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IQVIA Holdings Inc. (IQV) vs Thermo Fisher Scientific Inc. (TMO)

IQVIA Holdings Inc. and Thermo Fisher Scientific Inc. are both Diagnostics & Research companies. Thermo Fisher Scientific Inc. is the larger, with a market value of $250.8B against $43.7B — 5.7× the size. IQVIA Holdings Inc. trades at the lower P/E: 31.8× against 35.8×. IQVIA Holdings Inc. grew revenue faster over the last twelve months: 8.85% against 8.27%. Thermo Fisher Scientific Inc. has the higher net margin (14.9% vs 8.05%) and the lower return on invested capital (6.03% vs 6.79%). Across the 22 metrics below, IQVIA Holdings Inc. leads on 12 and Thermo Fisher Scientific Inc. on 10.

Valuation

Metric IQV TMO Diagnostics & Research median
P/E 31.77 35.78 34.52
P/S 2.52 5.31 4.24
P/B 6.42 4.59 3.42
Price to free cash flow 20.96 32.92 33.51
EV/EBITDA 16.54 24.58 23.44
EV/Sales 3.31 6.01 5.18
Earnings yield 3.15% 2.79% (1.50%)
Free cash flow yield 4.77% 3.04% 0.00%

Profitability

Metric IQV TMO Diagnostics & Research median
Gross margin 33.07% 41.08% 48.32%
Operating margin 12.82% 17.89% (5.68%)
Net margin 8.05% 14.94% (4.10%)
Free cash flow margin 12.01% 16.13% 0.00%
Return on equity 21.32% 13.37% 0.00%
Return on assets 4.71% 6.51% (6.05%)
Return on invested capital 6.79% 6.03% 0.00%

Growth

Metric IQV TMO Diagnostics & Research median
Revenue growth (TTM) 8.85% 8.27% 8.99%
EPS growth (last fiscal year) 4.67% 7.32% 20.36%
Revenue growth, 5-year CAGR 7.50% 6.70% 7.30%
Net income growth, 5-year CAGR 37.27% 1.01% 0.00%

Health

Metric IQV TMO Diagnostics & Research median
Debt to equity 2.37 0.71 0.01
Current ratio 0.83 1.81 2.27
Net debt to EBITDA 4.06 2.45 0.68

Dividend

Metric IQV TMO Diagnostics & Research median
Dividend yield — 0.27% 0.67%
Payout ratio — 0.10 0.20

Size

Metric IQV TMO Diagnostics & Research median
Market cap 43.65b 250.82b 2.22b

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