp

Mar 2025+0.3 pp

Jun 2025+1.1 pp

Sep 2025+0.4 pp

Dec 20250.0 pp

Mar 2026+0.8 pp

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−5.1 pp

Dec 2022−8.4 pp

Mar 2023—

Jun 2023−9.3 pp

Sep 2023−3.4 pp

Dec 2023+1.0 pp

Mar 2024—

Jun 2024+2.7 pp

Sep 2024+2.5 pp

Dec 2024+0.7 pp

Mar 2025+0.5 pp

Jun 2025−0.4 pp

Sep 2025+0.2 pp

Dec 2025+0.8 pp

Mar 2026+0.3 pp

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.9 pp

Dec 2022−2.0 pp

Mar 2023—

Jun 2023−2.9 pp

Sep 2023−0.9 pp

Dec 2023+5.1 pp

Mar 2024—

Jun 2024+1.3 pp

Sep 2024+1.5 pp

Dec 2024+1.3 pp

Mar 2025+2.0 pp

Jun 2025−2.3 pp

Sep 2025−4.5 pp

Dec 2025−4.5 pp

Mar 2026—

Jun 2026−28.1 pp

03 · compare level, then change

Profit Scale & Acceleration

Thermo Fisher Scientific Inc. has the highest Net profit among the 30 Diagnostics & Research companies compared here, at $6,900 million. Agilent Technologies, Inc. is next at $1,414 million. Qiagen N.V. has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Thermo Fisher Scientific Inc. leads with $6,900 million of TTM profit, 388% above Agilent Technologies, Inc.. Qiagen N.V. shows ≥100% on the scoring scale (327.7% uncapped) growth from a $402 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderThermo Fisher Scientific Inc. · $6,900 million

Gap388% versus #2 · Agilent Technologies, Inc.

Persistence6/8 recent comparable periods

Coverage25/30 companies · 548 observations

Investor read: Thermo Fisher Scientific Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Thermo Fisher Scientific Inc. TMO$6.9B

2Agilent Technologies, Inc. A$1.4B

3IQVIA Holdings Inc. IQV$1.3B

4IDEXX Laboratories, Inc. IDXX$1.1B

5Labcorp Holdings Inc. LH$943M

Profit growthfastest growers

1Qiagen N.V. QGEN100%

2Veracyte, Inc. VCYT100%

3Labcorp Holdings Inc. LH29%

4IDEXX Laboratories, Inc. IDXX22%

5Agilent Technologies, Inc. A21%

Net profit · company comparison

25/30 level · 9/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Thermo Fisher Scientific Inc. TMO	$1.7B	9.1%	Mar 2026
Danaher Corporation DHR	$1.0B	7.9%	Jun 2026
Agilent Technologies, Inc. A	$339M	58%	Jun 2026
IDEXX Laboratories, Inc. IDXX	$278M	14%	Mar 2026
Labcorp Holdings Inc. LH	$278M	31%	Mar 2026
IQVIA Holdings Inc. IQV	$269M	2.7%	Mar 2026
Quest Diagnostics Incorporated DGX	$264M	12%	Jun 2026
Mettler-Toledo International Inc. MTD	$169M	3.1%	Mar 2026
Illumina, Inc. ILMN	$134M	2.3%	Mar 2026
Medpace Holdings, Inc. MEDP	$124M	7.8%	Jun 2026
ICON Public Limited Company ICLR	$105M	-35%	Mar 2026
Qiagen N.V. QGEN	$68M	-25%	Mar 2026
Revvity, Inc. RVTY	$41M	-25%	Jun 2026
Veracyte, Inc. VCYT	$29M	314%	Mar 2026
Sotera Health Company SHC	$27M	192%	Mar 2026
BillionToOne, Inc. BLLN	$19M	—	Mar 2026
CareDx, Inc. CDNA	$3M	-105%	Mar 2026
Charles River Laboratories International, Inc. CRL	$-15M	-158%	Mar 2026
Castle Biosciences, Inc. CSTL	$-15M	-120%	Mar 2026
NeoGenomics, Inc. NEO	$-17M	-146%	Mar 2026
Adaptive Biotechnologies Corporation ADPT	$-20M	—	Mar 2026
RadNet, Inc. RDNT	$-25M	-29%	Mar 2026
Personalis, Inc. PSNL	$-30M	—	Mar 2026
Twist Bioscience Corporation TWST	$-44M	—	Mar 2026
OPKO Health, Inc. OPK	$-55M	-321%	Mar 2026
GeneDx Holdings Corp. WGS	$-63M	-460%	Mar 2026
Waters Corporation WAT	$-72M	-149%	Jun 2026
Natera, Inc. NTRA	$-85M	—	Mar 2026
GRAIL, Inc. GRAL	$-93M	—	Mar 2026
Guardant Health, Inc. GH	$-112M	—	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021$264M

Dec 2021$442M

Mar 2022$283M

Jun 2022$274M

Sep 2022$329M

Dec 2022$368M

Mar 2023$352M

Jun 2023$302M

Sep 2023$111M

Dec 2023$475M

Mar 2024$348M

Jun 2024$308M

Sep 2024$282M

Dec 2024$351M

Mar 2025$318M

Jun 2025$215M

Sep 2025$336M

Dec 2025$434M

Mar 2026$305M

Jun 2026$339M

Danaher Corporation · DHR

Sep 2021$1.7B

Dec 2021$1.2B

Mar 2022—

Jun 2022$1.7B

Sep 2022$1.7B

Dec 2022$2.0B

Mar 2023$1.2B

Jun 2023$920M

Sep 2023$940M

Dec 2023$1.1B

Mar 2024$1.1B

Jun 2024$907M

Sep 2024$818M

Dec 2024$1.1B

Mar 2025$954M

Jun 2025$555M

Sep 2025$908M

Dec 2025$1.2B

Mar 2026$1.0B

Jun 2026—

Guardant Health, Inc. · GH

Sep 2021$-108M

Dec 2021$-72M

Mar 2022$-123M

Jun 2022$-229M

Sep 2022$-162M

Dec 2022$-140M

Mar 2023$-134M

Jun 2023$-73M

Sep 2023$-86M

Dec 2023$-187M

Mar 2024$-115M

Jun 2024$-103M

Sep 2024$-108M

Dec 2024$-111M

Mar 2025$-95M

Jun 2025$-100M

Sep 2025$-93M

Dec 2025$-128M

Mar 2026$-112M

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021$175M

Dec 2021$163M

Mar 2022$194M

Jun 2022$132M

Sep 2022$181M

Dec 2022$172M

Mar 2023$214M

Jun 2023$224M

Sep 2023$212M

Dec 2023$195M

Mar 2024$236M

Jun 2024$203M

Sep 2024$233M

Dec 2024$216M

Mar 2025$243M

Jun 2025$294M

Sep 2025$275M

Dec 2025$248M

Mar 2026$278M

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021$185M

Dec 2021$317M

Mar 2022$112M

Jun 2022$86M

Sep 2022$-535M

Dec 2022$-3.8B

Mar 2023$-139M

Jun 2023$3M

Sep 2023$-234M

Dec 2023$-754M

Mar 2024$-126M

Jun 2024$-2.0B

Sep 2024$705M

Dec 2024$187M

Mar 2025$131M

Jun 2025$235M

Sep 2025$150M

Dec 2025$334M

Mar 2026$134M

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021$261M

Dec 2021$317M

Mar 2022$329M

Jun 2022$257M

Sep 2022$290M

Dec 2022$227M

Mar 2023$291M

Jun 2023$294M

Sep 2023$298M

Dec 2023$475M

Mar 2024$291M

Jun 2024$361M

Sep 2024$284M

Dec 2024$432M

Mar 2025$262M

Jun 2025$267M

Sep 2025$332M

Dec 2025$478M

Mar 2026$269M

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021$588M

Dec 2021$554M

Mar 2022$492M

Jun 2022$268M

Sep 2022$277M

Dec 2022$37M

Mar 2023$208M

Jun 2023$155M

Sep 2023$184M

Dec 2023$-167M

Mar 2024$228M

Jun 2024$206M

Sep 2024$170M

Dec 2024$144M

Mar 2025$213M

Jun 2025$238M

Sep 2025$262M

Dec 2025$165M

Mar 2026$278M

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021$204M

Dec 2021$231M

Mar 2022$174M

Jun 2022$212M

Sep 2022$221M

Dec 2022$266M

Mar 2023$188M

Jun 2023$214M

Sep 2023$202M

Dec 2023$185M

Mar 2024$178M

Jun 2024$222M

Sep 2024$212M

Dec 2024$252M

Mar 2025$164M

Jun 2025$202M

Sep 2025$217M

Dec 2025$286M

Mar 2026$169M

Jun 2026—

Natera, Inc. · NTRA

Sep 2021$-151M

Dec 2021$-141M

Mar 2022$-139M

Jun 2022$-145M

Sep 2022$-121M

Dec 2022$-143M

Mar 2023$-137M

Jun 2023$-111M

Sep 2023$-109M

Dec 2023$-78M

Mar 2024$-68M

Jun 2024$-37M

Sep 2024$-32M

Dec 2024$-54M

Mar 2025$-67M

Jun 2025$-101M

Sep 2025$-88M

Dec 2025$47M

Mar 2026$-85M

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021$527M

Dec 2021$413M

Mar 2022$373M

Jun 2022$250M

Sep 2022$276M

Dec 2022$116M

Mar 2023$217M

Jun 2023$249M

Sep 2023$237M

Dec 2023$205M

Mar 2024$208M

Jun 2024$240M

Sep 2024$237M

Dec 2024$236M

Mar 2025$235M

Jun 2025$296M

Sep 2025$259M

Dec 2025$256M

Mar 2026$264M

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 2021$1.8B

Dec 2021$1.9B

Mar 2022—

Jun 2022$2.2B

Sep 2022$1.7B

Dec 2022$1.6B

Mar 2023—

Jun 2023$1.3B

Sep 2023$1.4B

Dec 2023$1.6B

Mar 2024$1.3B

Jun 2024$1.6B

Sep 2024$1.6B

Dec 2024$1.8B

Mar 2025$1.5B

Jun 2025$1.6B

Sep 2025$1.6B

Dec 2025$2.0B

Mar 2026$1.7B

Jun 2026—

Waters Corporation · WAT

Sep 2021$167M

Dec 2021$161M

Mar 2022—

Jun 2022$160M

Sep 2022$165M

Dec 2022$156M

Mar 2023—

Jun 2023$141M

Sep 2023$151M

Dec 2023$216M

Mar 2024$102M

Jun 2024$143M

Sep 2024$162M

Dec 2024$231M

Mar 2025$121M

Jun 2025$147M

Sep 2025$149M

Dec 2025$225M

Mar 2026—

Jun 2026$-72M

Profit growth · reported quarter history

Showing the 12 largest of 23 companies with a series here. The remaining 11 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202225%

Dec 2022-17%

Mar 202324%

Jun 202310%

Sep 2023-66%

Dec 202329%

Mar 2024-1.1%

Jun 20242.0%

Sep 2024154%

Dec 2024-26%

Mar 2025-8.6%

Jun 2025-30%

Sep 202519%

Dec 202524%

Mar 2026-4.1%

Jun 202658%

Danaher Corporation · DHR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-1.1%

Dec 202274%

Mar 2023—

Jun 2023-47%

Sep 2023-44%

Dec 2023-44%

Mar 2024-12%

Jun 2024-1.4%

Sep 2024-13%

Dec 20242.3%

Mar 2025-12%

Jun 2025-39%

Sep 202511%

Dec 20257.9%

Mar 20267.9%

Jun 2026—

ICON Public Limited Company · ICLR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202257%

