Quest Diagnostics vs Samsung: Revenue, Profit and Business Model
Quest Diagnostics reported $11B of revenue in FY2025 and $992M of net income. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income.
Latest financial snapshot
Quest Diagnostics
- Latest revenue
- $11B (FY2025)
- Net income
- $992M
- Net margin
- 9.0%
- Revenue growth
- +4.8% a year, FY2016–FY2025
Samsung
- Latest revenue
- ~$236.9B (FY2025)
- Net income
- ~$31.4B
- Net margin
- 13.3%
- Revenue growth
- +4.5% a year, FY2021–FY2025
Financial summary
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.
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
Revenue and profit by year
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 |
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | Source |
Where the revenue comes from
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.
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
Business model and strategy
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.
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
Questions about Quest Diagnostics vs Samsung
Which company has higher revenue — Quest Diagnostics Incorporated or Samsung Electronics Co., Ltd.?
Quest Diagnostics Incorporated reported $11.0B (FY2025), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with Quest Diagnostics Incorporated reporting a smaller revenue base.
What is the market cap of Quest Diagnostics Incorporated vs Samsung Electronics Co., Ltd.?
Quest Diagnostics Incorporated's market capitalisation stands at $27.2B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Quest Diagnostics Incorporated.
Which is more financially efficient — Quest Diagnostics Incorporated or Samsung Electronics Co., Ltd.?
Quest Diagnostics Incorporated generates $194k / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / employee. Samsung Electronics Co., Ltd. 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 Quest Diagnostics Incorporated and Samsung Electronics Co., Ltd. make money?
Quest Diagnostics Incorporated and Samsung Electronics Co., Ltd. generate revenue in fundamentally different ways. Quest Diagnostics Incorporated: Quest Diagnostics earns fee-for-service revenue for lab tests ordered by physicians, hospitals, health plans, employers and consumers. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.
Which company is valued higher relative to revenue — Quest Diagnostics Incorporated or Samsung Electronics Co., Ltd.?
On a price-to-sales (P/S) basis, Quest Diagnostics Incorporated trades at 2.5x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. Samsung Electronics Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Quest Diagnostics Incorporated. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Quest Diagnostics Incorporated bigger than Samsung Electronics Co., Ltd.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (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 Quest Diagnostics vs Samsung overview