A Business at a Glance
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IQVIA HOLDINGS INC.
IQV
$36.1B
Mkt Cap
$208.05
+0.35%
IQVIA HOLDINGS INC. (IQV) has a current P/E ratio of 26.5, compared to its historical median P/E of 33.6. The stock is currently considered Fair based on its historical valuation range.
IQVIA HOLDINGS INC. (IQV) has a 5-year average return on invested capital (ROIC) of 9.0%. This is below average and may indicate limited pricing power.
IQVIA HOLDINGS INC. (IQV) has a market capitalization of $34.7B. It is classified as a large-cap stock.
IQVIA HOLDINGS INC. (IQV) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.09%.
Based on historical P/E analysis, IQVIA HOLDINGS INC. (IQV) appears fair. The current P/E of 26.5 is 21% below its historical median of 33.6. The estimated fair value CAGR (P/E method) is 37.6%.
IQVIA HOLDINGS INC. (IQV) operates in the Services-Commercial Physical & Biological Research industry, within the Industrials sector.
IQVIA HOLDINGS INC. (IQV) reported annual revenue of $16.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
IQVIA is a global provider of clinical research services, commercial insights, and healthcare intelligence powered by proprietary data assets, advanced analytics, and healthcare-grade AI. The company operates across three segments: Research & Development Solutions (clinical trial services, site identification, patient recruitment, and real-world evidence), Technology & Analytics Solutions (data warehousing, IT outsourcing, software applications, and commercial analytics), and Contract Sales & Medical Solutions (sales force deployment and management). IQVIA's business model combines subscription and project-based revenue streams, leveraging one of the world's largest healthcare datasets—approximately 1.2 billion comprehensive longitudinal patient records and 68 petabytes of proprietary data from roughly 150,000 data suppliers—to deliver insights on approximately 90% of global pharmaceutical sales. The company serves biopharmaceutical companies, medical device manufacturers, payers, healthcare providers, and government agencies across more than 100 countries, with approximately 93,000 employees including over 31,000 in Technology & Analytics, 51,000 in Research & Development, and 7,000 in Contract Sales & Medical. IQVIA's competitive moat derives from its integrated data infrastructure, proprietary tokenization engines for privacy-compliant longitudinal analysis, domain expertise in complex therapeutic areas and emerging markets, and ability to orchestrate clinical and commercial solutions through IQVIA Connected Intelligence.
【Strong demand momentum continuing】 Management highlighted that AI-driven discovery is increasing demand for clinical research services rather than reducing it, with large pharma clients planning to double their pipeline molecules and seeking to expand CRO capacity. The company is experiencing strong bookings growth with record backlog of $34.2 billion and robust near-term revenue conversion, supported by positive momentum in RFP flow and win rates across both large pharma and emerging biotech segments. Management expects productivity programs and operational efficiencies from automation and agent-based solutions to support margin expansion as the year progresses, with confidence that reported margins will turn positive in the back half of 2026. The company is investing in specialized AI agents and decentralized trial capabilities to accelerate execution velocity and capture share in an expanding addressable market driven by emerging market growth, increased R&D complexity, and the need for integrated data and analytics solutions across the healthcare value chain.
| Metric | Target | Period |
|---|---|---|
| Revenue | $17.15–17.35 billion | FY2026 |
| Adjusted EBITDA | $3.975–4.025 billion | FY2026 |
| Adjusted diluted EPS | $12.65–12.95 | FY2026 |
Revenue (FY2026): “We continue to expect revenue to be between $17.15 billion and $17.35 billion, representing growth of 5.2%-6.4% or 5.8% at the midpoint.”
Adjusted EBITDA (FY2026): “We continue to expect adjusted EBITDA to be between $3.975 billion and $4.025 billion, growing 4.9%-6.3% year-over-year, or 5.6% at the midpoint.”
