IQVIA Holdings Inc.

Services-Commercial Physical & Biological Research

IQVStrained8 of 10 basics passed

$259.88

+0.39%

Market cap $42.8B

$259.88

+0.39%

Market cap $42.8B

Iqvia is a global leader in clinical research and technology solutions for the life science industry. Formed in 2016 from the merger of Quintiles and IMS Health, it combined clinical trial services with extensive healthcare data and analytics.

It is a $42.8B healthcare company. Revenue grew 8.2% over the last year, it keeps 8¢ of every dollar of sales as profit, and its net debt equals ~5.4 years of free cash flow. It trades at 31.1× earnings — around the middle of its own history.

Website: iqvia.com
Location: Durham, NC
Employees: 94 000
Sector: Healthcare
Founded: 1991

Share price · 3 years

$201.51 → $259.88+29.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $17.0B
Profit: keeps 8¢ of every $1 sold; $1.38B
Free cash flow: cash left after running the business; $2.18B
Net debt: debt minus cash on hand; $11.7B
P/E: years of profit in the price; 31.1
EPS: earnings per share, TTM; $7.93
Shares: up 14% since 2016 — dilution; 173.5M
Volatility: beta vs the market — under 1 swings less; 1.17

Revenue, last 10 years

52-week range

Low $156.66$259.88High $275.02

Today's price is 87% of the way from the year's low to its high.

P/E vs its history5y

31.1×median 32.1×

Higher than 44% of past days — around the middle of its own history.

Valuation vs own history

P/E

31.1×

56%

P/S

2.5×

61%

EV/EBITDA

24.6×

62%

P/B

6.8×

39%

FCF yield

5.1%

62%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$29.9Mnet selling

Purchases$0

Sales$29.9M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$42.8Btop 36%
Revenue growth+4%top 66%
Net margin8%top 53%
Return on equity22%top 28%
P/E31.1×top 61%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Health and Moat lag behind.

Valuation64

P/E vs own history44th pct · 12/25
FCF yield5.1% · 20/25
P/S2.5x · 20/25
EV/EBITDA16.8x · 12/25

Growth68

Revenue CAGR4.1% · 6/25
Net income CAGR8.9% · 12/25
EPS CAGR ~5Y40.5% · 25/25
Fwd implied growth54.9% · 25/25

Profitability57

ROIC10.6% · 12/25
ROE21.9% · 20/25
Net margin8.1% · 13/25
Operating margin12.9% · 12/25

Health31

Altman Z1.78 · 10/25
Current ratio0.71 · 6/25
Interest coverage3.3x · 10/25
Net cash / debtD/A 39% · 5/25

Quality90

Piotroski F5/9 · 15/25
Beneish M-2.57 · 25/25
FCF conversion159% · 25/25
Margin stabilityσ 4.0% · 25/25

Moat37

ROIC >12% years0/10 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 1.7% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2024Financial
Best year on record
$1.37B net income
FY2018Financial
Revenue crossed $10B
$10.4B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$6.88B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
The company was formed in 2016 through the merger of Quintiles, a contact research organization
1996Acquisition
Quintiles purchased Innovex Ltd. of Britain for $747.5 million in stock
1991Founded
Quintiles GmbH was established in Germany and Quintiles Laboratories Ltd

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$10 090 today — price return only

$16.3B revenue in FY2025

Revenue up 8.2% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

94 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

No standout strengths in the available data.

Watch-outs

Altman Z-Score 1.78 — elevated financial-distress risk
Net debt would take ~6.5 years of free cash flow to repay
Net debt equals ~5.4 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+8.2% YoY
Profitable — makes more than it spends$1.38B TTM
Profit growing — earnings are higher than last year+11.1% YoY
Generates cash — cash left after running and investing$2.18B TTM
Debt under control — could handle its obligations~5.4y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$42.8B market cap
Not printing shares — share count not ballooning — you keep your slice-11.0% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 1.8 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 31.1

Peer comparisonIQVIA Holdings Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
IQV this company	$42.8B	31.1	+8.2%	8.1%	Strained
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: IQV vs LLY · IQV vs JNJ · IQV vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 9Buy 14Hold 5

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $17.0B · net income $1.38B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$17.0B

YoY 8.2%

Net income (TTM)

$1.38B

Margin 8.1%

Gross margin

33.0%

Operating margin

12.9%

P/E ratio

31.1

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	11.4	13.9	14.4	15.0	15.4	16.3
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.7	1.4	1.8	2.0	2.2	2.2
Net income	0.3	1.0	1.1	1.4	1.4	1.4
EPS (diluted)	1.43	4.95	5.72	7.29	7.49	7.84

Cash flowFree cash flow $2.18B · operating cash flow $2.82B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.18B

Margin 12.9%

Operating cash flow (TTM)

$2.82B

FCF margin

12.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	2.0	2.9	2.3	2.1	2.7	2.7
Capital expenditure	-0.6	-0.6	-0.7	-0.6	-0.6	-0.6
Free cash flow	1.3	2.3	1.6	1.5	2.1	2.1
FCF margin	11.8%	16.6%	11.0%	10.0%	13.7%	12.6%

Balance sheetAssets $29.9B · net debt $11.7B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $29.9B of assets is financed

78%

22%

Liabilities $23.3B — borrowed moneyEquity $6.50B — owners' stake

Cash vs debt

Total debt $13.9B − cash $2.14B = net debt $11.7B

Cash on hand covers 15% of debt.

Altman Z-Score

1.78

Distress zone

Debt repayment

6.5 yrs

Years of free cash flow to clear net debt

Interest coverage

3.3x

EBIT ÷ interest expense

ROE

21.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.9	1.5	1.3	1.5	1.8	2.1
Total assets	24.6	24.7	25.3	26.7	26.9	29.9
Total liabilities	18.3	18.6	19.6	20.6	20.8	23.3
Total debt	12.4	12.0	12.6	13.0	12.8	13.9
Equity	6.0	6.0	5.8	6.1	6.1	6.5
Net debt	10.5	10.6	11.3	11.5	11.0	11.7

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of IQV on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $259.88 · market cap $42.8B.