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What this page is: Delvantic's full research page for Abbott Laboratories (ABT) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Watch · Gem Score -6 (−100…+100 Quality+Value blend) · Quality 67 · Value -66 · Sentiment 0 (timing only, not weighted) · Composite fair value $79.95 vs $107.12 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Abbott Laboratories
ABT NYSEAbbott Laboratories is a diversified healthcare company that discovers, develops, manufactures, and sells a comprehensive range of medical products and pharmaceuticals globally. The company operates through four primary segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Its medical device portfolio includes pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, and catheters designed to treat cardiovascular and neurological conditions. Abbott also produces continuous glucose monitors for diabetes management and diagnostic equipment including immunoassays and point-of-care testing kits. In nutrition, the company manufactures infant formula, adult nutritional liquids, and specialized dietary products for pediatric and adult populations. Abbott's established pharmaceutical segment offers branded generic medications across multiple therapeutic areas. With headquarters in Abbott Park, Illinois, and operations spanning more than 160 countries, Abbott derives approximately 60 percent of its sales from international markets, making it a truly global healthcare provider serving healthcare professionals, patients, and consumers worldwide.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 3.72
Total Equity: $52.77B
Shares: 1,748,000,000
Total Debt: $12.93B
Cash: $8.52B
EBITDA: $9.49B
Total Debt: $12.93B
Cash: $8.52B
Revenue: $44.33B
Revenue: $44.33B
Revenue: $44.33B
Total Equity: $52.77B
Tax Rate: 22.9%
Equity: $52.77B
Total Debt: $12.93B
Cash: $8.52B
Current Liabilities: $16.50B
Long-Term Debt: $9.90B
Total Debt: $12.93B
Total Equity: $52.77B
Shares: 1,748,000,000
Shares: 1,748,000,000
CapEx: -$2.17B
Shares: 1,748,000,000
Stock Price: $107.12
Net Income: $6.52B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 1, 2026 6:32pm (22d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $43.1B | $43.7B | $40.1B | $42.0B | $44.3B |
| Cost of Revenue | $18.5B | $19.1B | $18.0B | $18.7B | $19.3B |
| Gross Profit | $24.5B | $24.5B | $22.1B | $23.2B | $25.0B |
| Operating Expenses | $16.1B | $16.1B | $15.7B | $16.4B | $17.0B |
| Operating Income | $8.4B | $8.4B | $6.5B | $6.8B | $8.1B |
| Net Income | $7.1B | $6.9B | $5.7B | $13.4B | $6.5B |
| EBITDA | $9.9B | $9.6B | $7.8B | $8.2B | $9.5B |
| EPS | $3.97 | $3.94 | $3.28 | $7.67 | $3.73 |
| EPS (Diluted) | $3.94 | $3.91 | $3.26 | $7.64 | $3.72 |
Balance Sheet (Annual)
Last updated: Jul 30, 2026 12:09am (24d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $9.8B | $9.9B | $6.9B | $7.6B | $8.5B |
| Total Current Assets | $24.2B | $25.2B | $22.7B | $23.7B | $26.0B |
| Total Assets | $75.2B | $74.4B | $73.2B | $81.4B | $86.7B |
| Current Liabilities | $13.1B | $15.5B | $13.8B | $14.2B | $16.5B |
| Long-Term Debt | $17.3B | $14.5B | $13.6B | $12.6B | $9.9B |
| Total Liabilities | $39.2B | $37.5B | $34.4B | $33.5B | $33.9B |
| Total Equity | $36.0B | $36.9B | $38.8B | $47.9B | $52.8B |
| Retained Earnings | $31.5B | $35.3B | $37.6B | $47.3B | $49.8B |
Cash Flow (Annual)
Last updated: Aug 1, 2026 6:32pm (22d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $10.5B | $9.6B | $7.3B | $8.6B | $9.6B |
| Capital Expenditure | -$1.9B | -$1.8B | -$2.2B | -$2.2B | -$2.2B |
| Free Cash Flow | $8.6B | $7.8B | $5.1B | $6.4B | $7.4B |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | -$248.0M | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$2.3B | -$3.8B | -$1.2B | -$1.3B | -$893.0M |
