Quest Diagnostics (DGX) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Waters (WAT) has outperformed Quest Diagnostics (DGX) over the past year, gaining 37.0% versus a gain of 24.8%. Over five years, DGX leads with a +59.3% price change compared with +26.5% for WAT. Waters is the larger company by market cap ($41.78 billion vs $25.02 billion), about 1.7 times the size, while Quest Diagnostics is growing revenue faster (+11.8% vs +7.0%).
On valuation, Quest Diagnostics trades at a lower forward P/E (18.8x vs 25.7x for Waters). Quest Diagnostics pays a dividend yielding 1.46%, while Waters does not currently pay one. Waters converts more of its revenue into profit, with a net margin of 20.3% versus 9.0%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | DGX | WAT |
|---|---|---|
| Share price | $226.67 | $425.54 |
| Market cap | $25.02B | $41.78B |
| 1-day change | -0.17% | -2.40% |
| YTD return | +30.85% | +14.79% |
| 1-year return | +24.83% | +36.95% |
| 5-year return | +59.34% | +26.48% |
| P/E ratio (TTM) | 24.06 | 107.73 |
| Forward P/E | 18.81 | 25.73 |
| EPS (TTM) | $9.42 | $3.95 |
| Dividend yield | 1.46% | 0.00% |
| Annual dividend | $3.32 | $0.00 |
| Revenue (latest FY) | $11.04B | $3.17B |
| Revenue growth (YoY) | +11.78% | +6.99% |
| Net income (latest FY) | $992.00M | $642.63M |
| Gross margin | 33.21% | 59.28% |
| Operating margin | 14.10% | 25.36% |
| Net margin | 8.99% | 20.30% |
| 52-week high | $248.84 | $454.54 |
| 52-week low | $171.18 | $282.77 |
| Distance from 52-week high | -8.91% | -6.38% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +9.44% | +6.51% |
| Average volume | 1.04M | 769.63K |
| Shares outstanding | 110.37M | 98.19M |
| Employees | 46,000 | 16,000 |
| Sector | Health Care | Industrials |
| Industry | Medical Specialities | Biotechnology: Laboratory Analytical Instruments |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- WAT has outperformed DGX by 12.1 percentage points over the past year.
- Waters trades at a higher earnings multiple (107.7x vs 24.1x trailing P/E).
- Quest Diagnostics offers a meaningfully higher dividend yield (1.46% vs 0.00%).
- Waters is more profitable, keeping 20.3 cents of every revenue dollar as net income versus 9.0 cents for Quest Diagnostics.
- The two companies sit in different sectors: Quest Diagnostics in Health Care and Waters in Industrials.
About Quest Diagnostics
DGX stock →Quest Diagnostics Incorporated provides diagnostic testing and services in the United States. The company develops and delivers diagnostic information services, such as routine, non-routine and advanced clinical testing, anatomic pathology testing, and other diagnostic information services.
Health Care · Medical Specialities · 46,000 employees
About Waters
WAT stock →Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Industrials · Biotechnology: Laboratory Analytical Instruments · 16,000 employees
DGX vs WAT FAQ
Which is bigger, Quest Diagnostics or Waters?
Waters (WAT) is larger, with a market capitalization of $41.78B compared with $25.02B for Quest Diagnostics (DGX).
Which stock has performed better over the past year, DGX or WAT?
WAT returned +36.95% over the past 12 months, compared with +24.83% for DGX (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, DGX or WAT?
DGX has the lower trailing P/E at 24.1, versus 107.7 for WAT. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Quest Diagnostics or Waters?
Quest Diagnostics pays a dividend yielding 1.46%, while Waters does not currently pay a regular dividend.
Are Quest Diagnostics and Waters in the same industry?
No. Quest Diagnostics is in the Health Care sector, while Waters is in Industrials.