IQVIA Holdings Inc. (IQV) 10-Year Financial Performance & Capital Metrics

IQV • • Industrial / General

HealthcareDiagnostics & ResearchContract Research & Clinical Trial ServicesClinical Research Organizations

AboutIQVIA Holdings Inc. provides advanced analytics, technology solutions, and clinical research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. The Technology & Analytics Solutions segment offers a range of cloud-based applications and related implementation services; real world solutions that enable life sciences and provider customers to generate and disseminate evidence, which informs health care decision making and improves patients' outcomes; and strategic and implementation consulting services, such as advanced analytics and commercial processes outsourcing services. This segment also provides country level performance metrics related to sales of pharmaceutical products, prescribing trends, medical treatment, and promotional activity across various channels, including retail, hospital, and mail order; and measurement of sales or prescribing activity at the regional, zip code, and individual prescriber level. The Research & Development Solutions segment offers project management and clinical monitoring; clinical trial support; virtual trials; and strategic planning and design services, as well as central laboratory, genomic, bioanalytical, ADME, discovery, and vaccine and biomarker laboratory services. The Contract Sales & Medical Solutions segment provides health care provider and patient engagement services, and scientific strategy and medical affairs services. It serves pharmaceutical, biotechnology, device and diagnostic, and consumer health companies. The company has a strategic collaboration with HealthCore, Inc. The company was formerly known as Quintiles IMS Holdings, Inc. and changed its name to IQVIA Holdings Inc. in November 2017. IQVIA Holdings Inc. was founded in 1982 and is headquartered in Durham, North Carolina.Show more

Revenue $15.4B +2.8%
EBITDA $3.32B +6.9%
Net Income $1.37B +1.1%
EPS (Diluted) 7.49 +2.7%
Gross Margin 34.89% -0.2%
EBITDA Margin 21.53% +4.0%
Operating Margin 14.29% +8.3%
Net Margin 8.91% -1.7%
ROE 22.55% -1.4%
ROIC 8.89% +8.5%
Debt/Equity 2.33 +2.6%
Interest Coverage 3.29 +11.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.3%
✓Strong 5Y profit CAGR of 48.4%
✓Momentum leader: RS Rating 81 (top 19%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.3x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.93%

5Y6.8%

3Y3.55%

TTM3.85%

Profit (Net Income) CAGR

10Y14.44%

5Y48.36%

3Y12.43%

TTM-8.68%

EPS CAGR

10Y10.66%

5Y50.81%

3Y14.8%

TTM-4.33%

ROCE

10Y Avg8.97%

5Y Avg8.17%

3Y Avg10.02%

Latest10.97%

Peer Comparison

Clinical Research Organizations

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MEDPMedpace Holdings, Inc.	17.41B	618.04	48.93	11.84%	18.36%	147.46%	3.29%	0.18
IQVIQVIA Holdings Inc.	41.09B	241.28	32.21	2.81%	8.07%	20.4%	5.14%	2.33
ICLRICON Public Limited Company	13.94B	182.56	19.16	1.99%	7.4%	6.42%	8.02%	0.38

