Calibration is just noting what the meter says on screen when used to measure known-good references and giving you a certificate/paper trail for those readings. That's it.
If your meter is broken, they'll note the broken values on the calibration certificate and charge you the same amount as for a good meter.
Calibration is (or is supposed to be) whatever the calibration service provider states that it is. If they make that statement by reference to Z540.1, Z540.3 or ISO 17025 or some other standard, then that service should additionally be compliant with that standard.
A typical industry-facing production calibration service will offer flat-rate all-in-one calibration services for common instruments where annual calibration is required for regulatory or ISO-type reasons. This is an expense for the business, so cheaper is better in many cases--just the required paper is all they want. If the calibration service for a meter or similar instrument states 'no data' or 'OOT data', that means that if your instrument is within the stipulated specifications (which are often the wrong specs, IMO) it will be returned to you with calibration sticker(s) attached and a document that states that it was within specifications, but without specifying the actual measurements or in it a least some cases,
the actual specifications used, the assumption apparently being that if none are stated, the manufacturers specs (but which ones?) are used as a default. Typically, if the meter is out of specifications and can be adjusted, it will be, sometimes at additional charge and sometimes included in the flat-rate service. And, typically, if the meter cannot be adjusted to meet the specifications, it will be returned with a 'REJECT' sticker and an explanation.
If you purchase this service from a less-than-honorable calibration lab, otherwise known as the low bidder with the most aggressive sales department, your calibration technician may be undertrained, overworked and poorly equipped. Since there is no data provided, they can simply attach the stickers and send it back, hoping that the instrument is OK but still having the defense that it may have failed in the delivery truck on the way back to you. How often does that happen? At least some of the time from what I've seen--and that is what AJ3G is referring to. And at least some of their customers are OK with that as far as I can tell. That's why I wouldn't pay a nickel extra for any test equipment with a recent calibration sticker.