The company's financial structure appears strained, with a current ratio of 0.75 as of 2026Q1 and a heavy reliance on $16.5 billion in goodwill assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 6.22B | 6.25B | 5.83B | 5.6B | 4.98B | 4.76B | 5.09B | 4.13B | 3.87B | 3.55B | 3.34B | 2.41B | 2.15B | 1.95B | 1.51B | 1.37B |
| Cash & Short-Term Investments | 1.95B | 2.14B | 1.84B | 1.5B | 1.31B | 1.48B | 1.9B | 899M | 938M | 1B | 1.24B | 977.15M | 867.36M | 778.14M | 567.73M | 516.3M |
| Cash Only | 1.95B | 1.98B | 1.7B | 1.38B | 1.22B | 1.37B | 1.81B | 837M | 891M | 959M | 1.2B | 977.15M | 867.36M | 778.14M | 567.73M | 516.3M |
| Short-Term Investments | 0 | 161M | 141M | 120M | 93M | 111M | 88M | 62M | 47M | 46M | 40M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.92B | 3.43B | 3.24B | 3.41B | 2.96B | 2.61B | 2.47B | 2.64B | 2.46B | 2.14B | 1.74B | 1.2B | 1.02B | 940.38M | 837.05M | 716.49M |
| Days Sales Outstanding | 77.18 | 76.69 | 76.77 | 83.14 | 74.98 | 68.64 | 79.24 | 86.84 | 86.34 | 80.66 | 93.25 | 76.34 | 68.23 | 67.31 | 62.79 | 60.43 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 352M | 519M | 592M | 546M | 561M | 521M | 563M | 451M | 322M | 259M | 235M | 181.89M | 213.49M | 184.37M | 145.94M | 46.71M |
| Total Non-Current Assets | 23.45B | 23.7B | 21.07B | 21.09B | 20.36B | 19.93B | 19.47B | 19.13B | 18.68B | 19.29B | 17.87B | 1.51B | 1.16B | 1.12B | 989.16M | 957.44M |
| Property, Plant & Equipment | 809M | 823M | 773M | 819M | 863M | 903M | 953M | 954M | 434M | 440M | 406M | 188.39M | 190.3M | 199.58M | 194M | 185.77M |
| Fixed Asset Turnover | 20.33x | 19.82x | 19.93x | 18.30x | 16.70x | 15.36x | 11.92x | 11.62x | 23.99x | 22.05x | 16.79x | 30.45x | 28.69x | 25.55x | 25.08x | 23.30x |
| Goodwill | 16.54B | 16.62B | 14.71B | 14.57B | 13.92B | 13.3B | 12.65B | 12.16B | 11.8B | 11.85B | 10.73B | 719.74M | 464.43M | 409.63M | 302.43M | 278.04M |
| Intangible Assets | 4.8B | 4.96B | 4.5B | 4.84B | 4.82B | 4.94B | 5.21B | 5.51B | 5.95B | 6.59B | 6.39B | 368.11M | 280.24M | 298.05M | 272.81M | 269.41M |
| Long-Term Investments | 1.34B | 432M | 374M | 239M | 162M | 164M | 162M | 152M | 142M | 78M | 82M | 85.29M | 66.01M | 63.28M | 55.1M | 33.89M |
| Other Non-Current Assets | 846M | 505M | 520M | 455M | 472M | 491M | 386M | 227M | 239M | 235M | 177M | 110.11M | 122.79M | 117.71M | 127.51M | 112.15M |
| Total Assets | 29.68B | 29.94B | 26.9B | 26.68B | 25.34B | 24.69B | 24.56B | 23.25B | 22.55B | 22.74B | 21.21B | 3.93B | 3.31B | 3.07B | 2.5B | 2.32B |
| Asset Turnover | 0.57x | 0.54x | 0.57x | 0.56x | 0.57x | 0.56x | 0.46x | 0.48x | 0.46x | 0.43x | 0.32x | 1.46x | 1.65x | 1.66x | 1.95x | 1.86x |
| Asset Growth % | 34.09% | 11.32% | 0.82% | 5.3% | 2.62% | 0.51% | 5.65% | 3.11% | -0.85% | 7.23% | 440.15% | 18.77% | 7.79% | 22.71% | 7.59% | - |
| Total Current Liabilities | 8.33B | 8.34B | 6.96B | 6.49B | 5.58B | 5.24B | 4.56B | 3.94B | 3.53B | 2.9B | 2.71B | 1.59B | 1.47B | 1.48B | 1.32B | 1.19B |
| Accounts Payable | 3.64B | 3.75B | 736M | 709M | 645M | 621M | 581M | 2.51B | 437M | 322M | 250M | 145.48M | 108.74M | 100.62M | 84.71M | 70.03M |
| Days Payables Outstanding | 106.47 | 113.87 | 26.78 | 26.56 | 25.09 | 24.55 | 28.28 | 125.6 | 23.64 | 18.65 | 19.22 | 12.9 | 10.03 | 9.76 | 8.51 | 8.02 |
| Short-Term Debt | 1.84B | 1.84B | 1.15B | 718M | 152M | 91M | 149M | 100M | 100M | 103M | 92M | 48.51M | 826K | 10.43M | 55.71M | 20.15M |
| Deferred Revenue (Current) | 4.38B | 2.12B | 1.78B | 1.8B | 1.8B | 1.82B | 1.25B | 1.01B | 1.01B | 733M | 774M | 584.65M | 543.3M | 538.59M | 456.59M | 398.47M |
| Other Current Liabilities | 413M | 489M | 1.1B | 1.26B | 1.13B | 1.15B | 1.09B | 211M | -1.17B | 666M | 630M | 420M | 432.94M | 472.78M | 404.88M | 362.71M |