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.74B	6.82B	9.7B	10.41B	11.09B	11.36B	13.87B	14.41B	14.98B	15.4B
Revenue Growth %	0.05%	0.19%	0.42%	0.07%	0.06%	0.02%	0.22%	0.04%	0.04%	0.03%
Cost of Goods Sold+	4.12B	4.75B	6.3B	6.75B	7.3B	7.5B	9.23B	9.38B	9.74B	10.03B
COGS % of Revenue	0.72%	0.7%	0.65%	0.65%	0.66%	0.66%	0.67%	0.65%	0.65%	0.65%
Gross Profit+	1.62B	2.07B	3.4B	3.67B	3.79B	3.86B	4.64B	5.03B	5.24B	5.38B
Gross Margin %	0.28%	0.3%	0.35%	0.35%	0.34%	0.34%	0.33%	0.35%	0.35%	0.35%
Gross Profit Growth %	0.08%	0.28%	0.65%	0.08%	0.03%	0.02%	0.2%	0.08%	0.04%	0.03%
Operating Expenses+	975M	1.49B	2.74B	2.92B	3.01B	3.13B	3.25B	3.23B	3.26B	3.17B
OpEx % of Revenue	0.17%	0.22%	0.28%	0.28%	0.27%	0.28%	0.23%	0.22%	0.22%	0.21%
Selling, General & Admin	920.99M	1.01B	1.6B	1.72B	1.73B	1.79B	1.96B	2.07B	2.05B	1.99B
SG&A % of Revenue	0.16%	0.15%	0.17%	0.16%	0.16%	0.16%	0.14%	0.14%	0.14%	0.13%
Research & Development	3.34M	0	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	-	-	-	-	-	-	-	-	-
Other Operating Expenses	160M	475M	1.11B	1.21B	1.28B	1.34B	1.28B	1.16B	1.21B	1.18B
Operating Income+	646.61M	642M	719M	741M	777M	731M	1.39B	1.8B	1.98B	2.2B
Operating Margin %	0.11%	0.09%	0.07%	0.07%	0.07%	0.06%	0.1%	0.12%	0.13%	0.14%
Operating Income Growth %	0.1%	-0.01%	0.12%	0.03%	0.05%	-0.06%	0.91%	0.29%	0.1%	0.11%
EBITDA+	774.35M	931M	1.73B	1.88B	1.98B	2.02B	2.66B	2.93B	3.1B	3.32B
EBITDA Margin %	0.13%	0.14%	0.18%	0.18%	0.18%	0.18%	0.19%	0.2%	0.21%	0.22%
EBITDA Growth %	0.09%	0.2%	0.86%	0.09%	0.05%	0.02%	0.32%	0.1%	0.06%	0.07%
D&A (Non-Cash Add-back)	127.74M	289M	1.01B	1.14B	1.2B	1.29B	1.26B	1.13B	1.13B	1.11B
EBIT	640M	560M	640M	742M	799M	789M	1.5B	1.78B	2.13B	2.34B
Net Interest Income+	-97M	-140M	-339M	-406M	-438M	-410M	-369M	-403M	-636M	-623M
Interest Income	4.32M	4M	7M	8M	9M	6M	6M	13M	36M	47M
Interest Expense	101.79M	144M	346M	414M	447M	416M	375M	416M	672M	670M
Other Income/Expense	-99M	-164M	-361M	-398M	-434M	-351M	-259M	-448M	-518M	-533M
Pretax Income+	547M	412M	304M	343M	343M	380M	1.13B	1.35B	1.46B	1.67B
Pretax Margin %	0.1%	0.06%	0.03%	0.03%	0.03%	0.03%	0.08%	0.09%	0.1%	0.11%
Income Tax+	158.99M	345M	-987M	59M	116M	72M	163M	260M	101M	296M
Effective Tax Rate %	0.71%	0.28%	4.31%	0.76%	0.56%	0.73%	0.85%	0.81%	0.93%	0.82%
Net Income+	387.2M	115M	1.31B	259M	191M	279M	966M	1.09B	1.36B	1.37B
Net Margin %	0.07%	0.02%	0.13%	0.02%	0.02%	0.02%	0.07%	0.08%	0.09%	0.09%
Net Income Growth %	0.09%	-0.7%	10.38%	-0.8%	-0.26%	0.46%	2.46%	0.13%	0.24%	0.01%
Net Income (Continuing)	388M	87M	1.3B	284M	227M	308M	971M	1.09B	1.36B	1.37B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	228.54M	227M	249M	240M	260M	279M	0	0	0	0
EPS (Diluted)+	3.08	0.76	5.88	1.24	0.96	1.43	4.95	5.72	7.29	7.49
EPS Growth %	0.13%	-0.75%	6.74%	-0.79%	-0.23%	0.49%	2.46%	0.16%	0.27%	0.03%
