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IQVIA Holdings Inc. (IQV) vs Labcorp Holdings Inc. (LH)

IQVIA Holdings Inc. and Labcorp Holdings Inc. are both Diagnostics & Research companies. IQVIA Holdings Inc. is the larger, with a market value of $43.7B against $29.5B — 1.5× the size. Labcorp Holdings Inc. trades at the lower P/E: 29.5× against 31.8×. IQVIA Holdings Inc. grew revenue faster over the last twelve months: 8.85% against 6.02%. IQVIA Holdings Inc. has the higher net margin (8.05% vs 6.88%) and the higher return on invested capital (6.79% vs 6.76%). Across the 22 metrics below, IQVIA Holdings Inc. leads on 11 and Labcorp Holdings Inc. on 11.

Valuation

Metric IQV LH Diagnostics & Research median
P/E 31.77 29.53 34.52
P/S 2.52 2.01 4.24
P/B 6.42 3.32 3.42
Price to free cash flow 20.96 25.40 33.51
EV/EBITDA 16.54 15.61 23.44
EV/Sales 3.31 2.36 5.18
Earnings yield 3.15% 3.39% (1.50%)
Free cash flow yield 4.77% 3.94% 0.00%

Profitability

Metric IQV LH Diagnostics & Research median
Gross margin 33.07% 28.96% 48.32%
Operating margin 12.82% 10.29% (5.68%)
Net margin 8.05% 6.88% (4.10%)
Free cash flow margin 12.01% 8.87% 0.00%
Return on equity 21.32% 11.45% 0.00%
Return on assets 4.71% 5.40% (6.05%)
Return on invested capital 6.79% 6.76% 0.00%

Growth

Metric IQV LH Diagnostics & Research median
Revenue growth (TTM) 8.85% 6.02% 8.99%
EPS growth (last fiscal year) 4.67% 18.33% 20.36%
Revenue growth, 5-year CAGR 7.50% (0.04%) 7.30%
Net income growth, 5-year CAGR 37.27% (10.85%) 0.00%

Health

Metric IQV LH Diagnostics & Research median
Debt to equity 2.37 0.60 0.01
Current ratio 0.83 1.41 2.27
Net debt to EBITDA 4.06 2.23 0.68

Dividend

Metric IQV LH Diagnostics & Research median
Dividend yield — 0.79% 0.67%
Payout ratio — 0.24 0.20

Size

Metric IQV LH Diagnostics & Research median
Market cap 43.65b 29.50b 2.22b

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