Adjusted diluted EPS (FY2026): “We are raising our adjusted diluted EPS to be between $12.65 and $12.95, up 6.1%-8.6% versus prior year, or 7.4% at the midpoint.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Research & Development Solutions | $7.56B | $7.92B | $8.39B | $8.53B | $8.90B | 29% |
Operating Segments | $7.56B | $7.92B | $8.39B | $8.53B | $8.90B | 29% |
Technology & Analytics Solutions | $5.53B | $5.75B | $5.86B | $6.16B | $6.63B | 22% |
Europe and Africa | $2.28B | $2.17B | $2.16B | $2.40B | $2.65B | 9% |
Asia-Pacific | $1.77B | $2.16B | $2.13B | $2.33B | $2.52B | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.6B | 16.3B | 15.4B | 15.0B | 14.4B | 13.9B |
| Net Income | 1.4B | 1.4B | 1.4B | 1.4B | 1.1B | 966M |
| EPS | $8.18 | $7.84 | $7.49 | $7.29 | $5.72 | $4.95 |
| Free Cash Flow | 2.1B | 2.1B | 2.1B | 1.5B | 1.6B | 2.3B |
| ROIC | 9.3% | 9.5% | 9.8% | 10.3% | 8.5% | 7.1% |
| Gross Margin | - | 33.3% | 34.9% | 35.0% | 34.9% | 33.5% |
| Debt/Equity | 2.55 | 2.47 | 2.35 | 2.29 | 2.28 | 2.08 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.2B | 2.2B | 2.2B | 2.0B | 1.8B | 1.4B |
| Operating Margin | 13.2% | 13.4% | 14.3% | 13.2% | 12.5% | 10.0% |
| ROE | 22.3% | 21.6% | 22.5% | 22.9% | 18.5% | 16.0% |
| Shares Outstanding | 167M | 173M | 183M | 186M | 191M | 195M |
IQVIA HOLDINGS INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
IQVIA HOLDINGS INC. trades at 26.5x trailing earnings, compared to its 15-year median P/E of 33.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.2x vs a median of 24.9x. The company's 5-year average ROIC is 9.0% with a gross margin of 34.3%. Total shareholder yield (buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +15.1%.
IQVIA HOLDINGS INC. (IQV) has a net profit margin of 8.3%. This is a modest margin.
IQVIA HOLDINGS INC. (IQV) generated $2.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
IQVIA HOLDINGS INC. (IQV) has a debt-to-equity ratio of 2.47. This indicates higher leverage, which may increase financial risk.
IQVIA HOLDINGS INC. (IQV) reported earnings per share (EPS) of $7.84 in its most recent fiscal year.
IQVIA HOLDINGS INC. (IQV) has a return on equity (ROE) of 21.6%. This indicates the company generates strong returns for shareholders.
IQVIA HOLDINGS INC. (IQV) has a 5-year average gross margin of 34.3%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for IQVIA HOLDINGS INC. (IQV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
IQVIA HOLDINGS INC. (IQV) has a book value per share of $37.49, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management highlighted that AI-driven discovery is increasing demand for clinical research services rather than reducing it, with large pharma clients planning to double their pipeline molecules and seeking to expand CRO capacity. The company is experiencing strong bookings growth with record backlog of $34.2 billion and robust near-term revenue conversion, supported by positive momentum in RFP flow and win rates across both large pharma and emerging biotech segments. Management expects productivity programs and operational efficiencies from automation and agent-based solutions to support margin expansion as the year progresses, with confidence that reported margins will turn positive in the back half of 2026. The company is investing in specialized AI agents and decentralized trial capabilities to accelerate execution velocity and capture share in an expanding addressable market driven by emerging market growth, increased R&D complexity, and the need for integrated data and analytics solutions across the healthcare value chain.
Based on recent SEC filings and earnings calls, IQVIA HOLDINGS INC. (IQV) has provided the following forward guidance: Revenue: $17.15–17.35 billion (FY2026); Adjusted EBITDA: $3.975–4.025 billion (FY2026); Adjusted diluted EPS: $12.65–12.95 (FY2026).