EPS (Basic)	3.15	0.77	6.01	1.27	0.98	1.46	5.05	5.82	7.39	7.57
Diluted Shares Outstanding	125.63M	152M	222.6M	208.2M	199.6M	195M	195M	190.6M	186.3M	183.4M
Basic Shares Outstanding	123.04M	149.1M	217.8M	203.7M	195.1M	191.3M	191.4M	187.6M	183.8M	181.3M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.41B	3.34B	3.55B	3.87B	4.13B	5.09B	4.76B	4.98B	5.6B	5.83B
Cash & Short-Term Investments	977.15M	1.24B	1B	938M	899M	1.9B	1.48B	1.31B	1.5B	1.84B
Cash Only	977.15M	1.2B	959M	891M	837M	1.81B	1.37B	1.22B	1.38B	1.7B
Short-Term Investments	0	40M	46M	47M	62M	88M	111M	93M	120M	141M
Accounts Receivable	1.2B	1.74B	2.14B	2.46B	2.64B	2.47B	2.61B	2.96B	3.41B	3.24B
Days Sales Outstanding	76.34	93.25	80.66	86.34	86.84	79.24	68.64	74.98	83.14	76.77
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	181.89M	235M	259M	322M	451M	563M	521M	561M	546M	592M
Total Non-Current Assets+	1.51B	17.87B	19.29B	18.68B	19.13B	19.47B	19.93B	20.36B	21.09B	21.07B
Property, Plant & Equipment	188.39M	406M	440M	434M	954M	953M	903M	863M	819M	773M
Fixed Asset Turnover	30.45x	16.79x	22.05x	23.99x	11.62x	11.92x	15.36x	16.70x	18.30x	19.93x
Goodwill	719.74M	10.73B	11.85B	11.8B	12.16B	12.65B	13.3B	13.92B	14.57B	14.71B
Intangible Assets	368.11M	6.39B	6.59B	5.95B	5.51B	5.21B	4.94B	4.82B	4.84B	4.5B
Long-Term Investments	85.29M	82M	78M	142M	152M	162M	164M	162M	239M	374M
Other Non-Current Assets	110.11M	177M	235M	239M	227M	386M	491M	472M	455M	520M
Total Assets+	3.93B	21.21B	22.74B	22.55B	23.25B	24.56B	24.69B	25.34B	26.68B	26.9B
Asset Turnover	1.46x	0.32x	0.43x	0.46x	0.48x	0.46x	0.56x	0.57x	0.56x	0.57x
Asset Growth %	0.19%	4.4%	0.07%	-0.01%	0.03%	0.06%	0.01%	0.03%	0.05%	0.01%
Total Current Liabilities+	1.59B	2.71B	2.9B	3.53B	3.94B	4.56B	5.24B	5.58B	6.49B	6.96B
Accounts Payable	145.48M	250M	322M	437M	2.51B	581M	621M	645M	709M	736M
Days Payables Outstanding	12.9	19.22	18.65	23.64	125.6	28.28	24.55	25.09	26.56	26.78
Short-Term Debt	48.51M	92M	103M	100M	100M	149M	91M	152M	718M	1.15B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	420M	630M	666M	-1.17B	211M	1.09B	1.15B	1.13B	1.26B	1.1B
Current Ratio	1.51x	1.23x	1.22x	1.10x	1.05x	1.12x	0.91x	0.89x	0.86x	0.84x
Quick Ratio	1.51x	1.23x	1.22x	1.10x	1.05x	1.12x	0.91x	0.89x	0.86x	0.84x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	2.67B	9.64B	11.48B	12.06B	13.04B	13.73B	13.41B	13.99B	14.08B	13.88B
Long-Term Debt	2.42B	7.11B	10.12B	10.91B	11.54B	12.38B	12.03B	12.6B	12.96B	12.84B
Capital Lease Obligations	0	0	0	0	396M	371M	313M	264M	223M	173M
Deferred Tax Liabilities	65.7M	2.13B	918M	736M	646M	338M	410M	464M	202M	196M
Other Non-Current Liabilities	183M	402M	440M	418M	456M	633M	649M	671M	698M	668M
Total Liabilities	4.26B	12.35B	14.38B	15.6B	16.99B	18.28B	18.65B	19.57B	20.57B	20.83B
Total Debt+	2.47B	7.2B	10.22B	11.01B	12.04B	12.9B	12.44B	13.01B	13.9B	14.16B
