# IQVIA Holdings Inc. (IQV) — Stock CV

IQVIA Holdings Inc. 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.

> 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.

## Identity

- **Ticker**: IQV
- **Sector**: Healthcare
- **Industry**: Services-Commercial Physical & Biological Research
- **Headquarters**: DURHAM, NC
- **Employees**: 94 000
- **Website**: https://www.iqvia.com
- **Market cap**: $42.8B
- **Last price**: $259.88
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $17.0B
- **Net income**: $1.38B
- **Free cash flow**: $2.18B
- **Net debt**: $11.7B
- **P/E**: 31.1
- **Revenue growth (YoY)**: 8.2%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 64 |
| Growth | 68 |
| Profitability | 57 |
| Health | 31 |
| Quality | 90 |
| Moat | 37 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +8.2% YoY
- [x] Profitable — $1.38B TTM
- [x] Profit growing — +11.1% YoY
- [x] Generates cash — $2.18B TTM
- [ ] Debt under control — ~5.4y of cash flow to repay
- [x] Established company — $42.8B market cap
- [x] Not printing shares — -11.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 1.8 — distress
- [x] Valuation not extreme — P/E 31.1

## Experience (career milestones)

- **FY2024** — Best year on record: $1.37B net income
- **FY2018** — Revenue crossed $10B: $10.4B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $6.88B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — The company was formed in 2016 through the merger of Quintiles, a contact research organization
- **1996** — Quintiles purchased Innovex Ltd. of Britain for $747.5 million in stock
- **1991** — Quintiles GmbH was established in Germany and Quintiles Laboratories Ltd

## Strengths

- None stand out in the 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $13.9B | $966M | $2.30B |
| FY2022 | $14.4B | $1.09B | $1.59B |
| FY2023 | $15.0B | $1.36B | $1.50B |
| FY2024 | $15.4B | $1.37B | $2.11B |
| FY2025 | $16.3B | $1.36B | $2.05B |

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Source: https://stockcv.com/IQV — derived from company filings; may be delayed or incomplete. Information, not investment advice.