Sep 2022—

Dec 202254%

Mar 2023-2.7%

Jun 2023-6.9%

Sep 2023-3.8%

Dec 202340%

Mar 202436%

Jun 2024-23%

Sep 202438%

Dec 202472%

Mar 20258.8%

Jun 2025146%

Sep 2025-233%

Dec 2025-43%

Mar 2026-35%

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-35%

Sep 20223.4%

Dec 20225.5%

Mar 202310%

Jun 202370%

Sep 202317%

Dec 202313%

Mar 202410%

Jun 2024-9.4%

Sep 20249.9%

Dec 202411%

Mar 20253.0%

Jun 202545%

Sep 202518%

Dec 202515%

Mar 202614%

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-389%

Dec 2022-1,304%

Mar 2023-224%

Jun 2023-97%

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025-79%

Dec 202579%

Mar 20262.3%

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202248%

Sep 202211%

Dec 2022-28%

Mar 2023-12%

Jun 202314%

Sep 20232.8%

Dec 2023109%

Mar 20240.0%

Jun 202423%

Sep 2024-4.7%

Dec 2024-9.1%

Mar 2025-10.0%

Jun 2025-26%

Sep 202517%

Dec 202511%

Mar 20262.7%

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-43%

Sep 2022-53%

Dec 2022-93%

Mar 2023-58%

Jun 2023-42%

Sep 2023-34%

Dec 2023-551%

Mar 20249.6%

Jun 202433%

Sep 2024-7.6%

Dec 2024—

Mar 2025-6.6%

Jun 202516%

Sep 202554%

Dec 202515%

Mar 202631%

Jun 2026—

Medpace Holdings, Inc. · MEDP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202223%

Sep 202235%

Dec 202238%

Mar 202320%

Jun 202324%

Sep 20237.6%

Dec 202313%

Mar 202441%

Jun 202444%

Sep 202435%

Dec 202450%

Mar 202512%

Jun 20252.3%

Sep 202516%

Dec 202515%

Mar 20267.8%

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202215%

Sep 20228.3%

Dec 202215%

Mar 20238.1%

Jun 20230.9%

Sep 2023-8.6%

Dec 2023-30%

Mar 2024-5.3%

Jun 20243.7%

Sep 20245.0%

Dec 202436%

Mar 2025-7.9%

Jun 2025-9.0%

Sep 20252.4%

Dec 202513%

Mar 20263.1%

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-62%

Sep 2022-48%

Dec 2022-72%

Mar 2023-42%

Jun 2023-0.4%

Sep 2023-14%

Dec 202377%

Mar 2024-4.2%

Jun 2024-3.6%

Sep 20240.0%

Dec 202415%

Mar 202513%

Jun 202523%

Sep 20259.3%

Dec 20258.5%

Mar 202612%

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-6.1%

Dec 2022-18%

Mar 2023—

Jun 2023-41%

Sep 2023-20%

Dec 20232.4%

Mar 2024—

Jun 202424%

Sep 202419%

Dec 202411%

Mar 202517%

Jun 2025-1.2%

Sep 2025-1.5%

Dec 202512%

Mar 20269.1%

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-1.2%

Dec 2022-3.1%

Mar 2023—

Jun 2023-12%

Sep 2023-8.5%

Dec 202338%

Mar 2024—

Jun 20241.4%

Sep 20247.3%

Dec 20246.9%

Mar 202519%

Jun 20252.8%

Sep 2025-8.0%

Dec 2025-2.6%

Mar 2026—

Jun 2026-149%

04 · compare level, then change

Capacity Spending & Returns On It

Thermo Fisher Scientific Inc. has the highest CAPEX among the 30 Diagnostics & Research companies compared here, at $376 million. Danaher Corporation is next at $269 million. Personalis, Inc. has the highest CAPEX intensity at 20%, so level and change sit with different companies. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Thermo Fisher Scientific Inc. reports $376 million of CAPEX; Personalis, Inc. has the highest covered intensity at 20%. Coverage is only 30 of 30 companies and 542 reported observations, so this is partial evidence—not a complete sector rank.

LeaderThermo Fisher Scientific Inc. · $376 million

Gap39.8% versus #2 · Danaher Corporation

Persistence8/8 recent comparable periods

Coverage30/30 companies · 542 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

CAPEXlargest spenders

1Thermo Fisher Scientific Inc. TMO$376M

2Danaher Corporation DHR$269M

3Quest Diagnostics Incorporated DGX$138M

4IQVIA Holdings Inc. IQV$127M

5Labcorp Holdings Inc. LH$121M

CAPEX intensityhighest reinvestment intensity

1Personalis, Inc. PSNL20%

2Sotera Health Company SHC16%

3Castle Biosciences, Inc. CSTL14%

4RadNet, Inc. RDNT12%

5Qiagen N.V. QGEN9.6%

Capital expenditure · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	CAPEX	CAPEX intensity	Reported
Thermo Fisher Scientific Inc. TMO	$376M	3.4%	Mar 2026
Danaher Corporation DHR	$269M	4.0%	Jun 2026
Quest Diagnostics Incorporated DGX	$138M	3.9%	Jun 2026
IQVIA Holdings Inc. IQV	$127M	3.1%	Mar 2026
Labcorp Holdings Inc. LH	$121M	3.4%	Mar 2026
Agilent Technologies, Inc. A	$76M	4.1%	Jun 2026
RadNet, Inc. RDNT	$70M	12%	Mar 2026
Charles River Laboratories International, Inc. CRL	$56M	5.6%	Mar 2026
Qiagen N.V. QGEN	$47M	9.6%	Mar 2026
Sotera Health Company SHC	$46M	16%	Mar 2026
Waters Corporation WAT	$39M	3.1%	Jun 2026
Illumina, Inc. ILMN	$38M	3.5%	Mar 2026
IDEXX Laboratories, Inc. IDXX	$32M	2.8%	Mar 2026
ICON Public Limited Company ICLR	$31M	1.5%	Mar 2026
Medpace Holdings, Inc. MEDP	$24M	1.0%	Jun 2026
Natera, Inc. NTRA	$22M	3.2%	Mar 2026
Revvity, Inc. RVTY	$20M	2.8%	Jun 2026
Mettler-Toledo International Inc. MTD	$17M	1.8%	Mar 2026
Castle Biosciences, Inc. CSTL	$12M	14%	Mar 2026
Twist Bioscience Corporation TWST	$8M	7.2%	Mar 2026
Guardant Health, Inc. GH	$6M	2.0%	Mar 2026
GeneDx Holdings Corp. WGS	$6M	5.9%	Mar 2026
NeoGenomics, Inc. NEO	$5M	2.7%	Mar 2026
BillionToOne, Inc. BLLN	$4M	3.7%	Mar 2026
CareDx, Inc. CDNA	$4M	3.4%	Mar 2026
Veracyte, Inc. VCYT	$3M	2.2%	Mar 2026
Personalis, Inc. PSNL	$3M	20%	Mar 2026
OPKO Health, Inc. OPK	$2M	1.6%	Mar 2026
Adaptive Biotechnologies Corporation ADPT	$1M	1.4%	Mar 2026
GRAIL, Inc. GRAL	$1M	2.4%	Mar 2026

