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IQVIA Holdings Inc.

IQV Healthcare Diagnostics & Research

IQVIA Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.3 billion, up 5.87% from fiscal 2024. In the quarter to June 2026, revenue grew 8.74%, EPS was flat, free cash flow grew 23.3% and total debt rose 3.29%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for ten consecutive years.

266.90 4.14 −1.53%
Market cap
$44.6B
P/E
32.8×
Fwd P/E
22.3×
Dividend yield
—
F-score
4/9
Altman Z
2.05
Beneish M
−2.59
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 38.02
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — — — — — 4 1 1 —
Insider Ownership 1.89%

Capital & Financial Ratios $m

Market Cap 44,610.00
Revenue 16,983.00
Net Income 1,379.00
Free Cash Flow 2,259.00
Net Debt 13,919.00
Current Ratio 0.71 (below 1: weak)
Debt/Equity 2.54 (above 2: weak)
P/E ratio 32.83
Fwd P/E 22.30
P/S ratio 2.61
P/B ratio 7.04 (above 6: high)
Past 5Y EPS Growth 40.54% (at or above 15%: strong)
This Y EPS Growth 8.54%
Next Y EPS Growth 11.21%
Next Y revenue growth 6.77%
Next 5Y EPS Growth 10.65%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 3.4×; over the ten years it ranged from 1.5× in 2016 to 4.7× in 2021.
P/E against its own 10 years 45.30%
10-year low 10-year high
P/S against its own 10 years 58.13%
10-year low 10-year high
P/B against its own 10 years 81.11%
10-year low 10-year high
EV/Sales against its own 10 years 51.09%
10-year low 10-year high
EV/FCF against its own 10 years 32.95%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,496 1,843 2,141 2,080
Receivables 3,413 3,240 3,427 3,387
Inventory — — — —
Other 546 592 519 539
5,596 5,829 6,249 6,226
2023 2024 2025 Q'26
Payables 3,564 3,684 3,751 3,608
ST’ Debt 718 1,145 1,840 2,294
Other 2,093 1,972 2,607 2,738
6,491 6,957 8,338 8,815

Compound Annual Growth %

10y 5y 3y
Sales 11.01% 7.50% 4.21%
Cash Flow 18.75% 6.26% 5.50%
Earnings 13.39% 37.27% 7.62%
Book Value 0.00% 1.09% 4.77%

Revenue $m

Mar Jun Sep Dec Year
’26 4,151 4,368 — — —
’25 3,829 4,017 4,100 4,364 16,310
’24 3,737 3,814 3,896 3,958 15,405
’23 3,652 3,728 3,736 3,868 14,984
’22 3,568 3,541 3,562 3,739 14,410
’21 3,409 3,438 3,391 3,636 13,874
’20 2,754 2,521 2,786 3,298 11,359
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 618 558 — — —
’25 568 443 908 735 2,654
’24 522 588 721 885 2,716
’23 417 402 583 747 2,149
’22 508 329 863 560 2,260
’21 867 539 844 692 2,942
’20 163 472 574 750 1,959
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 491 360 — — —
’25 426 292 847 561 2,126
’24 377 470 571 721 2,139
’23 253 242 437 568 1,500
’22 331 168 698 389 1,586
’21 718 394 682 508 2,302
’20 22 330 417 574 1,343
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 1.61 1.53 — — —
’25 1.40 1.54 1.93 2.99 7.84
’24 1.56 1.97 1.55 2.42 7.49
’23 1.53 1.59 1.63 2.54 7.29
’22 1.68 1.34 1.49 1.20 5.72
’21 1.09 0.90 1.34 1.63 4.95
’20 0.42 (0.12) 0.52 0.61 1.43
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 55.01 74.80 91.57 107.79 81.79 170.00 165.75 167.42 187.62 134.65

