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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 $257.5B against $44.6B — 5.8× the size. IQVIA Holdings Inc. trades at the lower P/E: 32.8× against 37.1×. IQVIA Holdings Inc. grew revenue faster over the last twelve months: 8.17% against 7.23%. Thermo Fisher Scientific Inc. has the higher net margin (15.0% vs 8.10%) and the lower return on invested capital (5.80% vs 6.80%). 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 32.83 37.06 35.56
P/S 2.61 5.52 4.37
P/B 7.04 4.86 3.06
Price to free cash flow 19.62 34.77 35.76
EV/EBITDA 17.10 26.25 24.35
EV/Sales 3.43 6.28 5.51
Earnings yield 3.05% 2.70% (1.89%)
Free cash flow yield 5.10% 2.88% (0.15%)

Profitability

Metric IQV TMO Diagnostics & Research median
Gross margin 32.97% 40.80% 50.89%
Operating margin 12.95% 17.58% (8.57%)
Net margin 8.10% 15.04% (6.37%)
Free cash flow margin 13.30% 15.89% 0.00%
Return on equity 22.75% 13.51% (2.92%)
Return on assets 4.70% 6.50% (6.71%)
Return on invested capital 6.80% 5.80% 0.00%

Growth

Metric IQV TMO Diagnostics & Research median
Revenue growth (TTM) 8.17% 7.23% 7.69%
EPS growth (last fiscal year) 4.67% 7.32% 25.92%
Revenue growth, 5-year CAGR 7.50% 6.70% 7.40%
Net income growth, 5-year CAGR 37.27% 1.01% 0.00%

Health

Metric IQV TMO Diagnostics & Research median
Debt to equity 2.54 0.74 0.11
Current ratio 0.71 1.55 2.02
Net debt to EBITDA 4.06 2.45 0.70

Dividend

Metric IQV TMO Diagnostics & Research median
Dividend yield — 0.27% 0.66%
Payout ratio — 0.10 0.20

Size

Metric IQV TMO Diagnostics & Research median
Market cap 44.61b 257.53b 2.16b

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