IQVIA HOLDINGS INC.
$265.12
−5.99 (−2.21%) · delayed · Nov 13, 2026
Five-year price
52w $154.50 to $284.50
- Market cap
- $43.7B
- Enterprise value
- $57.4B
- P/E
- 33.8×
- 35.2× on 3y avg EPS
- EV / EBIT
- 26.3×
- FCF yield
- 4.7%
- ROIC
- 9.1%
- Debt / equity
- 2.42
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ○ROIC > 12% (5y avg)5y avg ROIC 8.9%
- ●ROE > 15% (5y avg)5y avg ROE 20.1%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 160% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.5%
- ●Shrinking share countDiluted shares -11.0% over 5y
Value
0
- ○P/E below 15P/E 33.8
- ○EV/EBIT below 12EV/EBIT 26.3
- ○FCF yield above 6%FCF yield 4.7%
- ○Price below Graham NumberGraham Number $83.43
- ○P/B below 3P/B 6.7
Safety
0
- ○Debt / equity below 0.5D/E 2.42
- ○Debt payable in < 4 yrs of earningsNet debt $13.7B
- ○Interest coverage > 8xCoverage 3.0x
- ○Current ratio > 1.5Current ratio 0.75
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $16.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.75
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 204%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 35.2
- ○P/E × P/B ≤ 22.5Product 236.2
Valuation lab
What do you have to believe?
At $265.12, the market is pricing in about 10.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $13.7B · 165M shares · 5y revenue CAGR 7.5%
Intrinsic value
$213.92
Price
$265.12
Premium paid
24%
What the price implies
The market is paying for 10.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
60% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,815 | 9,702 | 10,412 | 11,088 | 11,359 | 13,874 | 14,410 | 14,984 | 15,405 | 16,310 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 576 | 665 | 741 | 777 | 731 | 1,393 | 1,799 | 1,977 | 2,202 | 2,182 |
| Operating margin | 8.5% | 6.9% | 7.1% | 7.0% | 6.4% | 10.0% | 12.5% | 13.2% | 14.3% | 13.4% |
| Pre-tax income | 416 | 294 | 328 | 352 | 373 | 1,128 | 1,363 | 1,459 | 1,669 | 1,591 |
| Income tax | 325 | (992) | 59 | 116 | 72 | 163 | 260 | 101 | 301 | 252 |
| Net income | 72 | 1,277 | 259 | 191 | 279 | 966 | 1,091 | 1,358 | 1,373 | 1,360 |
| EPS (diluted) | 0.47 | 5.74 | 1.24 | 0.96 | 1.43 | 4.95 | 5.72 | 7.29 | 7.49 | 7.84 |
| Diluted shares | 152 | 223 | 208 | 200 | 195 | 195 | 191 | 186 | 183 | 174 |
Who owns it