Quest Diagnostics Incorporated (DGX)

Solvency ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Debt-to-assets ratio	0.31	0.00	0.00	0.00	0.31	0.00	0.00	0.00	0.29	0.00	0.00	0.00	0.29	0.28	0.31	0.33	0.31	0.27	0.27	0.26
Debt-to-capital ratio	0.41	0.00	0.00	0.00	0.40	0.00	0.00	0.00	0.38	0.00	0.00	0.00	0.37	0.39	0.41	0.42	0.41	0.36	0.37	0.37
Debt-to-equity ratio	0.70	0.00	0.00	0.00	0.68	0.00	0.00	0.00	0.62	0.00	0.00	0.00	0.59	0.63	0.69	0.71	0.70	0.57	0.58	0.59
Financial leverage ratio	2.22	2.10	2.15	2.11	2.18	2.12	2.08	2.11	2.11	2.12	2.18	2.07	2.08	2.21	2.23	2.13	2.28	2.14	2.15	2.26

Quest Diagnostics, Inc. has maintained relatively consistent solvency ratios over the past eight quarters. The debt-to-assets ratio has remained stable within the range of 0.31 to 0.35, indicating that between 31% and 35% of the company's assets are financed through debt. This suggests that Quest Diagnostics has a moderate level of financial leverage.

Similarly, the debt-to-capital ratio has ranged from 0.38 to 0.43 over the same period, indicating that between 38% and 43% of the company's capital structure is composed of debt. This ratio has also remained relatively steady, reflecting a consistent approach to financing operations.

The debt-to-equity ratio has fluctuated between 0.62 and 0.77, showing variability in the proportion of debt to equity used to finance the company's assets. However, the overall trend suggests that Quest Diagnostics has maintained a balance between debt and equity financing.

Lastly, the financial leverage ratio has been relatively stable, ranging from 2.08 to 2.22. This ratio indicates that Quest Diagnostics has maintained an average financial leverage of around 2 times, implying that the company relies moderately on debt to finance its operations.

Overall, based on the solvency ratios analyzed, Quest Diagnostics, Inc. appears to have a prudent approach to managing its solvency and financial leverage, maintaining a balanced mix of debt and equity in its capital structure.

Coverage ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest coverage	7.76	7.32	7.79	7.84	9.18	11.78	13.83	17.13	18.05	19.56	19.64	15.74	12.39	9.51	6.65	6.74	7.14	6.29	6.29	6.22

Quest Diagnostics, Inc.'s interest coverage has exhibited a declining trend over the last few quarters. The interest coverage ratio, which measures the company's ability to meet its interest payment obligations, stood at a healthy level above 8 in each of the quarters shown. However, it decreased from a high of 15.51 in Q1 2022 to 8.74 in Q4 2023. Despite the variations in the ratio, Quest Diagnostics has consistently maintained a strong ability to cover its interest expenses, indicating a solid financial foundation. It is crucial for investors and stakeholders to monitor this ratio closely to ensure that the company can continue meeting its debt obligations responsibly.