Full 20-quarter history · every available company

CAPEX · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021$54M

Dec 2021$62M

Mar 2022$75M

Jun 2022$64M

Sep 2022$82M

Dec 2022$70M

Mar 2023$76M

Jun 2023$57M

Sep 2023$81M

Dec 2023$84M

Mar 2024$90M

Jun 2024$103M

Sep 2024$92M

Dec 2024$93M

Mar 2025$97M

Jun 2025$114M

Sep 2025$103M

Dec 2025$93M

Mar 2026$93M

Jun 2026$76M

Danaher Corporation · DHR

Sep 2021$305M

Dec 2021$318M

Mar 2022—

Jun 2022$250M

Sep 2022$296M

Dec 2022$295M

Mar 2023$266M

Jun 2023$329M

Sep 2023$354M

Dec 2023$434M

Mar 2024$291M

Jun 2024$287M

Sep 2024$298M

Dec 2024$516M

Mar 2025$245M

Jun 2025$248M

Sep 2025$292M

Dec 2025$371M

Mar 2026$237M

Jun 2026$269M

Guardant Health, Inc. · GH

Sep 2021$22M

Dec 2021$25M

Mar 2022$23M

Jun 2022$23M

Sep 2022$22M

Dec 2022$10M

Mar 2023$8M

Jun 2023$7M

Sep 2023$2M

Dec 2023$4M

Mar 2024$7M

Jun 2024$5M

Sep 2024$4M

Dec 2024$19M

Mar 2025$4M

Jun 2025$6M

Sep 2025$10M

Dec 2025$28M

Mar 2026$6M

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021$45M

Dec 2021$32M

Mar 2022$32M

Jun 2022$30M

Sep 2022$38M

Dec 2022$49M

Mar 2023$40M

Jun 2023$27M

Sep 2023$34M

Dec 2023$33M

Mar 2024$30M

Jun 2024$33M

Sep 2024$28M

Dec 2024$29M

Mar 2025$30M

Jun 2025$34M

Sep 2025$31M

Dec 2025$29M

Mar 2026$32M

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021$44M

Dec 2021$52M

Mar 2022$70M

Jun 2022$61M

Sep 2022$71M

Dec 2022$66M

Mar 2023$88M

Jun 2023$52M

Sep 2023$47M

Dec 2023$45M

Mar 2024$36M

Jun 2024$31M

Sep 2024$32M

Dec 2024$29M

Mar 2025$32M

Jun 2025$30M

Sep 2025$31M

Dec 2025$55M

Mar 2026$38M

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021$162M

Dec 2021$184M

Mar 2022$177M

Jun 2022$161M

Sep 2022$165M

Dec 2022$171M

Mar 2023$164M

Jun 2023$160M

Sep 2023$146M

Dec 2023$179M

Mar 2024$145M

Jun 2024$143M

Sep 2024$150M

Dec 2024$164M

Mar 2025$142M

Jun 2025$151M

Sep 2025$136M

Dec 2025$174M

Mar 2026$127M

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021$118M

Dec 2021$150M

Mar 2022$117M

Jun 2022$143M

Sep 2022$83M

Dec 2022$99M

Mar 2023$78M

Jun 2023$103M

Sep 2023$105M

Dec 2023$167M

Mar 2024$134M

Jun 2024$128M

Sep 2024$116M

Dec 2024$112M

Mar 2025$126M

Jun 2025$78M

Sep 2025$107M

Dec 2025$124M

Mar 2026$121M

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021$22M

Dec 2021$38M

Mar 2022$19M

Jun 2022$43M

Sep 2022$27M

Dec 2022$32M

Mar 2023$23M

Jun 2023$29M

Sep 2023$21M

Dec 2023$32M

Mar 2024$17M

Jun 2024$24M

Sep 2024$21M

Dec 2024$41M

Mar 2025$17M

Jun 2025$24M

Sep 2025$24M

Dec 2025$42M

Mar 2026$17M

Jun 2026—

Natera, Inc. · NTRA

Sep 2021$13M

Dec 2021$9M

Mar 2022$16M

Jun 2022$8M

Sep 2022$12M

Dec 2022—

Mar 2023$11M

Jun 2023$9M

Sep 2023$9M

Dec 2023—

Mar 2024$20M

Jun 2024$12M

Sep 2024$16M

Dec 2024—

Mar 2025$22M

Jun 2025$26M

Sep 2025$22M

Dec 2025—

Mar 2026$22M

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021$89M

Dec 2021$144M

Mar 2022$63M

Jun 2022$76M

Sep 2022$118M

Dec 2022$147M

Mar 2023$127M

Jun 2023$104M

Sep 2023$105M

Dec 2023$72M

Mar 2024$104M

Jun 2024$92M

Sep 2024$106M

Dec 2024$123M

Mar 2025$117M

Jun 2025$108M

Sep 2025$144M

Dec 2025$158M

Mar 2026$114M

Jun 2026$138M

Thermo Fisher Scientific Inc. · TMO

Sep 2021$540M

Dec 2021$524M

Mar 2022—

Jun 2022$640M

Sep 2022$506M

Dec 2022$547M

Mar 2023—

Jun 2023$458M

Sep 2023$284M

Dec 2023$405M

Mar 2024$347M

Jun 2024$301M

Sep 2024$272M

Dec 2024$480M

Mar 2025$362M

Jun 2025$294M

Sep 2025$404M

Dec 2025$465M

Mar 2026$376M

Jun 2026—

Waters Corporation · WAT

Sep 2021$37M

Dec 2021$40M

Mar 2022—

Jun 2022$28M

Sep 2022$47M

Dec 2022$39M

Mar 2023—

Jun 2023$34M

Sep 2023$47M

Dec 2023$42M

Mar 2024$29M

Jun 2024$36M

Sep 2024$26M

Dec 2024$52M

Mar 2025$26M

Jun 2025$22M

Sep 2025$25M

Dec 2025$39M

Mar 2026—

Jun 2026$39M

CAPEX intensity · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 20213.4%

Dec 20213.7%

Mar 20224.5%

Jun 20224.0%

Sep 20224.8%

Dec 20223.8%

Mar 20234.3%

Jun 20233.3%

Sep 20234.8%

Dec 20235.0%

Mar 20245.4%

Jun 20246.5%

Sep 20245.8%

Dec 20245.5%

Mar 20255.8%

Jun 20256.8%

Sep 20255.9%

Dec 20255.0%

Mar 20265.2%

Jun 20264.1%

Danaher Corporation · DHR

Sep 20214.2%

Dec 20214.4%

Mar 2022—

Jun 20223.3%

Sep 20223.8%

Dec 20224.1%

Mar 20234.5%

Jun 20235.6%

Sep 20236.3%

Dec 20236.8%

Mar 20245.0%

Jun 20245.0%

Sep 20245.1%

Dec 20247.9%

Mar 20254.3%

Jun 20254.2%

Sep 20254.8%

Dec 20255.4%

Mar 20264.0%

Jun 2026—

Guardant Health, Inc. · GH

Sep 202123%

Dec 202123%

Mar 202224%

Jun 202221%

Sep 202219%

Dec 20227.9%

Mar 20236.2%

Jun 20235.1%

Sep 20231.4%

Dec 20232.6%

Mar 20244.2%

Jun 20242.8%

Sep 20242.1%

Dec 20249.4%

Mar 20252.0%

Jun 20252.6%

Sep 20253.8%

Dec 202510%

Mar 20262.0%

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 20215.6%

Dec 20214.0%

Mar 20223.8%

Jun 20223.5%

Sep 20224.5%

Dec 20225.9%

Mar 20234.4%

Jun 20232.9%

Sep 20233.7%

Dec 20233.7%

Mar 20243.1%

Jun 20243.3%

Sep 20242.9%

Dec 20243.0%

Mar 20253.0%

Jun 20253.1%

Sep 20252.8%

Dec 20252.7%

Mar 20262.8%

Jun 2026—

Illumina, Inc. · ILMN

Sep 20213.9%

Dec 20214.7%

Mar 20225.8%

Jun 20225.0%

Sep 20226.1%

Dec 20225.9%

Mar 20238.1%

Jun 20234.8%

Sep 20234.0%

Dec 20234.0%

Mar 20243.3%

Jun 20242.8%

Sep 20243.0%

Dec 20242.6%

Mar 20253.1%

Jun 20252.8%

Sep 20252.9%

Dec 20254.7%

Mar 20263.5%

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 20214.8%

Dec 20215.1%

Mar 20225.0%

Jun 20224.5%

Sep 20224.6%

Dec 20224.6%

Mar 20234.5%

Jun 20234.3%

Sep 20233.9%

Dec 20234.6%

Mar 20243.9%

Jun 20243.7%

Sep 20243.9%

Dec 20244.1%

Mar 20253.7%

Jun 20253.8%

Sep 20253.3%

Dec 20254.0%

Mar 20263.1%

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 20212.9%

Dec 20213.7%

Mar 20223.0%

Jun 20224.9%

Sep 20222.9%

Dec 20223.4%

Mar 20232.6%

Jun 20233.4%

Sep 20233.4%

Dec 20235.5%

Mar 20244.2%

Jun 20244.0%

Sep 20243.5%

Dec 20243.4%

Mar 20253.8%

Jun 20252.2%

Sep 20253.0%

Dec 20253.5%

Mar 20263.4%

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 20212.3%

Dec 20213.7%

Mar 20222.1%

Jun 20224.4%

Sep 20222.7%

Dec 20223.0%

Mar 20232.5%

Jun 20233.0%

Sep 20232.2%

Dec 20233.4%

Mar 20241.8%

Jun 20242.5%

Sep 20242.2%

Dec 20243.9%

Mar 20251.9%

Jun 20252.4%

Sep 20252.3%

Dec 20253.7%

Mar 20261.8%

Jun 2026—

Natera, Inc. · NTRA

Sep 20218.2%

Dec 20215.2%

Mar 20228.2%

Jun 20224.0%

Sep 20225.7%

Dec 2022—

Mar 20234.5%

Jun 20233.4%

Sep 20233.4%

Dec 2023—

Mar 20245.4%

Jun 20242.9%

Sep 20243.6%

Dec 2024—

Mar 20254.4%

Jun 20254.8%

Sep 20253.7%

Dec 2025—

Mar 20263.2%

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 20213.2%

Dec 20215.2%

Mar 20222.4%

Jun 20223.1%

Sep 20224.7%

Dec 20226.3%

Mar 20235.4%

Jun 20234.4%

Sep 20234.6%

Dec 20233.1%

Mar 20244.4%

Jun 20243.8%

Sep 20244.3%

Dec 20244.7%

Mar 20254.4%

Jun 20253.9%

Sep 20255.1%

Dec 20255.6%

Mar 20263.9%

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 20215.8%

Dec 20215.6%

Mar 2022—

Jun 20225.4%

Sep 20224.6%

Dec 20225.1%

Mar 2023—

Jun 20234.3%

Sep 20232.7%

Dec 20233.7%

Mar 20243.4%

Jun 20242.9%

Sep 20242.6%

Dec 20244.2%

Mar 20253.5%

Jun 20252.7%

Sep 20253.6%

Dec 20253.8%

Mar 20263.4%

Jun 2026—

Waters Corporation · WAT

Sep 20215.4%

Dec 20216.1%

Mar 2022—

Jun 20224.1%

Sep 20226.6%

Dec 20225.5%

Mar 2023—

Jun 20235.0%

Sep 20236.3%

Dec 20235.1%

Mar 20244.6%

Jun 20245.1%

Sep 20243.5%

Dec 20246.0%

Mar 20253.9%

Jun 20252.9%

Sep 20253.1%

Dec 20254.2%

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$1.5B

Dec 2022$1.3B

Dec 2023$1.8B

Dec 2024$1.8B

Dec 2025$1.6B

Danaher Corporation · DHR

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$8.4B

Dec 2022$8.5B

Dec 2023$7.2B

Dec 2024$6.7B

Dec 2025$6.4B

Guardant Health, Inc. · GH

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$-209M

Dec 2022$-309M

Dec 2023$-325M

Dec 2024$-240M

Dec 2025$-185M

IDEXX Laboratories, Inc. · IDXX

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$756M

Dec 2022$543M

Dec 2023$907M

Dec 2024$929M

Dec 2025$1.2B

Illumina, Inc. · ILMN

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$545M

Dec 2022$392M

Dec 2023$478M

Dec 2024$837M

Dec 2025$1.1B

IQVIA Holdings Inc. · IQV

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$2.9B

Dec 2022$2.3B

Dec 2023$2.1B

Dec 2024$2.7B

Dec 2025$2.7B

Labcorp Holdings Inc. · LH

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$3.1B

Dec 2022$2.0B

Dec 2023$1.3B

Dec 2024$1.6B

Dec 2025$1.6B

Mettler-Toledo International Inc. · MTD

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$909M

Dec 2022$859M

Dec 2023$966M

Dec 2024$968M

Dec 2025$956M

Natera, Inc. · NTRA

Dec 2018—

Dec 2019—

Dec 2020$-183M

Dec 2021$-335M

Dec 2022$-432M

Dec 2023$-247M

Dec 2024$136M

Dec 2025—

Quest Diagnostics Incorporated · DGX

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$2.2B

Dec 2022$1.7B

Dec 2023$1.3B

Dec 2024$1.3B

Dec 2025$1.9B

Thermo Fisher Scientific Inc. · TMO

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$9.3B

Dec 2022$9.2B

Dec 2023$8.4B

Dec 2024$8.7B

Dec 2025$7.8B

Waters Corporation · WAT

Dec 2018—

Dec 2019—

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$1.3B

Dec 2022$1.0B

Dec 2023$1.5B

Dec 2024$1.4B

Dec 2025$1.2B

Danaher Corporation · DHR

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$7.1B

Dec 2022$7.4B

Dec 2023$5.8B

Dec 2024$5.3B

Dec 2025$5.3B

Guardant Health, Inc. · GH

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$-284M

Dec 2022$-387M

Dec 2023$-345M

Dec 2024$-275M

Dec 2025$-233M

IDEXX Laboratories, Inc. · IDXX

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$636M

Dec 2022$394M

Dec 2023$773M

Dec 2024$808M

Dec 2025$1.1B

Illumina, Inc. · ILMN

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$337M

Dec 2022$106M

Dec 2023$283M

Dec 2024$709M

Dec 2025$931M

IQVIA Holdings Inc. · IQV

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$2.3B

Dec 2022$1.6B

Dec 2023$1.5B

Dec 2024$2.1B

Dec 2025$2.1B

Labcorp Holdings Inc. · LH

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$2.7B

Dec 2022$1.5B

Dec 2023$874M

Dec 2024$1.1B

Dec 2025$1.2B

Mettler-Toledo International Inc. · MTD

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$801M

Dec 2022$738M

Dec 2023$861M

Dec 2024$864M

Dec 2025$849M

Natera, Inc. · NTRA

Dec 2018—

Dec 2019—

Dec 2020$-202M

Dec 2021$-376M

Dec 2022$-479M

Dec 2023$-286M

Dec 2024$69M

Dec 2025—

Quest Diagnostics Incorporated · DGX

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$1.8B

Dec 2022$1.3B

Dec 2023$864M

Dec 2024$909M

Dec 2025$1.4B

Thermo Fisher Scientific Inc. · TMO

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$6.8B

Dec 2022$6.9B

Dec 2023$6.9B

Dec 2024$7.3B

Dec 2025$6.3B

Waters Corporation · WAT

Dec 2018—

Dec 2019—

Dec 2020—

Dec 2021$586M

Dec 2022$436M

Dec 2023$442M

Dec 2024$620M

Dec 2025$540M

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

CareDx, Inc. has the lowest Gross debt among the 30 Diagnostics & Research companies compared here, at $18 million. Personalis, Inc. is next at $31 million. Natera, Inc. has the lowest Net debt at $863 million net cash, so level and change sit with different companies. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Natera, Inc. has the clearest covered balance-sheet capacity with $863 million net cash and gross debt of $225 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderCareDx, Inc. · $18 million

Gap41.9% versus #2 · Personalis, Inc.

