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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 $44.6B against $26.4B — 1.7× the size. Labcorp Holdings Inc. trades at the lower P/E: 26.2× against 32.8×. IQVIA Holdings Inc. grew revenue faster over the last twelve months: 8.17% against 6.41%. IQVIA Holdings Inc. has the higher net margin (8.10% vs 6.99%) and the higher return on invested capital (6.80% vs 6.50%). 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 32.83 26.18 35.56
P/S 2.61 1.81 4.37
P/B 7.04 3.02 3.06
Price to free cash flow 19.62 25.22 35.76
EV/EBITDA 17.10 14.51 24.35
EV/Sales 3.43 2.22 5.51
Earnings yield 3.05% 3.82% (1.89%)
Free cash flow yield 5.10% 3.97% (0.15%)

Profitability

Metric IQV LH Diagnostics & Research median
Gross margin 32.97% 28.88% 50.89%
Operating margin 12.95% 10.43% (8.57%)
Net margin 8.10% 6.99% (6.37%)
Free cash flow margin 13.30% 8.16% 0.00%
Return on equity 22.75% 11.74% (2.92%)
Return on assets 4.70% 5.48% (6.71%)
Return on invested capital 6.80% 6.50% 0.00%

Growth

Metric IQV LH Diagnostics & Research median
Revenue growth (TTM) 8.17% 6.41% 7.69%
EPS growth (last fiscal year) 4.67% 18.33% 25.92%
Revenue growth, 5-year CAGR 7.50% (0.04%) 7.40%
Net income growth, 5-year CAGR 37.27% (10.85%) 0.00%

Health

Metric IQV LH Diagnostics & Research median
Debt to equity 2.54 0.69 0.11
Current ratio 0.71 1.80 2.02
Net debt to EBITDA 4.06 2.23 0.70

Dividend

Metric IQV LH Diagnostics & Research median
Dividend yield — 0.90% 0.66%
Payout ratio — 0.24 0.20

Size

Metric IQV LH Diagnostics & Research median
Market cap 44.61b 26.36b 2.16b

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