# Diagnostics & Research — company-by-company sector analysis > Diagnostics & Research: Thermo Fisher Scientific Inc. owns the largest revenue base; BillionToOne, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## 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? 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. ### 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. ## Sector relative strength 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%. 13-week sector return versus NIFTY 500: 33% 52-week sector return versus NIFTY 500: 41% Stocks leading NIFTY: 21/29 Stocks leading sector: 9/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹7.8 L Cr ## 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. 1. Veracyte, Inc. (VCYT): 68/100 — Favorable setup; evidence 72% - Growth & earnings 25.6/35 | Capital efficiency 14.1/25 | Valuation 10.5/20 | Relative strength 17.7/20 - 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. 2. CareDx, Inc. (CDNA): 64/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 24.4/35 | Capital efficiency 11.5/25 | Valuation 11.5/20 | Relative strength 16.7/20 - 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. 3. Medpace Holdings, Inc. (MEDP): 61/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 21.1/35 | Capital efficiency 20.8/25 | Valuation 10.2/20 | Relative strength 8.8/20 - 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. 4. Adaptive Biotechnologies Corporation (ADPT): 60/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 23.9/35 | Capital efficiency 8.4/25 | Valuation 10.0/20 | Relative strength 17.9/20 - 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. 5. Illumina, Inc. (ILMN): 58/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 18.4/35 | Capital efficiency 12.8/25 | Valuation 11.1/20 | Relative strength 15.4/20 - 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. 6. Agilent Technologies, Inc. (A): 57/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 21.6/35 | Capital efficiency 15.8/25 | Valuation 13.6/20 | Relative strength 5.6/20 - 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. 7. Labcorp Holdings Inc. (LH): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.8/35 | Capital efficiency 12.0/25 | Valuation 15.0/20 | Relative strength 8.9/20 - 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. 8. Charles River Laboratories International, Inc. (CRL): 54/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 17.7/35 | Capital efficiency 10.6/25 | Valuation 8.8/20 | Relative strength 16.9/20 - 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. 9. NeoGenomics, Inc. (NEO): 51/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 18.8/35 | Capital efficiency 8.2/25 | Valuation 8.9/20 | Relative strength 15.4/20 - 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. 10. Quest Diagnostics Incorporated (DGX): 51/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.0/35 | Capital efficiency 13.6/25 | Valuation 11.0/20 | Relative strength 9.5/20 - 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. 11. IDEXX Laboratories, Inc. (IDXX): 51/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 22.5/35 | Capital efficiency 17.9/25 | Valuation 9.8/20 | Relative strength 0.6/20 - 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. 12. Guardant Health, Inc. (GH): 50/100 — Mixed-positive evidence; evidence 62% - Growth & earnings 19.6/35 | Capital efficiency 3.5/25 | Valuation 10.0/20 | Relative strength 17.3/20 - 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. 13. Twist Bioscience Corporation (TWST): 50/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 16.8/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 14.6/20 - 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. 14. Natera, Inc. (NTRA): 48/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 20.9/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 8.3/20 - 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. 15. OPKO Health, Inc. (OPK): 48/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 16.7/35 | Capital efficiency 9.2/25 | Valuation 10.1/20 | Relative strength 12.2/20 - 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. IQVIA Holdings Inc. (IQV): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 12.5/35 | Capital efficiency 11.1/25 | Valuation 9.4/20 | Relative strength 14.7/20 - 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. 17. Revvity, Inc. (RVTY): 47/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 15.2/35 | Capital efficiency 12.4/25 | Valuation 9.4/20 | Relative strength 10.2/20 - 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. 18. ICON Public Limited Company (ICLR): 47/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 8.2/35 | Capital efficiency 11.9/25 | Valuation 14.1/20 | Relative strength 12.6/20 - 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. 19. Qiagen N.V. (QGEN): 46/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 15.3/35 | Capital efficiency 13.1/25 | Valuation 11.4/20 | Relative strength 6.0/20 - 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. 20. Sotera Health Company (SHC): 45/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 19.5/35 | Capital efficiency 11.5/25 | Valuation 9.8/20 | Relative strength 4.2/20 - 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. 21. Danaher Corporation (DHR): 45/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 18.1/35 | Capital efficiency 13.7/25 | Valuation 9.9/20 | Relative strength 3.3/20 - 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. 22. GRAIL, Inc. (GRAL): 43/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 21.2/35 | Capital efficiency 9.3/25 | Valuation 10.0/20 | Relative strength 2.1/20 - 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. 23. Castle Biosciences, Inc. (CSTL): 41/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 18.7/35 | Capital efficiency 10.1/25 | Valuation 9.3/20 | Relative strength 3.3/20 - 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. 24. Waters Corporation (WAT): 41/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 11.8/35 | Capital efficiency 11.3/25 | Valuation 9.7/20 | Relative strength 8.2/20 - 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. 25. Personalis, Inc. (PSNL): 41/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 7.1/35 | Capital efficiency 8.0/25 | Valuation 10.0/20 | Relative strength 15.7/20 - 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. 26. Thermo Fisher Scientific Inc. (TMO): 40/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 14.2/35 | Capital efficiency 12.9/25 | Valuation 6.3/20 | Relative strength 6.2/20 - 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. 27. RadNet, Inc. (RDNT): 37/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 18.2/35 | Capital efficiency 7.8/25 | Valuation 8.6/20 | Relative strength 2.3/20 - 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. 28. Mettler-Toledo International Inc. (MTD): 34/100 — Adverse evidence; evidence 82% - Growth & earnings 11.7/35 | Capital efficiency 13.4/25 | Valuation 5.3/20 | Relative strength 3.9/20 - 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. 29. GeneDx Holdings Corp. (WGS): 27/100 — Adverse evidence; evidence 65% - Growth & earnings 12.5/35 | Capital efficiency 5.9/25 | Valuation 8.5/20 | Relative strength 0.3/20 - 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. 30. BillionToOne, Inc. (BLLN): 59/100 — Thin evidence · provisional; evidence 45% - Growth & earnings 26.0/35 | Capital efficiency 14.4/25 | Valuation 9.0/20 | Relative strength 10.0/20 - Exact sum: 26 + 14.4 + 9 + 10 = 59.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability 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. 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. Evidence: Thermo Fisher Scientific Inc. · $45,197 million | 171.7% versus #2 · IQVIA Holdings Inc. | 6/8 recent comparable periods | 25/30 companies · 548 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Thermo Fisher Scientific Inc. (TMO): ₹45.2K Cr 2. IQVIA Holdings Inc. (IQV): ₹16.6K Cr 3. Labcorp Holdings Inc. (LH): ₹14.1K Cr 4. ICON Public Limited Company (ICLR): ₹8.3K Cr 5. Agilent Technologies, Inc. (A): ₹7.2K Cr ### Revenue growth — fastest growers 1. BillionToOne, Inc. (BLLN): 99% 2. Adaptive Biotechnologies Corporation (ADPT): 58% 3. Guardant Health, Inc. (GH): 40% 4. Natera, Inc. (NTRA): 37% 5. GeneDx Holdings Corp. (WGS): 34% ### 20-quarter Revenue history - TMO: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.3K Cr | Mar 2022 — | Jun 2022 ₹11.8K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹10.7K Cr | Mar 2023 — | Jun 2023 ₹10.7K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹10.9K Cr | Mar 2024 ₹10.3K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹10.6K Cr | Dec 2024 ₹11.4K Cr | Mar 2025 ₹10.4K Cr | Jun 2025 ₹10.9K Cr | Sep 2025 ₹11.1K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹11.0K Cr | Jun 2026 — - DHR: Sep 2021 ₹7.2K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 — | Jun 2022 ₹7.7K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.9K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.8K Cr | Dec 2024 ₹6.5K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 — - IDXX: Sep 2021 ₹810 Cr | Dec 2021 ₹801 Cr | Mar 2022 ₹837 Cr | Jun 2022 ₹861 Cr | Sep 2022 ₹842 Cr | Dec 2022 ₹829 Cr | Mar 2023 ₹900 Cr | Jun 2023 ₹944 Cr | Sep 2023 ₹916 Cr | Dec 2023 ₹902 Cr | Mar 2024 ₹964 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹976 Cr | Dec 2024 ₹954 Cr | Mar 2025 ₹998 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - IQV: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 — - A: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr - WAT: Sep 2021 ₹682 Cr | Dec 2021 ₹659 Cr | Mar 2022 — | Jun 2022 ₹691 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹709 Cr | Mar 2023 — | Jun 2023 ₹685 Cr | Sep 2023 ₹741 Cr | Dec 2023 ₹819 Cr | Mar 2024 ₹637 Cr | Jun 2024 ₹709 Cr | Sep 2024 ₹740 Cr | Dec 2024 ₹873 Cr | Mar 2025 ₹662 Cr | Jun 2025 ₹771 Cr | Sep 2025 ₹800 Cr | Dec 2025 ₹932 Cr | Mar 2026 — | Jun 2026 ₹1.3K Cr - NTRA: Sep 2021 ₹158 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹211 Cr | Dec 2022 ₹217 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹311 Cr | Mar 2024 ₹368 Cr | Jun 2024 ₹413 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹476 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹547 Cr | Sep 2025 ₹592 Cr | Dec 2025 ₹665 Cr | Mar 2026 ₹697 Cr | Jun 2026 — - ILMN: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - MTD: Sep 2021 ₹952 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹898 Cr | Jun 2022 ₹978 Cr | Sep 2022 ₹986 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹929 Cr | Jun 2023 ₹982 Cr | Sep 2023 ₹942 Cr | Dec 2023 ₹935 Cr | Mar 2024 ₹926 Cr | Jun 2024 ₹947 Cr | Sep 2024 ₹955 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹884 Cr | Jun 2025 ₹983 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹947 Cr | Jun 2026 — - DGX: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - LH: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - GH: Sep 2021 ₹95 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹109 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹155 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹191 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹232 Cr | Sep 2025 ₹265 Cr | Dec 2025 ₹281 Cr | Mar 2026 ₹302 Cr | Jun 2026 — - MEDP: Sep 2021 ₹296 Cr | Dec 2021 ₹309 Cr | Mar 2022 ₹331 Cr | Jun 2022 ₹351 Cr | Sep 2022 ₹384 Cr | Dec 2022 ₹394 Cr | Mar 2023 ₹434 Cr | Jun 2023 ₹461 Cr | Sep 2023 ₹492 Cr | Dec 2023 ₹498 Cr | Mar 2024 ₹511 Cr | Jun 2024 ₹528 Cr | Sep 2024 ₹533 Cr | Dec 2024 ₹537 Cr | Mar 2025 ₹559 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹660 Cr | Dec 2025 ₹708 Cr | Mar 2026 ₹707 Cr | Jun 2026 — - ICLR: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - RVTY: Sep 2021 ₹1.2K Cr | Dec 2021 ₹861 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹963 Cr | Sep 2022 ₹896 Cr | Dec 2022 ₹712 Cr | Mar 2023 ₹741 Cr | Jun 2023 ₹675 Cr | Sep 2023 ₹709 Cr | Dec 2023 ₹671 Cr | Mar 2024 ₹650 Cr | Jun 2024 ₹692 Cr | Sep 2024 ₹684 Cr | Dec 2024 ₹729 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹720 Cr | Sep 2025 ₹699 Cr | Dec 2025 ₹772 Cr | Mar 2026 — | Jun 2026 ₹711 Cr - CRL: Sep 2021 ₹896 Cr | Dec 2021 ₹905 Cr | Mar 2022 ₹914 Cr | Jun 2022 ₹973 Cr | Sep 2022 ₹989 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹984 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹994 Cr | Mar 2026 ₹996 Cr | Jun 2026 — - QGEN: Sep 2021 ₹535 Cr | Dec 2021 ₹582 Cr | Mar 2022 ₹628 Cr | Jun 2022 ₹516 Cr | Sep 2022 ₹500 Cr | Dec 2022 ₹498 Cr | Mar 2023 ₹485 Cr | Jun 2023 ₹495 Cr | Sep 2023 ₹476 Cr | Dec 2023 ₹509 Cr | Mar 2024 ₹459 Cr | Jun 2024 ₹496 Cr | Sep 2024 ₹502 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹483 Cr | Jun 2025 ₹534 Cr | Sep 2025 ₹533 Cr | Dec 2025 ₹540 Cr | Mar 2026 ₹492 Cr | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹33 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹108 Cr | Jun 2026 — - TWST: Sep 2021 ₹38 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹54 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹111 Cr | Jun 2026 — - SHC: Sep 2021 ₹226 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹237 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹221 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹310 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹277 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹303 Cr | Mar 2026 ₹280 Cr | Jun 2026 — - RDNT: Sep 2021 ₹333 Cr | Dec 2021 ₹333 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹354 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹384 Cr | Mar 2023 ₹391 Cr | Jun 2023 ₹404 Cr | Sep 2023 ₹402 Cr | Dec 2023 ₹420 Cr | Mar 2024 ₹432 Cr | Jun 2024 ₹460 Cr | Sep 2024 ₹461 Cr | Dec 2024 ₹477 Cr | Mar 2025 ₹471 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹523 Cr | Dec 2025 ₹548 Cr | Mar 2026 ₹576 Cr | Jun 2026 — - VCYT: Sep 2021 ₹60 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹139 Cr | Jun 2026 — - ADPT: Sep 2021 ₹39 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹71 Cr | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹20 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹41 Cr | Jun 2026 — - CDNA: Sep 2021 ₹76 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹77 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹118 Cr | Jun 2026 — - WGS: Sep 2021 ₹43 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹117 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹102 Cr | Jun 2026 — - NEO: Sep 2021 ₹121 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹156 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹165 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹187 Cr | Jun 2026 — - PSNL: Sep 2021 ₹22 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - OPK: Sep 2021 ₹386 Cr | Dec 2021 ₹401 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹180 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹238 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹150 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹152 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹124 Cr | Jun 2026 — - CSTL: Sep 2021 ₹23 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹84 Cr | Jun 2026 — ### 20-quarter Revenue growth history - TMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 14% | Mar 2023 — | Jun 2023 -9.4% | Sep 2023 -2.6% | Dec 2023 2.0% | Mar 2024 — | Jun 2024 -1.6% | Sep 2024 -0.8% | Dec 2024 4.7% | Mar 2025 0.2% | Jun 2025 3.0% | Sep 2025 4.9% | Dec 2025 7.2% | Mar 2026 6.2% | Jun 2026 — - DHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.4% | Dec 2022 -1.3% | Mar 2023 — | Jun 2023 -23% | Sep 2023 -27% | Dec 2023 -10% | Mar 2024 -2.6% | Jun 2024 -2.9% | Sep 2024 3.1% | Dec 2024 2.1% | Mar 2025 -1.0% | Jun 2025 3.4% | Sep 2025 4.4% | Dec 2025 4.6% | Mar 2026 3.7% | Jun 2026 — - IDXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 4.0% | Dec 2022 3.5% | Mar 2023 7.5% | Jun 2023 9.6% | Sep 2023 8.8% | Dec 2023 8.8% | Mar 2024 7.1% | Jun 2024 6.4% | Sep 2024 6.6% | Dec 2024 5.8% | Mar 2025 3.5% | Jun 2025 10% | Sep 2025 13% | Dec 2025 14% | Mar 2026 14% | Jun 2026 — - IQV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0% | Sep 2022 5.0% | Dec 2022 2.8% | Mar 2023 2.4% | Jun 2023 5.3% | Sep 2023 4.9% | Dec 2023 3.5% | Mar 2024 2.3% | Jun 2024 2.3% | Sep 2024 4.3% | Dec 2024 2.3% | Mar 2025 2.5% | Jun 2025 5.3% | Sep 2025 5.2% | Dec 2025 10% | Mar 2026 8.4% | Jun 2026 — - A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.3% | Dec 2022 11% | Mar 2023 4.9% | Jun 2023 6.9% | Sep 2023 -2.7% | Dec 2023 -8.7% | Mar 2024 -5.6% | Jun 2024 -8.4% | Sep 2024 -5.6% | Dec 2024 0.8% | Mar 2025 1.4% | Jun 2025 6.0% | Sep 2025 10% | Dec 2025 9.4% | Mar 2026 7.0% | Jun 2026 10% - WAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.7% | Dec 2022 7.6% | Mar 2023 — | Jun 2023 -0.9% | Sep 2023 3.8% | Dec 2023 16% | Mar 2024 — | Jun 2024 3.5% | Sep 2024 -0.1% | Dec 2024 6.6% | Mar 2025 3.9% | Jun 2025 8.7% | Sep 2025 8.1% | Dec 2025 6.8% | Mar 2026 — | Jun 2026 64% - NTRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 34% | Dec 2022 25% | Mar 2023 25% | Jun 2023 32% | Sep 2023 27% | Dec 2023 43% | Mar 2024 52% | Jun 2024 58% | Sep 2024 64% | Dec 2024 53% | Mar 2025 36% | Jun 2025 32% | Sep 2025 35% | Dec 2025 40% | Mar 2026 39% | Jun 2026 — - ILMN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.2% | Dec 2022 0.6% | Mar 2023 -9.7% | Jun 2023 -11% | Sep 2023 1.2% | Dec 2023 0.4% | Mar 2024 -0.7% | Jun 2024 2.3% | Sep 2024 -8.2% | Dec 2024 -1.3% | Mar 2025 -3.3% | Jun 2025 -4.8% | Sep 2025 0.4% | Dec 2025 5.0% | Mar 2026 4.8% | Jun 2026 — - MTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.8% | Sep 2022 3.6% | Dec 2022 2.0% | Mar 2023 3.5% | Jun 2023 0.4% | Sep 2023 -4.5% | Dec 2023 -12% | Mar 2024 -0.3% | Jun 2024 -3.6% | Sep 2024 1.4% | Dec 2024 12% | Mar 2025 -4.5% | Jun 2025 3.8% | Sep 2025 7.9% | Dec 2025 8.1% | Mar 2026 7.1% | Jun 2026 — - 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 2024 1.5% | Jun 2024 2.5% | Sep 2024 8.4% | Dec 2024 15% | Mar 2025 12% | Jun 2025 15% | Sep 2025 13% | Dec 2025 7.1% | Mar 2026 9.2% | Jun 2026 — - LH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 -29% | Dec 2022 -28% | Mar 2023 -22% | Jun 2023 3.8% | Sep 2023 6.6% | Dec 2023 3.5% | Mar 2024 4.6% | Jun 2024 6.2% | Sep 2024 7.4% | Dec 2024 9.8% | Mar 2025 5.3% | Jun 2025 9.5% | Sep 2025 8.6% | Dec 2025 5.6% | Mar 2026 5.8% | Jun 2026 — - GH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 23% | Dec 2022 18% | Mar 2023 34% | Jun 2023 26% | Sep 2023 22% | Dec 2023 22% | Mar 2024 30% | Jun 2024 29% | Sep 2024 34% | Dec 2024 30% | Mar 2025 21% | Jun 2025 31% | Sep 2025 39% | Dec 2025 39% | Mar 2026 49% | Jun 2026 — - MEDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 30% | Dec 2022 28% | Mar 2023 31% | Jun 2023 31% | Sep 2023 28% | Dec 2023 26% | Mar 2024 18% | Jun 2024 15% | Sep 2024 8.3% | Dec 2024 7.8% | Mar 2025 9.4% | Jun 2025 14% | Sep 2025 24% | Dec 2025 32% | Mar 2026 26% | Jun 2026 — - ICLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 122% | Sep 2022 4.1% | Dec 2022 4.1% | Mar 2023 3.4% | Jun 2023 3.8% | Sep 2023 5.1% | Dec 2023 4.0% | Mar 2024 3.9% | Jun 2024 1.7% | Sep 2024 0.1% | Dec 2024 1.0% | Mar 2025 -1.4% | Jun 2025 -0.2% | Sep 2025 2.1% | Dec 2025 2.5% | Mar 2026 0.9% | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -27% | Dec 2022 -17% | Mar 2023 -28% | Jun 2023 -30% | Sep 2023 -21% | Dec 2023 -5.8% | Mar 2024 -12% | Jun 2024 2.5% | Sep 2024 -3.5% | Dec 2024 8.6% | Mar 2025 2.3% | Jun 2025 4.1% | Sep 2025 2.2% | Dec 2025 5.9% | Mar 2026 — | Jun 2026 -1.3% - CRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 10% | Dec 2022 22% | Mar 2023 — | Jun 2023 5.8% | Sep 2023 7.2% | Dec 2023 -7.9% | Mar 2024 — | Jun 2024 -0.3% | Sep 2024 -4.7% | Dec 2024 -1.0% | Mar 2025 -2.8% | Jun 2025 0.6% | Sep 2025 -0.5% | Dec 2025 -0.9% | Mar 2026 1.2% | Jun 2026 — - QGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.0% | Sep 2022 -6.5% | Dec 2022 -14% | Mar 2023 -23% | Jun 2023 -4.1% | Sep 2023 -4.8% | Dec 2023 2.2% | Mar 2024 -5.4% | Jun 2024 0.2% | Sep 2024 5.5% | Dec 2024 2.4% | Mar 2025 5.2% | Jun 2025 7.7% | Sep 2025 6.2% | Dec 2025 3.7% | Mar 2026 1.9% | Jun 2026 — - BLLN: 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 79% | Jun 2025 86% | Sep 2025 121% | Dec 2025 113% | Mar 2026 83% | Jun 2026 — - TWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 50% | Dec 2022 29% | Mar 2023 25% | Jun 2023 14% | Sep 2023 18% | Dec 2023 31% | Mar 2024 25% | Jun 2024 27% | Sep 2024 27% | Dec 2024 25% | Mar 2025 24% | Jun 2025 19% | Sep 2025 16% | Dec 2025 17% | Mar 2026 19% | Jun 2026 — - SHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 10% | Dec 2022 4.6% | Mar 2023 -6.8% | Jun 2023 -4.5% | Sep 2023 5.6% | Dec 2023 23% | Mar 2024 12% | Jun 2024 8.6% | Sep 2024 8.4% | Dec 2024 -6.5% | Mar 2025 2.8% | Jun 2025 6.1% | Sep 2025 9.1% | Dec 2025 4.5% | Mar 2026 9.8% | Jun 2026 — - RDNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 5.1% | Dec 2022 15% | Mar 2023 14% | Jun 2023 14% | Sep 2023 15% | Dec 2023 9.4% | Mar 2024 10% | Jun 2024 14% | Sep 2024 15% | Dec 2024 14% | Mar 2025 9.0% | Jun 2025 8.3% | Sep 2025 13% | Dec 2025 15% | Mar 2026 22% | Jun 2026 — - VCYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 27% | Dec 2022 19% | Mar 2023 21% | Jun 2023 23% | Sep 2023 18% | Dec 2023 23% | Mar 2024 18% | Jun 2024 27% | Sep 2024 29% | Dec 2024 21% | Mar 2025 18% | Jun 2025 14% | Sep 2025 14% | Dec 2025 18% | Mar 2026 22% | Jun 2026 — - ADPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 23% | Dec 2022 45% | Mar 2023 -2.6% | Jun 2023 11% | Sep 2023 -21% | Dec 2023 -16% | Mar 2024 11% | Jun 2024 -12% | Sep 2024 21% | Dec 2024 2.2% | Mar 2025 24% | Jun 2025 37% | Sep 2025 104% | Dec 2025 53% | Mar 2026 37% | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 60% | Sep 2024 32% | Dec 2024 81% | Mar 2025 19% | Jun 2025 13% | Sep 2025 24% | Dec 2025 16% | Mar 2026 28% | Jun 2026 — - CDNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.5% | Sep 2022 4.0% | Dec 2022 3.8% | Mar 2023 -2.5% | Jun 2023 -14% | Sep 2023 -15% | Dec 2023 -20% | Mar 2024 -6.5% | Jun 2024 31% | Sep 2024 24% | Dec 2024 32% | Mar 2025 18% | Jun 2025 -5.4% | Sep 2025 20% | Dec 2025 24% | Mar 2026 39% | Jun 2026 — - WGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 93% | Dec 2022 5.2% | Mar 2023 -20% | Jun 2023 36% | Sep 2023 -36% | Dec 2023 -6.6% | Mar 2024 44% | Jun 2024 45% | Sep 2024 45% | Dec 2024 68% | Mar 2025 40% | Jun 2025 45% | Sep 2025 52% | Dec 2025 26% | Mar 2026 17% | Jun 2026 — - NEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.5% | Sep 2022 6.6% | Dec 2022 10% | Mar 2023 17% | Jun 2023 18% | Sep 2023 18% | Dec 2023 12% | Mar 2024 14% | Jun 2024 12% | Sep 2024 11% | Dec 2024 10% | Mar 2025 7.7% | Jun 2025 9.7% | Sep 2025 12% | Dec 2025 10% | Mar 2026 11% | Jun 2026 — - PSNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -18% | Sep 2022 -32% | Dec 2022 -19% | Mar 2023 27% | Jun 2023 -5.6% | Sep 2023 20% | Dec 2023 18% | Mar 2024 5.3% | Jun 2024 35% | Sep 2024 44% | Dec 2024 -15% | Mar 2025 5.0% | Jun 2025 -26% | Sep 2025 -46% | Dec 2025 0.0% | Mar 2026 -29% | Jun 2026 — - OPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 -53% | Dec 2022 -54% | Mar 2023 -28% | Jun 2023 -15% | Sep 2023 -0.6% | Dec 2023 -1.6% | Mar 2024 -27% | Jun 2024 -31% | Sep 2024 -2.8% | Dec 2024 1.1% | Mar 2025 -14% | Jun 2025 -14% | Sep 2025 -13% | Dec 2025 -19% | Mar 2026 -17% | Jun 2026 — - CSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 61% | Dec 2022 52% | Mar 2023 56% | Jun 2023 43% | Sep 2023 65% | Dec 2023 74% | Mar 2024 74% | Jun 2024 74% | Sep 2024 41% | Dec 2024 30% | Mar 2025 21% | Jun 2025 -1.2% | Sep 2025 -3.5% | Dec 2025 1.2% | Mar 2026 -4.6% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: IDEXX Laboratories, Inc. leads opm at 31.8%; GRAIL, Inc. leads margin change at +149.6 percentage points. 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. Evidence: IDEXX Laboratories, Inc. · 31.8% | 17.3% versus #2 · Sotera Health Company | 7/8 recent comparable periods | 30/30 companies · 545 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. IDEXX Laboratories, Inc. (IDXX): 32% 2. Sotera Health Company (SHC): 27% 3. Mettler-Toledo International Inc. (MTD): 24% 4. Danaher Corporation (DHR): 23% 5. Agilent Technologies, Inc. (A): 22% ### Margin change — fastest expanders 1. GRAIL, Inc. (GRAL): +149.6 pp 2. Adaptive Biotechnologies Corporation (ADPT): +29.3 pp 3. BillionToOne, Inc. (BLLN): +20.4 pp 4. CareDx, Inc. (CDNA): +16.8 pp 5. Guardant Health, Inc. (GH): +14.4 pp ### 20-quarter OPM history - TMO: Sep 2021 23% | Dec 2021 24% | Mar 2022 — | Jun 2022 24% | Sep 2022 18% | Dec 2022 16% | Mar 2023 — | Jun 2023 15% | Sep 2023 15% | Dec 2023 17% | Mar 2024 16% | Jun 2024 17% | Sep 2024 17% | Dec 2024 18% | Mar 2025 17% | Jun 2025 17% | Sep 2025 18% | Dec 2025 19% | Mar 2026 17% | Jun 2026 — - DHR: Sep 2021 28% | Dec 2021 18% | Mar 2022 — | Jun 2022 28% | Sep 2022 28% | Dec 2022 28% | Mar 2023 26% | Jun 2023 20% | Sep 2023 21% | Dec 2023 21% | Mar 2024 23% | Jun 2024 20% | Sep 2024 17% | Dec 2024 22% | Mar 2025 22% | Jun 2025 13% | Sep 2025 19% | Dec 2025 22% | Mar 2026 23% | Jun 2026 — - IDXX: Sep 2021 28% | Dec 2021 25% | Mar 2022 30% | Jun 2022 21% | Sep 2022 29% | Dec 2022 27% | Mar 2023 31% | Jun 2023 31% | Sep 2023 30% | Dec 2023 27% | Mar 2024 31% | Jun 2024 26% | Sep 2024 31% | Dec 2024 27% | Mar 2025 32% | Jun 2025 34% | Sep 2025 32% | Dec 2025 29% | Mar 2026 32% | Jun 2026 — - IQV: Sep 2021 8.9% | Dec 2021 13% | Mar 2022 14% | Jun 2022 13% | Sep 2022 13% | Dec 2022 10% | Mar 2023 13% | Jun 2023 14% | Sep 2023 13% | Dec 2023 13% | Mar 2024 14% | Jun 2024 14% | Sep 2024 14% | Dec 2024 16% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 14% | Mar 2026 12% | Jun 2026 — - A: Sep 2021 21% | Dec 2021 24% | Mar 2022 23% | Jun 2022 22% | Sep 2022 24% | Dec 2022 26% | Mar 2023 24% | Jun 2023 22% | Sep 2023 8.0% | Dec 2023 24% | Mar 2024 23% | Jun 2024 23% | Sep 2024 21% | Dec 2024 24% | Mar 2025 22% | Jun 2025 18% | Sep 2025 21% | Dec 2025 24% | Mar 2026 20% | Jun 2026 22% - WAT: Sep 2021 29% | Dec 2021 29% | Mar 2022 — | Jun 2022 28% | Sep 2022 28% | Dec 2022 27% | Mar 2023 — | Jun 2023 25% | Sep 2023 27% | Dec 2023 32% | Mar 2024 21% | Jun 2024 27% | Sep 2024 29% | Dec 2024 34% | Mar 2025 23% | Jun 2025 24% | Sep 2025 24% | Dec 2025 29% | Mar 2026 — | Jun 2026 -3.7% - 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 — - ILMN: Sep 2021 17% | Dec 2021 -49% | Mar 2022 3.4% | Jun 2022 15% | 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 2024 69% | Dec 2024 16% | Mar 2025 16% | Jun 2025 20% | Sep 2025 21% | Dec 2025 17% | Mar 2026 19% | Jun 2026 — - MTD: Sep 2021 27% | Dec 2021 29% | Mar 2022 25% | Jun 2022 28% | Sep 2022 30% | Dec 2022 32% | Mar 2023 26% | Jun 2023 29% | Sep 2023 29% | Dec 2023 27% | Mar 2024 26% | Jun 2024 28% | Sep 2024 29% | Dec 2024 32% | Mar 2025 25% | Jun 2025 27% | Sep 2025 28% | Dec 2025 30% | Mar 2026 24% | Jun 2026 — - DGX: Sep 2021 24% | Dec 2021 20% | Mar 2022 20% | Jun 2022 16% | Sep 2022 16% | Dec 2022 5.8% | Mar 2023 13% | Jun 2023 15% | Sep 2023 15% | Dec 2023 12% | Mar 2024 13% | Jun 2024 15% | Sep 2024 13% | Dec 2024 14% | Mar 2025 13% | Jun 2025 16% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14% | Jun 2026 — - LH: Sep 2021 19% | Dec 2021 18% | Mar 2022 18% | Jun 2022 15% | Sep 2022 13% | Dec 2022 1.0% | Mar 2023 11% | Jun 2023 8.8% | Sep 2023 8.3% | Dec 2023 -4.0% | Mar 2024 10% | Jun 2024 9.2% | Sep 2024 7.7% | Dec 2024 6.5% | Mar 2025 9.7% | Jun 2025 11% | Sep 2025 11% | Dec 2025 7.6% | Mar 2026 11% | Jun 2026 — - 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 — - MEDP: Sep 2021 18% | Dec 2021 18% | Mar 2022 19% | Jun 2022 17% | Sep 2022 20% | Dec 2022 19% | Mar 2023 20% | Jun 2023 17% | Sep 2023 17% | Dec 2023 18% | Mar 2024 20% | Jun 2024 20% | Sep 2024 21% | Dec 2024 23% | Mar 2025 20% | Jun 2025 21% | Sep 2025 22% | Dec 2025 22% | Mar 2026 20% | Jun 2026 — - ICLR: Sep 2021 0.3% | Dec 2021 7.7% | Mar 2022 9.0% | Jun 2022 9.2% | Sep 2022 13% | Dec 2022 10% | Mar 2023 11% | Jun 2023 10% | Sep 2023 12% | Dec 2023 12% | Mar 2024 12% | Jun 2024 7.7% | Sep 2024 15% | Dec 2024 16% | Mar 2025 11% | Jun 2025 11% | Sep 2025 -11% | Dec 2025 9.8% | Mar 2026 8.5% | Jun 2026 — - RVTY: Sep 2021 27% | Dec 2021 23% | Mar 2022 29% | Jun 2022 27% | Sep 2022 26% | Dec 2022 16% | Mar 2023 19% | Jun 2023 11% | Sep 2023 11% | Dec 2023 10% | Mar 2024 6.8% | Jun 2024 12% | Sep 2024 14% | Dec 2024 16% | Mar 2025 11% | Jun 2025 13% | Sep 2025 12% | Dec 2025 15% | Mar 2026 — | Jun 2026 11% - CRL: Sep 2021 17% | Dec 2021 19% | Mar 2022 16% | Jun 2022 19% | Sep 2022 15% | Dec 2022 15% | Mar 2023 — | Jun 2023 16% | Sep 2023 16% | Dec 2023 13% | Mar 2024 13% | Jun 2024 15% | Sep 2024 12% | Dec 2024 -17% | Mar 2025 7.6% | Jun 2025 9.7% | Sep 2025 13% | Dec 2025 -29% | Mar 2026 12% | Jun 2026 — - QGEN: Sep 2021 25% | Dec 2021 30% | Mar 2022 33% | Jun 2022 24% | Sep 2022 20% | Dec 2022 21% | Mar 2023 20% | Jun 2023 21% | Sep 2023 20% | Dec 2023 22% | Mar 2024 21% | Jun 2024 -46% | Sep 2024 22% | Dec 2024 23% | Mar 2025 24% | Jun 2025 23% | Sep 2025 24% | Dec 2025 18% | Mar 2026 17% | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -34% | Jun 2024 -32% | Sep 2024 -33% | Dec 2024 -26% | Mar 2025 -3.9% | Jun 2025 -2.4% | Sep 2025 12% | Dec 2025 11% | Mar 2026 17% | Jun 2026 — - TWST: Sep 2021 -105% | Dec 2021 -133% | Mar 2022 -126% | Jun 2022 -109% | Sep 2022 -99% | Dec 2022 -82% | Mar 2023 -102% | Jun 2023 -95% | Sep 2023 -75% | Dec 2023 -66% | Mar 2024 -65% | Jun 2024 -109% | Sep 2024 -43% | Dec 2024 -39% | Mar 2025 -45% | Jun 2025 -31% | Sep 2025 -30% | Dec 2025 -32% | Mar 2026 -41% | Jun 2026 — - SHC: Sep 2021 29% | Dec 2021 28% | Mar 2022 23% | Jun 2022 27% | Sep 2022 25% | Dec 2022 24% | Mar 2023 15% | Jun 2023 25% | Sep 2023 29% | Dec 2023 34% | Mar 2024 21% | Jun 2024 28% | Sep 2024 28% | Dec 2024 30% | Mar 2025 22% | Jun 2025 30% | Sep 2025 36% | Dec 2025 35% | Mar 2026 27% | Jun 2026 — - RDNT: Sep 2021 9.8% | Dec 2021 1.4% | Mar 2022 -0.5% | Jun 2022 5.5% | Sep 2022 2.0% | Dec 2022 5.6% | Mar 2023 1.7% | Jun 2023 6.1% | Sep 2023 11% | Dec 2023 5.8% | Mar 2024 2.6% | Jun 2024 7.6% | Sep 2024 7.4% | Dec 2024 5.1% | Mar 2025 -5.1% | Jun 2025 6.2% | Sep 2025 5.2% | Dec 2025 5.1% | Mar 2026 -4.2% | Jun 2026 — - VCYT: Sep 2021 -28% | Dec 2021 -18% | Mar 2022 -23% | Jun 2022 -15% | Sep 2022 -13% | Dec 2022 -0.2% | Mar 2023 -13% | Jun 2023 -8.9% | Sep 2023 -35% | Dec 2023 -36% | Mar 2024 -4.8% | Jun 2024 4.0% | Sep 2024 10% | Dec 2024 3.5% | Mar 2025 2.5% | Jun 2025 -4.0% | Sep 2025 17% | Dec 2025 26% | Mar 2026 16% | Jun 2026 — - ADPT: Sep 2021 -143% | Dec 2021 -162% | Mar 2022 -163% | Jun 2022 -120% | Sep 2022 -95% | Dec 2022 -71% | Mar 2023 -152% | Jun 2023 -98% | Sep 2023 -134% | Dec 2023 -155% | Mar 2024 -117% | Jun 2024 -110% | Sep 2024 -70% | Dec 2024 -71% | Mar 2025 -56% | Jun 2025 -43% | Sep 2025 11% | Dec 2025 -18% | Mar 2026 -27% | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -912% | Dec 2023 — | Mar 2024 -851% | Jun 2024 — | Sep 2024 -641% | Dec 2024 -358% | Mar 2025 -483% | Jun 2025 -447% | Sep 2025 -346% | Dec 2025 -285% | Mar 2026 -333% | Jun 2026 — - CDNA: Sep 2021 -12% | Dec 2021 -19% | Mar 2022 -24% | Jun 2022 -27% | Sep 2022 -22% | Dec 2022 -23% | Mar 2023 -32% | Jun 2023 -39% | Sep 2023 -43% | Dec 2023 -42% | Mar 2024 -31% | Jun 2024 -7.9% | Sep 2024 -17% | Dec 2024 98% | Mar 2025 -16% | Jun 2025 -13% | Sep 2025 -0.2% | Dec 2025 -5.6% | Mar 2026 1.0% | Jun 2026 — - WGS: Sep 2021 -204% | Dec 2021 -200% | Mar 2022 -166% | Jun 2022 -450% | Sep 2022 -109% | Dec 2022 -530% | Mar 2023 -140% | Jun 2023 -106% | Sep 2023 -81% | Dec 2023 -45% | Mar 2024 -22% | Jun 2024 -15% | Sep 2024 -10% | Dec 2024 9.2% | Mar 2025 -5.2% | Jun 2025 8.7% | Sep 2025 -2.8% | Dec 2025 -12% | Mar 2026 -56% | Jun 2026 — - NEO: Sep 2021 -33% | Dec 2021 -33% | Mar 2022 -44% | Jun 2022 -32% | Sep 2022 -31% | Dec 2022 -19% | Mar 2023 -26% | Jun 2023 -20% | Sep 2023 -16% | Dec 2023 -12% | Mar 2024 -20% | Jun 2024 -13% | Sep 2024 -13% | Dec 2024 -11% | Mar 2025 -17% | Jun 2025 -26% | Sep 2025 -14% | Dec 2025 -7.1% | Mar 2026 -9.8% | Jun 2026 — - PSNL: Sep 2021 -80% | Dec 2021 -98% | Mar 2022 -186% | Jun 2022 -153% | Sep 2022 -184% | Dec 2022 -192% | Mar 2023 -158% | Jun 2023 -152% | Sep 2023 -169% | Dec 2023 -122% | Mar 2024 -97% | Jun 2024 -75% | Sep 2024 -56% | Dec 2024 -108% | Mar 2025 -86% | Jun 2025 -127% | Sep 2025 -161% | Dec 2025 -146% | Mar 2026 -208% | Jun 2026 — - OPK: Sep 2021 9.8% | Dec 2021 -16% | Mar 2022 -22% | Jun 2022 -3.5% | Sep 2022 -49% | Dec 2022 -30% | Mar 2023 -13% | Jun 2023 2.6% | Sep 2023 -36% | Dec 2023 -38% | Mar 2024 -41% | Jun 2024 -34% | Sep 2024 8.2% | Dec 2024 -18% | Mar 2025 -45% | Jun 2025 -38% | Sep 2025 32% | Dec 2025 -26% | Mar 2026 -41% | Jun 2026 — - CSTL: Sep 2021 -50% | Dec 2021 -61% | Mar 2022 -91% | Jun 2022 -11% | Sep 2022 -58% | Dec 2022 -60% | Mar 2023 -75% | Jun 2023 -42% | Sep 2023 -16% | Dec 2023 -8.6% | Mar 2024 -7.5% | Jun 2024 5.8% | Sep 2024 5.9% | Dec 2024 4.7% | Mar 2025 -32% | Jun 2025 -4.9% | Sep 2025 -8.2% | Dec 2025 -4.4% | Mar 2026 -22% | Jun 2026 — ### 20-quarter Margin change history - 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 — - 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 — - 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 — - 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 — - 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 - 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 - 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 — - 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 — - 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 — - 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 2025 0.0 pp | Mar 2026 +0.8 pp | Jun 2026 — - 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 — - 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 — - MEDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +2.1 pp | Dec 2022 +1.6 pp | Mar 2023 +0.5 pp | Jun 2023 −0.2 pp | Sep 2023 −3.1 pp | Dec 2023 −1.9 pp | Mar 2024 +0.5 pp | Jun 2024 +2.9 pp | Sep 2024 +3.9 pp | Dec 2024 +5.9 pp | Mar 2025 −0.1 pp | Jun 2025 +1.0 pp | Sep 2025 +0.4 pp | Dec 2025 −1.8 pp | Mar 2026 −0.3 pp | Jun 2026 — - ICLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.8 pp | Sep 2022 +12.2 pp | Dec 2022 +2.7 pp | Mar 2023 +1.6 pp | Jun 2023 +0.8 pp | Sep 2023 −0.1 pp | Dec 2023 +1.5 pp | Mar 2024 +1.3 pp | Jun 2024 −2.3 pp | Sep 2024 +2.4 pp | Dec 2024 +4.1 pp | Mar 2025 −0.6 pp | Jun 2025 +3.6 pp | Sep 2025 −25.5 pp | Dec 2025 −6.2 pp | Mar 2026 −2.8 pp | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −7.1 pp | Mar 2023 −10.7 pp | Jun 2023 −15.9 pp | Sep 2023 −15.0 pp | Dec 2023 −5.3 pp | Mar 2024 −11.7 pp | Jun 2024 +1.1 pp | Sep 2024 +3.3 pp | Dec 2024 +6.0 pp | Mar 2025 +4.1 pp | Jun 2025 +0.2 pp | Sep 2025 −2.6 pp | Dec 2025 −1.8 pp | Mar 2026 — | Jun 2026 −1.9 pp - CRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.3 pp | Sep 2022 −2.1 pp | Dec 2022 −4.2 pp | Mar 2023 — | Jun 2023 −3.0 pp | Sep 2023 +0.3 pp | Dec 2023 −1.8 pp | Mar 2024 — | Jun 2024 −1.5 pp | Sep 2024 −4.0 pp | Dec 2024 −29.8 pp | Mar 2025 −4.9 pp | Jun 2025 −5.1 pp | Sep 2025 +1.7 pp | Dec 2025 −11.8 pp | Mar 2026 +4.4 pp | Jun 2026 — - QGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.7 pp | Sep 2022 −5.2 pp | Dec 2022 −8.7 pp | Mar 2023 −13.1 pp | Jun 2023 −2.4 pp | Sep 2023 +0.9 pp | Dec 2023 +0.7 pp | Mar 2024 +0.8 pp | Jun 2024 −67.3 pp | Sep 2024 +1.9 pp | Dec 2024 +1.2 pp | Mar 2025 +3.2 pp | Jun 2025 +68.8 pp | Sep 2025 +2.0 pp | Dec 2025 −4.5 pp | Mar 2026 −6.8 pp | Jun 2026 — - BLLN: 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 +30.3 pp | Jun 2025 +29.6 pp | Sep 2025 +44.4 pp | Dec 2025 +36.7 pp | Mar 2026 +20.4 pp | Jun 2026 — - TWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.3 pp | Sep 2022 +5.7 pp | Dec 2022 +50.8 pp | Mar 2023 +23.9 pp | Jun 2023 +13.6 pp | Sep 2023 +24.3 pp | Dec 2023 +16.6 pp | Mar 2024 +37.5 pp | Jun 2024 −13.8 pp | Sep 2024 +32.4 pp | Dec 2024 +26.6 pp | Mar 2025 +20.1 pp | Jun 2025 +77.8 pp | Sep 2025 +12.3 pp | Dec 2025 +7.4 pp | Mar 2026 +3.4 pp | Jun 2026 — - SHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.3 pp | Sep 2022 −3.6 pp | Dec 2022 −3.6 pp | Mar 2023 −7.5 pp | Jun 2023 −2.0 pp | Sep 2023 +3.5 pp | Dec 2023 +9.6 pp | Mar 2024 +6.3 pp | Jun 2024 +3.0 pp | Sep 2024 −0.7 pp | Dec 2024 −3.5 pp | Mar 2025 +1.0 pp | Jun 2025 +2.2 pp | Sep 2025 +7.5 pp | Dec 2025 +4.7 pp | Mar 2026 +4.7 pp | Jun 2026 — - RDNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.8 pp | Sep 2022 −7.8 pp | Dec 2022 +4.2 pp | Mar 2023 +2.2 pp | Jun 2023 +0.6 pp | Sep 2023 +8.8 pp | Dec 2023 +0.2 pp | Mar 2024 +0.9 pp | Jun 2024 +1.5 pp | Sep 2024 −3.4 pp | Dec 2024 −0.7 pp | Mar 2025 −7.7 pp | Jun 2025 −1.4 pp | Sep 2025 −2.2 pp | Dec 2025 0.0 pp | Mar 2026 +0.9 pp | Jun 2026 — - VCYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +14.8 pp | Dec 2022 +18.1 pp | Mar 2023 +9.8 pp | Jun 2023 +5.8 pp | Sep 2023 −22.4 pp | Dec 2023 −36.0 pp | Mar 2024 +7.9 pp | Jun 2024 +12.9 pp | Sep 2024 +45.6 pp | Dec 2024 +39.7 pp | Mar 2025 +7.3 pp | Jun 2025 −8.0 pp | Sep 2025 +7.0 pp | Dec 2025 +22.9 pp | Mar 2026 +13.8 pp | Jun 2026 — - ADPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +8.9 pp | Sep 2022 +47.7 pp | Dec 2022 +91.4 pp | Mar 2023 +11.4 pp | Jun 2023 +22.6 pp | Sep 2023 −39.4 pp | Dec 2023 −84.2 pp | Mar 2024 +35.4 pp | Jun 2024 −11.9 pp | Sep 2024 +64.1 pp | Dec 2024 +83.9 pp | Mar 2025 +60.1 pp | Jun 2025 +67.1 pp | Sep 2025 +81.2 pp | Dec 2025 +53.5 pp | Mar 2026 +29.3 pp | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −4,095.2 pp | Sep 2024 +271.3 pp | Dec 2024 +4,045.0 pp | Mar 2025 +368.6 pp | Jun 2025 +4,687.0 pp | Sep 2025 +294.3 pp | Dec 2025 +72.6 pp | Mar 2026 +149.6 pp | Jun 2026 — - CDNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −20.5 pp | Sep 2022 −10.3 pp | Dec 2022 −3.8 pp | Mar 2023 −7.5 pp | Jun 2023 −12.4 pp | Sep 2023 −21.0 pp | Dec 2023 −18.3 pp | Mar 2024 +0.2 pp | Jun 2024 +31.4 pp | Sep 2024 +26.2 pp | Dec 2024 +139.0 pp | Mar 2025 +15.5 pp | Jun 2025 −4.9 pp | Sep 2025 +16.4 pp | Dec 2025 −103.1 pp | Mar 2026 +16.8 pp | Jun 2026 — - WGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −353.0 pp | Sep 2022 +95.3 pp | Dec 2022 −329.3 pp | Mar 2023 +25.7 pp | Jun 2023 +343.7 pp | Sep 2023 +28.5 pp | Dec 2023 +484.9 pp | Mar 2024 +118.0 pp | Jun 2024 +91.0 pp | Sep 2024 +70.5 pp | Dec 2024 +53.9 pp | Mar 2025 +16.7 pp | Jun 2025 +23.7 pp | Sep 2025 +7.3 pp | Dec 2025 −21.0 pp | Mar 2026 −51.0 pp | Jun 2026 — - NEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.3 pp | Sep 2022 +2.0 pp | Dec 2022 +14.1 pp | Mar 2023 +18.8 pp | Jun 2023 +11.4 pp | Sep 2023 +14.8 pp | Dec 2023 +7.1 pp | Mar 2024 +6.0 pp | Jun 2024 +7.0 pp | Sep 2024 +3.3 pp | Dec 2024 +1.2 pp | Mar 2025 +3.0 pp | Jun 2025 −13.0 pp | Sep 2025 −1.8 pp | Dec 2025 +3.6 pp | Mar 2026 +6.8 pp | Jun 2026 — - PSNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −83.9 pp | Sep 2022 −104.0 pp | Dec 2022 −94.1 pp | Mar 2023 +27.8 pp | Jun 2023 +1.1 pp | Sep 2023 +14.7 pp | Dec 2023 +70.1 pp | Mar 2024 +61.4 pp | Jun 2024 +77.0 pp | Sep 2024 +112.9 pp | Dec 2024 +14.0 pp | Mar 2025 +10.8 pp | Jun 2025 −51.9 pp | Sep 2025 −104.8 pp | Dec 2025 −37.9 pp | Mar 2026 −122.0 pp | Jun 2026 — - OPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.8 pp | Sep 2022 −58.7 pp | Dec 2022 −14.1 pp | Mar 2023 +9.1 pp | Jun 2023 +6.1 pp | Sep 2023 +12.8 pp | Dec 2023 −8.2 pp | Mar 2024 −28.3 pp | Jun 2024 −36.5 pp | Sep 2024 +44.3 pp | Dec 2024 +20.0 pp | Mar 2025 −3.6 pp | Jun 2025 −4.4 pp | Sep 2025 +23.5 pp | Dec 2025 −7.8 pp | Mar 2026 +3.7 pp | Jun 2026 — - CSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +27.3 pp | Sep 2022 −7.9 pp | Dec 2022 +1.0 pp | Mar 2023 +16.3 pp | Jun 2023 −30.8 pp | Sep 2023 +42.5 pp | Dec 2023 +51.0 pp | Mar 2024 +67.5 pp | Jun 2024 +48.0 pp | Sep 2024 +21.6 pp | Dec 2024 +13.3 pp | Mar 2025 −24.2 pp | Jun 2025 −10.7 pp | Sep 2025 −14.1 pp | Dec 2025 −9.1 pp | Mar 2026 +9.7 pp | Jun 2026 — ## Profit Scale & Acceleration 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. 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. Evidence: Thermo Fisher Scientific Inc. · $6,900 million | 388% versus #2 · Agilent Technologies, Inc. | 6/8 recent comparable periods | 25/30 companies · 548 observations Definition: 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 profit — largest 1. Thermo Fisher Scientific Inc. (TMO): ₹6.9K Cr 2. Agilent Technologies, Inc. (A): ₹1.4K Cr 3. IQVIA Holdings Inc. (IQV): ₹1.3K Cr 4. IDEXX Laboratories, Inc. (IDXX): ₹1.1K Cr 5. Labcorp Holdings Inc. (LH): ₹943 Cr ### Profit growth — fastest growers 1. Qiagen N.V. (QGEN): 100% 2. Veracyte, Inc. (VCYT): 100% 3. Labcorp Holdings Inc. (LH): 29% 4. IDEXX Laboratories, Inc. (IDXX): 22% 5. Agilent Technologies, Inc. (A): 21% ### 20-quarter Net profit history - TMO: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 — | Jun 2022 ₹2.2K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - DHR: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 — | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹920 Cr | Sep 2023 ₹940 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹907 Cr | Sep 2024 ₹818 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹954 Cr | Jun 2025 ₹555 Cr | Sep 2025 ₹908 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - IDXX: Sep 2021 ₹175 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹194 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹181 Cr | Dec 2022 ₹172 Cr | Mar 2023 ₹214 Cr | Jun 2023 ₹224 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹243 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹275 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹278 Cr | Jun 2026 — - IQV: Sep 2021 ₹261 Cr | Dec 2021 ₹317 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹291 Cr | Jun 2023 ₹294 Cr | Sep 2023 ₹298 Cr | Dec 2023 ₹475 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹361 Cr | Sep 2024 ₹284 Cr | Dec 2024 ₹432 Cr | Mar 2025 ₹262 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹332 Cr | Dec 2025 ₹478 Cr | Mar 2026 ₹269 Cr | Jun 2026 — - A: Sep 2021 ₹264 Cr | Dec 2021 ₹442 Cr | Mar 2022 ₹283 Cr | Jun 2022 ₹274 Cr | Sep 2022 ₹329 Cr | Dec 2022 ₹368 Cr | Mar 2023 ₹352 Cr | Jun 2023 ₹302 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹475 Cr | Mar 2024 ₹348 Cr | Jun 2024 ₹308 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹336 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹305 Cr | Jun 2026 ₹339 Cr - WAT: Sep 2021 ₹167 Cr | Dec 2021 ₹161 Cr | Mar 2022 — | Jun 2022 ₹160 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹156 Cr | Mar 2023 — | Jun 2023 ₹141 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹231 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹147 Cr | Sep 2025 ₹149 Cr | Dec 2025 ₹225 Cr | Mar 2026 — | Jun 2026 ₹-72 Cr - NTRA: Sep 2021 ₹-151 Cr | Dec 2021 ₹-141 Cr | Mar 2022 ₹-139 Cr | Jun 2022 ₹-145 Cr | Sep 2022 ₹-121 Cr | Dec 2022 ₹-143 Cr | Mar 2023 ₹-137 Cr | Jun 2023 ₹-111 Cr | Sep 2023 ₹-109 Cr | Dec 2023 ₹-78 Cr | Mar 2024 ₹-68 Cr | Jun 2024 ₹-37 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-54 Cr | Mar 2025 ₹-67 Cr | Jun 2025 ₹-101 Cr | Sep 2025 ₹-88 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹-85 Cr | Jun 2026 — - ILMN: Sep 2021 ₹185 Cr | Dec 2021 ₹317 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹86 Cr | Sep 2022 ₹-535 Cr | Dec 2022 ₹-3.8K Cr | Mar 2023 ₹-139 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-234 Cr | Dec 2023 ₹-754 Cr | Mar 2024 ₹-126 Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹705 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹131 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹134 Cr | Jun 2026 — - MTD: Sep 2021 ₹204 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹212 Cr | Sep 2022 ₹221 Cr | Dec 2022 ₹266 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹214 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹164 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹286 Cr | Mar 2026 ₹169 Cr | Jun 2026 — - DGX: Sep 2021 ₹527 Cr | Dec 2021 ₹413 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹250 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹249 Cr | Sep 2023 ₹237 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹296 Cr | Sep 2025 ₹259 Cr | Dec 2025 ₹256 Cr | Mar 2026 ₹264 Cr | Jun 2026 — - LH: Sep 2021 ₹588 Cr | Dec 2021 ₹554 Cr | Mar 2022 ₹492 Cr | Jun 2022 ₹268 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹-167 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹165 Cr | Mar 2026 ₹278 Cr | Jun 2026 — - GH: Sep 2021 ₹-108 Cr | Dec 2021 ₹-72 Cr | Mar 2022 ₹-123 Cr | Jun 2022 ₹-229 Cr | Sep 2022 ₹-162 Cr | Dec 2022 ₹-140 Cr | Mar 2023 ₹-134 Cr | Jun 2023 ₹-73 Cr | Sep 2023 ₹-86 Cr | Dec 2023 ₹-187 Cr | Mar 2024 ₹-115 Cr | Jun 2024 ₹-103 Cr | Sep 2024 ₹-108 Cr | Dec 2024 ₹-111 Cr | Mar 2025 ₹-95 Cr | Jun 2025 ₹-100 Cr | Sep 2025 ₹-93 Cr | Dec 2025 ₹-128 Cr | Mar 2026 ₹-112 Cr | Jun 2026 — - MEDP: Sep 2021 ₹49 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹124 Cr | Jun 2026 — - ICLR: Sep 2021 ₹-94 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹-284 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹105 Cr | Jun 2026 — - RVTY: Sep 2021 ₹246 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹184 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹96 Cr | Mar 2026 — | Jun 2026 ₹41 Cr - CRL: Sep 2021 ₹105 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹189 Cr | Mar 2023 — | Jun 2023 ₹104 Cr | Sep 2023 ₹99 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹-214 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹-276 Cr | Mar 2026 ₹-15 Cr | Jun 2026 — - QGEN: Sep 2021 ₹133 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹-183 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹68 Cr | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-12 Cr | Jun 2024 ₹-21 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - TWST: Sep 2021 ₹-41 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹-61 Cr | Jun 2022 ₹-61 Cr | Sep 2022 ₹-51 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹-59 Cr | Jun 2023 ₹-57 Cr | Sep 2023 ₹-46 Cr | Dec 2023 ₹-43 Cr | Mar 2024 ₹-45 Cr | Jun 2024 ₹-86 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹-32 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-31 Cr | Mar 2026 ₹-44 Cr | Jun 2026 — - SHC: Sep 2021 ₹27 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹-320 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - RDNT: Sep 2021 ₹21 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹-14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹-25 Cr | Jun 2026 — - VCYT: Sep 2021 ₹-14 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-8 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹29 Cr | Jun 2026 — - ADPT: Sep 2021 ₹-56 Cr | Dec 2021 ₹-61 Cr | Mar 2022 ₹-63 Cr | Jun 2022 ₹-52 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-58 Cr | Jun 2023 ₹-48 Cr | Sep 2023 ₹-50 Cr | Dec 2023 ₹-69 Cr | Mar 2024 ₹-48 Cr | Jun 2024 ₹-46 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-34 Cr | Mar 2025 ₹-30 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹-14 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-194 Cr | Sep 2023 ₹-193 Cr | Dec 2023 ₹-891 Cr | Mar 2024 ₹-219 Cr | Jun 2024 ₹-1.6K Cr | Sep 2024 ₹-126 Cr | Dec 2024 ₹-97 Cr | Mar 2025 ₹-106 Cr | Jun 2025 ₹-114 Cr | Sep 2025 ₹-89 Cr | Dec 2025 ₹-99 Cr | Mar 2026 ₹-93 Cr | Jun 2026 — - CDNA: Sep 2021 ₹-12 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-22 