Analyst estimates 2026–2028

Powerpack
High 81.45 110.67 135.48 164.13 180.99 285.61 282.52 241.86 261.73 234.30
People
People Employees 50,000 55,000 58,000 67,000 70,000 79,000 86,000 87,000 88,000 93,000
Revenue/emp, $m 0.14 0.18 0.18 0.17 0.16 0.18 0.17 0.17 0.18 0.18
Income, $m
Income, $m Revenue 6,815 9,702 10,412 11,088 11,359 13,874 14,410 14,984 15,405 16,310
Gross margin, % 30.33 35.05 35.21 34.16 33.97 33.45 34.89 34.96 34.89 33.29
EBT 416 294 328 352 373 1,128 1,363 1,459 1,669 1,591
EBT margin, % 6.10 3.03 3.15 3.17 3.28 8.13 9.46 9.74 10.83 9.75
Net income 87 1,296 284 227 308 971 1,091 1,358 1,373 1,361
Depreciation 350 1,063 1,152 1,215 1,305 1,281 1,145 1,143 1,135 1,167
Per share, $
Per share, $ Revenue 45.71 44.55 51.11 56.83 59.38 72.49 76.81 81.52 84.97 94.88
Earnings 0.58 6.01 1.27 0.98 1.46 5.05 5.82 7.39 7.57 7.91
Cash flow 5.77 4.45 6.16 7.26 10.24 15.37 12.05 11.69 14.98 15.44
Capex (1.10) (1.69) (2.25) (2.98) (3.22) (3.34) (3.59) (3.53) (3.18) (3.07)
Free cash flow 4.67 2.76 3.90 4.28 7.02 12.03 8.45 8.16 11.80 12.37
Book value 59.42 37.85 34.14 32.10 32.83 31.57 30.73 33.25 33.46 38.57
Shares, m 149 218 204 195 191 191 188 184 181 172
Valuation, ×
Valuation, × P/E 44.99 15.78 91.47 157.66 122.72 55.87 35.09 31.09 25.92 28.43
P/S 1.68 2.24 2.27 2.72 3.02 3.89 2.65 2.83 2.31 2.38
P/B 1.29 2.64 3.40 4.81 5.46 8.94 6.63 6.93 5.87 5.84
EV/Sales 2.56 3.19 3.24 3.69 3.95 4.66 3.45 3.64 3.10 3.21
EV/FCF 25.05 51.49 42.43 48.97 33.44 28.08 31.33 36.35 22.33 24.61
Cash, $m
Cash, $m Operating cash flow 860 970 1,254 1,417 1,959 2,942 2,260 2,149 2,716 2,654
Capex (164) (369) (459) (582) (616) (640) (674) (649) (577) (528)
Free cash flow 696 601 795 835 1,343 2,302 1,586 1,500 2,139 2,126
Balance, $m
Balance, $m Working capital 632 398 340 181 532 (478) (597) (895) (1,128) (2,089)
Total debt 7,200 10,225 11,007 11,645 12,533 12,125 12,747 13,673 13,983 15,724
Net debt 5,962 9,220 10,069 10,746 10,631 10,648 11,438 12,177 12,140 13,583
Shareholders’ equity 8,860 8,244 6,954 6,263 6,280 6,042 5,765 6,112 6,067 6,630
Returns, %
Returns, % ROA 0.57 5.80 1.14 0.83 1.17 3.92 4.36 5.22 5.13 4.79
ROIC 2.43 2.38 2.72 2.86 2.70 5.22 6.54 6.76 7.56 6.75
ROE 1.69 14.93 3.41 2.89 4.45 15.68 18.48 22.87 22.55 21.42
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

IQVIA Holdings Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NTRA Natera, Inc. $58.4B — (loss-making) — (loss-making) +37.71% (above 0%: growing) n/m −173.96% (below 0%: shrinking) 64.46% (10.07%) Compare
A Agilent Technologies, Inc. $49.5B 34.0× 26.3× +8.06% (above 0%: growing) +8.47% (above 0%: growing) +69.50% (above 0%: growing) 55.48% 23.64% Compare
IQV IQVIA Holdings Inc. $44.6B 32.8× 22.3× +8.74% (above 0%: growing) −0.65% (below 0%: shrinking) +23.29% (above 0%: growing) 32.85% 11.58%
WAT Waters Corporation $43.6B 109× 44.3× +113.36% (above 0%: growing) n/m +750.00% (above 0%: growing) 44.62% (5.23%) Compare
IDXX IDEXX Laboratories, Inc. $43.1B 39.1× 38.3× +9.66% (above 0%: growing) +17.21% (above 0%: growing) +111.44% (above 0%: growing) 64.04% 34.98% Compare
ILMN Illumina, Inc. $40.5B 48.4× 34.7× +9.44% (above 0%: growing) −8.05% (below 0%: shrinking) −18.27% (below 0%: shrinking) 66.44% 21.14% Compare
MTD Mettler-Toledo International, Inc. $32.8B 36.4× 25.5× +4.48% (above 0%: growing) +18.30% (above 0%: growing) +33.01% (above 0%: growing) 63.29% 30.61% Compare
DGX Quest Diagnostics Incorporated $26.4B 24.6× 20.8× +10.21% (above 0%: growing) +14.74% (above 0%: growing) +5.28% (above 0%: growing) 33.75% 15.08% Compare
LH Labcorp Holdings Inc. $26.4B 26.2× 19.0× +5.78% (above 0%: growing) +28.42% (above 0%: growing) −42.01% (below 0%: shrinking) 29.80% 12.10% Compare
Median of peers $41.8B 36.4× 26.3× +9.55% +15.98% +19.15% 59.39% 18.11%

All 52 Diagnostics & Research stocks →

IQV metrics, ten years each

IQVIA Holdings Inc. (IQV) key facts

  • Strength: IQVIA Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.3 billion, up 5.87% from fiscal 2024.
  • IQVIA Holdings Inc. (IQV) is a Diagnostics & Research company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, IQV traded at $266.90, a market capitalization of $44.6 billion.
  • Return on equity was 21.4% and debt-to-equity 2.54.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 2.05 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

IQVIA Holdings Inc. (IQV) Latest News

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stockrow.com/IQV · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com