Labcorp (LH) 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 Labcorp (LH) over the past year, gaining 37.0% versus a gain of 11.6%. Over five years, LH leads with a +33.7% price change compared with +26.5% for WAT. Waters is the larger company by market cap ($41.57 billion vs $25.24 billion), about 1.6 times the size, while Labcorp is growing revenue faster (+7.2% vs +7.0%).
On valuation, Labcorp trades at a lower forward P/E (15.7x vs 25.6x for Waters). Labcorp pays a dividend yielding 0.93%, while Waters does not currently pay one. Waters converts more of its revenue into profit, with a net margin of 20.3% versus 6.3%.
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 | LH | WAT |
|---|---|---|
| Share price | $311.16 | $423.41 |
| Market cap | $25.24B | $41.57B |
| 1-day change | -0.26% | -2.89% |
| YTD return | +24.35% | +14.79% |
| 1-year return | +11.57% | +36.95% |
| 5-year return | +33.70% | +26.48% |
| P/E ratio (TTM) | 25.74 | 107.19 |
| Forward P/E | 15.70 | 25.60 |
| EPS (TTM) | $12.09 | $3.95 |
| Dividend yield | 0.93% | 0.00% |
| Annual dividend | $2.88 | $0.00 |
| Revenue (latest FY) | $13.95B | $3.17B |
| Revenue growth (YoY) | +7.25% | +6.99% |
| Net income (latest FY) | $876.50M | $642.63M |
| Gross margin | 28.76% | 59.28% |
| Operating margin | 9.92% | 25.36% |
| Net margin | 6.28% | 20.30% |
| 52-week high | $341.80 | $454.54 |
| 52-week low | $244.52 | $282.77 |
| Distance from 52-week high | -8.96% | -6.85% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +10.62% | +7.05% |
| Average volume | 737.41K | 769.63K |
| Shares outstanding | 81.10M | 98.19M |
| Employees | 71,000 | 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 LH by 25.4 percentage points over the past year.
- Waters trades at a higher earnings multiple (107.2x vs 25.7x trailing P/E).
- Waters is more profitable, keeping 20.3 cents of every revenue dollar as net income versus 6.3 cents for Labcorp.
- The two companies sit in different sectors: Labcorp in Health Care and Waters in Industrials.
About Labcorp
LH stock →Labcorp Holdings Inc. provides laboratory services.
Health Care · Medical Specialities · 71,000 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
LH vs WAT FAQ
Which is bigger, Labcorp or Waters?
Waters (WAT) is larger, with a market capitalization of $41.57B compared with $25.24B for Labcorp (LH).
Which stock has performed better over the past year, LH or WAT?
WAT returned +36.95% over the past 12 months, compared with +11.57% for LH (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, LH or WAT?
LH has the lower trailing P/E at 25.7, versus 107.2 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, Labcorp or Waters?
Labcorp pays a dividend yielding 0.93%, while Waters does not currently pay a regular dividend.
Are Labcorp and Waters in the same industry?
No. Labcorp is in the Health Care sector, while Waters is in Industrials.