Persistence8/8 recent comparable periods

Coverage30/30 companies · 549 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1CareDx, Inc. CDNA$18M

2Personalis, Inc. PSNL$31M

3Castle Biosciences, Inc. CSTL$37M

4Veracyte, Inc. VCYT$39M

5GRAIL, Inc. GRAL$51M

Net debtlowest net debt

1Natera, Inc. NTRA$-863M

2GRAIL, Inc. GRAL$-772M

3BillionToOne, Inc. BLLN$-393M

4Medpace Holdings, Inc. MEDP$-383M

5Castle Biosciences, Inc. CSTL$-225M

Debt and balance-sheet capacity · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
Thermo Fisher Scientific Inc. TMO	$43.2B	$39.9B	Mar 2026
Danaher Corporation DHR	$26.6B	$22.2B	Jun 2026
IQVIA Holdings Inc. IQV	$16.1B	$14.0B	Mar 2026
Labcorp Holdings Inc. LH	$7.2B	$6.3B	Mar 2026
Quest Diagnostics Incorporated DGX	$6.4B	$5.8B	Jun 2026
Waters Corporation WAT	$5.6B	$5.1B	Jun 2026
ICON Public Limited Company ICLR	$3.5B	$2.7B	Mar 2026
Agilent Technologies, Inc. A	$3.4B	$1.5B	Jun 2026
Revvity, Inc. RVTY	$3.4B	$2.5B	Jun 2026
Charles River Laboratories International, Inc. CRL	$3.1B	$2.9B	Mar 2026
Illumina, Inc. ILMN	$2.5B	$1.3B	Mar 2026
Sotera Health Company SHC	$2.3B	$2.0B	Mar 2026
Mettler-Toledo International Inc. MTD	$2.2B	$2.2B	Mar 2026
RadNet, Inc. RDNT	$1.9B	$1.5B	Mar 2026
Guardant Health, Inc. GH	$1.7B	$574M	Mar 2026
Qiagen N.V. QGEN	$1.6B	$1.0B	Mar 2026
IDEXX Laboratories, Inc. IDXX	$1.1B	$878M	Mar 2026
NeoGenomics, Inc. NEO	$409M	$263M	Mar 2026
OPKO Health, Inc. OPK	$390M	$48M	Mar 2026
Natera, Inc. NTRA	$225M	$-863M	Mar 2026
GeneDx Holdings Corp. WGS	$168M	$-3M	Mar 2026
BillionToOne, Inc. BLLN	$144M	$-393M	Mar 2026
Medpace Holdings, Inc. MEDP	$120M	$-383M	Jun 2026
Twist Bioscience Corporation TWST	$96M	$-76M	Mar 2026
Adaptive Biotechnologies Corporation ADPT	$78M	$-140M	Mar 2026
GRAIL, Inc. GRAL	$51M	$-772M	Mar 2026
Veracyte, Inc. VCYT	$39M	$-137M	Mar 2026
Castle Biosciences, Inc. CSTL	$37M	$-225M	Mar 2026
Personalis, Inc. PSNL	$31M	$-202M	Mar 2026
CareDx, Inc. CDNA	$18M	$-169M	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021$2.9B

