BYD vs Quest Diagnostics: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Quest Diagnostics reported $11B of revenue in FY2025 and $992M of net income.
Latest financial snapshot
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Quest Diagnostics
- Latest revenue
- $11B (FY2025)
- Net income
- $992M
- Net margin
- 9.0%
- Revenue growth
- +4.8% a year, FY2016–FY2025
Financial summary
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Quest Diagnostics
Quest's results follow three phases. Before the pandemic, revenue grew slowly, from $7.21B in 2016 to $7.73B in 2019. COVID-19 testing then lifted revenue to $10.79B and net income to $1.995B in 2021. Revenue fell back to $9.25B in 2023 as that demand faded. Acquisitions and organic volume restarted growth: revenue reached $9.87B in 2024 and $11.035B in 2025, when operating income was $1.556B and operating cash flow was $1.886B. In the first half of 2026, revenue rose 9.7% to $5.938B and net income attributable to Quest rose 13.9% to $572M. Quest raised its quarterly dividend 7.5% to $0.86 per share in 2026.
Revenue and profit by year
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Quest Diagnostics
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11B | $992M | 9.0% | +11.8% | Source |
| FY2024 | $9.9B | $871M | 8.8% | +6.7% | Source |
| FY2023 | $9.3B | $854M | 9.2% | -6.4% | Source |
| FY2022 | $9.9B | $946M | 9.6% | -8.4% | Source |
| FY2021 | $10.8B | $2B | 18.5% | +14.3% | Source |
| FY2020 | $9.4B | $1.4B | 15.2% | +22.1% | Source |
| FY2019 | $7.7B | $858M | 11.1% | +2.6% | Source |
| FY2018 | $7.5B | $736M | 9.8% | +1.7% | Source |
| FY2017 | $7.4B | $772M | 10.4% | +2.6% | Source |
| FY2016 | $7.2B | $645M | 8.9% | — | Source |
Where the revenue comes from
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Quest Diagnostics
- Diagnostic Information Services - Routine Clinical Testing~60-65%
High-volume routine clinical chemistry, hematology, urinalysis, and basic microbiology tests performed for physicians, hospitals, and other healthcare providers. These tests have lower margins but provide the volume base that drives operating leverage. Reimbursed primarily through Medicare, Medicaid, and commercial insurance.
- Diagnostic Information Services - Advanced Diagnostics~20-25%
Higher-margin specialized testing including oncology (Haystack MRD, molecular profiling), neurology (AD-Detect Alzheimer's tests), genomics (Blueprint Genetics), advanced cardiometabolic panels, infectious disease testing, and women's health/prenatal genetics. These tests command premium pricing and represent the primary growth vector.
- Diagnostic Information Services - Hospital Outreach and Health System Partnerships~10-15%
Laboratory services provided under partnership arrangements with hospital systems, including acquired outreach operations (NewYork-Presbyterian, Memorial Hermann, Hackensack Meridian, Mercy, Steward) and joint ventures (Sonora Quest with Banner Health). These partnerships provide captive patient volumes and institutional credibility.
- Consumer-Initiated Testing and Retail Partnerships~2-3%
Direct-to-consumer testing through QuestDirect, questhealth.com, and retail partnerships with Walmart, Safeway, and CVS. Includes wellness panels, genetic tests, hormone assessments, and specialized health screenings. Generates direct patient payments at list price with the highest margins in the portfolio.
- Pharmaceutical Services and Corporate~1-2%
Clinical trials testing support for pharmaceutical companies, research collaborations, and corporate activities. Includes testing for drug development, companion diagnostics, and post-market surveillance.
Business model and strategy
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Quest Diagnostics
How it makes money
Quest Diagnostics earns fee-for-service revenue for lab tests ordered by physicians, hospitals, health plans, employers and consumers. Diagnostic Information Services (DIS) produced $2.978B of the company's $3.043B Q2 2026 revenue. Payment comes from commercial insurers, Medicare and Medicaid, hospitals that send it outreach or reference work, employers, and patients paying directly through questhealth.com.
Growth strategy
Quest is growing in four ways. First, it buys hospital outreach labs and signs Co-Lab Solutions lab-management deals, such as its Corewell Health joint venture in Michigan. Second, it adds large partner volume, such as dialysis testing for Fresenius Medical Care.
Competitive advantage
Quest's main advantage is density. It has a national patient service center footprint, in-network contracts with most major U.S. health plans, EHR connections to physician offices, and regional labs that spread fixed costs across hundreds of millions of tests a year. Only Labcorp operates at comparable U.S. scale. That scale lets Quest offer health systems a lower-cost option for outreach testing.
Questions about BYD vs Quest Diagnostics
Which company has higher revenue — BYD Company Ltd or Quest Diagnostics Incorporated?
BYD Company Ltd reported ~$111.8B (FY2025), while Quest Diagnostics Incorporated reported $11.0B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Quest Diagnostics Incorporated reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Quest Diagnostics Incorporated?
BYD Company Ltd's market capitalisation stands at $113.4B, while Quest Diagnostics Incorporated's is $27.2B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Quest Diagnostics Incorporated.
Which is more financially efficient — BYD Company Ltd or Quest Diagnostics Incorporated?
BYD Company Ltd generates $123k / employee in revenue per employee, while Quest Diagnostics Incorporated generates $194k / employee. Quest Diagnostics Incorporated shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BYD Company Ltd and Quest Diagnostics Incorporated make money?
BYD Company Ltd and Quest Diagnostics Incorporated generate revenue in fundamentally different ways. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Quest Diagnostics Incorporated: Quest Diagnostics earns fee-for-service revenue for lab tests ordered by physicians, hospitals, health plans, employers and consumers.
Which company is valued higher relative to revenue — BYD Company Ltd or Quest Diagnostics Incorporated?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Quest Diagnostics Incorporated at 2.5x P/S. Quest Diagnostics Incorporated commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than Quest Diagnostics Incorporated?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Quest Diagnostics Incorporated ($11.0B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BYD vs Quest Diagnostics overview