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Danaher Corporation (DHR) vs IQVIA Holdings Inc. (IQV)

Danaher Corporation and IQVIA Holdings Inc. are both Diagnostics & Research companies. Danaher Corporation is the larger, with a market value of $159.2B against $43.7B — 3.6× the size. IQVIA Holdings Inc. trades at the lower P/E: 31.8× against 37.0×. IQVIA Holdings Inc. grew revenue faster over the last twelve months: 8.85% against 5.52%. Danaher Corporation has the higher net margin (16.9% vs 8.05%) and the lower return on invested capital (4.51% vs 6.79%). Across the 22 metrics below, IQVIA Holdings Inc. leads on 13 and Danaher Corporation on 9.

Valuation

Metric DHR IQV Diagnostics & Research median
P/E 36.97 31.77 34.52
P/S 6.22 2.52 4.24
P/B 2.97 6.42 3.42
Price to free cash flow 27.69 20.96 33.51
EV/EBITDA 22.31 16.54 23.44
EV/Sales 6.95 3.31 5.18
Earnings yield 2.70% 3.15% (1.50%)
Free cash flow yield 3.61% 4.77% 0.00%

Profitability

Metric DHR IQV Diagnostics & Research median
Gross margin 58.59% 33.07% 48.32%
Operating margin 20.38% 12.82% (5.68%)
Net margin 16.91% 8.05% (4.10%)
Free cash flow margin 22.46% 12.01% 0.00%
Return on equity 8.27% 21.32% 0.00%
Return on assets 5.00% 4.71% (6.05%)
Return on invested capital 4.51% 6.79% 0.00%

Growth

Metric DHR IQV Diagnostics & Research median
Revenue growth (TTM) 5.52% 8.85% 8.99%
EPS growth (last fiscal year) (4.54%) 4.67% 20.36%
Revenue growth, 5-year CAGR 1.97% 7.50% 7.30%
Net income growth, 5-year CAGR 0.59% 37.27% 0.00%

Health

Metric DHR IQV Diagnostics & Research median
Debt to equity 0.45 2.37 0.01
Current ratio 1.63 0.83 2.27
Net debt to EBITDA 1.93 4.06 0.68

Dividend

Metric DHR IQV Diagnostics & Research median
Dividend yield 0.67% — 0.67%
Payout ratio 0.25 — 0.20

Size

Metric DHR IQV Diagnostics & Research median
Market cap 159.24b 43.65b 2.22b

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