Quest Diagnostics Credit Rating & NNN Cap Rate

Company	Quest Diagnostics
Parent	Quest Diagnostics Incorporated
Ticker	DGX
Exchange	NYSE
Sector	Healthcare Services
S&P Rating	BBB+
Moody’s Rating	Baa1
Investment Grade	Investment Grade
US Locations	About 2,400 patient service centers
Revenue	$11.0B (2025)
Median asking cap rate	See the live table below
Lease Term	Varies; confirm in the lease
Building Sq Ft	Varies by facility type; confirm for each property

Business Overview

Quest Diagnostics describes itself as a leading provider of diagnostic information services in the United States and operates about 2,400 patient service centers (2025 Form 10-K). The company provides routine laboratory testing, drug screening, wellness services, and specialty diagnostic capabilities to healthcare providers, employers, patients, and pharmaceutical companies.

Quest’s real estate includes patient service centers, many of them inside large retail stores or in other retail settings (2025 Form 10-K), as well as laboratories, offices and other facilities. For net lease investors, the credit that matters is the entity that signs or guarantees the lease, which may be Quest Diagnostics Incorporated or a subsidiary; confirm it in the lease.

Learn more on InvestmentGrade.com or explore our comprehensive NNN resources for additional healthcare tenant analysis.

Credit Rating & Investment Grade Status

Investment Grade Designation: Yes

Source: S&P Global Ratings BBB+, as of April 27, 2026; Moody’s Baa1, as of April 27, 2026; Fitch Ratings BBB+, as of April 27, 2026. Ratings checked October 8, 2026.

Quest Diagnostics holds a BBB+ rating from S&P and Baa1 from Moody’s in our ratings database, which we classify as investment grade. A rating at or above BBB‑/Baa3 is investment grade, and a rating applies to a lease only if the rated entity signs or guarantees it. For rating context, see our investment-grade credit ratings guide.

Lease Structure & Terms

Lease term, rent escalations, renewal options and expense responsibilities vary by property; confirm them in the lease, including whether the tenant pays property taxes, insurance and common area maintenance.

Patient service center leases may include modest tenant improvements for HIPAA-compliant layouts, phlebotomy station configurations, specimen secure storage, and privacy enhancements. Laboratory facilities often require specialized electrical, plumbing, and HVAC systems, which may be funded through tenant improvement allowances.

Cap Rate & Pricing Expectations

Live asking cap rates for Quest Diagnostics and comparable tenants:

Tenant	S&P / Moody’s	Median asking cap rate	Middle half of listings	Listings	Median vs. 10-year Treasury
Fresenius Medical Care	BBB- / Baa3	6.75%	6.25% to 7.25%	9	+151 bps
DaVita	BB / n/a	6.75%	6.15% to 7.30%	37	+151 bps

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 19, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Quest Diagnostics, Labcorp, HCA Healthcare.

Pricing for a specific property depends on the remaining lease term, rent, location and lease guarantor.

Cap rates vary based on property location, patient service center density, remaining lease terms, and comparable market rates.

For detailed cap rate analysis, visit our investment grade guide.

Real Estate Footprint

Quest operates about 2,400 patient service centers across the United States (2025 Form 10-K).

Many patient service centers are in retail settings (2025 Form 10-K), and Quest also maintains clinical testing laboratories. Building size and specialized systems vary, so confirm them for each property.

Growth Strategy & Market Position

In its 2025 Form 10-K, Quest says it drives growth by offering a broad testing menu, collaborating with healthcare providers and partners, using its data assets, and improving quality and efficiency with technologies such as automation and artificial intelligence. Confirm the role of a specific location with the lease and local market data.