| Net Change in Cash | $3.0B | $83.0M | -$3.0B | $720.0M | $906.0M |
Growth Trends (YoY %)
Last updated: Aug 1, 2026 6:32pm (22d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +1.3% | -8.1% | +4.6% | +5.7% |
| Gross Profit Growth | -0.1% | -9.7% | +5.0% | +7.6% |
| Operating Income Growth | -0.7% | -22.5% | +5.4% | +18.0% |
| Net Income Growth | -2.0% | -17.5% | +134.2% | -51.3% |
| EBITDA Growth | -3.0% | -19.4% | +5.3% | +16.2% |
Dividend History (Last 20)
Last updated: Aug 1, 2026 12:01am (22d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-15 | $0.63 | — | — | — |
| 2026-04-15 | $0.63 | — | — | — |
| 2026-01-15 | $0.63 | — | — | — |
| 2025-10-15 | $0.59 | — | — | — |
| 2025-07-15 | $0.59 | — | — | — |
| 2025-04-15 | $0.59 | — | — | — |
| 2025-01-15 | $0.59 | — | — | — |
| 2024-10-15 | $0.55 | — | — | — |
| 2024-07-15 | $0.55 | — | — | — |
| 2024-04-12 | $0.55 | — | — | — |
| 2024-01-11 | $0.55 | — | — | — |
| 2023-10-12 | $0.51 | — | — | — |
| 2023-07-13 | $0.51 | — | — | — |
| 2023-04-13 | $0.51 | — | — | — |
| 2023-01-12 | $0.51 | — | — | — |
| 2022-10-13 | $0.47 | — | — | — |
| 2022-07-14 | $0.47 | — | — | — |
| 2022-04-13 | $0.47 | — | — | — |
| 2022-01-13 | $0.47 | — | — | — |
| 2021-10-14 | $0.45 | — | — | — |
Deep Analysis
Risk : Reward — if the last quarter repeats
Live · as of 2026-08-20 23:31Even the bull case prices 33% below today — the ratio here measures the model-vs-market gap, not payoff odds. Another quarter like the worst recent one costs 60%.
| Case | Growth | Margin | Fair value | vs price ($107.12) |
|---|---|---|---|---|
| Bull — recovery | +10% | 16.7% | $71.37 | -33% |
| Base — stabilizes | +7% | 14.6% | $56.32 | -47% |
| Bear — keeps slipping | +3% | 12.4% | $43.57 | -59% |
| Stress — last quarter repeats | +8% | 10.3% | $42.51 | -60% |
Narrative Economics
market-narrative step).
Claude Reading
The raw trajectory tells a less flattering story than the "steady compounder" label suggests. Trailing four quarters (Q2'25 through Q1'26) sum to ~$45.1B revenue and ~$6.3B net income — implying a normalized net margin around 14% and TTM EPS near $3.60, which puts the real P/E closer to 30x, not 28.7x. More concerning: the most recent print (Q1'26) shows revenue of $11.16B (down sequentially from $11.46B) with net income collapsing to $1.08B and margin compressing to 9.6% — the weakest quarter in the two-year window ex the Q4'24 one-time gain. Revenue "growth" of 5.7% YoY is decelerating, not compounding, and the 2025 full-year revenue of $44.33B is only 1.6% above 2022's $43.65B — this is a business that has grown 5% cumulatively over three years, not 5% annually. The FCF CAGR of 20.9% is a base-effect artifact off a depressed COVID-comparison year and should be discounted heavily.
The synthesis models are directionally right but too gentle. The DCF anchor at $85.79 vs. $107.12 implies a 20% overvaluation, and the thesis evaluation's -13 score correctly flags the "Medtronic 2015" analog — a premium multiple on a mature medtech that de-rated from 28x to 15x over three years as Libre-equivalent growth stories decelerated. Where I dissent from the market-forces layer calling this "fair value at ~25x normalized earnings": Abbott isn't earning $4.30 normalized — it's earning ~$3.60 TTM with a decelerating top line and a Q1'26 that just delivered a 600bp margin compression. Calling that "fair value" requires believing the Q1 print is noise, and there's no evidence in the sequence (Q3'25 margin 14.5%, Q4'25 15.5%, Q1'26 9.6%) that this is a one-off — the trend is choppy and directionally lower. The 84.1% Q4'24 margin is obviously a divestiture/tax gain and should be excluded from any trend analysis; the 2024 annual NI of $13.4B similarly overstates the earnings base.
