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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 $162.7B against $44.6B — 3.6× the size. IQVIA Holdings Inc. trades at the lower P/E: 32.8× against 40.5×. IQVIA Holdings Inc. grew revenue faster over the last twelve months: 8.17% against 4.56%. Danaher Corporation has the higher net margin (16.0% vs 8.10%) and the lower return on invested capital (4.37% vs 6.80%). Across the 22 metrics below, IQVIA Holdings Inc. leads on 14 and Danaher Corporation on 8.

Valuation

Metric DHR IQV Diagnostics & Research median
P/E 40.53 32.83 35.56
P/S 6.43 2.61 4.37
P/B 3.07 7.04 3.06
Price to free cash flow 29.42 19.62 35.76
EV/EBITDA 23.66 17.10 24.35
EV/Sales 7.26 3.43 5.51
Earnings yield 2.47% 3.05% (1.89%)
Free cash flow yield 3.40% 5.10% (0.15%)

Profitability

Metric DHR IQV Diagnostics & Research median
Gross margin 58.51% 32.97% 50.89%
Operating margin 20.42% 12.95% (8.57%)
Net margin 15.95% 8.10% (6.37%)
Free cash flow margin 21.86% 13.30% 0.00%
Return on equity 7.63% 22.75% (2.92%)
Return on assets 4.60% 4.70% (6.71%)
Return on invested capital 4.37% 6.80% 0.00%

Growth

Metric DHR IQV Diagnostics & Research median
Revenue growth (TTM) 4.56% 8.17% 7.69%
EPS growth (last fiscal year) (4.54%) 4.67% 25.92%
Revenue growth, 5-year CAGR 1.97% 7.50% 7.40%
Net income growth, 5-year CAGR 0.59% 37.27% 0.00%

Health

Metric DHR IQV Diagnostics & Research median
Debt to equity 0.48 2.54 0.11
Current ratio 1.65 0.71 2.02
Net debt to EBITDA 1.93 4.06 0.70

Dividend

Metric DHR IQV Diagnostics & Research median
Dividend yield 0.66% — 0.66%
Payout ratio 0.27 — 0.20

Size

Metric DHR IQV Diagnostics & Research median
Market cap 162.74b 44.61b 2.16b

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