Net Debt	1.49B	6B	9.27B	10.12B	11.2B	11.09B	11.07B	11.79B	12.52B	12.45B
Debt / Equity	-	0.81x	1.22x	1.58x	1.92x	2.05x	2.06x	2.26x	2.27x	2.33x
Debt / EBITDA	3.19x	7.73x	5.91x	5.85x	6.08x	6.39x	4.68x	4.44x	4.48x	4.27x
Net Debt / EBITDA	1.93x	6.45x	5.36x	5.38x	5.66x	5.50x	4.17x	4.03x	4.04x	3.76x
Interest Coverage	6.35x	4.46x	2.08x	1.79x	1.74x	1.76x	3.71x	4.32x	2.94x	3.29x
Total Equity+	-107.14M	8.86B	8.36B	6.95B	6.26B	6.28B	6.04B	5.76B	6.11B	6.07B
Equity Growth %	0.85%	83.69%	-0.06%	-0.17%	-0.1%	0%	-0.04%	-0.05%	0.06%	-0.01%
Book Value per Share	-0.85	58.29	37.55	33.40	31.38	32.21	30.98	30.25	32.81	33.08
Total Shareholders' Equity	-335.68M	8.63B	8.11B	6.71B	6B	6B	6.04B	5.76B	6.11B	6.07B
Common Stock	8.78M	10.6B	10.78B	10.9B	11.05B	11.1B	3M	10.9B	3M	3M
Retained Earnings	-461.63M	-399M	655M	807M	998M	1.28B	2.24B	3.33B	4.69B	6.07B
Treasury Stock	0	-1B	-3.37B	-4.77B	-5.73B	-6.17B	-6.57B	-7.74B	-8.74B	-10.1B
Accumulated OCI	-111.37M	-570M	46M	-224M	-311M	-205M	-406M	-727M	-867M	-1.04B
Minority Interest	228.54M	227M	249M	240M	260M	279M	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	475.69M	860M	970M	1.25B	1.42B	1.96B	2.94B	2.26B	2.15B	2.72B
Operating CF Margin %	0.08%	0.13%	0.1%	0.12%	0.13%	0.17%	0.21%	0.16%	0.14%	0.18%
Operating CF Growth %	0.1%	0.81%	0.13%	0.29%	0.13%	0.38%	0.5%	-0.23%	-0.05%	0.26%
Net Income	388.3M	130M	1.33B	284M	227M	308M	966M	1.09B	1.36B	1.37B
Depreciation & Amortization	127.74M	289M	1.01B	1.14B	1.2B	1.29B	1.26B	1.13B	1.13B	1.11B
Stock-Based Compensation	37.76M	80M	106M	113M	146M	95M	170M	194M	217M	206M
Deferred Taxes	18.35M	135M	-1.22B	-177M	-157M	-176M	-138M	-115M	-269M	-129M
Other Non-Cash Items	-27.5M	14M	33M	-1M	-20M	-14M	-5M	44M	-2M	-6M
Working Capital Changes	-68.97M	212M	-292M	-106M	19M	459M	680M	-84M	-280M	158M
Change in Receivables	-246.03M	-62M	-142M	-297M	-124M	255M	-138M	-421M	-388M	182M
Change in Inventory	18.87M	62M	-136M	-184M	-116M	0	-17M	0	0	0
Change in Payables	104.35M	160M	90M	368M	240M	253M	244M	427M	267M	115M
Cash from Investing+	-66.95M	1.73B	-1.19B	-810M	-1.19B	-796M	-2.1B	-2.01B	-1.6B	-1.44B
Capital Expenditures	-78.39M	-164M	-369M	-459M	-582M	-616M	-640M	-674M	-649M	-602M
CapEx % of Revenue	0.01%	0.02%	0.04%	0.04%	0.05%	0.05%	0.05%	0.05%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	551K	24M	2M	-457M	27M	-2M	-5M	8M	5M	2M
Cash from Financing+	-249.25M	-2.28B	-72M	-452M	-276M	-217M	-1.24B	-329M	-382M	-878M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	77.75M	126M	37M	-62M	-74M	-112M	-899M	-102M	-192M	-81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	397.3M	696M	601M	795M	835M	1.34B	2.3B	1.59B	1.5B	2.11B
FCF Margin %	0.07%	0.1%	0.06%	0.08%	0.08%	0.12%	0.17%	0.11%	0.1%	0.14%
FCF Growth %	0.14%	0.75%	-0.14%	0.32%	0.05%	0.61%	0.71%	-0.31%	-0.05%	0.41%
FCF per Share	3.16	4.58	2.70	3.82	4.18	6.89	11.81	8.32	8.05	11.53