The contrarian bull case worth engaging: insider activity is genuinely constructive — two open-market P-Purchases (2,000 and 10,000 shares) in April-May 2026 is unusual for a mega-cap and suggests someone with information believes Q1 weakness is transitory. Balance sheet is fortress-grade (debt/equity 0.245, current ratio 1.58, $8.5B cash), dividend yield 2.32% is covered 3x by FCF, and ROIC of 10.8% on this asset base is respectable if unspectacular. If Libre re-accelerates on Type 2 penetration and structural heart hits, the 65-weight bull case has legs and you could see the multiple hold at 25-28x on $4.50 forward EPS = $115-125. But that's the bull case at current price, not upside — you're paying for it already. The narrative layer's "Berkshire-lite" framing is accurate but dangerous: that premium exists precisely because rates were lower and defensive quality was scarce; in a macro-headwind regime (as flagged), those premiums compress first.
I agree with the synthesis verdict of "fully_priced" but would go further — this is modestly overvalued with asymmetric downside if Q1'26 margin compression persists into Q2. Fair value framework: $3.75 normalized EPS × 24x (appropriate for 5% grower with quality balance sheet, above medtech peer average of 22x for the diversification premium) = $90. That's 16% below current price, aligning with the DCF's $85.79 anchor. The insider buying is the only reason I don't go more negative — it's a real signal, not a compliance artifact. But two purchases don't offset a decelerating top line, a compressing margin print, and a multiple that requires Libre to keep delivering what the numbers suggest it's already stopped delivering. Wait for the next print; if Q2'26 confirms Q1's margin compression, the re-rating to $85-90 happens fast. If Q2 recovers to 15%+ margins, revisit at $100 with more conviction.
GPT Reading
Abbott looks like a very good business priced like a better growth story than the numbers currently support. The core operating picture is solid: 2025 revenue was $44.33 billion, up 5.7% from $41.95 billion, operating income rose to $8.05 billion from $6.83 billion, and free cash flow reached $7.40 billion on $9.57 billion of operating cash flow. Balance sheet risk is low, with $12.93 billion of debt against $8.52 billion of cash and $52.77 billion of equity, so this is not a leverage-dependent equity story. But the valuation is asking investors to pay 28.8x earnings, 4.2x sales, and 20.1x EV/EBITDA for a company whose 5-year revenue CAGR is just 5.1% and whose normalized net income is mostly living in a $5.7-7.1 billion band if you exclude the obvious 2024 one-off that drove net income to $13.40 billion and a nonsensical 84.1% Q4 margin. At $185 billion of market cap, the market is already capitalizing Abbott as if it deserves a premium multiple closer to a cleaner medtech grower than to a diversified healthcare conglomerate.
What stands out to me is that the raw quarterly data says “steady but not accelerating.” Revenue moved from $10.38 billion in 2024 Q2 to $10.64 billion in Q3, $10.97 billion in Q4, $10.36 billion in 2025 Q1, then $11.14 billion, $11.37 billion, $11.46 billion, and finally $11.16 billion in 2026 Q1. That is respectable growth, but not the kind of slope that justifies a near-30x P/E on its own. Even the most recent year-over-year quarter, 2026 Q1, grew revenue 7.7% versus 2025 Q1, yet net income fell from $1.33 billion to $1.08 billion, taking margin from 12.8% down to 9.6%. That matters. If Abbott were demonstrating operating leverage from a richer devices mix, I would expect clearer margin expansion, not this kind of wobble. The annual numbers do show operating margin improving from 16.3% in 2024 to 18.2% in 2025, which is encouraging, but the quarterlies say that progress is not smooth enough to underwrite a premium multiple with confidence.
