QUEST DIAGNOSTICS INC (DGX) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Health care · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 35.7% | The figure most screeners publish. |
| Operating cash flow | 18.7% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 26.0% | What is left after maintaining the business. |
Spread between highest and lowest: 17 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $3.12 ÷ diluted EPS $8.75
- Operating cash flow — dividends paid $353.0m ÷ operating cash flow $1,886.0m
- Free cash flow — dividends paid $353.0m ÷ (operating cash flow $1,886.0m − capex $527.0m)
Where the figures came from
- 10-K filed 2026-02-26 · accession
0001022079-26-000015
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($3.12); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.