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-11 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - WGS: Sep 2021 ₹33 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-77 Cr | Jun 2022 ₹-86 Cr | Sep 2022 ₹-78 Cr | Dec 2022 ₹-309 Cr | Mar 2023 ₹-61 Cr | Jun 2023 ₹-47 Cr | Sep 2023 ₹-42 Cr | Dec 2023 ₹-26 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-29 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹-63 Cr | Jun 2026 — - NEO: Sep 2021 ₹-20 Cr | Dec 2021 ₹-42 Cr | Mar 2022 ₹-49 Cr | Jun 2022 ₹-35 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹-19 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹-45 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-17 Cr | Jun 2026 — - PSNL: Sep 2021 ₹-18 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹-28 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹-31 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-29 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹-30 Cr | Jun 2026 — - OPK: Sep 2021 ₹29 Cr | Dec 2021 ₹-74 Cr | Mar 2022 ₹-55 Cr | Jun 2022 ₹-102 Cr | Sep 2022 ₹-86 Cr | Dec 2022 ₹-85 Cr | Mar 2023 ₹-18 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-84 Cr | Dec 2023 ₹-66 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹-10 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹-68 Cr | Jun 2025 ₹-148 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹-31 Cr | Mar 2026 ₹-55 Cr | Jun 2026 — - CSTL: Sep 2021 ₹-12 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹-15 Cr | Jun 2026 — ### 20-quarter Profit growth history - 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 2023 2.4% | Mar 2024 — | Jun 2024 24% | Sep 2024 19% | Dec 2024 11% | Mar 2025 17% | Jun 2025 -1.2% | Sep 2025 -1.5% | Dec 2025 12% | Mar 2026 9.1% | Jun 2026 — - DHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.1% | Dec 2022 74% | Mar 2023 — | Jun 2023 -47% | Sep 2023 -44% | Dec 2023 -44% | Mar 2024 -12% | Jun 2024 -1.4% | Sep 2024 -13% | Dec 2024 2.3% | Mar 2025 -12% | Jun 2025 -39% | Sep 2025 11% | Dec 2025 7.9% | Mar 2026 7.9% | Jun 2026 — - IDXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 3.4% | Dec 2022 5.5% | Mar 2023 10% | Jun 2023 70% | Sep 2023 17% | Dec 2023 13% | Mar 2024 10% | Jun 2024 -9.4% | Sep 2024 9.9% | Dec 2024 11% | Mar 2025 3.0% | Jun 2025 45% | Sep 2025 18% | Dec 2025 15% | Mar 2026 14% | Jun 2026 — - IQV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 11% | Dec 2022 -28% | Mar 2023 -12% | Jun 2023 14% | Sep 2023 2.8% | Dec 2023 109% | Mar 2024 0.0% | Jun 2024 23% | Sep 2024 -4.7% | Dec 2024 -9.1% | Mar 2025 -10.0% | Jun 2025 -26% | Sep 2025 17% | Dec 2025 11% | Mar 2026 2.7% | Jun 2026 — - A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 -17% | Mar 2023 24% | Jun 2023 10% | Sep 2023 -66% | Dec 2023 29% | Mar 2024 -1.1% | Jun 2024 2.0% | Sep 2024 154% | Dec 2024 -26% | Mar 2025 -8.6% | Jun 2025 -30% | Sep 2025 19% | Dec 2025 24% | Mar 2026 -4.1% | Jun 2026 58% - 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 2023 38% | Mar 2024 — | Jun 2024 1.4% | Sep 2024 7.3% | Dec 2024 6.9% | Mar 2025 19% | Jun 2025 2.8% | Sep 2025 -8.0% | Dec 2025 -2.6% | Mar 2026 — | Jun 2026 -149% - 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 2025 79% | Mar 2026 2.3% | Jun 2026 — - MTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 8.3% | Dec 2022 15% | Mar 2023 8.1% | Jun 2023 0.9% | Sep 2023 -8.6% | Dec 2023 -30% | Mar 2024 -5.3% | Jun 2024 3.7% | Sep 2024 5.0% | Dec 2024 36% | Mar 2025 -7.9% | Jun 2025 -9.0% | Sep 2025 2.4% | Dec 2025 13% | Mar 2026 3.1% | Jun 2026 — - 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 2023 77% | Mar 2024 -4.2% | Jun 2024 -3.6% | Sep 2024 0.0% | Dec 2024 15% | Mar 2025 13% | Jun 2025 23% | Sep 2025 9.3% | Dec 2025 8.5% | Mar 2026 12% | Jun 2026 — - 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 2024 9.6% | Jun 2024 33% | Sep 2024 -7.6% | Dec 2024 — | Mar 2025 -6.6% | Jun 2025 16% | Sep 2025 54% | Dec 2025 15% | Mar 2026 31% | Jun 2026 — - MEDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 35% | Dec 2022 38% | Mar 2023 20% | Jun 2023 24% | Sep 2023 7.6% | Dec 2023 13% | Mar 2024 41% | Jun 2024 44% | Sep 2024 35% | Dec 2024 50% | Mar 2025 12% | Jun 2025 2.3% | Sep 2025 16% | Dec 2025 15% | Mar 2026 7.8% | Jun 2026 — - ICLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 57% | Sep 2022 — | Dec 2022 54% | Mar 2023 -2.7% | Jun 2023 -6.9% | Sep 2023 -3.8% | Dec 2023 40% | Mar 2024 36% | Jun 2024 -23% | Sep 2024 38% | Dec 2024 72% | Mar 2025 8.8% | Jun 2025 146% | Sep 2025 -233% | Dec 2025 -43% | Mar 2026 -35% | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -34% | Dec 2022 -35% | Mar 2023 -47% | Jun 2023 -86% | Sep 2023 -64% | Dec 2023 -54% | Mar 2024 -70% | Jun 2024 192% | Sep 2024 58% | Dec 2024 175% | Mar 2025 45% | Jun 2025 -25% | Sep 2025 -49% | Dec 2025 9.1% | Mar 2026 — | Jun 2026 -25% - CRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -6.7% | Dec 2022 35% | Mar 2023 — | Jun 2023 -6.3% | Sep 2023 1.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 -9.6% | Sep 2024 -29% | Dec 2024 -213% | Mar 2025 -65% | Jun 2025 -44% | Sep 2025 -20% | Dec 2025 — | Mar 2026 -158% | Jun 2026 — - QGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -38% | Dec 2022 -31% | Mar 2023 -45% | Jun 2023 -16% | Sep 2023 -4.9% | Dec 2023 10% | Mar 2024 -4.7% | Jun 2024 -326% | Sep 2024 26% | Dec 2024 -10% | Mar 2025 12% | Jun 2025 — | Sep 2025 33% | Dec 2025 23% | Mar 2026 -25% | Jun 2026 — - SHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 -7.4% | Dec 2022 -989% | Mar 2023 -90% | Jun 2023 -20% | Sep 2023 -156% | Dec 2023 — | Mar 2024 100% | Jun 2024 -63% | Sep 2024 — | Dec 2024 -69% | Mar 2025 -317% | Jun 2025 -11% | Sep 2025 182% | Dec 2025 192% | Mar 2026 — | Jun 2026 — - RDNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 75% | Sep 2022 -71% | Dec 2022 400% | Mar 2023 -275% | Jun 2023 7.1% | Sep 2023 300% | Dec 2023 20% | Mar 2024 — | Jun 2024 -53% | Sep 2024 -50% | Dec 2024 133% | Mar 2025 -700% | Jun 2025 229% | Sep 2025 17% | Dec 2025 -29% | Mar 2026 — | Jun 2026 — - VCYT: 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 -117% | Sep 2025 27% | Dec 2025 720% | Mar 2026 314% | Jun 2026 — - CDNA: 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 2025 -105% | Mar 2026 — | Jun 2026 — - WGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -336% | 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 2025 -460% | Mar 2026 — | Jun 2026 — - NEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -146% | 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 2025 — | Mar 2026 — | Jun 2026 — - OPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -397% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -12% | Dec 2025 -321% | Mar 2026 — | Jun 2026 — - CSTL: 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 -171% | Sep 2025 -150% | Dec 2025 -120% | Mar 2026 — | Jun 2026 — ## Capacity Spending & Returns On It 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. 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. Evidence: Thermo Fisher Scientific Inc. · $376 million | 39.8% versus #2 · Danaher Corporation | 8/8 recent comparable periods | 30/30 companies · 542 observations Definition: 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. ### CAPEX — largest spenders 1. Thermo Fisher Scientific Inc. (TMO): ₹376 Cr 2. Danaher Corporation (DHR): ₹269 Cr 3. Quest Diagnostics Incorporated (DGX): ₹138 Cr 4. IQVIA Holdings Inc. (IQV): ₹127 Cr 5. Labcorp Holdings Inc. (LH): ₹121 Cr ### CAPEX intensity — highest reinvestment intensity 1. Personalis, Inc. (PSNL): 20% 2. Sotera Health Company (SHC): 16% 3. Castle Biosciences, Inc. (CSTL): 14% 4. RadNet, Inc. (RDNT): 12% 5. Qiagen N.V. (QGEN): 9.6% ### 20-quarter CAPEX history - TMO: Sep 2021 ₹540 Cr | Dec 2021 ₹524 Cr | Mar 2022 — | Jun 2022 ₹640 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹547 Cr | Mar 2023 — | Jun 2023 ₹458 Cr | Sep 2023 ₹284 Cr | Dec 2023 ₹405 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹272 Cr | Dec 2024 ₹480 Cr | Mar 2025 ₹362 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹404 Cr | Dec 2025 ₹465 Cr | Mar 2026 ₹376 Cr | Jun 2026 — - DHR: Sep 2021 ₹305 Cr | Dec 2021 ₹318 Cr | Mar 2022 — | Jun 2022 ₹250 Cr | Sep 2022 ₹296 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹266 Cr | Jun 2023 ₹329 Cr | Sep 2023 ₹354 Cr | Dec 2023 ₹434 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹287 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹516 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹371 Cr | Mar 2026 ₹237 Cr | Jun 2026 ₹269 Cr - IDXX: Sep 2021 ₹45 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹32 Cr | Jun 2026 — - IQV: Sep 2021 ₹162 Cr | Dec 2021 ₹184 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹160 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹179 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹143 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹127 Cr | Jun 2026 — - A: Sep 2021 ₹54 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹103 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹93 Cr | Jun 2026 ₹76 Cr - WAT: Sep 2021 ₹37 Cr | Dec 2021 ₹40 Cr | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹39 Cr | Mar 2023 — | Jun 2023 ₹34 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹39 Cr | Mar 2026 — | Jun 2026 ₹39 Cr - NTRA: Sep 2021 ₹13 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹12 Cr | Dec 2022 — | Mar 2023 ₹11 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 — | Mar 2024 ₹20 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹16 Cr | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹22 Cr | Dec 2025 — | Mar 2026 ₹22 Cr | Jun 2026 — - ILMN: Sep 2021 ₹44 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹30 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹38 Cr | Jun 2026 — - MTD: Sep 2021 ₹22 Cr | Dec 2021 ₹38 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - DGX: Sep 2021 ₹89 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹118 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹114 Cr | Jun 2026 ₹138 Cr - LH: Sep 2021 ₹118 Cr | Dec 2021 ₹150 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹121 Cr | Jun 2026 — - GH: Sep 2021 ₹22 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - MEDP: Sep 2021 ₹7 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹24 Cr - ICLR: Sep 2021 ₹24 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹29 Cr | Dec 2023 — | Mar 2024 ₹27 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹43 Cr | Dec 2024 — | Mar 2025 ₹29 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹54 Cr | Dec 2025 — | Mar 2026 ₹31 Cr | Jun 2026 — - RVTY: Sep 2021 ₹20 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹20 Cr | Mar 2026 — | Jun 2026 ₹20 Cr - CRL: Sep 2021 ₹56 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹89 Cr | Mar 2023 — | Jun 2023 ₹107 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹78 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹56 Cr | Jun 2026 — - QGEN: Sep 2021 ₹75 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹47 Cr | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - TWST: Sep 2021 ₹8 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹41 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹8 Cr | Jun 2026 — - SHC: Sep 2021 ₹16 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹46 Cr | Jun 2026 — - RDNT: Sep 2021 ₹35 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹56 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹70 Cr | Jun 2026 — - VCYT: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - ADPT: Sep 2021 ₹15 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - CDNA: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - WGS: Sep 2021 ₹1 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - NEO: Sep 2021 ₹15 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - PSNL: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - OPK: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 — - CSTL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹12 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - TMO: Sep 2021 5.8% | Dec 2021 5.6% | Mar 2022 — | Jun 2022 5.4% | Sep 2022 4.6% | Dec 2022 5.1% | Mar 2023 — | Jun 2023 4.3% | Sep 2023 2.7% | Dec 2023 3.7% | Mar 2024 3.4% | Jun 2024 2.9% | Sep 2024 2.6% | Dec 2024 4.2% | Mar 2025 3.5% | Jun 2025 2.7% | Sep 2025 3.6% | Dec 2025 3.8% | Mar 2026 3.4% | Jun 2026 — - DHR: Sep 2021 4.2% | Dec 2021 4.4% | Mar 2022 — | Jun 2022 3.3% | Sep 2022 3.8% | Dec 2022 4.1% | Mar 2023 4.5% | Jun 2023 5.6% | Sep 2023 6.3% | Dec 2023 6.8% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 5.1% | Dec 2024 7.9% | Mar 2025 4.3% | Jun 2025 4.2% | Sep 2025 4.8% | Dec 2025 5.4% | Mar 2026 4.0% | Jun 2026 — - IDXX: Sep 2021 5.6% | Dec 2021 4.0% | Mar 2022 3.8% | Jun 2022 3.5% | Sep 2022 4.5% | Dec 2022 5.9% | Mar 2023 4.4% | Jun 2023 2.9% | Sep 2023 3.7% | Dec 2023 3.7% | Mar 2024 3.1% | Jun 2024 3.3% | Sep 2024 2.9% | Dec 2024 3.0% | Mar 2025 3.0% | Jun 2025 3.1% | Sep 2025 2.8% | Dec 2025 2.7% | Mar 2026 2.8% | Jun 2026 — - IQV: Sep 2021 4.8% | Dec 2021 5.1% | Mar 2022 5.0% | Jun 2022 4.5% | Sep 2022 4.6% | Dec 2022 4.6% | Mar 2023 4.5% | Jun 2023 4.3% | Sep 2023 3.9% | Dec 2023 4.6% | Mar 2024 3.9% | Jun 2024 3.7% | Sep 2024 3.9% | Dec 2024 4.1% | Mar 2025 3.7% | Jun 2025 3.8% | Sep 2025 3.3% | Dec 2025 4.0% | Mar 2026 3.1% | Jun 2026 — - A: Sep 2021 3.4% | Dec 2021 3.7% | Mar 2022 4.5% | Jun 2022 4.0% | Sep 2022 4.8% | Dec 2022 3.8% | Mar 2023 4.3% | Jun 2023 3.3% | Sep 2023 4.8% | Dec 2023 5.0% | Mar 2024 5.4% | Jun 2024 6.5% | Sep 2024 5.8% | Dec 2024 5.5% | Mar 2025 5.8% | Jun 2025 6.8% | Sep 2025 5.9% | Dec 2025 5.0% | Mar 2026 5.2% | Jun 2026 4.1% - WAT: Sep 2021 5.4% | Dec 2021 6.1% | Mar 2022 — | Jun 2022 4.1% | Sep 2022 6.6% | Dec 2022 5.5% | Mar 2023 — | Jun 2023 5.0% | Sep 2023 6.3% | Dec 2023 5.1% | Mar 2024 4.6% | Jun 2024 5.1% | Sep 2024 3.5% | Dec 2024 6.0% | Mar 2025 3.9% | Jun 2025 2.9% | Sep 2025 3.1% | Dec 2025 4.2% | Mar 2026 — | Jun 2026 3.1% - NTRA: Sep 2021 8.2% | Dec 2021 5.2% | Mar 2022 8.2% | Jun 2022 4.0% | Sep 2022 5.7% | Dec 2022 — | Mar 2023 4.5% | Jun 2023 3.4% | Sep 2023 3.4% | Dec 2023 — | Mar 2024 5.4% | Jun 2024 2.9% | Sep 2024 3.6% | Dec 2024 — | Mar 2025 4.4% | Jun 2025 4.8% | Sep 2025 3.7% | Dec 2025 — | Mar 2026 3.2% | Jun 2026 — - ILMN: Sep 2021 3.9% | Dec 2021 4.7% | Mar 2022 5.8% | Jun 2022 5.0% | Sep 2022 6.1% | Dec 2022 5.9% | Mar 2023 8.1% | Jun 2023 4.8% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 3.3% | Jun 2024 2.8% | Sep 2024 3.0% | Dec 2024 2.6% | Mar 2025 3.1% | Jun 2025 2.8% | Sep 2025 2.9% | Dec 2025 4.7% | Mar 2026 3.5% | Jun 2026 — - MTD: Sep 2021 2.3% | Dec 2021 3.7% | Mar 2022 2.1% | Jun 2022 4.4% | Sep 2022 2.7% | Dec 2022 3.0% | Mar 2023 2.5% | Jun 2023 3.0% | Sep 2023 2.2% | Dec 2023 3.4% | Mar 2024 1.8% | Jun 2024 2.5% | Sep 2024 2.2% | Dec 2024 3.9% | Mar 2025 1.9% | Jun 2025 2.4% | Sep 2025 2.3% | Dec 2025 3.7% | Mar 2026 1.8% | Jun 2026 — - DGX: Sep 2021 3.2% | Dec 2021 5.2% | Mar 2022 2.4% | Jun 2022 3.1% | Sep 2022 4.7% | Dec 2022 6.3% | Mar 2023 5.4% | Jun 2023 4.4% | Sep 2023 4.6% | Dec 2023 3.1% | Mar 2024 4.4% | Jun 2024 3.8% | Sep 2024 4.3% | Dec 2024 4.7% | Mar 2025 4.4% | Jun 2025 3.9% | Sep 2025 5.1% | Dec 2025 5.6% | Mar 2026 3.9% | Jun 2026 — - LH: Sep 2021 2.9% | Dec 2021 3.7% | Mar 2022 3.0% | Jun 2022 4.9% | Sep 2022 2.9% | Dec 2022 3.4% | Mar 2023 2.6% | Jun 2023 3.4% | Sep 2023 3.4% | Dec 2023 5.5% | Mar 2024 4.2% | Jun 2024 4.0% | Sep 2024 3.5% | Dec 2024 3.4% | Mar 2025 3.8% | Jun 2025 2.2% | Sep 2025 3.0% | Dec 2025 3.5% | Mar 2026 3.4% | Jun 2026 — - GH: Sep 2021 23% | Dec 2021 23% | Mar 2022 24% | Jun 2022 21% | Sep 2022 19% | Dec 2022 7.9% | Mar 2023 6.2% | Jun 2023 5.1% | Sep 2023 1.4% | Dec 2023 2.6% | Mar 2024 4.2% | Jun 2024 2.8% | Sep 2024 2.1% | Dec 2024 9.4% | Mar 2025 2.0% | Jun 2025 2.6% | Sep 2025 3.8% | Dec 2025 10% | Mar 2026 2.0% | Jun 2026 — - MEDP: Sep 2021 2.4% | Dec 2021 2.9% | Mar 2022 2.7% | Jun 2022 3.1% | Sep 2022 1.8% | Dec 2022 2.3% | Mar 2023 2.3% | Jun 2023 1.7% | Sep 2023 1.8% | Dec 2023 2.0% | Mar 2024 1.0% | Jun 2024 2.5% | Sep 2024 2.1% | Dec 2024 1.5% | Mar 2025 1.8% | Jun 2025 1.0% | Sep 2025 1.7% | Dec 2025 0.7% | Mar 2026 1.0% | Jun 2026 — - ICLR: Sep 2021 1.3% | Dec 2021 2.5% | Mar 2022 1.1% | Jun 2022 1.4% | Sep 2022 1.9% | Dec 2022 2.9% | Mar 2023 1.4% | Jun 2023 1.6% | Sep 2023 1.4% | Dec 2023 — | Mar 2024 1.3% | Jun 2024 1.8% | Sep 2024 2.1% | Dec 2024 — | Mar 2025 1.4% | Jun 2025 1.6% | Sep 2025 2.6% | Dec 2025 — | Mar 2026 1.5% | Jun 2026 — - RVTY: Sep 2021 1.6% | Dec 2021 3.8% | Mar 2022 2.6% | Jun 2022 2.8% | Sep 2022 2.2% | Dec 2022 1.8% | Mar 2023 3.5% | Jun 2023 3.1% | Sep 2023 2.0% | Dec 2023 3.3% | Mar 2024 2.8% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 3.3% | Mar 2025 2.4% | Jun 2025 2.6% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 — | Jun 2026 2.8% - CRL: Sep 2021 6.3% | Dec 2021 11% | Mar 2022 8.8% | Jun 2022 8.5% | Sep 2022 7.3% | Dec 2022 8.1% | Mar 2023 — | Jun 2023 10% | Sep 2023 6.3% | Dec 2023 7.7% | Mar 2024 7.8% | Jun 2024 3.8% | Sep 2024 3.9% | Dec 2024 7.6% | Mar 2025 6.0% | Jun 2025 3.4% | Sep 2025 3.6% | Dec 2025 9.0% | Mar 2026 5.6% | Jun 2026 — - QGEN: Sep 2021 14% | Dec 2021 8.9% | Mar 2022 4.6% | Jun 2022 6.2% | Sep 2022 10% | Dec 2022 8.6% | Mar 2023 6.8% | Jun 2023 5.9% | Sep 2023 18% | Dec 2023 10% | Mar 2024 8.1% | Jun 2024 7.7% | Sep 2024 17% | Dec 2024 9.4% | Mar 2025 9.1% | Jun 2025 3.7% | Sep 2025 20% | Dec 2025 13% | Mar 2026 9.6% | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.0% | Jun 2024 2.8% | Sep 2024 5.3% | Dec 2024 4.4% | Mar 2025 3.4% | Jun 2025 4.5% | Sep 2025 2.4% | Dec 2025 2.1% | Mar 2026 3.7% | Jun 2026 — - TWST: Sep 2021 21% | Dec 2021 31% | Mar 2022 67% | Jun 2022 73% | Sep 2022 28% | Dec 2022 22% | Mar 2023 15% | Jun 2023 7.8% | Sep 2023 3.0% | Dec 2023 2.8% | Mar 2024 1.3% | Jun 2024 1.2% | Sep 2024 2.4% | Dec 2024 2.2% | Mar 2025 4.3% | Jun 2025 9.4% | Sep 2025 12% | Dec 2025 9.6% | Mar 2026 7.2% | Jun 2026 — - SHC: Sep 2021 7.1% | Dec 2021 17% | Mar 2022 15% | Jun 2022 14% | Sep 2022 16% | Dec 2022 29% | Mar 2023 20% | Jun 2023 21% | Sep 2023 20% | Dec 2023 21% | Mar 2024 14% | Jun 2024 15% | Sep 2024 13% | Dec 2024 23% | Mar 2025 7.8% | Jun 2025 11% | Sep 2025 12% | Dec 2025 17% | Mar 2026 16% | Jun 2026 — - RDNT: Sep 2021 11% | Dec 2021 15% | Mar 2022 11% | Jun 2022 10% | Sep 2022 7.4% | Dec 2022 5.5% | Mar 2023 14% | Jun 2023 9.7% | Sep 2023 10% | Dec 2023 9.5% | Mar 2024 13% | Jun 2024 10% | Sep 2024 8.9% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 11% | Sep 2025 12% | Dec 2025 9.3% | Mar 2026 12% | Jun 2026 — - VCYT: Sep 2021 3.3% | Dec 2021 1.5% | Mar 2022 2.9% | Jun 2022 4.1% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 1.2% | Jun 2023 4.4% | Sep 2023 3.3% | Dec 2023 2.0% | Mar 2024 2.1% | Jun 2024 2.6% | Sep 2024 1.7% | Dec 2024 3.4% | Mar 2025 1.8% | Jun 2025 0.8% | Sep 2025 2.3% | Dec 2025 2.8% | Mar 2026 2.2% | Jun 2026 — - ADPT: Sep 2021 39% | Dec 2021 24% | Mar 2022 7.7% | Jun 2022 11% | Sep 2022 10% | Dec 2022 5.5% | Mar 2023 7.9% | Jun 2023 8.2% | Sep 2023 7.9% | Dec 2023 2.2% | Mar 2024 4.8% | Jun 2024 4.7% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 1.9% | Jun 2025 1.7% | Sep 2025 0.0% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 15% | Sep 2023 14% | Dec 2023 14% | Mar 2024 11% | Jun 2024 3.1% | Sep 2024 3.4% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 2.4% | Jun 2026 — - CDNA: Sep 2021 5.3% | Dec 2021 7.6% | Mar 2022 10% | Jun 2022 6.2% | Sep 2022 6.3% | Dec 2022 3.7% | Mar 2023 3.9% | Jun 2023 2.9% | Sep 2023 3.0% | Dec 2023 3.0% | Mar 2024 1.4% | Jun 2024 2.2% | Sep 2024 2.4% | Dec 2024 2.3% | Mar 2025 2.4% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 1.9% | Mar 2026 3.4% | Jun 2026 — - WGS: Sep 2021 2.3% | Dec 2021 8.6% | Mar 2022 1.9% | Jun 2022 2.8% | Sep 2022 2.4% | Dec 2022 3.3% | Mar 2023 — | Jun 2023 6.1% | Sep 2023 0.0% | Dec 2023 3.5% | Mar 2024 0.0% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 3.1% | Mar 2025 6.9% | Jun 2025 1.9% | Sep 2025 5.1% | Dec 2025 3.3% | Mar 2026 5.9% | Jun 2026 — - NEO: Sep 2021 12% | Dec 2021 9.5% | Mar 2022 6.8% | Jun 2022 8.0% | Sep 2022 6.2% | Dec 2022 3.6% | Mar 2023 7.3% | Jun 2023 4.8% | Sep 2023 2.6% | Dec 2023 4.5% | Mar 2024 3.8% | Jun 2024 7.9% | Sep 2024 6.5% | Dec 2024 7.0% | Mar 2025 3.0% | Jun 2025 3.3% | Sep 2025 4.3% | Dec 2025 4.2% | Mar 2026 2.7% | Jun 2026 — - PSNL: Sep 2021 14% | Dec 2021 19% | Mar 2022 60% | Jun 2022 56% | Sep 2022 140% | Dec 2022 59% | Mar 2023 21% | Jun 2023 18% | Sep 2023 5.6% | Dec 2023 20% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 5.9% | Mar 2025 14% | Jun 2025 0.0% | Sep 2025 14% | Dec 2025 0.0% | Mar 2026 20% | Jun 2026 — - OPK: Sep 2021 1.8% | Dec 2021 1.7% | Mar 2022 1.5% | Jun 2022 1.6% | Sep 2022 4.4% | Dec 2022 3.2% | Mar 2023 1.3% | Jun 2023 2.3% | Sep 2023 2.2% | Dec 2023 1.6% | Mar 2024 2.3% | Jun 2024 3.8% | Sep 2024 4.6% | Dec 2024 2.7% | Mar 2025 2.0% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 — | Mar 2026 1.6% | Jun 2026 — - CSTL: Sep 2021 4.3% | Dec 2021 4.0% | Mar 2022 0.0% | Jun 2022 2.9% | Sep 2022 5.4% | Dec 2022 5.3% | Mar 2023 7.1% | Jun 2023 8.0% | Sep 2023 3.3% | Dec 2023 6.1% | Mar 2024 12% | Jun 2024 5.7% | Sep 2024 7.0% | Dec 2024 9.3% | Mar 2025 5.7% | Jun 2025 11% | Sep 2025 18% | Dec 2025 8.0% | Mar 2026 14% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom 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. 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. Evidence: CareDx, Inc. · $18 million | 41.9% versus #2 · Personalis, Inc. | 8/8 recent comparable periods | 30/30 companies · 549 observations Definition: 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 debt — lowest gross debt 1. CareDx, Inc. (CDNA): ₹18 Cr 2. Personalis, Inc. (PSNL): ₹31 Cr 3. Castle Biosciences, Inc. (CSTL): ₹37 Cr 4. Veracyte, Inc. (VCYT): ₹39 Cr 5. GRAIL, Inc. (GRAL): ₹51 Cr ### Net debt — lowest net debt 1. Natera, Inc. (NTRA): ₹-863 Cr 2. GRAIL, Inc. (GRAL): ₹-772 Cr 3. BillionToOne, Inc. (BLLN): ₹-393 Cr 4. Medpace Holdings, Inc. (MEDP): ₹-383 Cr 5. Castle Biosciences, Inc. (CSTL): ₹-225 Cr ### 20-quarter Gross debt history - TMO: Sep 2021 ₹18.8K Cr | Dec 2021 ₹21.7K Cr | Mar 2022 — | Jun 2022 ₹33.3K Cr | Sep 2022 ₹30.3K Cr | Dec 2022 ₹29.2K Cr | Mar 2023 — | Jun 2023 ₹35.3K Cr | Sep 2023 ₹34.0K Cr | Dec 2023 ₹34.9K Cr | Mar 2024 ₹35.6K Cr | Jun 2024 ₹35.4K Cr | Sep 2024 ₹35.3K Cr | Dec 2024 ₹31.3K Cr | Mar 2025 ₹34.2K Cr | Jun 2025 ₹35.2K Cr | Sep 2025 ₹35.7K Cr | Dec 2025 ₹39.4K Cr | Mar 2026 ₹43.2K Cr | Jun 2026 — - DHR: Sep 2021 ₹20.4K Cr | Dec 2021 ₹23.6K Cr | Mar 2022 — | Jun 2022 ₹21.8K Cr | Sep 2022 ₹20.1K Cr | Dec 2022 ₹19.7K Cr | Mar 2023 ₹19.8K Cr | Jun 2023 ₹19.9K Cr | Sep 2023 ₹22.1K Cr | Dec 2023 ₹18.4K Cr | Mar 2024 ₹18.2K Cr | Jun 2024 ₹17.0K Cr | Sep 2024 ₹17.5K Cr | Dec 2024 ₹16.0K Cr | Mar 2025 ₹16.5K Cr | Jun 2025 ₹17.4K Cr | Sep 2025 ₹16.9K Cr | Dec 2025 ₹18.4K Cr | Mar 2026 ₹18.5K Cr | Jun 2026 ₹26.6K Cr - IDXX: Sep 2021 ₹943 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹977 Cr | Dec 2024 ₹965 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹949 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - IQV: Sep 2021 ₹12.5K Cr | Dec 2021 ₹12.4K Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹13.1K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹13.0K Cr | Mar 2023 ₹13.4K Cr | Jun 2023 ₹14.0K Cr | Sep 2023 ₹13.8K Cr | Dec 2023 ₹13.9K Cr | Mar 2024 ₹13.7K Cr | Jun 2024 ₹13.5K Cr | Sep 2024 ₹13.7K Cr | Dec 2024 ₹14.2K Cr | Mar 2025 ₹14.5K Cr | Jun 2025 ₹15.7K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.9K Cr | Mar 2026 ₹16.1K Cr | Jun 2026 — - A: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹3.4K Cr - WAT: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 — | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 — | Jun 2026 ₹5.6K Cr - NTRA: Sep 2021 ₹379 Cr | Dec 2021 ₹391 Cr | Mar 2022 ₹398 Cr | Jun 2022 ₹397 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹439 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹434 Cr | Sep 2023 ₹431 Cr | Dec 2023 ₹430 Cr | Mar 2024 ₹428 Cr | Jun 2024 ₹425 Cr | Sep 2024 ₹466 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹183 Cr | Sep 2025 ₹185 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹225 Cr | Jun 2026 — - ILMN: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - MTD: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - DGX: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 ₹6.4K Cr - LH: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.3K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.5K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 — - GH: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - MEDP: Sep 2021 ₹128 Cr | Dec 2021 ₹131 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹385 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹189 Cr | Mar 2023 ₹258 Cr | Jun 2023 ₹194 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹128 Cr | Dec 2024 ₹126 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹122 Cr | Jun 2026 ₹120 Cr - ICLR: Sep 2021 ₹6.1K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.0K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - RVTY: Sep 2021 ₹2.5K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 — | Jun 2026 ₹3.4K Cr - CRL: Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 — | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — - QGEN: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹146 Cr | Dec 2023 ₹146 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹109 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹144 Cr | Jun 2026 — - TWST: Sep 2021 ₹63 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹96 Cr | Jun 2026 — - SHC: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - RDNT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - VCYT: Sep 2021 ₹19 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹39 Cr | Jun 2026 — - ADPT: Sep 2021 ₹113 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹114 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹104 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹78 Cr | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹84 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹51 Cr | Jun 2026 — - CDNA: Sep 2021 ₹18 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - WGS: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹117 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹168 Cr | Jun 2026 — - NEO: Sep 2021 ₹613 Cr | Dec 2021 ₹613 Cr | Mar 2022 ₹613 Cr | Jun 2022 ₹612 Cr | Sep 2022 ₹612 Cr | Dec 2022 ₹611 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹610 Cr | Sep 2023 ₹606 Cr | Dec 2023 ₹612 Cr | Mar 2024 ₹608 Cr | Jun 2024 ₹607 Cr | Sep 2024 ₹606 Cr | Dec 2024 ₹605 Cr | Mar 2025 ₹605 Cr | Jun 2025 ₹412 Cr | Sep 2025 ₹410 Cr | Dec 2025 ₹409 Cr | Mar 2026 ₹409 Cr | Jun 2026 — - PSNL: Sep 2021 ₹53 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹31 Cr | Jun 2026 — - OPK: Sep 2021 ₹239 Cr | Dec 2021 ₹247 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹273 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹287 Cr | Mar 2023 ₹274 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹309 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹502 Cr | Dec 2024 ₹496 Cr | Mar 2025 ₹485 Cr | Jun 2025 ₹388 Cr | Sep 2025 ₹388 Cr | Dec 2025 ₹389 Cr | Mar 2026 ₹390 Cr | Jun 2026 — - CSTL: Sep 2021 ₹0 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹37 Cr | Jun 2026 — ### 20-quarter Net debt history - TMO: Sep 2021 ₹11.8K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 — | Jun 2022 ₹30.5K Cr | Sep 2022 ₹28.4K Cr | Dec 2022 ₹26.2K Cr | Mar 2023 — | Jun 2023 ₹31.8K Cr | Sep 2023 ₹30.9K Cr | Dec 2023 ₹26.8K Cr | Mar 2024 ₹28.4K Cr | Jun 2024 ₹26.6K Cr | Sep 2024 ₹28.7K Cr | Dec 2024 ₹25.7K Cr | Mar 2025 ₹28.2K Cr | Jun 2025 ₹28.8K Cr | Sep 2025 ₹32.1K Cr | Dec 2025 ₹29.3K Cr | Mar 2026 ₹39.9K Cr | Jun 2026 — - DHR: Sep 2021 ₹13.1K Cr | Dec 2021 ₹21.0K Cr | Mar 2022 — | Jun 2022 ₹18.1K Cr | Sep 2022 ₹16.1K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹12.5K Cr | Jun 2023 ₹11.3K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹12.5K Cr | Mar 2024 ₹11.1K Cr | Jun 2024 ₹14.6K Cr | Sep 2024 ₹14.9K Cr | Dec 2024 ₹13.9K Cr | Mar 2025 ₹14.5K Cr | Jun 2025 ₹14.4K Cr | Sep 2025 ₹15.3K Cr | Dec 2025 ₹13.8K Cr | Mar 2026 ₹12.8K Cr | Jun 2026 ₹22.2K Cr - IDXX: Sep 2021 ₹798 Cr | Dec 2021 ₹867 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹788 Cr | Dec 2023 ₹594 Cr | Mar 2024 ₹653 Cr | Jun 2024 ₹646 Cr | Sep 2024 ₹668 Cr | Dec 2024 ₹677 Cr | Mar 2025 ₹873 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹878 Cr | Dec 2025 ₹769 Cr | Mar 2026 ₹878 Cr | Jun 2026 — - IQV: Sep 2021 ₹10.9K Cr | Dec 2021 ₹11.0K Cr | Mar 2022 ₹11.5K Cr | Jun 2022 ₹11.5K Cr | Sep 2022 ₹11.3K Cr | Dec 2022 ₹11.7K Cr | Mar 2023 ₹11.8K Cr | Jun 2023 ₹12.5K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹12.4K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹11.8K Cr | Sep 2024 ₹12.0K Cr | Dec 2024 ₹12.3K Cr | Mar 2025 ₹12.6K Cr | Jun 2025 ₹13.5K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹13.8K Cr | Mar 2026 ₹14.0K Cr | Jun 2026 — - A: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹807 Cr | Jun 2024 ₹885 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.5K Cr - WAT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 — | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹903 Cr | Mar 2026 — | Jun 2026 ₹5.1K Cr - NTRA: Sep 2021 ₹-645 Cr | Dec 2021 ₹-524 Cr | Mar 2022 ₹-354 Cr | Jun 2022 ₹-242 Cr | Sep 2022 ₹-111 Cr | Dec 2022 ₹-459 Cr | Mar 2023 ₹-376 Cr | Jun 2023 ₹-302 Cr | Sep 2023 ₹-506 Cr | Dec 2023 ₹-449 Cr | Mar 2024 ₹-455 Cr | Jun 2024 ₹-462 Cr | Sep 2024 ₹-456 Cr | Dec 2024 ₹-791 Cr | Mar 2025 ₹-809 Cr | Jun 2025 ₹-833 Cr | Sep 2025 ₹-857 Cr | Dec 2025 ₹-877 Cr | Mar 2026 ₹-863 Cr | Jun 2026 — - ILMN: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹842 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - MTD: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - DGX: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 ₹5.8K Cr - LH: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 — - GH: Sep 2021 ₹-135 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹399 Cr | Jun 2022 ₹504 Cr | Sep 2022 ₹395 Cr | Dec 2022 ₹336 Cr | Mar 2023 ₹406 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹278 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹467 Cr | Mar 2025 ₹578 Cr | Jun 2025 ₹679 Cr | Sep 2025 ₹720 Cr | Dec 2025 ₹480 Cr | Mar 2026 ₹574 Cr | Jun 2026 — - MEDP: Sep 2021 ₹-270 Cr | Dec 2021 ₹-330 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹342 Cr | Sep 2022 ₹248 Cr | Dec 2022 ₹161 Cr | Mar 2023 ₹211 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹-103 Cr | Mar 2024 ₹-271 Cr | Jun 2024 ₹-379 Cr | Sep 2024 ₹-529 Cr | Dec 2024 ₹-543 Cr | Mar 2025 ₹-314 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹-166 Cr | Dec 2025 ₹-383 Cr | Mar 2026 ₹-531 Cr | Jun 2026 ₹-383 Cr - ICLR: Sep 2021 ₹5.1K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - RVTY: Sep 2021 ₹2.0K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 — | Jun 2026 ₹2.5K Cr - CRL: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 — | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - QGEN: Sep 2021 ₹983 Cr | Dec 2021 ₹821 Cr | Mar 2022 ₹714 Cr | Jun 2022 ₹571 Cr | Sep 2022 ₹402 Cr | Dec 2022 ₹389 Cr | Mar 2023 ₹593 Cr | Jun 2023 ₹502 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹399 Cr | Mar 2024 ₹610 Cr | Jun 2024 ₹458 Cr | Sep 2024 ₹440 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹445 Cr | Jun 2025 ₹437 Cr | Sep 2025 ₹437 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹49 Cr | Dec 2023 ₹49 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-82 Cr | Dec 2024 ₹-82 Cr | Mar 