The simplest way to frame it is that Abbott is being valued on quality, resilience, and optionality more than on hard growth. Some of that is deserved. Gross margin at 56.4%, ROIC at 10.9%, and dividend yield at 2.3% all support the idea of a durable, high-quality franchise. Free cash flow of $7.40 billion gives the company room for dividends, buybacks, and bolt-ons. But quality can still be overpaid for. On 2025 net income of $6.52 billion, today’s market cap implies about a 2.5% earnings yield; on free cash flow, the yield is roughly 4.0%. For a mature healthcare company growing revenue mid-single digits, that is not compelling. If I normalize earnings power somewhere around $6.5-7.0 billion and apply a 22-24x multiple, I get an equity value more in the neighborhood of roughly $143-168 billion, or about $82-97 per share, not $107. The stock does not need bad execution to de-rate; it only needs continued “good, not great” results.
The strongest case against my read is that I may be underestimating mix shift and the value of consistency. 2025 was objectively a better operating year than 2024 on clean metrics: revenue up $2.38 billion, gross profit up $1.77 billion, operating income up $1.22 billion, and net income excluding the 2024 anomaly also clearly higher. If that trajectory continues, then 2026 earnings could plausibly move well above $7 billion and make today’s P/E look closer to the mid-20s on forward earnings, which is more defensible for a recession-resistant healthcare compounder. The insider tape also leans mildly supportive, with open-market purchases of 10,000 shares and 2,000 shares in late April and early May 2026 rather than a stream of sales. And because Abbott is diversified across devices, diagnostics, nutrition, and pharma, investors may rationally pay up for lower cyclicality and lower single-product risk than a pure-play device company. If the market is really valuing the business on durability plus balance-sheet strength, the premium can persist longer than a pure DCF would suggest.
What would change my mind is evidence that Abbott is actually converting its franchise quality into sustained double-digit earnings growth with cleaner margins. Specifically, I would want to see revenue moving into a durable $11.7-12.0 billion quarterly run-rate, net margins back above 14-15% consistently rather than dropping to 9.6% in a recent quarter, and annual free cash flow pushing toward $8.5-9.0 billion without balance-sheet stretch. If the next few quarters show 7-9% revenue growth accompanied by operating leverage, then the current premium multiple would look earned rather than aspirational. Until then, the stock looks like a classic excellent-company, expensive-stock setup.
Grok Reading
The numbers describe a high-quality but thoroughly mature healthcare conglomerate whose growth has settled into a mid-single-digit grind while the multiple still prices a device-led re-acceleration that has not yet appeared in the consolidated P&L. Revenue moved from $41.95B in 2024 to $44.33B in 2025 (+5.7%), consistent with the 5.1% revenue CAGR; the trailing four quarters sit in a tight $10.4–11.5B band with no inflection. Reported 2025 net income of $6.52B (14.7% margin) is the clean figure to use—2024’s $13.40B was inflated by an obvious Q4 one-time item that produced an 84% quarterly net margin and is now rolling off, which is why recent earnings YoY prints at –51%. Operating margin held at 18.2% and free cash flow reached a solid $7.40B (FCF conversion >100% of NI), yet Q1 2026 net margin collapsed to 9.6% on $11.16B of revenue, the weakest print in the entire series and a reminder that mix and cost pressure remain live. At $107 the stock trades 28.8× that normalized earnings power, 4.2× sales and 20× EV/EBITDA—premiums that only make sense if FreeStyle Libre and structural heart are about to lift the entire enterprise growth rate well above 5%.
The balance sheet and cash generation are not the problem. Net debt is modest ($12.93B debt against $8.52B cash, D/E 0.25), ROIC is a respectable 10.9%, and the company converts earnings into cash with high fidelity. Dividend yield of 2.3% is covered several times over. Those attributes justify a quality multiple; they do not justify nearly 29× earnings for a 5% organic grower whose largest segments still include nutrition and mature diagnostics. The valuation synthesis fair-value range of roughly $76–86 is directionally correct: the market is paying a medical-device compounder multiple for what is still, on the numbers, a diversified mid-single-digit earner. The Q1 2026 margin step-down and the decelerating quarterly revenue trend only widen that gap.
