IQVIA (IQV)
Health Care · $44.5B market cap · SEC CIK 0001478242
fundamentals score out of 100
Next reports on Oct 26, 2026, before the open, with analysts expecting $3.31 in earnings per share.
The case for IQV
- Revenue growing 8.2% year over year.
- Return on equity of 22%.
- Within 1% of its 52-week high: the trend is up.
- Up 44.2% over the past year.
The case against
- Long-term debt of $13.9B would take 5 years of operating cash flow to repay.
- Pricey at 32.4× earnings, against a long-run market average nearer 20×.
- Current liabilities exceed current assets (ratio 0.71).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 50 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 58 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 50 |
| Momentumhow the price has behaved lately | 93 |
| Stabilityhow violently it moves, what it owes and what it pays you | 30 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 32.4× |
|---|---|
| Price / book | 5.23× |
| Price / sales | 2.6× |
| Revenue growth (YoY) | +8.2% |
| EPS growth (YoY) | +16.8% |
| Gross margin | 33% |
| Operating margin | 13% |
| Net margin | 8% |
| Return on equity | 22% |
| Debt / equity | 2.59× |
| Current ratio | 0.71 |
| Dividend yield | none |
| Beta | 1.18 |
| 52-week range | $154.50 – $273.88 |
| Position in that range | 97% of the way up |
| 3-month return | +60.9% |
| 1-year return | +44.2% |
Five years of financials, as filed
Pulled from IQVIA's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $16.3B | $15.4B | $15.0B | $14.4B | $13.9B |
| Operating income | $2.2B | $2.2B | $2.0B | $1.8B | $1.4B |
| Net income | $1.4B | $1.4B | $1.4B | $1.1B | $966M |
| Operating cash flow | $2.7B | $2.7B | $2.1B | $2.3B | $2.9B |
| Capital expenditure | $603M | $602M | $649M | $674M | $640M |
| Total assets | $29.9B | $26.9B | $26.7B | $25.3B | $24.7B |
| Total liabilities | $23.3B | $20.8B | $20.6B | $19.6B | $18.6B |
| Shareholder equity | $6.5B | $6.1B | $6.1B | $5.8B | $6.0B |
| Cash | $2.0B | $1.7B | $1.4B | $1.2B | $1.4B |
| Long-term debt | $13.9B | $12.8B | $13.0B | $12.6B | $12.0B |
| Free cash flow | $2.1B | $2.1B | $1.5B | $1.6B | $2.3B |
| Operating margin | 13.4% | 14.3% | 13.2% | 12.5% | 10.0% |
| Net margin | 8.3% | 8.9% | 9.1% | 7.6% | 7.0% |
| Diluted shares | 174M | 183M | 186M | 191M | 195M |
Share count is down 11.0% over 4 years. Buybacks have been shrinking the pie.
What IQVIA says it does
Our Company IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA’s portfolio of solutions are powered by IQVIA Connected Intelligence™ to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI ® , advanced analytics, the latest technologies and extensive domain expertise. We are committed to using artificial intelligence ("AI") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 93,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and…
Risk factors IQV lists in its 10-K
- Risks Related to Ownership of Our Common Stock
- The potential loss or delay of our large contracts or of multiple contracts could adversely affect our results
- If we fail to perform our services in accordance with contractual requirements, regulatory standards and ethical considerations, we could be subject to significant costs or liability and our reputation could be harmed
- Improper performance of our services
- Insufficient client funding to complete a clinical trial
- Failure of vendors to perform contractual obligations
- Security breaches and unauthorized use of our IT systems and information, or the IT systems or information in the possession of our vendors, could expose us, our clients, our data suppliers or others to risk of loss
- Failure to meet productivity objectives under our internal business transformation initiatives could adversely impact our competitiveness and harm our operating results
- If we are unsuccessful at investing in growth opportunities, our business could be materially and adversely affected
- Our success depends on our ability to protect our intellectual property rights
- We may be subject to claims by others that we are infringing on their intellectual property rights
- We rely on licenses from third parties to certain technology and intellectual property rights for some of our services and the licenses we currently have could terminate or expire
- Our financial results may be adversely affected if we underprice our contracts, overrun our cost estimates or fail to receive approval for or experience delays in documenting change orders
- The relationship of backlog to revenues varies over time