2025 ₹-82 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-87 Cr | Dec 2025 ₹-387 Cr | Mar 2026 ₹-393 Cr | Jun 2026 — - TWST: Sep 2021 ₹-415 Cr | Dec 2021 ₹-229 Cr | Mar 2022 ₹-494 Cr | Jun 2022 ₹-449 Cr | Sep 2022 ₹-410 Cr | Dec 2022 ₹-345 Cr | Mar 2023 ₹-297 Cr | Jun 2023 ₹-264 Cr | Sep 2023 ₹-242 Cr | Dec 2023 ₹-219 Cr | Mar 2024 ₹-204 Cr | Jun 2024 ₹-202 Cr | Sep 2024 ₹-191 Cr | Dec 2024 ₹-188 Cr | Mar 2025 ₹-177 Cr | Jun 2025 ₹-173 Cr | Sep 2025 ₹-175 Cr | Dec 2025 ₹-100 Cr | Mar 2026 ₹-76 Cr | Jun 2026 — - SHC: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - RDNT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹996 Cr | Jun 2024 ₹976 Cr | Sep 2024 ₹988 Cr | Dec 2024 ₹989 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - VCYT: Sep 2021 ₹-145 Cr | Dec 2021 ₹-158 Cr | Mar 2022 ₹-146 Cr | Jun 2022 ₹-146 Cr | Sep 2022 ₹-153 Cr | Dec 2022 ₹-164 Cr | Mar 2023 ₹-164 Cr | Jun 2023 ₹-176 Cr | Sep 2023 ₹-188 Cr | Dec 2023 ₹-203 Cr | Mar 2024 ₹-195 Cr | Jun 2024 ₹-215 Cr | Sep 2024 ₹-254 Cr | Dec 2024 ₹-238 Cr | Mar 2025 ₹-236 Cr | Jun 2025 ₹-270 Cr | Sep 2025 ₹-326 Cr | Dec 2025 ₹-373 Cr | Mar 2026 ₹-137 Cr | Jun 2026 — - ADPT: Sep 2021 ₹-302 Cr | Dec 2021 ₹-241 Cr | Mar 2022 ₹-250 Cr | Jun 2022 ₹-273 Cr | Sep 2022 ₹-399 Cr | Dec 2022 ₹-390 Cr | Mar 2023 ₹-335 Cr | Jun 2023 ₹-313 Cr | Sep 2023 ₹-270 Cr | Dec 2023 ₹-247 Cr | Mar 2024 ₹-213 Cr | Jun 2024 ₹-198 Cr | Sep 2024 ₹-151 Cr | Dec 2024 ₹-133 Cr | Mar 2025 ₹-106 Cr | Jun 2025 ₹-114 Cr | Sep 2025 ₹-131 Cr | Dec 2025 ₹-148 Cr | Mar 2026 ₹-140 Cr | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-13 Cr | Mar 2024 ₹-883 Cr | Jun 2024 ₹-883 Cr | Sep 2024 ₹-782 Cr | Dec 2024 ₹-695 Cr | Mar 2025 ₹-611 Cr | Jun 2025 ₹-541 Cr | Sep 2025 ₹-481 Cr | Dec 2025 ₹-849 Cr | Mar 2026 ₹-772 Cr | Jun 2026 — - CDNA: Sep 2021 ₹-345 Cr | Dec 2021 ₹-331 Cr | Mar 2022 ₹-302 Cr | Jun 2022 ₹-290 Cr | Sep 2022 ₹-256 Cr | Dec 2022 ₹-260 Cr | Mar 2023 ₹-254 Cr | Jun 2023 ₹-252 Cr | Sep 2023 ₹-239 Cr | Dec 2023 ₹-207 Cr | Mar 2024 ₹-189 Cr | Jun 2024 ₹-204 Cr | Sep 2024 ₹-217 Cr | Dec 2024 ₹-239 Cr | Mar 2025 ₹-207 Cr | Jun 2025 ₹-163 Cr | Sep 2025 ₹-173 Cr | Dec 2025 ₹-157 Cr | Mar 2026 ₹-169 Cr | Jun 2026 — - WGS: Sep 2021 ₹-450 Cr | Dec 2021 ₹-416 Cr | Mar 2022 ₹-241 Cr | Jun 2022 ₹-206 Cr | Sep 2022 ₹-113 Cr | Dec 2022 ₹-52 Cr | Mar 2023 ₹-139 Cr | Jun 2023 ₹-82 Cr | Sep 2023 ₹-40 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-25 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-42 Cr | Dec 2025 ₹-62 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — - NEO: Sep 2021 ₹70 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹192 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹204 Cr | Dec 2023 ₹197 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹248 Cr | Sep 2025 ₹246 Cr | Dec 2025 ₹249 Cr | Mar 2026 ₹263 Cr | Jun 2026 — - PSNL: Sep 2021 ₹-252 Cr | Dec 2021 ₹-234 Cr | Mar 2022 ₹-215 Cr | Jun 2022 ₹-181 Cr | Sep 2022 ₹-152 Cr | Dec 2022 ₹-127 Cr | Mar 2023 ₹-109 Cr | Jun 2023 ₹-97 Cr | Sep 2023 ₹-82 Cr | Dec 2023 ₹-76 Cr | Mar 2024 ₹-58 Cr | Jun 2024 ₹-50 Cr | Sep 2024 ₹-108 Cr | Dec 2024 ₹-150 Cr | Mar 2025 ₹-152 Cr | Jun 2025 ₹-140 Cr | Sep 2025 ₹-118 Cr | Dec 2025 ₹-208 Cr | Mar 2026 ₹-202 Cr | Jun 2026 — - OPK: Sep 2021 ₹90 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹150 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹333 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹48 Cr | Jun 2026 — - CSTL: Sep 2021 ₹-363 Cr | Dec 2021 ₹-322 Cr | Mar 2022 ₹-301 Cr | Jun 2022 ₹-265 Cr | Sep 2022 ₹-253 Cr | Dec 2022 ₹-246 Cr | Mar 2023 ₹-219 Cr | Jun 2023 ₹-212 Cr | Sep 2023 ₹-215 Cr | Dec 2023 ₹-228 Cr | Mar 2024 ₹-214 Cr | Jun 2024 ₹-235 Cr | Sep 2024 ₹-253 Cr | Dec 2024 ₹-267 Cr | Mar 2025 ₹-249 Cr | Jun 2025 ₹-239 Cr | Sep 2025 ₹-251 Cr | Dec 2025 ₹-263 Cr | Mar 2026 ₹-225 Cr | Jun 2026 — ## Return On Capital Employed 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. 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. Evidence: Medpace Holdings, Inc. · 30.2% | 73.6% versus #2 · IDEXX Laboratories, Inc. | 6/8 recent comparable periods | 30/30 companies · 543 observations Definition: 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. ### ROCE — highest 1. Medpace Holdings, Inc. (MEDP): 30% 2. IDEXX Laboratories, Inc. (IDXX): 17% 3. Mettler-Toledo International Inc. (MTD): 9.8% 4. Illumina, Inc. (ILMN): 4.3% 5. BillionToOne, Inc. (BLLN): 3.9% ### ROCE change — fastest improvers 1. Medpace Holdings, Inc. (MEDP): +10.4 pp 2. BillionToOne, Inc. (BLLN): +5.6 pp 3. CareDx, Inc. (CDNA): +3.7 pp 4. IDEXX Laboratories, Inc. (IDXX): +3.3 pp 5. Castle Biosciences, Inc. (CSTL): +2.5 pp ### 20-quarter ROCE history - TMO: Sep 2021 — | Dec 2021 3.7% | Mar 2022 — | Jun 2022 4.0% | Sep 2022 2.9% | Dec 2022 2.4% | Mar 2023 — | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 2.2% | Mar 2024 2.1% | Jun 2024 2.2% | Sep 2024 2.2% | Dec 2024 2.4% | Mar 2025 2.0% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 2.5% | Mar 2026 2.0% | Jun 2026 — - DHR: Sep 2021 — | Dec 2021 1.8% | Mar 2022 — | Jun 2022 3.0% | Sep 2022 3.0% | Dec 2022 2.6% | Mar 2023 2.0% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 1.8% | Mar 2024 1.7% | Jun 2024 1.6% | Sep 2024 1.3% | Dec 2024 1.9% | Mar 2025 1.7% | Jun 2025 1.0% | Sep 2025 1.6% | Dec 2025 2.0% | Mar 2026 1.8% | Jun 2026 1.4% - IDXX: Sep 2021 14% | Dec 2021 12% | Mar 2022 15% | Jun 2022 11% | Sep 2022 15% | Dec 2022 14% | Mar 2023 17% | Jun 2023 17% | Sep 2023 15% | Dec 2023 13% | Mar 2024 14% | Jun 2024 12% | Sep 2024 14% | Dec 2024 12% | Mar 2025 14% | Jun 2025 17% | Sep 2025 16% | Dec 2025 14% | Mar 2026 17% | Jun 2026 — - IQV: Sep 2021 1.6% | Dec 2021 2.3% | Mar 2022 2.5% | Jun 2022 2.4% | Sep 2022 2.5% | Dec 2022 1.9% | Mar 2023 2.4% | Jun 2023 2.7% | Sep 2023 2.5% | Dec 2023 2.5% | Mar 2024 2.6% | Jun 2024 2.6% | Sep 2024 2.8% | Dec 2024 3.1% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 3.0% | Mar 2026 2.5% | Jun 2026 — - A: Sep 2021 — | Dec 2021 4.6% | Mar 2022 4.5% | Jun 2022 4.2% | Sep 2022 4.7% | Dec 2022 5.3% | Mar 2023 4.8% | Jun 2023 4.3% | Sep 2023 1.5% | Dec 2023 4.6% | Mar 2024 4.2% | Jun 2024 4.0% | Sep 2024 3.8% | Dec 2024 4.3% | Mar 2025 3.9% | Jun 2025 3.2% | Sep 2025 3.8% | Dec 2025 4.4% | Mar 2026 3.4% | Jun 2026 3.8% - WAT: Sep 2021 — | Dec 2021 8.7% | Mar 2022 — | Jun 2022 8.2% | Sep 2022 8.5% | Dec 2022 8.0% | Mar 2023 — | Jun 2023 7.2% | Sep 2023 6.6% | Dec 2023 8.3% | Mar 2024 4.3% | Jun 2024 5.1% | Sep 2024 5.7% | Dec 2024 7.7% | Mar 2025 4.2% | Jun 2025 5.1% | Sep 2025 5.3% | Dec 2025 7.1% | Mar 2026 — | Jun 2026 -0.4% - 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 — - ILMN: Sep 2021 — | Dec 2021 -5.3% | Mar 2022 0.4% | Jun 2022 1.7% | 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 2024 11% | Dec 2024 2.6% | Mar 2025 2.5% | Jun 2025 5.0% | Sep 2025 4.9% | Dec 2025 4.1% | Mar 2026 4.3% | Jun 2026 — - MTD: Sep 2021 12% | Dec 2021 14% | Mar 2022 10% | Jun 2022 12% | Sep 2022 13% | Dec 2022 15% | Mar 2023 11% | Jun 2023 12% | Sep 2023 13% | Dec 2023 11% | Mar 2024 11% | Jun 2024 12% | Sep 2024 13% | Dec 2024 16% | Mar 2025 10% | Jun 2025 13% | Sep 2025 13% | Dec 2025 15% | Mar 2026 9.8% | Jun 2026 — - DGX: Sep 2021 5.5% | Dec 2021 4.4% | Mar 2022 4.3% | Jun 2022 3.4% | Sep 2022 3.3% | Dec 2022 1.2% | Mar 2023 2.6% | Jun 2023 3.0% | Sep 2023 2.9% | Dec 2023 2.3% | Mar 2024 2.6% | Jun 2024 3.0% | Sep 2024 2.6% | Dec 2024 2.8% | Mar 2025 2.7% | Jun 2025 3.4% | Sep 2025 2.8% | Dec 2025 2.8% | Mar 2026 2.8% | Jun 2026 3.2% - LH: Sep 2021 4.6% | Dec 2021 4.2% | Mar 2022 3.9% | Jun 2022 2.4% | Sep 2022 2.1% | Dec 2022 0.2% | Mar 2023 1.9% | Jun 2023 1.6% | Sep 2023 1.6% | Dec 2023 -0.8% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 1.7% | Dec 2024 1.5% | Mar 2025 2.3% | Jun 2025 2.8% | Sep 2025 2.6% | Dec 2025 1.7% | Mar 2026 2.4% | Jun 2026 — - 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 — - MEDP: Sep 2021 5.4% | Dec 2021 5.3% | Mar 2022 7.3% | Jun 2022 8.4% | Sep 2022 9.9% | Dec 2022 9.3% | Mar 2023 14% | Jun 2023 16% | Sep 2023 15% | Dec 2023 14% | Mar 2024 15% | Jun 2024 14% | Sep 2024 13% | Dec 2024 15% | Mar 2025 14% | Jun 2025 20% | Sep 2025 19% | Dec 2025 19% | Mar 2026 18% | Jun 2026 30% - ICLR: Sep 2021 0.1% | Dec 2021 1.7% | Mar 2022 2.0% | Jun 2022 2.1% | Sep 2022 1.6% | Dec 2022 1.4% | Mar 2023 1.4% | Jun 2023 1.4% | Sep 2023 1.8% | Dec 2023 1.7% | Mar 2024 1.7% | Jun 2024 1.1% | Sep 2024 2.1% | Dec 2024 2.4% | Mar 2025 1.6% | Jun 2025 1.6% | Sep 2025 -1.6% | Dec 2025 1.5% | Mar 2026 1.3% | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 2.0% | Mar 2022 3.0% | Jun 2022 2.5% | Sep 2022 2.2% | Dec 2022 0.8% | Mar 2023 1.0% | Jun 2023 0.6% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.4% | Jun 2024 0.7% | Sep 2024 0.8% | Dec 2024 1.0% | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 1.0% | Mar 2026 — | Jun 2026 0.7% - CRL: Sep 2021 3.0% | Dec 2021 3.2% | Mar 2022 2.7% | Jun 2022 3.1% | Sep 2022 2.4% | Dec 2022 2.6% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 2.5% | Dec 2023 1.9% | Mar 2024 1.8% | Jun 2024 2.2% | Sep 2024 1.7% | Dec 2024 -2.5% | Mar 2025 1.1% | Jun 2025 1.5% | Sep 2025 2.0% | Dec 2025 -4.5% | Mar 2026 1.8% | Jun 2026 — - QGEN: Sep 2021 2.7% | Dec 2021 3.5% | Mar 2022 3.9% | Jun 2022 2.3% | Sep 2022 2.0% | Dec 2022 2.1% | Mar 2023 1.8% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 2.1% | Mar 2024 1.9% | Jun 2024 -4.6% | Sep 2024 2.1% | Dec 2024 2.4% | Mar 2025 2.4% | Jun 2025 2.6% | Sep 2025 2.4% | Dec 2025 1.9% | Mar 2026 1.6% | Jun 2026 — - BLLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -6.3% | Dec 2024 -5.9% | Mar 2025 -1.7% | Jun 2025 -1.2% | Sep 2025 3.4% | Dec 2025 2.4% | Mar 2026 3.9% | Jun 2026 — - TWST: Sep 2021 -7.9% | Dec 2021 -8.2% | Mar 2022 -7.7% | Jun 2022 -7.9% | Sep 2022 -7.5% | Dec 2022 -5.8% | Mar 2023 -7.2% | Jun 2023 -7.5% | Sep 2023 -6.4% | Dec 2023 -6.3% | Mar 2024 -6.9% | Jun 2024 -14% | Sep 2024 -5.8% | Dec 2024 -5.7% | Mar 2025 -7.2% | Jun 2025 -5.4% | Sep 2025 -5.5% | Dec 2025 -6.0% | Mar 2026 -8.5% | Jun 2026 — - SHC: Sep 2021 2.5% | Dec 2021 2.5% | Mar 2022 2.0% | Jun 2022 2.6% | Sep 2022 2.4% | Dec 2022 2.4% | Mar 2023 1.2% | Jun 2023 2.3% | Sep 2023 2.8% | Dec 2023 4.0% | Mar 2024 1.9% | Jun 2024 2.7% | Sep 2024 2.8% | Dec 2024 3.0% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 3.8% | Dec 2025 3.6% | Mar 2026 2.6% | Jun 2026 — - RDNT: Sep 2021 2.2% | Dec 2021 0.3% | Mar 2022 -0.1% | Jun 2022 1.1% | Sep 2022 0.4% | Dec 2022 1.2% | Mar 2023 0.4% | Jun 2023 1.2% | Sep 2023 2.1% | Dec 2023 1.2% | Mar 2024 0.5% | Jun 2024 1.4% | Sep 2024 1.3% | Dec 2024 1.0% | Mar 2025 -0.9% | Jun 2025 1.1% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 -0.8% | Jun 2026 — - VCYT: Sep 2021 -2.1% | Dec 2021 -1.6% | Mar 2022 -1.4% | Jun 2022 -1.0% | Sep 2022 -0.9% | Dec 2022 0.0% | Mar 2023 -0.9% | Jun 2023 -0.7% | Sep 2023 -3.0% | Dec 2023 -3.3% | Mar 2024 -0.4% | Jun 2024 0.4% | Sep 2024 1.1% | Dec 2024 0.4% | Mar 2025 0.2% | Jun 2025 -0.4% | Sep 2025 1.8% | Dec 2025 2.9% | Mar 2026 1.7% | Jun 2026 — - ADPT: Sep 2021 -6.0% | Dec 2021 -6.8% | Mar 2022 -7.4% | Jun 2022 -6.5% | Sep 2022 -5.5% | Dec 2022 -5.0% | Mar 2023 -7.9% | Jun 2023 -7.0% | Sep 2023 -7.3% | Dec 2023 -11% | Mar 2024 -7.9% | Jun 2024 -8.1% | Sep 2024 -6.0% | Dec 2024 -6.7% | Mar 2025 -6.2% | Jun 2025 -5.6% | Sep 2025 2.3% | Dec 2025 -3.0% | Mar 2026 -4.6% | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -49% | Mar 2024 -14% | Jun 2024 -103% | Sep 2024 -5.4% | Dec 2024 -4.1% | Mar 2025 -5.2% | Jun 2025 -5.5% | Sep 2025 -4.5% | Dec 2025 -4.3% | Mar 2026 -4.9% | Jun 2026 — - CDNA: Sep 2021 -2.2% | Dec 2021 -3.9% | Mar 2022 -3.9% | Jun 2022 -4.5% | Sep 2022 -3.6% | Dec 2022 -4.0% | Mar 2023 -5.2% | Jun 2023 -6.1% | Sep 2023 -6.4% | Dec 2023 -6.4% | Mar 2024 -5.4% | Jun 2024 -1.8% | Sep 2024 -3.3% | Dec 2024 21% | Mar 2025 -3.4% | Jun 2025 -3.0% | Sep 2025 -0.1% | Dec 2025 -1.7% | Mar 2026 0.3% | Jun 2026 — - WGS: Sep 2021 -19% | Dec 2021 -37% | Mar 2022 -21% | Jun 2022 -28% | Sep 2022 -15% | Dec 2022 -81% | Mar 2023 -14% | Jun 2023 -9.2% | Sep 2023 -8.5% | Dec 2023 -7.3% | Mar 2024 -3.5% | Jun 2024 -3.0% | Sep 2024 -2.3% | Dec 2024 2.4% | Mar 2025 -1.3% | Jun 2025 2.5% | Sep 2025 -0.9% | Dec 2025 -3.7% | Mar 2026 -14% | Jun 2026 — - NEO: Sep 2021 -2.9% | Dec 2021 -3.1% | Mar 2022 -3.3% | Jun 2022 -2.3% | Sep 2022 -2.3% | Dec 2022 -1.5% | Mar 2023 -2.1% | Jun 2023 -1.8% | Sep 2023 -1.5% | Dec 2023 -1.1% | Mar 2024 -1.9% | Jun 2024 -1.5% | Sep 2024 -1.4% | Dec 2024 -1.3% | Mar 2025 -1.9% | Jun 2025 -3.6% | Sep 2025 -2.1% | Dec 2025 -1.0% | Mar 2026 -1.4% | Jun 2026 — - PSNL: Sep 2021 -6.0% | Dec 2021 -7.1% | Mar 2022 -8.1% | Jun 2022 -8.4% | Sep 2022 -8.2% | Dec 2022 -10% | Mar 2023 -10% | Jun 2023 -9.4% | Sep 2023 -13% | Dec 2023 -11% | Mar 2024 -9.4% | Jun 2024 -9.1% | Sep 2024 -7.2% | Dec 2024 -8.7% | Mar 2025 -8.7% | Jun 2025 -12% | Sep 2025 -11% | Dec 2025 -9.5% | Mar 2026 -12% | Jun 2026 — - OPK: Sep 2021 1.8% | Dec 2021 -3.0% | Mar 2022 -3.5% | Jun 2022 -0.5% | Sep 2022 -4.3% | Dec 2022 -2.7% | Mar 2023 -1.6% | Jun 2023 0.3% | Sep 2023 -3.4% | Dec 2023 -3.7% | Mar 2024 -3.8% | Jun 2024 -3.3% | Sep 2024 0.7% | Dec 2024 -1.7% | Mar 2025 -3.7% | Jun 2025 -3.4% | Sep 2025 2.5% | Dec 2025 -2.0% | Mar 2026 -2.9% | Jun 2026 — - CSTL: Sep 2021 -4.0% | Dec 2021 -3.5% | Mar 2022 -5.9% | Jun 2022 -0.9% | Sep 2022 -5.1% | Dec 2022 -5.4% | Mar 2023 -7.9% | Jun 2023 -5.1% | Sep 2023 -2.3% | Dec 2023 -1.4% | Mar 2024 -1.3% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 0.9% | Mar 2025 -6.3% | Jun 2025 -0.9% | Sep 2025 -1.4% | Dec 2025 -0.8% | Mar 2026 -3.8% | Jun 2026 — ### 20-quarter ROCE change history - 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 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 — - 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 2025 0.0 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 - 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 — - 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 2023 0.0 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 2026 0.0 pp | Jun 2026 — - 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 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 −0.5 pp | Jun 2026 +0.6 pp - 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 2025 0.0 pp | Sep 2025 −0.4 pp | Dec 2025 −0.6 pp | Mar 2026 — | Jun 2026 −5.5 pp - 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 — - 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 — - 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 2024 0.0 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 — - 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 2024 0.0 pp | Jun 2024 0.0 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 2025 0.0 pp | Mar 2026 +0.1 pp | Jun 2026 −0.2 pp - 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 — - 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 — - MEDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 +4.0 pp | Mar 2023 +6.2 pp | Jun 2023 +7.4 pp | Sep 2023 +4.9 pp | Dec 2023 +4.3 pp | Mar 2024 +1.9 pp | Jun 2024 −1.6 pp | Sep 2024 −1.4 pp | Dec 2024 +0.9 pp | Mar 2025 −1.3 pp | Jun 2025 +5.6 pp | Sep 2025 +5.4 pp | Dec 2025 +4.3 pp | Mar 2026 +4.0 pp | Jun 2026 +10.4 pp - ICLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 −0.3 pp | Mar 2023 −0.6 pp | Jun 2023 −0.7 pp | Sep 2023 +0.2 pp | Dec 2023 +0.3 pp | Mar 2024 +0.3 pp | Jun 2024 −0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.7 pp | Mar 2025 −0.1 pp | Jun 2025 +0.5 pp | Sep 2025 −3.7 pp | Dec 2025 −0.9 pp | Mar 2026 −0.3 pp | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −1.2 pp | Mar 2023 −2.0 pp | Jun 2023 −1.9 pp | Sep 2023 −1.6 pp | Dec 2023 −0.2 pp | Mar 2024 −0.6 pp | Jun 2024 +0.1 pp | Sep 2024 +0.2 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 −0.1 pp - CRL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.6 pp | Mar 2023 — | Jun 2023 −0.5 pp | Sep 2023 +0.1 pp | Dec 2023 −0.7 pp | Mar 2024 — | Jun 2024 −0.4 pp | Sep 2024 −0.8 pp | Dec 2024 −4.4 pp | Mar 2025 −0.7 pp | Jun 2025 −0.7 pp | Sep 2025 +0.3 pp | Dec 2025 −2.0 pp | Mar 2026 +0.7 pp | Jun 2026 — - QGEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.4 pp | Mar 2023 −2.1 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 −6.6 pp | Sep 2024 +0.2 pp | Dec 2024 +0.3 pp | Mar 2025 +0.5 pp | Jun 2025 +7.2 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.8 pp | Jun 2026 — - BLLN: 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 −6.3 pp | Dec 2024 −5.9 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +9.7 pp | Dec 2025 +8.3 pp | Mar 2026 +5.6 pp | Jun 2026 — - TWST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +2.4 pp | Mar 2023 +0.5 pp | Jun 2023 +0.4 pp | Sep 2023 +1.1 pp | Dec 2023 −0.5 pp | Mar 2024 +0.3 pp | Jun 2024 −6.2 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 +8.3 pp | Sep 2025 +0.3 pp | Dec 2025 −0.3 pp | Mar 2026 −1.3 pp | Jun 2026 — - SHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.1 pp | Mar 2023 −0.8 pp | Jun 2023 −0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +1.6 pp | Mar 2024 +0.7 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 +0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +1.0 pp | Dec 2025 +0.6 pp | Mar 2026 +0.6 pp | Jun 2026 — - RDNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 +0.9 pp | Mar 2023 +0.5 pp | Jun 2023 +0.1 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 −0.8 pp | Dec 2024 −0.2 pp | Mar 2025 −1.4 pp | Jun 2025 −0.3 pp | Sep 2025 −0.4 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 — - VCYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.6 pp | Mar 2023 +0.5 pp | Jun 2023 +0.3 pp | Sep 2023 −2.1 pp | Dec 2023 −3.3 pp | Mar 2024 +0.5 pp | Jun 2024 +1.1 pp | Sep 2024 +4.1 pp | Dec 2024 +3.7 pp | Mar 2025 +0.6 pp | Jun 2025 −0.8 pp | Sep 2025 +0.7 pp | Dec 2025 +2.5 pp | Mar 2026 +1.5 pp | Jun 2026 — - ADPT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +1.8 pp | Mar 2023 −0.5 pp | Jun 2023 −0.5 pp | Sep 2023 −1.8 pp | Dec 2023 −5.8 pp | Mar 2024 0.0 pp | Jun 2024 −1.1 pp | Sep 2024 +1.3 pp | Dec 2024 +4.1 pp | Mar 2025 +1.7 pp | Jun 2025 +2.5 pp | Sep 2025 +8.3 pp | Dec 2025 +3.7 pp | Mar 2026 +1.6 pp | Jun 2026 — - GRAL: 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 +44.6 pp | Mar 2025 +9.1 pp | Jun 2025 +97.7 pp | Sep 2025 +0.9 pp | Dec 2025 −0.2 pp | Mar 2026 +0.3 pp | Jun 2026 — - CDNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −0.1 pp | Mar 2023 −1.3 pp | Jun 2023 −1.6 pp | Sep 2023 −2.8 pp | Dec 2023 −2.4 pp | Mar 2024 −0.2 pp | Jun 2024 +4.3 pp | Sep 2024 +3.1 pp | Dec 2024 +27.8 pp | Mar 2025 +2.0 pp | Jun 2025 −1.2 pp | Sep 2025 +3.2 pp | Dec 2025 −23.1 pp | Mar 2026 +3.7 pp | Jun 2026 — - WGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.7 pp | Dec 2022 −44.6 pp | Mar 2023 +6.5 pp | Jun 2023 +18.6 pp | Sep 2023 +6.7 pp | Dec 2023 +74.0 pp | Mar 2024 +10.8 pp | Jun 2024 +6.2 pp | Sep 2024 +6.2 pp | Dec 2024 +9.7 pp | Mar 2025 +2.2 pp | Jun 2025 +5.5 pp | Sep 2025 +1.4 pp | Dec 2025 −6.1 pp | Mar 2026 −13.1 pp | Jun 2026 — - NEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +1.6 pp | Mar 2023 +1.2 pp | Jun 2023 +0.5 pp | Sep 2023 +0.8 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 −2.1 pp | Sep 2025 −0.7 pp | Dec 2025 +0.3 pp | Mar 2026 +0.5 pp | Jun 2026 — - PSNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −3.2 pp | Mar 2023 −2.2 pp | Jun 2023 −1.0 pp | Sep 2023 −4.7 pp | Dec 2023 −0.7 pp | Mar 2024 +0.9 pp | Jun 2024 +0.3 pp | Sep 2024 +5.7 pp | Dec 2024 +2.3 pp | Mar 2025 +0.7 pp | Jun 2025 −2.4 pp | Sep 2025 −4.2 pp | Dec 2025 −0.8 pp | Mar 2026 −3.4 pp | Jun 2026 — - OPK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 +0.3 pp | Mar 2023 +1.9 pp | Jun 2023 +0.8 pp | Sep 2023 +0.9 pp | Dec 2023 −1.0 pp | Mar 2024 −2.2 pp | Jun 2024 −3.6 pp | Sep 2024 +4.1 pp | Dec 2024 +2.0 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +1.8 pp | Dec 2025 −0.3 pp | Mar 2026 +0.8 pp | Jun 2026 — - CSTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −1.9 pp | Mar 2023 −2.0 pp | Jun 2023 −4.2 pp | Sep 2023 +2.8 pp | Dec 2023 +4.0 pp | Mar 2024 +6.6 pp | Jun 2024 +6.3 pp | Sep 2024 +3.5 pp | Dec 2024 +2.3 pp | Mar 2025 −5.0 pp | Jun 2025 −2.1 pp | Sep 2025 −2.6 pp | Dec 2025 −1.7 pp | Mar 2026 +2.5 pp | Jun 2026 — ## Valuation Against Growth & Quality 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. 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. Evidence: ICON Public Limited Company · 0.49× | 36.4% versus #2 · Labcorp Holdings Inc. | 0/8 recent comparable periods | 7/30 companies · 67 observations Definition: 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 PEG — lowest PEG 1. ICON Public Limited Company (ICLR): 0.5 2. Labcorp Holdings Inc. (LH): 0.8 3. Agilent Technologies, Inc. (A): 1.0 4. IDEXX Laboratories, Inc. (IDXX): 1.6 5. IQVIA Holdings Inc. (IQV): 2.1 ### P/E — lowest P/E 1. CareDx, Inc. (CDNA): 12.2 2. Qiagen N.V. (QGEN): 20.9 3. IQVIA Holdings Inc. (IQV): 21.1 4. Illumina, Inc. (ILMN): 21.4 5. Quest Diagnostics Incorporated (DGX): 22.5 ### 20-quarter Guarded PEG history - 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 2025 1.7 | Jun 2025 1.7 | Sep 2025 3.1 | Dec 2025 4.5 | Mar 2026 3.9 | Jun 2026 — - IDXX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.5 | Sep 2023 1.8 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 6.7 | Sep 2024 8.4 | Dec 2024 6.5 | Mar 2025 — | Jun 2025 2.4 | Sep 2025 2.4 | Dec 2025 2.3 | Mar 2026 1.6 | Jun 2026 — - IQV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 0.8 | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.1 | Jun 2026 — - A: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.0 - 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 2025 4.7 | Jun 2025 4.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.5 | Jun 2023 2.7 | Sep 2023 3.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.3 | Mar 2025 2.4 | Jun 2025 3.4 | Sep 2025 3.8 | Dec 2025 — | Mar 2026 4.7 | Jun 2026 — - DGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.9 | Jun 2024 2.4 | Sep 2024 1.8 | Dec 2024 — | Mar 2025 3.3 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 — - 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 2025 1.3 | Mar 2026 0.8 | Jun 2026 — - MEDP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.9 | Dec 2023 1.6 | Mar 2024 1.7 | Jun 2024 1.4 | Sep 2024 0.9 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 1.4 | Jun 2026 — - ICLR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.9 | Dec 2023 3.0 | Mar 2024 1.6 | Jun 2024 1.2 | Sep 2024 0.9 | Dec 2024 0.6 | Mar 2025 0.8 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - 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 2024 1.2 | Mar 2025 — | Jun 2025 — | Sep 2025 1.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - TMO: Sep 2021 — | Dec 2021 26.6 | Mar 2022 — | Jun 2022 30.9 | Sep 2022 29.2 | Dec 2022 28.5 | Mar 2023 — | Jun 2023 37.6 | Sep 2023 35.7 | Dec 2023 34.4 | Mar 2024 37.3 | Jun 2024 34.3 | Sep 2024 38.5 | Dec 2024 31.5 | Mar 2025 29.3 | Jun 2025 23.6 | Sep 2025 26.8 | Dec 2025 32.7 | Mar 2026 26.0 | Jun 2026 — - DHR: Sep 2021 — | Dec 2021 34.5 | Mar 2022 — | Jun 2022 30.4 | Sep 2022 26.9 | Dec 2022 27.8 | Mar 2023 24.9 | Jun 2023 26.7 | Sep 2023 29.8 | Dec 2023 36.3 | Mar 2024 43.8 | Jun 2024 44.0 | Sep 2024 52.1 | Dec 2024 43.4 | Mar 2025 40.0 | Jun 2025 42.3 | Sep 2025 38.1 | Dec 2025 45.3 | Mar 2026 35.1 | Jun 2026 34.9 - IDXX: Sep 2021 71.2 | Dec 2021 76.6 | Mar 2022 64.1 | Jun 2022 45.3 | Sep 2022 41.4 | Dec 2022 50.8 | Mar 2023 60.2 | Jun 2023 53.3 | Sep 2023 44.6 | Dec 2023 55.2 | Mar 2024 52.3 | Jun 2024 48.2 | Sep 2024 48.7 | Dec 2024 38.8 | Mar 2025 38.8 | Jun 2025 44.7 | Sep 2025 50.7 | Dec 2025 51.7 | Mar 2026 41.4 | Jun 2026 — - IQV: Sep 2021 60.8 | Dec 2021 57.0 | Mar 2022 41.7 | Jun 2022 36.2 | Sep 2022 29.5 | Dec 2022 35.8 | Mar 2023 35.8 | Jun 2023 38.7 | Sep 2023 33.1 | Dec 2023 31.7 | Mar 2024 34.6 | Jun 2024 27.5 | Sep 2024 31.1 | Dec 2024 26.2 | Mar 2025 24.0 | Jun 2025 22.8 | Sep 2025 26.1 | Dec 2025 28.8 | Mar 2026 21.1 | Jun 2026 — - A: Sep 2021 — | Dec 2021 40.0 | Mar 2022 35.4 | Jun 2022 28.7 | Sep 2022 30.6 | Dec 2022 33.1 | Mar 2023 34.3 | Jun 2023 29.8 | Sep 2023 31.9 | Dec 2023 24.7 | Mar 2024 31.0 | Jun 2024 32.4 | Sep 2024 29.3 | Dec 2024 29.4 | Mar 2025 34.8 | Jun 2025 26.6 | Sep 2025 27.0 | Dec 2025 32.0 | Mar 2026 29.6 | Jun 2026 23.2 - WAT: Sep 2021 — | Dec 2021 31.9 | Mar 2022 — | Jun 2022 27.0 | Sep 2022 29.4 | Dec 2022 23.5 | Mar 2023 — | Jun 2023 26.9 | Sep 2023 23.5 | Dec 2023 30.4 | Mar 2024 33.8 | Jun 2024 28.9 | Sep 2024 34.1 | Dec 2024 34.6 | Mar 2025 32.9 | Jun 2025 31.8 | Sep 2025 26.8 | Dec 2025 35.3 | Mar 2026 — | Jun 2026 38.7 - ILMN: Sep 2021 — | Dec 2021 63.0 | Mar 2022 73.4 | Jun 2022 76.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 12.0 | Sep 2025 20.6 | Dec 2025 24.8 | Mar 2026 21.4 | Jun 2026 — - MTD: Sep 2021 43.2 | Dec 2021 51.8 | Mar 2022 40.3 | Jun 2022 32.4 | Sep 2022 29.7 | Dec 2022 37.6 | Mar 2023 38.9 | Jun 2023 33.0 | Sep 2023 28.3 | Dec 2023 33.8 | Mar 2024 37.3 | Jun 2024 38.5 | Sep 2024 40.4 | Dec 2024 30.2 | Mar 2025 29.5 | Jun 2025 29.8 | Sep 2025 30.6 | Dec 2025 33.2 | Mar 2026 29.6 | Jun 2026 — - DGX: Sep 2021 8.7 | Dec 2021 11.1 | Mar 2022 9.1 | Jun 2022 11.1 | Sep 2022 12.1 | Dec 2022 19.6 | Mar 2023 20.9 | Jun 2023 20.5 | Sep 2023 18.3 | Dec 2023 18.4 | Mar 2024 17.9 | Jun 2024 18.5 | Sep 2024 20.9 | Dec 2024 19.6 | Mar 2025 21.4 | Jun 2025 21.5 | Sep 2025 22.4 | Dec 2025 19.8 | Mar 2026 21.7 | Jun 2026 22.5 - LH: Sep 2021 8.6 | Dec 2021 11.1 | Mar 2022 10.4 | Jun 2022 9.6 | Sep 2022 9.4 | Dec 2022 14.5 | Mar 2023 17.9 | Jun 2023 22.4 | Sep 2023 26.9 | Dec 2023 47.7 | Mar 2024 44.0 | Jun 2024 38.5 | Sep 2024 43.2 | Dec 2024 25.9 | Mar 2025 26.9 | Jun 2025 29.0 | Sep 2025 28.2 | Dec 2025 24.0 | Mar 2026 23.6 | Jun 2026 — - MEDP: Sep 2021 39.1 | Dec 2021 45.3 | Mar 2022 30.5 | Jun 2022 26.0 | Sep 2022 24.1 | Dec 2022 29.2 | Mar 2023 23.8 | Jun 2023 28.7 | Sep 2023 28.4 | Dec 2023 34.5 | Mar 2024 41.2 | Jun 2024 38.7 | Sep 2024 29.2 | Dec 2024 26.3 | Mar 2025 23.3 | Jun 2025 23.3 | Sep 2025 36.0 | Dec 2025 36.8 | Mar 2026 30.2 | Jun 2026 31.0 - ICLR: Sep 2021 66.7 | Dec 2021 137.6 | Mar 2022 97.7 | Jun 2022 86.0 | Sep 2022 32.6 | Dec 2022 31.7 | Mar 2023 34.6 | Jun 2023 40.6 | Sep 2023 39.7 | Dec 2023 42.3 | Mar 2024 42.9 | Jun 2024 38.3 | Sep 2024 33.5 | Dec 2024 24.0 | Mar 2025 18.1 | Jun 2025 13.9 | Sep 2025 39.2 | Dec 2025 67.2 | Mar 2026 50.8 | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 34.6 | Mar 2022 26.4 | Jun 2022 55.8 | Sep 2022 42.4 | Dec 2022 35.4 | Mar 2023 31.2 | Jun 2023 45.3 | Sep 2023 59.7 | Dec 2023 72.8 | Mar 2024 82.0 | Jun 2024 83.2 | Sep 2024 64.7 | Dec 2024 50.9 | Mar 2025 45.9 | Jun 2025 42.4 | Sep 2025 43.3 | Dec 2025 46.7 | Mar 2026 — | Jun 2026 42.6 - CRL: Sep 2021 59.2 | Dec 2021 48.6 | Mar 2022 34.0 | Jun 2022 26.3 | Sep 2022 22.1 | Dec 2022 23.0 | Mar 2023 — | Jun 2023 20.9 | Sep 2023 22.3 | Dec 2023 25.5 | Mar 2024 31.4 | Jun 2024 24.2 | Sep 2024 23.9 | Dec 2024 427.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - QGEN: Sep 2021 20.2 | Dec 2021 25.9 | Mar 2022 21.1 | Jun 2022 21.3 | Sep 2022 20.5 | Dec 2022 28.7 | Mar 2023 30.3 | Jun 2023 31.3 | Sep 2023 28.8 | Dec 2023 32.8 | Mar 2024 29.7 | Jun 2024 141.0 | Sep 2024 120.2 | Dec 2024 68.9 | Mar 2025 108.5 | Jun 2025 29.3 | Sep 2025 24.8 | Dec 2025 23.7 | Mar 2026 20.9 | Jun 2026 — - BLLN: 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 2025 584.6 | Mar 2026 60.9 | Jun 2026 — - SHC: Sep 2021 217.8 | Dec 2021 57.4 | Mar 2022 44.2 | Jun 2022 43.5 | Sep 2022 15.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 93.6 | Mar 2024 63.2 | Jun 2024 84.8 | Sep 2024 66.8 | Dec 2024 85.5 | Mar 2025 145.8 | Jun 2025 139.0 | Sep 2025 82.8 | Dec 2025 65.3 | Mar 2026 35.0 | Jun 2026 — - RDNT: Sep 2021 40.2 | Dec 2021 65.5 | Mar 2022 67.8 | Jun 2022 42.2 | Sep 2022 169.6 | Dec 2022 110.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 695.4 | Mar 2024 162.2 | Jun 2024 420.9 | Sep 2024 — | Dec 2024 1,746.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - VCYT: 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 127.7 | Mar 2025 72.3 | Jun 2025 81.9 | Sep 2025 90.3 | Dec 2025 51.3 | Mar 2026 29.6 | Jun 2026 — - CDNA: 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 23.0 | Mar 2025 17.2 | Jun 2025 20.4 | Sep 2025 12.2 | Dec 2025 — | Mar 2026 — | Jun 2026 — - WGS: 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 2,693.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — - NEO: Sep 2021 134.0 | 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 2025 — | Mar 2026 — | Jun 2026 — - OPK: Sep 2021 33.2 | 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 2025 — | Mar 2026 — | Jun 2026 — - CSTL: 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 142.6 | Dec 2024 43.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: GRAIL, Inc. leads ev/ebitda at 0.04×; OPKO Health, Inc. leads p/bv at 0.71×. 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. Evidence: GRAIL, Inc. · 0.04× | 81% versus #2 · Personalis, Inc. | 0/8 recent comparable periods | 25/30 companies · 338 observations Definition: 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/EBITDA — lowest EV/EBITDA 1. GRAIL, Inc. (GRAL): 0.0 2. Personalis, Inc. (PSNL): 0.2 3. Sotera Health Company (SHC): 11.9 4. Quest Diagnostics Incorporated (DGX): 12.5 5. IQVIA Holdings Inc. (IQV): 12.6 ### P/BV — lowest P/BV 1. OPKO Health, Inc. (OPK): 0.7 2. GRAIL, Inc. (GRAL): 0.9 3. ICON Public Limited Company (ICLR): 0.9 4. NeoGenomics, Inc. (NEO): 1.2 5. Revvity, Inc. (RVTY): 1.4 ### 20-quarter EV/EBITDA history - TMO: Sep 2021 — | Dec 2021 18.0 | Mar 2022 — | Jun 2022 20.8 | Sep 2022 19.3 | Dec 2022 18.3 | Mar 2023 — | Jun 2023 24.2 | Sep 2023 23.0 | Dec 2023 22.6 | Mar 2024 24.2 | Jun 2024 22.6 | Sep 2024 25.4 | Dec 2024 21.4 | Mar 2025 21.0 | Jun 2025 17.8 | Sep 2025 20.1 | Dec 2025 23.5 | Mar 2026 20.2 | Jun 2026 — - DHR: Sep 2021 — | Dec 2021 24.0 | Mar 2022 — | Jun 2022 20.9 | Sep 2022 18.2 | Dec 2022 19.3 | Mar 2023 17.8 | Jun 2023 19.0 | Sep 2023 21.4 | Dec 2023 24.9 | Mar 2024 27.2 | Jun 2024 26.9 | Sep 2024 30.2 | Dec 2024 24.8 | Mar 2025 22.5 | Jun 2025 23.1 | Sep 2025 20.8 | Dec 2025 24.6 | Mar 2026 19.5 | Jun 2026 20.9 - IDXX: Sep 2021 52.6 | Dec 2021 54.6 | Mar 2022 45.3 | Jun 2022 31.9 | Sep 2022 28.9 | Dec 2022 34.8 | Mar 2023 40.9 | Jun 2023 36.8 | Sep 2023 31.1 | Dec 2023 38.5 | Mar 2024 36.8 | Jun 2024 33.9 | Sep 2024 34.0 | Dec 2024 27.4 | Mar 2025 27.2 | Jun 2025 31.6 | Sep 2025 36.0 | Dec 2025 36.3 | Mar 2026 29.2 | Jun 2026 — - IQV: Sep 2021 22.1 | Dec 2021 24.4 | Mar 2022 20.1 | Jun 2022 18.3 | Sep 2022 15.4 | Dec 2022 17.0 | Mar 2023 16.9 | Jun 2023 18.1 | Sep 2023 16.0 | Dec 2023 17.5 | Mar 2024 18.5 | Jun 2024 16.0 | Sep 2024 17.2 | Dec 2024 14.2 | Mar 2025 13.1 | Jun 2025 12.2 | Sep 2025 13.8 | Dec 2025 15.7 | Mar 2026 12.6 | Jun 2026 — - A: Sep 2021 — | Dec 2021 29.2 | Mar 2022 25.2 | Jun 2022 20.7 | Sep 2022 22.2 | Dec 2022 22.0 | Mar 2023 23.7 | Jun 2023 21.0 | Sep 2023 21.9 | Dec 2023 19.3 | Mar 2024 24.7 | Jun 2024 26.4 | Sep 2024 24.1 | Dec 2024 22.5 | Mar 2025 25.8 | Jun 2025 19.2 | Sep 2025 19.9 | Dec 2025 24.3 | Mar 2026 22.7 | Jun 2026 18.7 - WAT: Sep 2021 — | Dec 2021 23.9 | Mar 2022 — | Jun 2022 20.1 | Sep 2022 21.7 | Dec 2022 17.5 | Mar 2023 — | Jun 2023 19.7 | Sep 2023 18.4 | Dec 2023 21.9 | Mar 2024 23.1 | Jun 2024 19.8 | Sep 2024 23.0 | Dec 2024 23.0 | Mar 2025 21.9 | Jun 2025 21.3 | Sep 2025 17.9 | Dec 2025 23.3 | Mar 2026 — | Jun 2026 36.2 - ILMN: Sep 2021 — | Dec 2021 341.4 | Mar 2022 462.3 | Jun 2022 351.