The strongest counter-argument is that the consolidated 5% masks faster underlying device momentum—Libre Type-2 penetration and MitraClip-adjacent structural heart could still deliver the double-digit contribution growth the bull case requires, while nutrition and diagnostics provide ballast that pure-play device peers lack. FCF CAGR of 20.9% and net insider buying (including open-market purchases of 12,000 shares) lend credibility to management’s confidence, and the defensive narrative has historically supported multiple resilience even when growth is ordinary. A smart opponent would also note that 18% operating margins and 56% gross margins already embed pricing power, so further mix shift toward CGM and structural heart could expand earnings faster than revenue. I weigh these points as real but insufficient: they are already partially in the price, the recent margin compression runs against the mix-shift thesis, and history (Medtronic mid-2010s) shows that 28–30× on mid-single-digit growth is a setup for multiple compression once the growth story fails to accelerate.
I would reverse to neutral or better only if two consecutive quarters show organic growth re-accelerating through 8%+ with operating margins sustainably back above 16%, or if Libre and structural-heart disclosures demonstrate that those franchises now exceed 30% of sales and are still compounding above 15%. A drop in the forward multiple toward 22–23× without earnings deterioration would also reset the risk/reward.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Abbott runs at roughly $44B revenue with gross margin steady around 55-56% and operating margin recovering to 18.2% in 2025 from a 16.2% trough in 2023. Free cash flow is consistent at $6-8B annually ($7.4B in 2025), and earnings quality checks are clean: OCF/NI of 1.25x, negative accruals (-1.6% of assets), Beneish M of -2.52, and Altman Z of 5.03 in the safe zone. The 2024 net income spike to $13.4B versus $6.5B in 2025 looks like a one-time gain (likely divestiture-related) rather than an ongoing run-rate, and cash generation did not follow it, which is actually a mark of honest reporting rather than manipulation. Capital allocation is shareholder-friendly: diluted share count is quietly shrinking (-0.6% CAGR), SBC is a modest 1.5% of revenue, and buybacks run at 287% of SBC - a genuine net repurchaser. Balance sheet carries net debt of about $4B against $8.9B cash, which is a constraint but trivial relative to $7B+ annual FCF. Insider tape shows real open-market purchases from Starks ($926K) and Stratton ($174K) in 2026, plus a discretionary buy from Moreland - directional signals from people with information. Nothing in the mechanical forensics flags; the business looks solidly healthy across every dimension examined.
Verify before trusting this (5)
- Nature of the 2024 net income spike to $13.4B - divestiture gain, tax benefit, or accounting item?
- Segment mix and any customer or product concentration in Medical Devices (Libre, structural heart)
- Debt maturity schedule and any near-term refinancing needs given net debt position
- Pending litigation exposure (NEC/preemie formula cases) and any reserve movements
- Recurring vs one-time components of the 2025 operating margin recovery
The composite fair value lands at $76.48 and the signal-adjusted FV at $85.79, both meaningfully below the $107.12 price - implying about -20% downside to deserved value. The methods triangulate reasonably: DCF at $73.94 and EPV floor at $47.95 both say the cash-earnings power alone does not justify today's tape, while the anchored-PE of $110.08 essentially just re-prints the current multiple and should be treated as a market-comp reading, not independent evidence of value. Strip that out and the underlying earnings-power case sits in the mid-70s to mid-80s. Even generously weighting the quality premium (durable diagnostics franchise, clean earnings, disciplined capital), the deserved price is somewhere in the high-80s to low-90s, not $107.
Verify before trusting this (4)
- Organic growth trajectory ex-COVID diagnostics - is core med-device growth accelerating or decelerating
- 2024 free cash flow guidance vs the DCF assumptions
- Any resolution or reserve on infant formula litigation that would change the risk-adjusted discount
- Segment margin trends in diagnostics as COVID tailwind fully rolls off
None surfaced.
None surfaced.
This lens hasn't been run for this ticker yet.
When we made this prediction on Aug 4, 2026, ABT was $107.12. We expect it to be $99.00 by Feb 2027, and we consider it great value under $88.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 4, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.