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IQVIA Holdings Inc. (IQV) vs Waters Corporation (WAT)

IQVIA Holdings Inc. and Waters Corporation are both Diagnostics & Research companies. IQVIA Holdings Inc. and Waters Corporation are of similar size ($44.6B and $43.6B). IQVIA Holdings Inc. trades at the lower P/E: 32.8× against 109×. Waters Corporation grew revenue faster over the last twelve months: 52.5% against 8.17%. IQVIA Holdings Inc. has the higher net margin (8.10% vs 3.59%) and the higher return on invested capital (6.80% vs 1.05%). Across the 22 metrics below, IQVIA Holdings Inc. leads on 16 and Waters Corporation on 6.

Valuation

Metric IQV WAT Diagnostics & Research median
P/E 32.83 108.69 35.56
P/S 2.61 9.24 4.37
P/B 7.04 2.82 3.06
Price to free cash flow 19.62 117.05 35.76
EV/EBITDA 17.10 50.12 24.35
EV/Sales 3.43 10.18 5.51
Earnings yield 3.05% 0.92% (1.89%)
Free cash flow yield 5.10% 0.85% (0.15%)

Profitability

Metric IQV WAT Diagnostics & Research median
Gross margin 32.97% 50.89% 50.89%
Operating margin 12.95% 7.10% (8.57%)
Net margin 8.10% 3.59% (6.37%)
Free cash flow margin 13.30% 7.89% 0.00%
Return on equity 22.75% 1.92% (2.92%)
Return on assets 4.70% 1.13% (6.71%)
Return on invested capital 6.80% 1.05% 0.00%

Growth

Metric IQV WAT Diagnostics & Research median
Revenue growth (TTM) 8.17% 52.47% 7.69%
EPS growth (last fiscal year) 4.67% 0.47% 25.92%
Revenue growth, 5-year CAGR 7.50% 6.00% 7.40%
Net income growth, 5-year CAGR 37.27% 4.26% 0.00%

Health

Metric IQV WAT Diagnostics & Research median
Debt to equity 2.54 0.32 0.11
Current ratio 0.71 1.86 2.02
Net debt to EBITDA 4.06 0.36 0.70

Dividend

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

Size

Metric IQV WAT Diagnostics & Research median
Market cap 44.61b 43.64b 2.16b

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