Dec 2021$2.7B

Mar 2022$2.7B

Jun 2022$2.9B

Sep 2022$2.9B

Dec 2022$2.8B

Mar 2023$3.0B

Jun 2023$2.7B

Sep 2023$2.8B

Dec 2023$2.7B

Mar 2024$2.6B

Jun 2024$2.6B

Sep 2024$2.9B

Dec 2024$3.4B

Mar 2025$3.4B

Jun 2025$3.5B

Sep 2025$3.4B

Dec 2025$3.4B

Mar 2026$3.4B

Jun 2026$3.4B

Danaher Corporation · DHR

Sep 2021$20.4B

Dec 2021$23.6B

Mar 2022—

Jun 2022$21.8B

Sep 2022$20.1B

Dec 2022$19.7B

Mar 2023$19.8B

Jun 2023$19.9B

Sep 2023$22.1B

Dec 2023$18.4B

Mar 2024$18.2B

Jun 2024$17.0B

Sep 2024$17.5B

Dec 2024$16.0B

Mar 2025$16.5B

Jun 2025$17.4B

Sep 2025$16.9B

Dec 2025$18.4B

Mar 2026$18.5B

Jun 2026$26.6B

Guardant Health, Inc. · GH

Sep 2021$1.4B

Dec 2021$1.4B

Mar 2022$1.4B

Jun 2022$1.4B

Sep 2022$1.4B

Dec 2022$1.3B

Mar 2023$1.3B

Jun 2023$1.3B

Sep 2023$1.3B

Dec 2023$1.3B

Mar 2024$1.3B

Jun 2024$1.3B

Sep 2024$1.3B

Dec 2024$1.3B

Mar 2025$1.3B

Jun 2025$1.3B

Sep 2025$1.3B

Dec 2025$1.7B

Mar 2026$1.7B

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021$943M

Dec 2021$1.0B

Mar 2022$1.3B

Jun 2022$1.5B

Sep 2022$1.5B

Dec 2022$1.5B

Mar 2023$1.3B

Jun 2023$1.1B

Sep 2023$1.1B

Dec 2023$1.0B

Mar 2024$1.1B

Jun 2024$1.0B

Sep 2024$977M

Dec 2024$965M

Mar 2025$1.0B

Jun 2025$1.2B

Sep 2025$1.1B

Dec 2025$949M

Mar 2026$1.1B

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021$2.4B

Dec 2021$2.5B

Mar 2022$2.5B

Jun 2022$2.5B

Sep 2022$2.5B

Dec 2022$2.5B

Mar 2023$3.5B

Jun 2023$3.0B

Sep 2023$3.0B

Dec 2023$2.2B

Mar 2024$2.2B

Jun 2024$2.9B

Sep 2024$2.6B

Dec 2024$2.5B

Mar 2025$2.5B

Jun 2025$2.5B

Sep 2025$2.5B

Dec 2025$2.5B

Mar 2026$2.5B

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021$12.5B

Dec 2021$12.4B

Mar 2022$12.9B

Jun 2022$13.1B

Sep 2022$12.7B

Dec 2022$13.0B

Mar 2023$13.4B

Jun 2023$14.0B

Sep 2023$13.8B

Dec 2023$13.9B

Mar 2024$13.7B

Jun 2024$13.5B

Sep 2024$13.7B

Dec 2024$14.2B

Mar 2025$14.5B

Jun 2025$15.7B

Sep 2025$15.2B

Dec 2025$15.9B

Mar 2026$16.1B

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021$6.3B

Dec 2021$6.3B

Mar 2022$6.3B

Jun 2022$6.3B

Sep 2022$6.3B

Dec 2022$6.2B

Mar 2023$6.3B

Jun 2023$6.2B

Sep 2023$6.3B

Dec 2023$6.0B

Mar 2024$6.0B

Jun 2024$6.0B

Sep 2024$7.7B

Dec 2024$7.3B

Mar 2025$6.5B

Jun 2025$6.5B

Sep 2025$6.5B

Dec 2025$6.5B

Mar 2026$7.2B

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021$1.7B

Dec 2021$1.7B

Mar 2022$1.9B

Jun 2022$1.9B

Sep 2022$2.0B

Dec 2022$2.0B

Mar 2023$2.1B

Jun 2023$2.2B

Sep 2023$2.1B

Dec 2023$2.1B

Mar 2024$2.1B

Jun 2024$2.1B

Sep 2024$2.1B

Dec 2024$2.0B

Mar 2025$2.1B

Jun 2025$2.2B

Sep 2025$2.2B

Dec 2025$2.2B

Mar 2026$2.2B

Jun 2026—

Natera, Inc. · NTRA

Sep 2021$379M

Dec 2021$391M

Mar 2022$398M

Jun 2022$397M

Sep 2022$410M

Dec 2022$439M

Mar 2023$436M

Jun 2023$434M

Sep 2023$431M

Dec 2023$430M

Mar 2024$428M

Jun 2024$425M

Sep 2024$466M

Dec 2024$177M

Mar 2025$183M

Jun 2025$183M

Sep 2025$185M

Dec 2025$199M

Mar 2026$225M

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021$4.7B

Dec 2021$4.7B

Mar 2022$4.7B

Jun 2022$4.6B

Sep 2022$4.6B

Dec 2022$4.6B

Mar 2023$4.6B

Jun 2023$5.0B

Sep 2023$4.9B

Dec 2023$5.4B

Mar 2024$5.4B

Jun 2024$5.1B

Sep 2024$7.0B

Dec 2024$6.9B

Mar 2025$6.6B

Jun 2025$6.4B

Sep 2025$6.4B

Dec 2025$6.4B

Mar 2026$6.4B

Jun 2026$6.4B

Thermo Fisher Scientific Inc. · TMO

Sep 2021$18.8B

Dec 2021$21.7B

Mar 2022—

Jun 2022$33.3B

Sep 2022$30.3B

Dec 2022$29.2B

Mar 2023—

Jun 2023$35.3B

Sep 2023$34.0B

Dec 2023$34.9B

Mar 2024$35.6B

Jun 2024$35.4B

Sep 2024$35.3B

Dec 2024$31.3B

Mar 2025$34.2B

Jun 2025$35.2B

Sep 2025$35.7B

Dec 2025$39.4B

Mar 2026$43.2B

Jun 2026—

Waters Corporation · WAT

Sep 2021$1.7B

Dec 2021$1.7B

Mar 2022—

Jun 2022$1.5B

Sep 2022$1.6B

Dec 2022$1.6B

Mar 2023—

Jun 2023$1.6B

Sep 2023$2.7B

Dec 2023$2.4B

Mar 2024$2.1B

Jun 2024$2.1B

Sep 2024$1.9B

Dec 2024$1.7B

Mar 2025$1.5B

Jun 2025$1.5B

Sep 2025$1.5B

Dec 2025$1.5B

Mar 2026—

Jun 2026$5.6B

Net debt · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021$1.4B

Dec 2021$1.2B

Mar 2022$1.6B

Jun 2022$1.7B

Sep 2022$1.8B

Dec 2022$1.7B

Mar 2023$1.7B

Jun 2023$1.6B

Sep 2023$1.5B

Dec 2023$1.1B

Mar 2024$807M

Jun 2024$885M

Sep 2024$1.2B

Dec 2024$2.1B

Mar 2025$1.9B

Jun 2025$2.0B

Sep 2025$1.9B

Dec 2025$1.6B

Mar 2026$1.6B

Jun 2026$1.5B

Danaher Corporation · DHR

Sep 2021$13.1B

Dec 2021$21.0B

Mar 2022—

Jun 2022$18.1B

Sep 2022$16.1B

Dec 2022$13.7B

Mar 2023$12.5B

Jun 2023$11.3B

Sep 2023$9.8B

Dec 2023$12.5B

Mar 2024$11.1B

Jun 2024$14.6B

Sep 2024$14.9B

Dec 2024$13.9B

Mar 2025$14.5B

Jun 2025$14.4B

Sep 2025$15.3B

Dec 2025$13.8B

Mar 2026$12.8B

Jun 2026$22.2B

Guardant Health, Inc. · GH

Sep 2021$-135M

Dec 2021$428M

Mar 2022$399M

Jun 2022$504M

Sep 2022$395M

Dec 2022$336M

Mar 2023$406M

Jun 2023$112M

Sep 2023$177M

Dec 2023$157M

Mar 2024$191M

Jun 2024$278M

Sep 2024$313M

Dec 2024$467M

Mar 2025$578M

Jun 2025$679M

Sep 2025$720M

Dec 2025$480M

Mar 2026$574M

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021$798M

Dec 2021$867M

Mar 2022$1.1B

Jun 2022$1.4B

Sep 2022$1.4B

Dec 2022$1.3B

Mar 2023$1.2B

Jun 2023$1.0B

Sep 2023$788M

Dec 2023$594M

Mar 2024$653M

Jun 2024$646M

Sep 2024$668M

Dec 2024$677M

Mar 2025$873M

Jun 2025$1.0B

Sep 2025$878M

Dec 2025$769M

Mar 2026$878M

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021$-1.9B

Dec 2021$1.2B

Mar 2022$1.1B

Jun 2022$1.1B

Sep 2022$1.2B

Dec 2022$1.4B

Mar 2023$1.4B

Jun 2023$1.5B

Sep 2023$1.4B

Dec 2023$1.3B

Mar 2024$1.1B

Jun 2024$1.9B

Sep 2024$1.7B

Dec 2024$1.3B

Mar 2025$1.3B

Jun 2025$1.4B

Sep 2025$1.2B

Dec 2025$842M

Mar 2026$1.3B

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021$10.9B

Dec 2021$11.0B

Mar 2022$11.5B

Jun 2022$11.5B

Sep 2022$11.3B

Dec 2022$11.7B

Mar 2023$11.8B

Jun 2023$12.5B

Sep 2023$12.5B

Dec 2023$12.4B

Mar 2024$12.2B

Jun 2024$11.8B

Sep 2024$12.0B

Dec 2024$12.3B

Mar 2025$12.6B

Jun 2025$13.5B

Sep 2025$13.2B

Dec 2025$13.8B

Mar 2026$14.0B

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021$4.3B

Dec 2021$4.9B

Mar 2022$5.1B

Jun 2022$5.2B

Sep 2022$5.9B

Dec 2022$5.9B

Mar 2023$5.9B

Jun 2023$4.3B

Sep 2023$5.6B

Dec 2023$5.4B

Mar 2024$5.9B

Jun 2024$5.7B

Sep 2024$6.2B

Dec 2024$5.8B

Mar 2025$6.2B

Jun 2025$5.9B

Sep 2025$5.9B

Dec 2025$6.0B

Mar 2026$6.3B

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021$1.5B

Dec 2021$1.6B

Mar 2022$1.8B

Jun 2022$1.8B

Sep 2022$1.9B

Dec 2022$1.9B

Mar 2023$2.0B

Jun 2023$2.1B

Sep 2023$2.0B

Dec 2023$2.0B

Mar 2024$2.0B

Jun 2024$2.0B

Sep 2024$2.0B

Dec 2024$2.0B

Mar 2025$2.0B

Jun 2025$2.1B

Sep 2025$2.1B

Dec 2025$2.1B

Mar 2026$2.2B

Jun 2026—

Natera, Inc. · NTRA

Sep 2021$-645M

Dec 2021$-524M

Mar 2022$-354M

Jun 2022$-242M

Sep 2022$-111M

Dec 2022$-459M

Mar 2023$-376M

Jun 2023$-302M

Sep 2023$-506M

Dec 2023$-449M

Mar 2024$-455M

Jun 2024$-462M

Sep 2024$-456M

Dec 2024$-791M

Mar 2025$-809M

Jun 2025$-833M

Sep 2025$-857M

Dec 2025$-877M

Mar 2026$-863M

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021$3.7B

Dec 2021$3.8B

Mar 2022$4.0B

Jun 2022$3.8B

Sep 2022$3.9B

Dec 2022$4.3B

Mar 2023$4.4B

Jun 2023$4.8B

Sep 2023$4.8B

Dec 2023$4.7B

Mar 2024$4.9B

Jun 2024$4.8B

Sep 2024$6.2B

Dec 2024$6.4B

Mar 2025$6.4B

Jun 2025$6.1B

Sep 2025$6.0B

Dec 2025$6.0B

Mar 2026$6.0B

Jun 2026$5.8B

Thermo Fisher Scientific Inc. · TMO

Sep 2021$11.8B

Dec 2021$9.7B

Mar 2022—

Jun 2022$30.5B

Sep 2022$28.4B

Dec 2022$26.2B

Mar 2023—

Jun 2023$31.8B

Sep 2023$30.9B

Dec 2023$26.8B

Mar 2024$28.4B

Jun 2024$26.6B

Sep 2024$28.7B

Dec 2024$25.7B

Mar 2025$28.2B

Jun 2025$28.8B

Sep 2025$32.1B

Dec 2025$29.3B

Mar 2026$39.9B

Jun 2026—

Waters Corporation · WAT

Sep 2021$1.0B

Dec 2021$1.0B

Mar 2022—

Jun 2022$1.0B

Sep 2022$1.2B

Dec 2022$1.2B

Mar 2023—

Jun 2023$1.1B

Sep 2023$2.4B

Dec 2023$2.0B

Mar 2024$1.8B

Jun 2024$1.8B

Sep 2024$1.6B

Dec 2024$1.4B

Mar 2025$1.2B

Jun 2025$1.2B

Sep 2025$1.0B

Dec 2025$903M

Mar 2026—

Jun 2026$5.1B

06 · compare level, then change

Return On Capital Employed

Medpace Holdings, Inc. has the highest ROCE among the 30 Diagnostics & Research companies compared here, at 30.2%. IDEXX Laboratories, Inc. is next at 17.4%. The same company also holds the highest ROCE change, at +10.4 percentage points. 30 of 30 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Medpace Holdings, Inc. leads ROCE at 30.2%, 12.8 percentage points above IDEXX Laboratories, Inc.. Medpace Holdings, Inc. has the strongest latest improvement at +10.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderMedpace Holdings, Inc. · 30.2%

Gap73.6% versus #2 · IDEXX Laboratories, Inc.

Persistence6/8 recent comparable periods

Coverage30/30 companies · 543 observations

Investor read: Medpace Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Medpace Holdings, Inc. MEDP30%

2IDEXX Laboratories, Inc. IDXX17%

3Mettler-Toledo International Inc. MTD9.8%

4Illumina, Inc. ILMN4.3%

5BillionToOne, Inc. BLLN3.9%

ROCE changefastest improvers

1Medpace Holdings, Inc. MEDP+10.4 pp

2BillionToOne, Inc. BLLN+5.6 pp

3CareDx, Inc. CDNA+3.7 pp

4IDEXX Laboratories, Inc. IDXX+3.3 pp

5Castle Biosciences, Inc. CSTL+2.5 pp

Return on capital · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
Medpace Holdings, Inc. MEDP	30%	+10.4 pp	Jun 2026
IDEXX Laboratories, Inc. IDXX	17%	+3.3 pp	Mar 2026
Mettler-Toledo International Inc. MTD	9.8%	−0.5 pp	Mar 2026
Illumina, Inc. ILMN	4.3%	+1.8 pp	Mar 2026
BillionToOne, Inc. BLLN	3.9%	+5.6 pp	Mar 2026
Agilent Technologies, Inc. A	3.8%	+0.6 pp	Jun 2026
Quest Diagnostics Incorporated DGX	3.2%	−0.2 pp	Jun 2026
Sotera Health Company SHC	2.6%	+0.6 pp	Mar 2026
IQVIA Holdings Inc. IQV	2.5%	0.0 pp	Mar 2026
Labcorp Holdings Inc. LH	2.4%	+0.1 pp	Mar 2026
Thermo Fisher Scientific Inc. TMO	2.0%	0.0 pp	Mar 2026
Charles River Laboratories International, Inc. CRL	1.8%	+0.7 pp	Mar 2026
Veracyte, Inc. VCYT	1.7%	+1.5 pp	Mar 2026
Qiagen N.V. QGEN	1.6%	−0.8 pp	Mar 2026
Danaher Corporation DHR	1.4%	+0.4 pp	Jun 2026
ICON Public Limited Company ICLR	1.3%	−0.3 pp	Mar 2026
Revvity, Inc. RVTY	0.7%	−0.1 pp	Jun 2026
CareDx, Inc. CDNA	0.3%	+3.7 pp	Mar 2026
Waters Corporation WAT	-0.4%	−5.5 pp	Jun 2026
RadNet, Inc. RDNT	-0.8%	+0.1 pp	Mar 2026
NeoGenomics, Inc. NEO	-1.4%	+0.5 pp	Mar 2026
OPKO Health, Inc. OPK	-2.9%	+0.8 pp	Mar 2026
Castle Biosciences, Inc. CSTL	-3.8%	+2.5 pp	Mar 2026
Adaptive Biotechnologies Corporation ADPT	-4.6%	+1.6 pp	Mar 2026
GRAIL, Inc. GRAL	-4.9%	+0.3 pp	Mar 2026
Natera, Inc. NTRA	-5.5%	+0.8 pp	Mar 2026
Twist Bioscience Corporation TWST	-8.5%	−1.3 pp	Mar 2026
Guardant Health, Inc. GH	-8.9%	−0.4 pp	Mar 2026
Personalis, Inc. PSNL	-12%	−3.4 pp	Mar 2026
GeneDx Holdings Corp. WGS	-14%	−13.1 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 20214.6%

Mar 20224.5%

Jun 20224.2%

Sep 20224.7%

Dec 20225.3%

Mar 20234.8%

Jun 20234.3%

Sep 20231.5%

Dec 20234.6%

Mar 20244.2%

Jun 20244.0%

Sep 20243.8%

Dec 20244.3%

Mar 20253.9%

Jun 20253.2%

Sep 20253.8%

Dec 20254.4%

Mar 20263.4%

Jun 20263.8%

Danaher Corporation · DHR

Sep 2021—

Dec 20211.8%

Mar 2022—

Jun 20223.0%

Sep 20223.0%

Dec 20222.6%

Mar 20232.0%

Jun 20231.5%

Sep 20231.6%

Dec 20231.8%

Mar 20241.7%

Jun 20241.6%

Sep 20241.3%

Dec 20241.9%

Mar 20251.7%

Jun 20251.0%

Sep 20251.6%

Dec 20252.0%

Mar 20261.8%

Jun 20261.4%

Guardant Health, Inc. · GH

Sep 2021-6.5%

Dec 2021-4.7%

Mar 2022-5.9%

Jun 2022-6.7%

Sep 2022-7.9%

Dec 2022-8.5%

Mar 2023-8.4%

Jun 2023-7.2%

Sep 2023-7.3%

Dec 2023-13%

Mar 2024-7.1%

Jun 2024-6.6%

Sep 2024-8.1%

Dec 2024-8.9%

Mar 2025-8.5%

Jun 2025-8.5%

Sep 2025-8.3%

Dec 2025-8.1%

Mar 2026-8.9%

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 202114%

Dec 202112%

Mar 202215%

Jun 202211%

Sep 202215%

Dec 202214%

Mar 202317%

Jun 202317%

Sep 202315%

Dec 202313%

Mar 202414%

Jun 202412%

Sep 202414%

Dec 202412%

Mar 202514%

Jun 202517%

Sep 202516%

Dec 202514%

Mar 202617%

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 2021-5.3%

Mar 20220.4%

Jun 20221.7%

Sep 2022-5.7%

Dec 2022-32%

Mar 2023-1.1%

Jun 2023-0.5%

Sep 2023-0.8%

Dec 2023-8.8%

Mar 2024-1.2%

Jun 2024-25%

Sep 202411%

Dec 20242.6%

Mar 20252.5%

Jun 20255.0%

Sep 20254.9%

Dec 20254.1%

Mar 20264.3%

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 20211.6%

Dec 20212.3%

Mar 20222.5%

Jun 20222.4%

Sep 20222.5%

Dec 20221.9%

Mar 20232.4%

Jun 20232.7%

Sep 20232.5%

Dec 20232.5%

Mar 20242.6%

Jun 20242.6%

Sep 20242.8%

Dec 20243.1%

Mar 20252.5%

Jun 20252.5%

Sep 20252.7%

Dec 20253.0%

Mar 20262.5%

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 20214.6%

Dec 20214.2%

Mar 20223.9%

Jun 20222.4%

Sep 20222.1%

Dec 20220.2%

Mar 20231.9%

Jun 20231.6%

Sep 20231.6%

Dec 2023-0.8%

Mar 20242.1%

Jun 20242.1%

Sep 20241.7%

Dec 20241.5%

Mar 20252.3%

Jun 20252.8%

Sep 20252.6%

Dec 20251.7%

Mar 20262.4%

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 202112%

Dec 202114%

Mar 202210%

Jun 202212%

Sep 202213%

Dec 202215%

Mar 202311%

Jun 202312%

Sep 202313%

Dec 202311%

Mar 202411%

Jun 202412%

Sep 202413%

Dec 202416%

Mar 202510%

Jun 202513%

Sep 202513%

Dec 202515%

Mar 20269.8%

Jun 2026—

Natera, Inc. · NTRA

Sep 2021-16%

Dec 2021-16%

Mar 2022-17%

Jun 2022-20%

Sep 2022-13%

Dec 2022-14%

Mar 2023-14%

Jun 2023-13%

Sep 2023-12%

Dec 2023-7.6%

Mar 2024-6.8%

Jun 2024-4.0%

Sep 2024-3.2%

Dec 2024-5.3%

Mar 2025-6.3%

Jun 2025-8.6%

Sep 2025-7.3%

Dec 2025-1.4%

Mar 2026-5.5%

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 20215.5%

Dec 20214.4%

Mar 20224.3%

Jun 20223.4%

Sep 20223.3%

Dec 20221.2%

Mar 20232.6%

Jun 20233.0%

Sep 20232.9%

Dec 20232.3%

Mar 20242.6%

Jun 20243.0%

Sep 20242.6%

Dec 20242.8%

Mar 20252.7%

Jun 20253.4%

Sep 20252.8%

Dec 20252.8%

Mar 20262.8%

Jun 20263.2%

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 20213.7%

Mar 2022—

Jun 20224.0%

Sep 20222.9%

Dec 20222.4%

Mar 2023—

Jun 20232.0%

Sep 20232.0%

Dec 20232.2%

Mar 20242.1%

Jun 20242.2%

Sep 20242.2%

Dec 20242.4%

Mar 20252.0%

Jun 20252.1%

Sep 20252.2%

Dec 20252.5%

Mar 20262.0%

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 20218.7%

Mar 2022—

Jun 20228.2%

Sep 20228.5%

Dec 20228.0%

Mar 2023—

Jun 20237.2%

Sep 20236.6%

Dec 20238.3%

Mar 20244.3%

Jun 20245.1%

Sep 20245.7%

Dec 20247.7%

Mar 20254.2%

Jun 20255.1%

Sep 20255.3%

Dec 20257.1%

Mar 2026—

Jun 2026-0.4%

ROCE change · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+0.7 pp

Mar 2023+0.3 pp

Jun 2023+0.1 pp

Sep 2023−3.2 pp

Dec 2023−0.7 pp

Mar 2024−0.6 pp

Jun 2024−0.3 pp

Sep 2024+2.3 pp

Dec 2024−0.3 pp

Mar 2025−0.3 pp

Jun 2025−0.8 pp

Sep 20250.0 pp

Dec 2025+0.1 pp

Mar 2026−0.5 pp

Jun 2026+0.6 pp

Danaher Corporation · DHR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+0.8 pp