FCF Conversion (FCF/Net Income)	1.23x	7.48x	0.74x	4.84x	7.42x	7.02x	3.05x	2.07x	1.58x	1.98x
Interest Paid	82M	124M	320M	398M	0	0	343M	379M	556M	589M
Taxes Paid	121M	106M	195M	211M	0	0	222M	255M	340M	295M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	2.63%	15.2%	3.38%	2.89%	4.45%	15.68%	18.48%	22.87%	22.55%
Return on Invested Capital (ROIC)	46.07%	5.93%	3.32%	3.2%	3.37%	3.15%	6.06%	7.78%	8.19%	8.89%
Gross Margin	28.26%	30.33%	35.05%	35.21%	34.16%	33.97%	33.45%	34.89%	34.96%	34.89%
Net Margin	6.75%	1.69%	13.49%	2.49%	1.72%	2.46%	6.96%	7.57%	9.06%	8.91%
Debt / Equity	-	0.81x	1.22x	1.58x	1.92x	2.05x	2.06x	2.26x	2.27x	2.33x
Interest Coverage	6.35x	4.46x	2.08x	1.79x	1.74x	1.76x	3.71x	4.32x	2.94x	3.29x
FCF Conversion	1.23x	7.48x	0.74x	4.84x	7.42x	7.02x	3.05x	2.07x	1.58x	1.98x
Revenue Growth	5.07%	18.79%	42.36%	7.32%	6.49%	2.44%	22.14%	3.86%	3.98%	2.81%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Research And Development Solutions	-	3.47B	3.65B	1.69B	1.73B	5.76B	7.56B	7.92B	8.39B	8.53B
Research And Development Solutions Growth	-	-	5.04%	-53.58%	2.42%	232.18%	31.18%	4.83%	5.98%	1.57%
Technology And Analytics Solutions	-	-	-	1.52B	1.54B	4.86B	5.53B	5.75B	5.86B	6.16B
Technology And Analytics Solutions Growth	-	-	-	-	1.51%	214.84%	13.92%	3.83%	2.02%	5.08%
Contract Sales And Medical Solutions	-	-	-	235M	200M	741M	784M	743M	727M	718M
Contract Sales And Medical Solutions Growth	-	-	-	-	-14.89%	270.50%	5.80%	-5.23%	-2.15%	-1.24%
Product Development	3.19B	-	-	-	-	-	-	-	-	-
Product Development Growth	-	-	-	-	-	-	-	-	-	-
Healthcare Services	1.13B	-	-	-	-	-	-	-	-	-
Healthcare Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	1.97B	2.38B	3.61B	-	-	-	-	-	7.55B	7.36B
Americas Growth	-	20.50%	51.68%	-	-	-	-	-	-	-2.60%
EMEA	-	2.06B	-	-	-	-	-	-	4.46B	4.92B
EMEA Growth	-	-	-	-	-	-	-	-	-	10.34%
Asia Pacific	892.93M	931M	1.33B	-	-	-	-	-	2.97B	3.13B
Asia Pacific Growth	-	4.26%	43.39%	-	-	-	-	-	-	5.25%
E M E A	1.46B	-	3.12B	-	-	-	-	-	-	-
E M E A Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

IQVIA Holdings Inc. (IQV) has a price-to-earnings (P/E) ratio of 32.2x. This suggests investors expect higher future growth.

Growth & Financials

IQVIA Holdings Inc. (IQV) reported $15.90B in revenue for fiscal year 2024. This represents a 267% increase from $4.33B in 2011.

IQVIA Holdings Inc. (IQV) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, IQVIA Holdings Inc. (IQV) is profitable, generating $1.28B in net income for fiscal year 2024 (8.9% net margin).

Dividend & Returns

IQVIA Holdings Inc. (IQV) has a return on equity (ROE) of 22.5%. This is excellent, indicating efficient use of shareholder capital.

IQVIA Holdings Inc. (IQV) generated $2.64B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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