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 13.0 | Sep 2025 14.5 | Dec 2025 20.0 | Mar 2026 17.1 | Jun 2026 — - MTD: Sep 2021 30.7 | Dec 2021 36.9 | Mar 2022 29.2 | Jun 2022 24.0 | Sep 2022 21.9 | Dec 2022 27.6 | Mar 2023 28.5 | Jun 2023 24.2 | Sep 2023 20.8 | Dec 2023 24.0 | Mar 2024 26.2 | Jun 2024 27.7 | Sep 2024 29.3 | Dec 2024 22.3 | Mar 2025 22.0 | Jun 2025 21.8 | Sep 2025 22.4 | Dec 2025 24.5 | Mar 2026 22.4 | Jun 2026 — - DGX: Sep 2021 7.1 | Dec 2021 8.8 | Mar 2022 7.6 | Jun 2022 7.8 | Sep 2022 8.0 | Dec 2022 11.7 | Mar 2023 12.3 | Jun 2023 12.8 | Sep 2023 11.8 | Dec 2023 11.8 | Mar 2024 11.6 | Jun 2024 11.7 | Sep 2024 13.8 | Dec 2024 12.6 | Mar 2025 13.3 | Jun 2025 13.0 | Sep 2025 13.0 | Dec 2025 11.1 | Mar 2026 12.1 | Jun 2026 12.5 - LH: Sep 2021 6.0 | Dec 2021 8.3 | Mar 2022 7.2 | Jun 2022 7.1 | Sep 2022 7.6 | Dec 2022 12.1 | Mar 2023 13.5 | Jun 2023 14.7 | Sep 2023 15.8 | Dec 2023 18.8 | Mar 2024 18.6 | Jun 2024 16.9 | Sep 2024 18.2 | Dec 2024 14.4 | Mar 2025 14.7 | Jun 2025 14.9 | Sep 2025 14.8 | Dec 2025 12.9 | Mar 2026 13.3 | Jun 2026 — - MEDP: Sep 2021 29.7 | Dec 2021 34.2 | Mar 2022 23.5 | Jun 2022 19.6 | Sep 2022 18.4 | Dec 2022 22.5 | Mar 2023 18.4 | Jun 2023 21.9 | Sep 2023 21.3 | Dec 2023 25.7 | Mar 2024 32.1 | Jun 2024 30.3 | Sep 2024 22.5 | Dec 2024 20.2 | Mar 2025 18.1 | Jun 2025 17.6 | Sep 2025 26.7 | Dec 2025 27.6 | Mar 2026 22.3 | Jun 2026 23.6 - ICLR: Sep 2021 45.5 | Dec 2021 41.3 | Mar 2022 54.5 | Jun 2022 44.7 | Sep 2022 14.9 | Dec 2022 14.9 | Mar 2023 15.5 | Jun 2023 17.3 | Sep 2023 16.7 | Dec 2023 18.0 | Mar 2024 20.3 | Jun 2024 19.5 | Sep 2024 17.9 | Dec 2024 10.2 | Mar 2025 12.5 | Jun 2025 10.5 | Sep 2025 19.1 | Dec 2025 14.6 | Mar 2026 16.6 | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 26.7 | Mar 2022 34.3 | Jun 2022 31.1 | Sep 2022 27.5 | Dec 2022 24.4 | Mar 2023 17.9 | Jun 2023 19.0 | Sep 2023 20.6 | Dec 2023 20.3 | Mar 2024 21.6 | Jun 2024 21.0 | Sep 2024 23.6 | Dec 2024 20.1 | Mar 2025 18.6 | Jun 2025 17.3 | Sep 2025 15.5 | Dec 2025 17.4 | Mar 2026 — | Jun 2026 16.0 - CRL: Sep 2021 32.4 | Dec 2021 25.0 | Mar 2022 18.9 | Jun 2022 15.5 | Sep 2022 13.3 | Dec 2022 14.7 | Mar 2023 — | Jun 2023 13.7 | Sep 2023 14.4 | Dec 2023 16.1 | Mar 2024 18.7 | Jun 2024 15.0 | Sep 2024 14.7 | Dec 2024 20.4 | Mar 2025 18.2 | Jun 2025 18.1 | Sep 2025 17.2 | Dec 2025 28.5 | Mar 2026 25.2 | Jun 2026 — - QGEN: Sep 2021 15.3 | Dec 2021 16.8 | Mar 2022 13.4 | Jun 2022 13.5 | Sep 2022 12.2 | Dec 2022 17.7 | Mar 2023 18.1 | Jun 2023 18.1 | Sep 2023 16.3 | Dec 2023 18.6 | Mar 2024 16.9 | Jun 2024 34.7 | Sep 2024 36.4 | Dec 2024 33.0 | Mar 2025 30.9 | Jun 2025 16.5 | Sep 2025 15.0 | Dec 2025 15.8 | Mar 2026 14.6 | Jun 2026 — - BLLN: 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 2025 146.6 | Mar 2026 75.2 | Jun 2026 — - SHC: Sep 2021 23.2 | Dec 2021 20.6 | Mar 2022 19.0 | Jun 2022 17.8 | Sep 2022 8.9 | Dec 2022 10.1 | Mar 2023 17.8 | Jun 2023 19.9 | Sep 2023 16.3 | Dec 2023 15.6 | Mar 2024 12.0 | Jun 2024 11.6 | Sep 2024 14.2 | Dec 2024 12.9 | Mar 2025 11.5 | Jun 2025 11.0 | Sep 2025 13.2 | Dec 2025 13.9 | Mar 2026 11.9 | Jun 2026 — - RDNT: Sep 2021 10.8 | Dec 2021 11.7 | Mar 2022 11.3 | Jun 2022 10.5 | Sep 2022 12.5 | Dec 2022 11.3 | Mar 2023 12.6 | Jun 2023 14.2 | Sep 2023 11.3 | Dec 2023 12.7 | Mar 2024 16.2 | Jun 2024 18.0 | Sep 2024 21.1 | Dec 2024 20.9 | Mar 2025 18.3 | Jun 2025 20.4 | Sep 2025 26.7 | Dec 2025 24.8 | Mar 2026 21.3 | Jun 2026 — - VCYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 117.7 | Jun 2023 120.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 11,91,710.0 | Dec 2024 71.7 | Mar 2025 41.8 | Jun 2025 30.8 | Sep 2025 50.7 | Dec 2025 37.5 | Mar 2026 20.4 | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.1 | Sep 2024 0.2 | Dec 2024 0.0 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CDNA: 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 67.8 | Dec 2025 88.6 | Mar 2026 76.5 | Jun 2026 — - WGS: 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 617.0 | Jun 2025 107.2 | Sep 2025 103.7 | Dec 2025 209.5 | Mar 2026 59.3 | Jun 2026 — - PSNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 0.3 | Mar 2023 — | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - OPK: Sep 2021 12.2 | Dec 2021 34.8 | 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 2025 — | Mar 2026 — | Jun 2026 — - CSTL: 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 43.9 | Dec 2024 20.0 | Mar 2025 11.5 | Jun 2025 18.2 | Sep 2025 52.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - TMO: Sep 2021 — | Dec 2021 5.8 | Mar 2022 — | Jun 2022 5.7 | Sep 2022 5.1 | Dec 2022 4.6 | Mar 2023 — | Jun 2023 5.3 | Sep 2023 4.6 | Dec 2023 4.4 | Mar 2024 4.9 | Jun 2024 4.5 | Sep 2024 4.8 | Dec 2024 4.0 | Mar 2025 3.8 | Jun 2025 3.1 | Sep 2025 3.4 | Dec 2025 4.1 | Mar 2026 3.4 | Jun 2026 — - DHR: Sep 2021 — | Dec 2021 4.4 | Mar 2022 — | Jun 2022 4.0 | Sep 2022 3.6 | Dec 2022 3.4 | Mar 2023 3.2 | Jun 2023 3.0 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 3.5 | Jun 2024 3.6 | Sep 2024 3.9 | Dec 2024 3.3 | Mar 2025 2.9 | Jun 2025 2.7 | Sep 2025 2.6 | Dec 2025 3.1 | Mar 2026 2.4 | Jun 2026 2.6 - IDXX: Sep 2021 69.9 | Dec 2021 80.7 | Mar 2022 72.0 | Jun 2022 64.0 | Sep 2022 56.8 | Dec 2022 55.6 | Mar 2023 49.4 | Jun 2023 38.1 | Sep 2023 28.0 | Dec 2023 31.0 | Mar 2024 28.5 | Jun 2024 25.4 | Sep 2024 25.6 | Dec 2024 21.2 | Mar 2025 23.4 | Jun 2025 29.5 | Sep 2025 32.7 | Dec 2025 33.6 | Mar 2026 28.6 | Jun 2026 — - IQV: Sep 2021 7.9 | Dec 2021 8.9 | Mar 2022 7.4 | Jun 2022 7.6 | Sep 2022 6.3 | Dec 2022 6.6 | Mar 2023 6.3 | Jun 2023 7.2 | Sep 2023 6.2 | Dec 2023 6.9 | Mar 2024 7.3 | Jun 2024 5.7 | Sep 2024 6.2 | Dec 2024 5.7 | Mar 2025 5.1 | Jun 2025 4.6 | Sep 2025 5.3 | Dec 2025 5.9 | Mar 2026 4.6 | Jun 2026 — - A: Sep 2021 — | Dec 2021 8.8 | Mar 2022 8.1 | Jun 2022 7.0 | Sep 2022 7.8 | Dec 2022 7.7 | Mar 2023 8.0 | Jun 2023 6.9 | Sep 2023 6.4 | Dec 2023 5.2 | Mar 2024 6.2 | Jun 2024 6.4 | Sep 2024 6.9 | Dec 2024 6.3 | Mar 2025 7.2 | Jun 2025 5.0 | Sep 2025 5.1 | Dec 2025 6.2 | Mar 2026 5.5 | Jun 2026 4.6 - WAT: Sep 2021 — | Dec 2021 73.7 | Mar 2022 — | Jun 2022 49.7 | Sep 2022 51.5 | Dec 2022 41.7 | Mar 2023 — | Jun 2023 30.5 | Sep 2023 20.4 | Dec 2023 16.9 | Mar 2024 16.3 | Jun 2024 12.2 | Sep 2024 13.2 | Dec 2024 12.1 | Mar 2025 11.0 | Jun 2025 9.7 | Sep 2025 7.5 | Dec 2025 8.8 | Mar 2026 — | Jun 2026 2.0 - NTRA: Sep 2021 13.9 | Dec 2021 13.6 | Mar 2022 7.2 | Jun 2022 7.7 | Sep 2022 11.8 | Dec 2022 6.3 | Mar 2023 9.7 | Jun 2023 9.3 | Sep 2023 6.7 | Dec 2023 9.8 | Mar 2024 14.1 | Jun 2024 16.0 | Sep 2024 17.9 | Dec 2024 17.6 | Mar 2025 15.5 | Jun 2025 18.5 | Sep 2025 17.7 | Dec 2025 18.7 | Mar 2026 16.1 | Jun 2026 — - ILMN: Sep 2021 — | Dec 2021 5.7 | Mar 2022 5.4 | Jun 2022 5.1 | Sep 2022 2.8 | Dec 2022 4.3 | Mar 2023 4.7 | Jun 2023 5.3 | Sep 2023 4.4 | Dec 2023 3.6 | Mar 2024 3.7 | Jun 2024 11.6 | Sep 2024 9.7 | Dec 2024 9.1 | Mar 2025 5.4 | Jun 2025 8.4 | Sep 2025 5.9 | Dec 2025 7.6 | Mar 2026 6.7 | Jun 2026 — - MTD: Sep 2021 198.9 | Dec 2021 227.6 | Mar 2022 368.3 | Jun 2022 3,560.3 | Sep 2022 -291.9 | Dec 2022 1,299.8 | 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 — - DGX: Sep 2021 2.8 | Dec 2021 3.2 | Mar 2022 2.5 | Jun 2022 2.4 | Sep 2022 2.2 | Dec 2022 3.0 | Mar 2023 2.6 | Jun 2023 2.5 | Sep 2023 2.1 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 2.3 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 2.7 | Jun 2025 2.8 | Sep 2025 2.9 | Dec 2025 2.7 | Mar 2026 3.0 | Jun 2026 3.1 - LH: Sep 2021 2.2 | Dec 2021 2.5 | Mar 2022 2.0 | Jun 2022 1.8 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 2.4 | Mar 2024 2.3 | Jun 2024 2.1 | Sep 2024 2.3 | Dec 2024 2.4 | Mar 2025 2.4 | Jun 2025 2.6 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 2.5 | Jun 2026 — - GH: Sep 2021 17.9 | Dec 2021 15.8 | Mar 2022 12.7 | Jun 2022 12.9 | Sep 2022 33.1 | Dec 2022 46.4 | Mar 2023 -54.0 | Jun 2023 14.4 | Sep 2023 15.3 | Dec 2023 20.7 | Mar 2024 36.8 | 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 — - MEDP: Sep 2021 7.6 | Dec 2021 8.2 | Mar 2022 9.1 | Jun 2022 16.4 | Sep 2022 14.0 | Dec 2022 17.1 | Mar 2023 16.6 | Jun 2023 18.8 | Sep 2023 15.8 | Dec 2023 16.9 | Mar 2024 18.7 | Jun 2024 16.7 | Sep 2024 11.8 | Dec 2024 12.3 | Mar 2025 15.3 | Jun 2025 51.2 | Sep 2025 49.3 | Dec 2025 34.7 | Mar 2026 22.9 | Jun 2026 34.1 - ICLR: Sep 2021 2.7 | Dec 2021 14.6 | Mar 2022 2.5 | Jun 2022 2.2 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 2.0 | Jun 2023 2.3 | Sep 2023 2.3 | Dec 2023 2.5 | Mar 2024 3.0 | Jun 2024 2.8 | Sep 2024 2.5 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.2 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 0.9 | Jun 2026 — - RVTY: Sep 2021 — | Dec 2021 6.3 | Mar 2022 7.1 | Jun 2022 6.0 | Sep 2022 5.1 | Dec 2022 4.3 | Mar 2023 2.4 | Jun 2023 2.1 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 1.9 | Dec 2024 1.8 | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.5 | Mar 2026 — | Jun 2026 1.4 - CRL: Sep 2021 9.5 | Dec 2021 7.4 | Mar 2022 5.4 | Jun 2022 4.4 | Sep 2022 3.6 | Dec 2022 3.7 | Mar 2023 — | Jun 2023 3.3 | Sep 2023 3.3 | Dec 2023 3.4 | Mar 2024 3.8 | Jun 2024 2.9 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 2.4 | Jun 2025 2.2 | Sep 2025 2.2 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 — - QGEN: Sep 2021 3.9 | Dec 2021 4.7 | Mar 2022 3.4 | Jun 2022 3.4 | Sep 2022 2.8 | Dec 2022 3.7 | Mar 2023 3.0 | Jun 2023 3.0 | Sep 2023 2.6 | Dec 2023 2.9 | Mar 2024 2.7 | Jun 2024 2.7 | Sep 2024 3.0 | Dec 2024 2.9 | Mar 2025 2.7 | Jun 2025 3.0 | Sep 2025 2.7 | Dec 2025 2.6 | Mar 2026 2.5 | Jun 2026 — - BLLN: 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 2025 7.8 | Mar 2026 7.2 | Jun 2026 — - TWST: Sep 2021 9.1 | Dec 2021 6.3 | Mar 2022 3.2 | Jun 2022 2.4 | Sep 2022 2.5 | Dec 2022 1.8 | Mar 2023 1.2 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 3.6 | Mar 2024 3.6 | Jun 2024 5.9 | Sep 2024 5.6 | Dec 2024 6.1 | Mar 2025 5.3 | Jun 2025 4.6 | Sep 2025 3.6 | Dec 2025 4.3 | Mar 2026 6.5 | Jun 2026 — - SHC: Sep 2021 14.1 | Dec 2021 11.4 | Mar 2022 9.5 | Jun 2022 8.7 | Sep 2022 3.2 | Dec 2022 6.7 | Mar 2023 14.0 | Jun 2023 12.7 | Sep 2023 11.2 | Dec 2023 10.7 | Mar 2024 7.9 | Jun 2024 8.0 | Sep 2024 10.1 | Dec 2024 9.6 | Mar 2025 8.0 | Jun 2025 6.2 | Sep 2025 8.1 | Dec 2025 8.3 | Mar 2026 6.6 | Jun 2026 — - RDNT: Sep 2021 7.0 | Dec 2021 7.0 | Mar 2022 4.2 | Jun 2022 3.2 | Sep 2022 3.7 | Dec 2022 3.3 | Mar 2023 4.5 | Jun 2023 3.7 | Sep 2023 3.1 | Dec 2023 3.8 | Mar 2024 4.1 | Jun 2024 5.0 | Sep 2024 5.7 | Dec 2024 5.7 | Mar 2025 4.2 | Jun 2025 4.6 | Sep 2025 5.6 | Dec 2025 5.1 | Mar 2026 4.1 | Jun 2026 — - VCYT: Sep 2021 3.0 | Dec 2021 2.7 | Mar 2022 1.8 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.9 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 2.2 | Dec 2024 2.6 | Mar 2025 1.9 | Jun 2025 1.7 | Sep 2025 2.2 | Dec 2025 2.6 | Mar 2026 1.9 | Jun 2026 — - ADPT: Sep 2021 7.4 | Dec 2021 6.6 | Mar 2022 3.6 | Jun 2022 2.2 | Sep 2022 2.1 | Dec 2022 2.4 | Mar 2023 3.0 | Jun 2023 2.5 | Sep 2023 2.2 | Dec 2023 2.3 | Mar 2024 1.7 | Jun 2024 2.2 | Sep 2024 3.4 | Dec 2024 4.4 | Mar 2025 5.9 | Jun 2025 9.9 | Sep 2025 11.2 | Dec 2025 11.4 | Mar 2026 10.3 | Jun 2026 — - GRAL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.4 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 — - CDNA: Sep 2021 7.1 | Dec 2021 5.2 | Mar 2022 4.3 | Jun 2022 2.6 | Sep 2022 2.1 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 2.4 | Mar 2024 2.1 | Jun 2024 3.1 | Sep 2024 6.1 | Dec 2024 3.1 | Mar 2025 2.6 | Jun 2025 3.3 | Sep 2025 2.4 | Dec 2025 3.2 | Mar 2026 2.8 | Jun 2026 — - WGS: Sep 2021 4.7 | Dec 2021 2.8 | Mar 2022 2.3 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.4 | Mar 2023 0.9 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 1.2 | Jun 2024 3.6 | Sep 2024 5.7 | Dec 2024 8.8 | Mar 2025 9.8 | Jun 2025 9.6 | Sep 2025 10.7 | Dec 2025 12.3 | Mar 2026 7.5 | Jun 2026 — - NEO: Sep 2021 5.2 | Dec 2021 3.8 | Mar 2022 1.4 | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.2 | Mar 2023 2.3 | Jun 2023 2.1 | Sep 2023 1.7 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 1.9 | Sep 2024 2.1 | Dec 2024 2.3 | Mar 2025 1.4 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.8 | Mar 2026 1.2 | Jun 2026 — - PSNL: Sep 2021 2.6 | Dec 2021 2.1 | Mar 2022 1.3 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.4 | Mar 2023 0.7 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 2.3 | Dec 2024 2.4 | Mar 2025 1.5 | Jun 2025 3.1 | Sep 2025 3.4 | Dec 2025 3.1 | Mar 2026 2.6 | Jun 2026 — - OPK: Sep 2021 1.4 | Dec 2021 2.0 | Mar 2022 1.5 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 — - CSTL: Sep 2021 4.1 | Dec 2021 2.6 | Mar 2022 2.9 | Jun 2022 1.4 | Sep 2022 1.7 | Dec 2022 1.6 | Mar 2023 1.6 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.4 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.4 | Dec 2025 2.5 | Mar 2026 1.6 | Jun 2026 — ## 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. ### Strongest one-year price performers 1. Guardant Health, Inc. (GH): 247% 2. CareDx, Inc. (CDNA): 193% 3. Twist Bioscience Corporation (TWST): 163% 4. NeoGenomics, Inc. (NEO): 160% 5. Veracyte, Inc. (VCYT): 135% ### Strongest relative strength versus NIFTY 500 1. Twist Bioscience Corporation (TWST): 75% 2. CareDx, Inc. (CDNA): 71% 3. Illumina, Inc. (ILMN): 37% 4. Guardant Health, Inc. (GH): 37% 5. Personalis, Inc. (PSNL): 33% ## What can make this comparison misleading? - 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. ## Every company - Thermo Fisher Scientific Inc. (TMO) — market value ₹2.1 L Cr; latest fundamentals Mar 2026 - Danaher Corporation (DHR) — market value ₹1.4 L Cr; latest fundamentals Jun 2026 - IDEXX Laboratories, Inc. (IDXX) — market value ₹44.9K Cr; latest fundamentals Mar 2026 - IQVIA Holdings Inc. (IQV) — market value ₹40.5K Cr; latest fundamentals Mar 2026 - Agilent Technologies, Inc. (A) — market value ₹39.7K Cr; latest fundamentals Jun 2026 - Waters Corporation (WAT) — market value ₹37.7K Cr; latest fundamentals Jun 2026 - Natera, Inc. (NTRA) — market value ₹36.1K Cr; latest fundamentals Mar 2026 - Illumina, Inc. (ILMN) — market value ₹29.2K Cr; latest fundamentals Mar 2026 - Mettler-Toledo International Inc. (MTD) — market value ₹28.1K Cr; latest fundamentals Mar 2026 - Quest Diagnostics Incorporated (DGX) — market value ₹26.0K Cr; latest fundamentals Jun 2026 - Labcorp Holdings Inc. (LH) — market value ₹25.8K Cr; latest fundamentals Mar 2026 - Guardant Health, Inc. (GH) — market value ₹19.0K Cr; latest fundamentals Mar 2026 - Medpace Holdings, Inc. (MEDP) — market value ₹15.9K Cr; latest fundamentals Jun 2026 - ICON Public Limited Company (ICLR) — market value ₹13.8K Cr; latest fundamentals Mar 2026 - Revvity, Inc. (RVTY) — market value ₹12.4K Cr; latest fundamentals Jun 2026 - Charles River Laboratories International, Inc. (CRL) — market value ₹11.6K Cr; latest fundamentals Mar 2026 - Qiagen N.V. (QGEN) — market value ₹8.7K Cr; latest fundamentals Mar 2026 - BillionToOne, Inc. (BLLN) — market value ₹6.1K Cr; latest fundamentals Mar 2026 - Twist Bioscience Corporation (TWST) — market value ₹5.5K Cr; latest fundamentals Mar 2026 - Sotera Health Company (SHC) — market value ₹5.1K Cr; latest fundamentals Mar 2026 - RadNet, Inc. (RDNT) — market value ₹5.0K Cr; latest fundamentals Mar 2026 - Veracyte, Inc. (VCYT) — market value ₹4.4K Cr; latest fundamentals Mar 2026 - Adaptive Biotechnologies Corporation (ADPT) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - GRAIL, Inc. (GRAL) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - CareDx, Inc. (CDNA) — market value ₹1.8K Cr; latest fundamentals Mar 2026 - GeneDx Holdings Corp. (WGS) — market value ₹1.8K Cr; latest fundamentals Mar 2026 - NeoGenomics, Inc. (NEO) — market value ₹1.7K Cr; latest fundamentals Mar 2026 - Personalis, Inc. (PSNL) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - OPKO Health, Inc. (OPK) — market value ₹1.2K Cr; latest fundamentals Mar 2026 - Castle Biosciences, Inc. (CSTL) — market value ₹725 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### 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. Narrative sector analysis: https://www.sectoralpha.in/sectors/diagnostics-research