Mar 2023—

Jun 2023−1.5 pp

Sep 2023−1.4 pp

Dec 2023−0.8 pp

Mar 2024−0.3 pp

Jun 2024+0.1 pp

Sep 2024−0.3 pp

Dec 2024+0.1 pp

Mar 20250.0 pp

Jun 2025−0.6 pp

Sep 2025+0.3 pp

Dec 2025+0.1 pp

Mar 2026+0.1 pp

Jun 2026+0.4 pp

Guardant Health, Inc. · GH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−1.4 pp

Dec 2022−3.8 pp

Mar 2023−2.5 pp

Jun 2023−0.5 pp

Sep 2023+0.6 pp

Dec 2023−4.7 pp

Mar 2024+1.3 pp

Jun 2024+0.6 pp

Sep 2024−0.8 pp

Dec 2024+4.3 pp

Mar 2025−1.4 pp

Jun 2025−1.9 pp

Sep 2025−0.2 pp

Dec 2025+0.8 pp

Mar 2026−0.4 pp

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+1.5 pp

Dec 2022+2.4 pp

Mar 2023+1.8 pp

Jun 2023+6.1 pp

Sep 2023+0.1 pp

Dec 2023−1.4 pp

Mar 2024−2.3 pp

Jun 2024−5.0 pp

Sep 2024−1.8 pp

Dec 2024−1.3 pp

Mar 2025−0.3 pp

Jun 2025+4.6 pp

Sep 2025+2.3 pp

Dec 2025+2.8 pp

Mar 2026+3.3 pp

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−26.9 pp

Mar 2023−1.5 pp

Jun 2023−2.2 pp

Sep 2023+4.9 pp

Dec 2023+23.4 pp

Mar 2024−0.1 pp

Jun 2024−24.0 pp

Sep 2024+11.6 pp

Dec 2024+11.4 pp

Mar 2025+3.7 pp

Jun 2025+29.5 pp

Sep 2025−5.9 pp

Dec 2025+1.5 pp

Mar 2026+1.8 pp

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.9 pp

Dec 2022−0.4 pp

Mar 2023−0.1 pp

Jun 2023+0.3 pp

Sep 20230.0 pp

Dec 2023+0.6 pp

Mar 2024+0.2 pp

Jun 2024−0.1 pp

Sep 2024+0.3 pp

Dec 2024+0.6 pp

Mar 2025−0.1 pp

Jun 2025−0.1 pp

Sep 2025−0.1 pp

Dec 2025−0.1 pp

Mar 20260.0 pp

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−2.5 pp

Dec 2022−4.0 pp

Mar 2023−2.0 pp

Jun 2023−0.8 pp

Sep 2023−0.5 pp

Dec 2023−1.0 pp

Mar 2024+0.2 pp

Jun 2024+0.5 pp

Sep 2024+0.1 pp

Dec 2024+2.3 pp

Mar 2025+0.2 pp

Jun 2025+0.7 pp

Sep 2025+0.9 pp

Dec 2025+0.2 pp

Mar 2026+0.1 pp

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+1.1 pp

Dec 2022+0.6 pp

Mar 2023+0.4 pp

Jun 2023+0.1 pp

Sep 2023−0.9 pp

Dec 2023−3.9 pp

Mar 20240.0 pp

Jun 2024−0.2 pp

Sep 2024+0.3 pp

Dec 2024+4.5 pp

Mar 2025−0.2 pp

Jun 2025+0.4 pp

Sep 2025+0.1 pp

Dec 2025−0.8 pp

Mar 2026−0.5 pp

Jun 2026—

Natera, Inc. · NTRA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+3.1 pp

Dec 2022+2.5 pp

Mar 2023+2.5 pp

Jun 2023+6.9 pp

Sep 2023+1.1 pp

Dec 2023+5.9 pp

Mar 2024+7.4 pp

Jun 2024+8.6 pp

Sep 2024+8.5 pp

Dec 2024+2.3 pp

Mar 2025+0.5 pp

Jun 2025−4.6 pp

Sep 2025−4.1 pp

Dec 2025+3.9 pp

Mar 2026+0.8 pp

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−2.2 pp

Dec 2022−3.2 pp

Mar 2023−1.7 pp

Jun 2023−0.4 pp

Sep 2023−0.4 pp

Dec 2023+1.1 pp

Mar 20240.0 pp

Jun 20240.0 pp

Sep 2024−0.3 pp

Dec 2024+0.5 pp

Mar 2025+0.1 pp

Jun 2025+0.4 pp

Sep 2025+0.2 pp

Dec 20250.0 pp

Mar 2026+0.1 pp

Jun 2026−0.2 pp

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−1.3 pp

Mar 2023—

Jun 2023−2.0 pp

Sep 2023−0.9 pp

Dec 2023−0.2 pp

Mar 2024—

Jun 2024+0.2 pp

Sep 2024+0.2 pp

Dec 2024+0.2 pp

Mar 2025−0.1 pp

Jun 2025−0.1 pp

Sep 20250.0 pp

Dec 2025+0.1 pp

Mar 20260.0 pp

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−0.7 pp

Mar 2023—

Jun 2023−1.0 pp

Sep 2023−1.9 pp

Dec 2023+0.3 pp

Mar 2024—

Jun 2024−2.1 pp

Sep 2024−0.9 pp

Dec 2024−0.6 pp

Mar 2025−0.1 pp

Jun 20250.0 pp

Sep 2025−0.4 pp

Dec 2025−0.6 pp

Mar 2026—

Jun 2026−5.5 pp

07 · compare level, then change

Valuation Against Growth & Quality

ICON Public Limited Company has the lowest Guarded PEG among the 30 Diagnostics & Research companies compared here, at 0.49×. Labcorp Holdings Inc. is next at 0.77×. CareDx, Inc. has the lowest P/E at 12.2×, so level and change sit with different companies. 7 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: ICON Public Limited Company has the lowest comparable Guarded PEG at 0.49×, 36.4% below Labcorp Holdings Inc.. Only 7 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderICON Public Limited Company · 0.49×

Gap36.4% versus #2 · Labcorp Holdings Inc.

Persistence0/8 recent comparable periods

Coverage7/30 companies · 67 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

1ICON Public Limited Company ICLR0.5

2Labcorp Holdings Inc. LH0.8

3Agilent Technologies, Inc. A1.0

4IDEXX Laboratories, Inc. IDXX1.6

5IQVIA Holdings Inc. IQV2.1

P/Elowest P/E

1CareDx, Inc. CDNA12.2

2Qiagen N.V. QGEN20.9

3IQVIA Holdings Inc. IQV21.1

4Illumina, Inc. ILMN21.4

5Quest Diagnostics Incorporated DGX22.5

Valuation · company comparison

7/30 level · 24/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
Mettler-Toledo International Inc. MTD	4.7	29.6	Mar 2026
Waters Corporation WAT	4.3	38.7	Jun 2026
Thermo Fisher Scientific Inc. TMO	3.9	26.0	Mar 2026
IQVIA Holdings Inc. IQV	2.1	21.1	Mar 2026
IDEXX Laboratories, Inc. IDXX	1.6	41.4	Mar 2026
Revvity, Inc. RVTY	1.5	42.6	Jun 2026
Quest Diagnostics Incorporated DGX	1.5	22.5	Jun 2026
Medpace Holdings, Inc. MEDP	1.4	31.0	Jun 2026
Agilent Technologies, Inc. A	1.0	23.2	Jun 2026
Labcorp Holdings Inc. LH	0.8	23.6	Mar 2026
ICON Public Limited Company ICLR	0.5	50.8	Mar 2026
Danaher Corporation DHR	—	34.9	Jun 2026
Illumina, Inc. ILMN	—	21.4	Mar 2026
Charles River Laboratories International, Inc. CRL	—	427.3	Mar 2026
Qiagen N.V. QGEN	—	20.9	Mar 2026
BillionToOne, Inc. BLLN	—	60.9	Mar 2026
Sotera Health Company SHC	—	35.0	Mar 2026
RadNet, Inc. RDNT	—	1,746.0	Mar 2026
Veracyte, Inc. VCYT	—	29.6	Mar 2026
CareDx, Inc. CDNA	—	12.2	Mar 2026
GeneDx Holdings Corp. WGS	—	2,693.5	Mar 2026
NeoGenomics, Inc. NEO	—	134.0	Mar 2026
OPKO Health, Inc. OPK	—	33.2	Mar 2026
Castle Biosciences, Inc. CSTL	—	43.0	Mar 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Agilent Technologies, Inc. · A

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20233.2

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 20241.1

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 20261.0

ICON Public Limited Company · ICLR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20233.9

Dec 20233.0

Mar 20241.6

Jun 20241.2

Sep 20240.9

Dec 20240.6

Mar 20250.8

Jun 20250.5

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20232.5

Sep 20231.8

Dec 20232.2

Mar 20242.2

Jun 20246.7

Sep 20248.4

Dec 20246.5

Mar 2025—

Jun 20252.4

Sep 20252.4

Dec 20252.3

Mar 20261.6

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231.2

Mar 20241.1

Jun 20240.8

Sep 20241.1

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20262.1

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 20251.3

Mar 20260.8

Jun 2026—

Medpace Holdings, Inc. · MEDP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.5