Pros & Cons for NNN Investors

Pros	Cons
Diagnostic information services for physicians, hospitals, health plans, employers and consumers (2025 Form 10-K) A leading US provider of diagnostic information services (2025 Form 10-K) About 2,400 patient service centers in the United States (2025 Form 10-K) Rated BBB+/Baa1 in our ratings database; confirm the lease guarantor	Healthcare reimbursement pressures can affect profitability (2025 Form 10-K risk factors) Specimen self-collection and new care channels could shift where tests are collected Regulatory changes in healthcare policy create uncertainty

Comparable Tenants

Comparable Company	Credit Rating	Sector
Labcorp	no verified rating	Healthcare Services
HCA Healthcare	BBB	Hospitals / Outpatient Care
Fresenius Medical Care	BBB-/Baa3	Dialysis Services
DaVita	BB	Dialysis Services

Frequently Asked Questions

How does Quest Diagnostics compare to Labcorp for NNN investments?

Both operate national networks of patient service centers (about 2,400 for Quest and more than 2,200 for Labcorp, per each company’s 2025 Form 10-K). In our ratings database Quest is rated BBB+/Baa1 (investment grade) and Labcorp no verified rating (not yet verified); a rating applies to a lease only if the rated entity signs or guarantees it. Choice between them often depends on the specific property, its location and the investor’s portfolio.

What property specifications are typical for Quest Diagnostics leases?

Many patient service centers are in retail settings (2025 Form 10-K), and Quest also maintains clinical testing laboratories. Size and specifications vary by property, so confirm them in the lease and property documents.

How vulnerable is Quest Diagnostics to home testing disruption?

Quest’s 2025 Form 10-K notes that consumers have increased consumer-initiated testing and specimen self-collection. Quest itself offers consumer-initiated testing with physician oversight through QuestHealth.com and mobile phlebotomy in many parts of the United States. How these channels affect visits to a specific patient service center varies, so review the site’s role and the remaining lease term.

What geographic markets show strongest growth for Quest facilities?

Growth varies by market. For a specific property, look at local population trends, nearby competing collection sites and the remaining lease term.

Explore healthcare diagnostic NNN investments with Quest Diagnostics

InvestmentGrade.com helps investors review net lease properties leased to Quest and other diagnostic service providers, including the tenant’s credit, the lease and pricing against current listings.

Depreciation and Cost Segregation
When the buyer owns the building, a cost segregation study may reclassify part of the purchase price, such as site improvements and some building systems and equipment, into 5-, 7- or 15-year property. That property can qualify for 100% bonus depreciation under Internal Revenue Code section 168(k) if it is acquired and placed in service after January 19, 2025; property acquired under a written binding contract entered into before January 20, 2025 does not count as acquired after that date (IRS Notice 2026-11), and used property must also meet the acquisition requirements in section 168(k)(2)(E). How much qualifies varies widely by property and should be documented, for example in an engineering-based study. On a ground lease where the tenant owns the building, the investor owns only land, which cannot be depreciated (Treasury Regulation section 1.167(a)-2), and equipment owned by the tenant is not the landlord’s to depreciate. Depreciation, including bonus depreciation, can be recaptured as ordinary income on a taxable sale (sections 1245 and 1250). A 1031 exchange can defer the gain, but recapture can still apply, for example if you receive cash or other property that is not like-kind, or if the replacement property does not include enough property of the same recapture type (sections 1245(b)(4) and 1250(d)(4)). This is general information, not tax advice; consult a tax professional. Medical buildouts can include specialized systems that may qualify for shorter lives, but medical equipment is often owned by the tenant; confirm in the lease. See the Medical NNN Depreciation Guide.

Related: Gas Station Bonus Depreciation

Quest Diagnostics Net Lease Property: Buying, Selling and Financing

Buying: We find on-market and off-market Quest Diagnostics properties, review the lease and the tenant’s credit, and compare pricing with current listings. On the majority of transactions, there is no separate fee to you as the buyer; the listing broker pays a cooperating commission.

Selling: We can prepare an opinion of value from current listings and recent sales and, when it fits your goals, run a confidential sale to private investors, family offices and institutional buyers. See our guide to off-market sales.

Financing: Investment Grade Capital, a service of Investment Grade LLC, matches buyers and owners with lenders for acquisitions and refinancing.

1031 exchanges: Tell us your identification and closing deadlines so we can plan the search around them.

Request an NNN investment consultation or email team@investmentgrade.com.