| Current Ratio | 0.75x | 0.75x | 0.84x | 0.86x | 0.89x | 0.91x | 1.12x | 1.05x | 1.10x | 1.22x | 1.23x | 1.51x | 1.46x | 1.31x | 1.15x | 1.15x |
| Quick Ratio | 0.75x | 0.75x | 0.84x | 0.86x | 0.89x | 0.91x | 1.12x | 1.05x | 1.10x | 1.22x | 1.23x | 1.51x | 1.46x | 1.31x | 1.15x | 1.15x |
| Cash Conversion Cycle | -29.29 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 15B | 14.98B | 13.88B | 14.08B | 13.99B | 13.41B | 13.73B | 13.04B | 12.06B | 11.48B | 9.64B | 2.67B | 2.54B | 2.25B | 2.54B | 2.1B |
| Long-Term Debt | 232M | 14.11B | 12.84B | 12.96B | 12.6B | 12.03B | 12.38B | 11.54B | 10.91B | 10.12B | 7.11B | 2.42B | 2.28B | 2.04B | 2.37B | 1.95B |
| Capital Lease Obligations | 668M | 225M | 173M | 223M | 264M | 313M | 371M | 396M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 761M | 179M | 196M | 202M | 464M | 410M | 338M | 646M | 736M | 918M | 2.13B | 65.7M | 61.8M | 37.54M | 11.62M | 9.87M |
| Other Non-Current Liabilities | 14.61B | 463M | 668M | 698M | 671M | 649M | 633M | 456M | 418M | 440M | 402M | 183M | 183.66M | 178.91M | 171.32M | 138.81M |
| Total Liabilities | 23.33B | 23.31B | 20.83B | 20.57B | 19.57B | 18.65B | 18.28B | 16.99B | 15.6B | 14.38B | 12.35B | 4.26B | 4.01B | 3.73B | 3.86B | 3.29B |
| Total Debt | 2.08B | 16.17B | 14.16B | 13.9B | 13.01B | 12.44B | 12.9B | 12.04B | 11.01B | 10.22B | 7.2B | 2.47B | 2.29B | 2.05B | 2.42B | 1.97B |
| Net Debt | 129M | 14.19B | 12.45B | 12.52B | 11.79B | 11.07B | 11.09B | 11.2B | 10.12B | 9.27B | 6B | 1.49B | 1.43B | 1.27B | 1.85B | 1.46B |
| Debt / Equity | 0.33x | 2.44x | 2.33x | 2.27x | 2.26x | 2.06x | 2.05x | 1.92x | 1.58x | 1.22x | 0.81x | - | - | - | - | - |
| Debt / EBITDA | 0.60x | 4.71x | 4.27x | 4.48x | 4.44x | 4.68x | 6.39x | 6.08x | 5.85x | 5.91x | 7.73x | 3.19x | 3.22x | 3.59x | 4.90x | 4.51x |
| Net Debt / EBITDA | 0.04x | 4.14x | 3.76x | 4.04x | 4.03x | 4.17x | 5.50x | 5.66x | 5.38x | 5.36x | 6.45x | 1.93x | 2.00x | 2.22x | 3.75x | 3.33x |
| Interest Coverage | 3.10x | 3.18x | 3.49x | 3.17x | 4.28x | 4.01x | 1.90x | 1.79x | 1.79x | 1.85x | 3.89x | 6.29x | 5.98x | 3.62x | 2.99x | 2.69x |
| Total Equity | 6.35B | 6.63B | 6.07B | 6.11B | 5.76B | 6.04B | 6.28B | 6.26B | 6.95B | 8.36B | 8.86B | -107.14M | -703.96M | -667.49M | -1.36B | -969.6M |
| Equity Growth % | -8.21% | 9.28% | -0.74% | 6.02% | -4.58% | -3.79% | 0.27% | -9.94% | -16.8% | -5.67% | 8369.17% | 84.78% | -5.46% | 50.89% | -40.17% | - |
| Book Value per Share | 37.39 | 38.21 | 33.08 | 32.81 | 30.25 | 30.98 | 32.21 | 31.38 | 33.40 | 37.55 | 58.29 | -0.85 | -5.37 | -5.22 | -10.65 | -7.60 |
| Total Shareholders' Equity | 6.22B | 6.5B | 6.07B | 6.11B | 5.76B | 6.04B | 6B | 6B | 6.71B | 8.11B | 8.63B | -335.68M | -704.01M | -667.41M | -1.36B | -970.38M |
| Common Stock | 11.4B | 11.38B | 3M | 3M | 10.9B | 3M | 3M | 11.05B | 10.9B | 10.78B | 10.6B | 8.78M | 143.83M | 478.14M | 4.55M | 1.16M |
| Retained Earnings | 7.7B | 7.42B | 6.07B | 4.69B | 3.33B | 2.24B | 1.28B | 998M | 807M | 655M | -399M | -461.63M | -788.8M | -1.15B | -1.37B | -994.41M |
| Treasury Stock | -11.91B | -11.36B | -10.1B | -8.74B | -7.74B | -6.57B | -6.17B | -5.73B | -4.77B | -3.37B | -1B | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -968M | -943M | -1.04B | -867M | -727M | -406M | -205M | -311M | -224M | 46M | -570M | -111.37M | -59.09M | -376K | 7.7M | 22.87M |
| Minority Interest | 128M | 127M | 0 | 0 | 0 | 0 | 279M | 260M | 240M | 249M | 227M | 228.54M | 49K | -72K | 479K | 788K |
High leverage and goodwill