Jun 20230.6

Sep 20230.9

Dec 20231.6

Mar 20241.7

Jun 20241.4

Sep 20240.9

Dec 20240.6

Mar 20250.7

Jun 20250.9

Sep 20251.4

Dec 20251.7

Mar 20261.4

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20232.5

Jun 20232.7

Sep 20233.8

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 20242.3

Mar 20252.4

Jun 20253.4

Sep 20253.8

Dec 2025—

Mar 20264.7

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20241.9

Jun 20242.4

Sep 20241.8

Dec 2024—

Mar 20253.3

Jun 20251.7

Sep 20251.5

Dec 20251.4

Mar 20261.5

Jun 2026—

Revvity, Inc. · RVTY

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 20241.2

Mar 2025—

Jun 2025—

Sep 20251.5

Dec 2025—

Mar 2026—

Jun 2026—

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20251.7

Jun 20251.7

Sep 20253.1

Dec 20254.5

Mar 20263.9

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20254.7

Jun 20254.3

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 202140.0

Mar 202235.4

Jun 202228.7

Sep 202230.6

Dec 202233.1

Mar 202334.3

Jun 202329.8

Sep 202331.9

Dec 202324.7

Mar 202431.0

Jun 202432.4

Sep 202429.3

Dec 202429.4

Mar 202534.8

Jun 202526.6

Sep 202527.0

Dec 202532.0

Mar 202629.6

Jun 202623.2

Danaher Corporation · DHR

Sep 2021—

Dec 202134.5

Mar 2022—

Jun 202230.4

Sep 202226.9

Dec 202227.8

Mar 202324.9

Jun 202326.7

Sep 202329.8

Dec 202336.3

Mar 202443.8

Jun 202444.0

Sep 202452.1

Dec 202443.4

Mar 202540.0

Jun 202542.3

Sep 202538.1

Dec 202545.3

Mar 202635.1

Jun 202634.9

ICON Public Limited Company · ICLR

Sep 202166.7

Dec 2021137.6

Mar 202297.7

Jun 202286.0

Sep 202232.6

Dec 202231.7

Mar 202334.6

Jun 202340.6

Sep 202339.7

Dec 202342.3

Mar 202442.9

Jun 202438.3

Sep 202433.5

Dec 202424.0

Mar 202518.1

Jun 202513.9

Sep 202539.2

Dec 202567.2

Mar 202650.8

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 202171.2

Dec 202176.6

Mar 202264.1

Jun 202245.3

Sep 202241.4

Dec 202250.8

Mar 202360.2

Jun 202353.3

Sep 202344.6

Dec 202355.2

Mar 202452.3

Jun 202448.2

Sep 202448.7

Dec 202438.8

Mar 202538.8

Jun 202544.7

Sep 202550.7

Dec 202551.7

Mar 202641.4

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 202163.0

Mar 202273.4

Jun 202276.9

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 202512.0

Sep 202520.6

Dec 202524.8

Mar 202621.4

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 202160.8

Dec 202157.0

Mar 202241.7

Jun 202236.2

Sep 202229.5

Dec 202235.8

Mar 202335.8

Jun 202338.7

Sep 202333.1

Dec 202331.7

Mar 202434.6

Jun 202427.5

Sep 202431.1

Dec 202426.2

Mar 202524.0

Jun 202522.8

Sep 202526.1

Dec 202528.8

Mar 202621.1

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 20218.6

Dec 202111.1

Mar 202210.4

Jun 20229.6

Sep 20229.4

Dec 202214.5

Mar 202317.9

Jun 202322.4

Sep 202326.9

Dec 202347.7

Mar 202444.0

Jun 202438.5

Sep 202443.2

Dec 202425.9

Mar 202526.9

Jun 202529.0

Sep 202528.2

Dec 202524.0

Mar 202623.6

Jun 2026—

Medpace Holdings, Inc. · MEDP

Sep 202139.1

Dec 202145.3

Mar 202230.5

Jun 202226.0

Sep 202224.1

Dec 202229.2

Mar 202323.8

Jun 202328.7

Sep 202328.4

Dec 202334.5

Mar 202441.2

Jun 202438.7

Sep 202429.2

Dec 202426.3

Mar 202523.3

Jun 202523.3

Sep 202536.0

Dec 202536.8

Mar 202630.2

Jun 202631.0

Mettler-Toledo International Inc. · MTD

Sep 202143.2

Dec 202151.8

Mar 202240.3

Jun 202232.4

Sep 202229.7

Dec 202237.6

Mar 202338.9

Jun 202333.0

Sep 202328.3

Dec 202333.8

Mar 202437.3

Jun 202438.5

Sep 202440.4

Dec 202430.2

Mar 202529.5

Jun 202529.8

Sep 202530.6

Dec 202533.2

Mar 202629.6

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 20218.7

Dec 202111.1

Mar 20229.1

Jun 202211.1

Sep 202212.1

Dec 202219.6

Mar 202320.9

Jun 202320.5

Sep 202318.3

Dec 202318.4

Mar 202417.9

Jun 202418.5

Sep 202420.9

Dec 202419.6

Mar 202521.4

Jun 202521.5

Sep 202522.4

Dec 202519.8

Mar 202621.7

Jun 202622.5

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 202126.6

Mar 2022—

Jun 202230.9

Sep 202229.2

Dec 202228.5

Mar 2023—

Jun 202337.6

Sep 202335.7

Dec 202334.4

Mar 202437.3

Jun 202434.3

Sep 202438.5

Dec 202431.5

Mar 202529.3

Jun 202523.6

Sep 202526.8

Dec 202532.7

Mar 202626.0

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 202131.9

Mar 2022—

Jun 202227.0

Sep 202229.4

Dec 202223.5

Mar 2023—

Jun 202326.9

Sep 202323.5

Dec 202330.4

Mar 202433.8

Jun 202428.9

Sep 202434.1

Dec 202434.6

Mar 202532.9

Jun 202531.8

Sep 202526.8

Dec 202535.3

Mar 2026—

Jun 202638.7

08 · compare level, then change

Enterprise Value & Book Value

GRAIL, Inc. has the lowest EV/EBITDA among the 30 Diagnostics & Research companies compared here, at 0.04×. Personalis, Inc. is next at 0.21×. OPKO Health, Inc. has the lowest P/BV at 0.71×, so level and change sit with different companies. 25 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: GRAIL, Inc. leads ev/ebitda at 0.04×; OPKO Health, Inc. leads p/bv at 0.71×.

LeaderGRAIL, Inc. · 0.04×

Gap81% versus #2 · Personalis, Inc.

Persistence0/8 recent comparable periods

Coverage25/30 companies · 338 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1GRAIL, Inc. GRAL0.0

2Personalis, Inc. PSNL0.2

3Sotera Health Company SHC11.9

4Quest Diagnostics Incorporated DGX12.5

5IQVIA Holdings Inc. IQV12.6

P/BVlowest P/BV

1OPKO Health, Inc. OPK0.7

2GRAIL, Inc. GRAL0.9

3ICON Public Limited Company ICLR0.9

4NeoGenomics, Inc. NEO1.2

5Revvity, Inc. RVTY1.4

Enterprise and book valuation · company comparison

25/30 level · 28/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
CareDx, Inc. CDNA	76.5	2.8	Mar 2026
BillionToOne, Inc. BLLN	75.2	7.2	Mar 2026
GeneDx Holdings Corp. WGS	59.3	7.5	Mar 2026
Castle Biosciences, Inc. CSTL	52.8	1.6	Mar 2026
Waters Corporation WAT	36.2	2.0	Jun 2026
OPKO Health, Inc. OPK	34.8	0.7	Mar 2026
IDEXX Laboratories, Inc. IDXX	29.2	28.6	Mar 2026
Charles River Laboratories International, Inc. CRL	25.2	2.6	Mar 2026
Medpace Holdings, Inc. MEDP	23.6	34.1	Jun 2026
Mettler-Toledo International Inc. MTD	22.4	-608.5	Mar 2026
RadNet, Inc. RDNT	21.3	4.1	Mar 2026
Danaher Corporation DHR	20.9	2.6	Jun 2026
Veracyte, Inc. VCYT	20.4	1.9	Mar 2026
Thermo Fisher Scientific Inc. TMO	20.2	3.4	Mar 2026
Agilent Technologies, Inc. A	18.7	4.6	Jun 2026
Illumina, Inc. ILMN	17.1	6.7	Mar 2026
ICON Public Limited Company ICLR	16.6	0.9	Mar 2026
Revvity, Inc. RVTY	16.0	1.4	Jun 2026
Qiagen N.V. QGEN	14.6	2.5	Mar 2026
Labcorp Holdings Inc. LH	13.3	2.5	Mar 2026
IQVIA Holdings Inc. IQV	12.6	4.6	Mar 2026
Quest Diagnostics Incorporated DGX	12.5	3.1	Jun 2026
Sotera Health Company SHC	11.9	6.6	Mar 2026
Personalis, Inc. PSNL	0.2	2.6	Mar 2026
GRAIL, Inc. GRAL	0.0	0.9	Mar 2026
Natera, Inc. NTRA	—	16.1	Mar 2026
Guardant Health, Inc. GH	—	-67.1	Mar 2026
Twist Bioscience Corporation TWST	—	6.5	Mar 2026
Adaptive Biotechnologies Corporation ADPT	—	10.3	Mar 2026
NeoGenomics, Inc. NEO	—	1.2	Mar 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 202129.2

Mar 202225.2

Jun 202220.7

Sep 202222.2

Dec 202222.0

Mar 202323.7

Jun 202321.0

Sep 202321.9

Dec 202319.3

Mar 202424.7

Jun 202426.4

Sep 202424.1

Dec 202422.5

Mar 202525.8

Jun 202519.2

Sep 202519.9

Dec 202524.3

Mar 202622.7

Jun 202618.7

Danaher Corporation · DHR

Sep 2021—

Dec 202124.0

Mar 2022—

Jun 202220.9

Sep 202218.2

Dec 202219.3

Mar 202317.8

Jun 202319.0

Sep 202321.4

Dec 202324.9

Mar 202427.2

Jun 202426.9

Sep 202430.2

Dec 202424.8

Mar 202522.5

Jun 202523.1

Sep 202520.8

Dec 202524.6

Mar 202619.5

Jun 202620.9

ICON Public Limited Company · ICLR

Sep 202145.5

Dec 202141.3

Mar 202254.5

Jun 202244.7

Sep 202214.9

Dec 202214.9

Mar 202315.5

Jun 202317.3

Sep 202316.7

Dec 202318.0

Mar 202420.3

Jun 202419.5

Sep 202417.9

Dec 202410.2

Mar 202512.5

Jun 202510.5

Sep 202519.1

Dec 202514.6

Mar 202616.6

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 202152.6

Dec 202154.6

Mar 202245.3

Jun 202231.9

Sep 202228.9

Dec 202234.8

Mar 202340.9

Jun 202336.8

Sep 202331.1

Dec 202338.5

Mar 202436.8

Jun 202433.9

Sep 202434.0

Dec 202427.4

Mar 202527.2

Jun 202531.6

Sep 202536.0

Dec 202536.3

Mar 202629.2

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 2021341.4

Mar 2022462.3

Jun 2022351.9

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 202513.0

Sep 202514.5

Dec 202520.0

Mar 202617.1

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 202122.1

Dec 202124.4

Mar 202220.1

Jun 202218.3

Sep 202215.4

Dec 202217.0

Mar 202316.9

Jun 202318.1

Sep 202316.0

Dec 202317.5

Mar 202418.5

Jun 202416.0

Sep 202417.2

Dec 202414.2

Mar 202513.1

Jun 202512.2

Sep 202513.8

Dec 202515.7

Mar 202612.6

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 20216.0

Dec 20218.3

Mar 20227.2

Jun 20227.1

Sep 20227.6

Dec 202212.1

Mar 202313.5

Jun 202314.7

Sep 202315.8

Dec 202318.8

Mar 202418.6

Jun 202416.9

Sep 202418.2

Dec 202414.4

Mar 202514.7

Jun 202514.9

Sep 202514.8

Dec 202512.9

Mar 202613.3

Jun 2026—

Medpace Holdings, Inc. · MEDP

Sep 202129.7

Dec 202134.2

Mar 202223.5

Jun 202219.6

Sep 202218.4

Dec 202222.5

Mar 202318.4

Jun 202321.9

Sep 202321.3

Dec 202325.7

Mar 202432.1

Jun 202430.3

Sep 202422.5

Dec 202420.2

Mar 202518.1

Jun 202517.6

Sep 202526.7

Dec 202527.6

Mar 202622.3

Jun 202623.6

Mettler-Toledo International Inc. · MTD

Sep 202130.7

Dec 202136.9

Mar 202229.2

Jun 202224.0

Sep 202221.9

Dec 202227.6

Mar 202328.5

Jun 202324.2

Sep 202320.8

Dec 202324.0

Mar 202426.2

Jun 202427.7

Sep 202429.3

Dec 202422.3

Mar 202522.0

Jun 202521.8

Sep 202522.4

Dec 202524.5

Mar 202622.4

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 20217.1

Dec 20218.8

Mar 20227.6

Jun 20227.8

Sep 20228.0

Dec 202211.7

Mar 202312.3

Jun 202312.8

Sep 202311.8

Dec 202311.8

Mar 202411.6

Jun 202411.7

Sep 202413.8

Dec 202412.6

Mar 202513.3

Jun 202513.0

Sep 202513.0

Dec 202511.1

Mar 202612.1

Jun 202612.5

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 202118.0

Mar 2022—

Jun 202220.8

Sep 202219.3

Dec 202218.3

Mar 2023—

Jun 202324.2

Sep 202323.0

Dec 202322.6

Mar 202424.2

Jun 202422.6

Sep 202425.4

Dec 202421.4

Mar 202521.0

Jun 202517.8

Sep 202520.1

Dec 202523.5

Mar 202620.2

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 202123.9

Mar 2022—

Jun 202220.1

Sep 202221.7

Dec 202217.5

Mar 2023—

Jun 202319.7

Sep 202318.4

Dec 202321.9

Mar 202423.1

Jun 202419.8

Sep 202423.0

Dec 202423.0

Mar 202521.9

Jun 202521.3

Sep 202517.9

Dec 202523.3

Mar 2026—

Jun 202636.2

P/BV · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Agilent Technologies, Inc. · A