As reported in financial statements, IQVIA's debt-to-equity ratio experienced a dramatic shift from 2.44 in 2025Q4 to 0.33 in 2026Q1, suggesting either a significant capital restructuring or a potential reporting anomaly that warrants immediate investigation by investors concerned with the company's long-term solvency and interest coverage.
The sudden reduction in total debt from $16.2 billion to $2.1 billion in a single quarter is highly unusual for a firm of this scale and suggests a major shift in capital structure. Analysts should monitor whether this deleveraging is sustainable or if it reflects a temporary accounting maneuver that masks underlying reliance on external financing.
Based on the provided quarterly data, goodwill accounts for approximately $16.5 billion of the company's $29.7 billion in total assets as of 2026Q1, indicating that the balance sheet is heavily reliant on the carrying value of past acquisitions rather than tangible operational infrastructure.
The high concentration of intangible assets suggests that the company's book value is sensitive to impairment risks if the acquired businesses fail to meet projected growth targets. This asset mix underscores the company's strategy of growth through acquisition, which creates a persistent risk of non-cash write-downs.
According to recent balance sheet filings, IQVIA maintains a current ratio consistently below 1.0, with the 2026Q1 figure standing at 0.75, which suggests that the company may face challenges in meeting short-term obligations without relying on ongoing cash flow generation or access to revolving credit facilities.
A current ratio below unity is common in service-heavy industries but remains a point of concern given the company's project-based revenue model. Investors should monitor whether this liquidity profile provides a sufficient buffer against potential delays in milestone payments or unexpected operational disruptions.
As evidenced by the quarterly balance sheet data, retained earnings have steadily climbed from $4.7 billion in 2023Q4 to $7.7 billion in 2026Q1, suggesting that the company is successfully reinvesting profits to build shareholder equity despite the ongoing use of stock-based compensation and aggressive capital allocation strategies.
The consistent growth in retained earnings indicates that the core business remains profitable enough to fund internal expansion and debt servicing. However, the interplay between this accumulation and the company's history of share repurchases suggests a management focus on managing share count rather than purely strengthening the equity base.
Based on the reported figures, the company's reliance on goodwill and intangible assets, which represent over 55% of total assets, creates a non-obvious risk where headline equity figures may be significantly overstated if the underlying business units underperform their original acquisition-based valuation models.
While the balance sheet appears stable on the surface, the high proportion of non-tangible assets makes the company vulnerable to sudden valuation adjustments. Investors should be wary that the reported equity may not reflect the true liquidation value of the firm in a stressed market environment.
Quick answers to the most common questions about buying IQV stock.
As of 2025, IQVIA Holdings Inc. (IQV) had total assets of $29.94B including $6.25B in current assets.
IQVIA Holdings Inc. (IQV) carries total debt of $16.17B, offset by $2.14B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IQVIA Holdings Inc. (IQV) has total shareholders' equity (book value) of $6.50B ($38.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IQVIA Holdings Inc. (IQV) reported a current ratio of 0.75x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.