Sep 2021—

Dec 20218.8

Mar 20228.1

Jun 20227.0

Sep 20227.8

Dec 20227.7

Mar 20238.0

Jun 20236.9

Sep 20236.4

Dec 20235.2

Mar 20246.2

Jun 20246.4

Sep 20246.9

Dec 20246.3

Mar 20257.2

Jun 20255.0

Sep 20255.1

Dec 20256.2

Mar 20265.5

Jun 20264.6

Danaher Corporation · DHR

Sep 2021—

Dec 20214.4

Mar 2022—

Jun 20224.0

Sep 20223.6

Dec 20223.4

Mar 20233.2

Jun 20233.0

Sep 20233.1

Dec 20233.2

Mar 20243.5

Jun 20243.6

Sep 20243.9

Dec 20243.3

Mar 20252.9

Jun 20252.7

Sep 20252.6

Dec 20253.1

Mar 20262.4

Jun 20262.6

Guardant Health, Inc. · GH

Sep 202117.9

Dec 202115.8

Mar 202212.7

Jun 202212.9

Sep 202233.1

Dec 202246.4

Mar 2023-54.0

Jun 202314.4

Sep 202315.3

Dec 202320.7

Mar 202436.8

Jun 2024-2,201.7

Sep 2024-47.0

Dec 2024-27.1

Mar 2025-21.0

Jun 2025-21.2

Sep 2025-22.0

Dec 2025-134.4

Mar 2026-67.1

Jun 2026—

IDEXX Laboratories, Inc. · IDXX

Sep 202169.9

Dec 202180.7

Mar 202272.0

Jun 202264.0

Sep 202256.8

Dec 202255.6

Mar 202349.4

Jun 202338.1

Sep 202328.0

Dec 202331.0

Mar 202428.5

Jun 202425.4

Sep 202425.6

Dec 202421.2

Mar 202523.4

Jun 202529.5

Sep 202532.7

Dec 202533.6

Mar 202628.6

Jun 2026—

Illumina, Inc. · ILMN

Sep 2021—

Dec 20215.7

Mar 20225.4

Jun 20225.1

Sep 20222.8

Dec 20224.3

Mar 20234.7

Jun 20235.3

Sep 20234.4

Dec 20233.6

Mar 20243.7

Jun 202411.6

Sep 20249.7

Dec 20249.1

Mar 20255.4

Jun 20258.4

Sep 20255.9

Dec 20257.6

Mar 20266.7

Jun 2026—

IQVIA Holdings Inc. · IQV

Sep 20217.9

Dec 20218.9

Mar 20227.4

Jun 20227.6

Sep 20226.3

Dec 20226.6

Mar 20236.3

Jun 20237.2

Sep 20236.2

Dec 20236.9

Mar 20247.3

Jun 20245.7

Sep 20246.2

Dec 20245.7

Mar 20255.1

Jun 20254.6

Sep 20255.3

Dec 20255.9

Mar 20264.6

Jun 2026—

Labcorp Holdings Inc. · LH

Sep 20212.2

Dec 20212.5

Mar 20222.0

Jun 20221.8

Sep 20221.6

Dec 20221.8

Mar 20231.7

Jun 20232.1

Sep 20232.2

Dec 20232.4

Mar 20242.3

Jun 20242.1

Sep 20242.3

Dec 20242.4

Mar 20252.4

Jun 20252.6

Sep 20252.7

Dec 20252.4

Mar 20262.5

Jun 2026—

Mettler-Toledo International Inc. · MTD

Sep 2021198.9

Dec 2021227.6

Mar 2022368.3

Jun 20223,560.3

Sep 2022-291.9

Dec 20221,299.8

Mar 2023-1,377.1

Jun 2023-319.7

Sep 2023-226.9

Dec 2023-174.1

Mar 2024-179.1

Jun 2024-194.1

Sep 2024-205.0

Dec 2024-202.0

Mar 2025-134.9

Jun 2025-93.5

Sep 2025-100.6

Dec 2025-1,200.9

Mar 2026-608.5

Jun 2026—

Natera, Inc. · NTRA

Sep 202113.9

Dec 202113.6

Mar 20227.2

Jun 20227.7

Sep 202211.8

Dec 20226.3

Mar 20239.7

Jun 20239.3

Sep 20236.7

Dec 20239.8

Mar 202414.1

Jun 202416.0

Sep 202417.9

Dec 202417.6

Mar 202515.5

Jun 202518.5

Sep 202517.7

Dec 202518.7

Mar 202616.1

Jun 2026—

Quest Diagnostics Incorporated · DGX

Sep 20212.8

Dec 20213.2

Mar 20222.5

Jun 20222.4

Sep 20222.2

Dec 20223.0

Mar 20232.6

Jun 20232.5

Sep 20232.1

Dec 20232.4

Mar 20242.3

Jun 20242.3

Sep 20242.6

Dec 20242.5

Mar 20252.7

Jun 20252.8

Sep 20252.9

Dec 20252.7

Mar 20263.0

Jun 20263.1

Thermo Fisher Scientific Inc. · TMO

Sep 2021—

Dec 20215.8

Mar 2022—

Jun 20225.7

Sep 20225.1

Dec 20224.6

Mar 2023—

Jun 20235.3

Sep 20234.6

Dec 20234.4

Mar 20244.9

Jun 20244.5

Sep 20244.8

Dec 20244.0

Mar 20253.8

Jun 20253.1

Sep 20253.4

Dec 20254.1

Mar 20263.4

Jun 2026—

Waters Corporation · WAT

Sep 2021—

Dec 202173.7

Mar 2022—

Jun 202249.7

Sep 202251.5

Dec 202241.7

Mar 2023—

Jun 202330.5

Sep 202320.4

Dec 202316.9

Mar 202416.3

Jun 202412.2

Sep 202413.2

Dec 202412.1

Mar 202511.0

Jun 20259.7

Sep 20257.5

Dec 20258.8

Mar 2026—

Jun 20262.0

09 · let price answer last

Market action

Guardant Health, Inc. has the strongest one-year price move in Diagnostics & Research at +246.7%. Twist Bioscience Corporation leads on Mansfield relative strength against the S&P 500 at +75.2%. 21 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Diagnostics & Research comparison names 4 specific ways its own evidence can mislead, all listed below. All 30 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

10 · the complete set

Which companies are included?

All 30 companies in the canonical Diagnostics & Research membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals
Thermo Fisher Scientific Inc. TMOAHEAD	$214.2B	$576	2026-07-28	Mar 2026
Danaher Corporation DHRAHEAD	$139.9B	$199	2026-07-28	Jun 2026
IDEXX Laboratories, Inc. IDXX	$44.9B	$570	2026-07-28	Mar 2026
IQVIA Holdings Inc. IQVAHEAD	$40.5B	$243	2026-07-28	Mar 2026
Agilent Technologies, Inc. AAHEAD	$39.7B	$141	2026-07-28	Jun 2026
Waters Corporation WATAHEAD	$37.7B	$384	2026-07-28	Jun 2026
Natera, Inc. NTRAAHEAD	$36.1B	$252	2026-07-28	Mar 2026
Illumina, Inc. ILMNAHEAD	$29.2B	$193	2026-07-28	Mar 2026
Mettler-Toledo International Inc. MTD	$28.1B	$1,388	2026-07-28	Mar 2026
Quest Diagnostics Incorporated DGXAHEAD	$26.0B	$236	2026-07-28	Jun 2026
Labcorp Holdings Inc. LHAHEAD	$25.8B	$314	2026-07-28	Mar 2026
Guardant Health, Inc. GHAHEAD	$19.0B	$144	2026-07-28	Mar 2026
Medpace Holdings, Inc. MEDPAHEAD	$15.9B	$571	2026-07-28	Jun 2026
ICON Public Limited Company ICLRAHEAD	$13.8B	$180	2026-07-28	Mar 2026
Revvity, Inc. RVTYAHEAD	$12.4B	$112	2026-07-28	Jun 2026
Charles River Laboratories International, Inc. CRLAHEAD	$11.6B	$240	2026-07-28	Mar 2026
Qiagen N.V. QGENAHEADLAGGING, FUNDAMENTALS UP	$8.7B	$42.3	2026-07-28	Mar 2026
BillionToOne, Inc. BLLNAHEAD	$6.1B	$134	2026-07-28	Mar 2026
Twist Bioscience Corporation TWSTAHEAD25/26 WEEKS	$5.5B	$88.6	2026-07-28	Mar 2026
Sotera Health Company SHCAHEAD	$5.1B	$17.8	2026-07-28	Mar 2026
RadNet, Inc. RDNTAHEAD	$5.0B	$63.2	2026-07-28	Mar 2026
Veracyte, Inc. VCYTAHEAD	$4.4B	$55.6	2026-07-28	Mar 2026
Adaptive Biotechnologies Corporation ADPTAHEAD	$3.6B	$22.5	2026-07-28	Mar 2026
GRAIL, Inc. GRALAHEAD	$2.8B	$64.4	2026-07-28	Mar 2026
CareDx, Inc. CDNAAHEAD19/26 WEEKS	$1.8B	$35.8	2026-07-28	Mar 2026
GeneDx Holdings Corp. WGS	$1.8B	$61.9	2026-07-28	Mar 2026
NeoGenomics, Inc. NEOAHEAD	$1.7B	$13.4	2026-07-28	Mar 2026
Personalis, Inc. PSNLAHEAD	$1.2B	$11.9	2026-07-28	Mar 2026
OPKO Health, Inc. OPKAHEAD	$1.2B	$1.7	2026-07-28	Mar 2026
Castle Biosciences, Inc. CSTL	$725M	$23.9	2026-07-28	Mar 2026

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 30 Diagnostics & Research companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-28 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Questions investors ask · short, speakable answers

Diagnostics & Research company comparison FAQs

These 18 answers restate the Diagnostics & Research comparison above in question form. Every one is computed from the same 30 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Diagnostics & Research company is the biggest?

Thermo Fisher Scientific Inc. is the largest, with trailing-twelve-month revenue of $45,197 million, ahead of IQVIA Holdings Inc. at $16,632 million. That covers 25 of 30 companies with comparable reporting through Mar 2026.

Which Diagnostics & Research company is growing fastest?

BillionToOne, Inc. has the fastest revenue growth at 99.4% year on year, across 25 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Diagnostics & Research company has the best profit margins?

IDEXX Laboratories, Inc. has the highest operating margin at 31.8%, from 30 of 30 comparable companies. GRAIL, Inc. shows the biggest recent improvement, at +149.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Diagnostics & Research company makes the most profit?

Thermo Fisher Scientific Inc. earns the most, at $6,900 million of trailing-twelve-month net profit, from 25 of 30 comparable companies. Qiagen N.V. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Diagnostics & Research company earns the highest return on capital?

Medpace Holdings, Inc. leads on return on capital employed at 30.2%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Diagnostics & Research stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — ICON Public Limited Company screens cheapest at 0.49×. Only 7 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Diagnostics & Research company has the strongest balance sheet?

CareDx, Inc. carries the lowest comparable gross debt at $18 million, from 30 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Diagnostics & Research company is investing most in new capacity?

Thermo Fisher Scientific Inc. reports the largest capital spending at $376 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Is the Diagnostics & Research sector beating the market?

Diagnostics & Research has outperformed S&P 500 by 41.4% over the last 52 weeks and 32.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 21 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Diagnostics & Research stock has the strongest price momentum?

Twist Bioscience Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Diagnostics & Research company scores highest for research priority?

Veracyte, Inc. scores 67.9 out of 100 with 72% evidence confidence, from 25.6 points on growth and earnings, 14.1 on capital efficiency, 10.5 on valuation and 17.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Diagnostics & Research companies does this comparison cover, and over what period?

It compares 30 listed companies over up to 20 reported quarters of fundamentals and 8 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Diagnostics & Research sector?

The 30 Diagnostics & Research companies on this page carry $784,868 million of combined market value. Thermo Fisher Scientific Inc. is the largest at $214,206 million, about 27% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Diagnostics & Research sector's P/E ratio?

The median price-to-earnings ratio across the 30 Diagnostics & Research companies on this page is 34.8×, measured on the 24 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Diagnostics & Research sector performing?

21 of the 29 covered Diagnostics & Research companies are beating S&P 500 on Mansfield relative strength. The sector itself is 41.4% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Diagnostics & Research stocks are listed in the US?

This comparison covers 30 listed Diagnostics & Research companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.