IQVIA Holdings Inc.

IQV · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Valuation
Market cap	$38,387	$35,667	$42,227	$38,056	$53,900	$34,229	$29,518	$22,193	$18,703	$11,339	$8,448	$7,535	$5,753	–	–	–
Enterprise value	$52,547	$47,980	$54,627	$49,758	$64,861	$45,510	$40,920	$32,502	$28,172	$17,528	$10,167	$8,961	$7,022	–	–	–
P/E (TTM) at period end	28.23×	25.98×	31.09×	34.88×	55.80×	122.68×	154.54×	85.69×	14.65×	157.49×	21.83×	21.11×	25.39×	–	–	–
P/S (TTM) at period end	2.35×	2.32×	2.82×	2.64×	3.88×	3.01×	2.66×	2.13×	1.92×	1.65×	1.47×	1.38×	1.13×	–	–	–
P/B at period end	5.90×	5.88×	6.91×	6.60×	8.92×	5.70×	4.92×	3.31×	2.34×	1.31×	–	–	–	–	–	–
EV / EBITDA (TTM)	15.80×	14.47×	17.61×	16.99×	24.41×	22.55×	20.68×	17.27×	16.81×	20.26×	13.14×	12.60×	12.32×	–	–	–
EV / Sales (TTM)	3.22×	3.11×	3.65×	3.45×	4.67×	4.01×	3.69×	3.12×	2.89×	2.55×	1.77×	1.64×	1.38×	–	–	–
Returns
Return on equity	20.9%	22.6%	22.2%	18.9%	16.0%	4.6%	3.2%	3.9%	16.0%	0.8%	–	–	–	–	–	–
Return on invested capital	8.8%	9.7%	9.9%	8.3%	7.0%	3.4%	3.0%	3.6%	3.8%	0.9%	39.4%	57.3%	54.0%	52.1%	65.2%	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.75×	0.84×	0.86×	0.89×	0.91×	1.12×	1.05×	1.10×	1.13×	1.23×	1.51×	1.46×	1.31×	1.15×	1.15×	–
Debt / equity	2.42×	2.30×	2.24×	2.21×	2.01×	2.09×	1.94×	1.64×	1.28×	0.83×	(4.38×)	(3.24×)	(3.07×)	(1.78×)	(2.03×)	–
Effective tax rate	15.8%	18.0%	6.9%	19.1%	14.5%	19.3%	33.0%	18.0%	(337.4%)	78.1%	29.5%	29.7%	29.7%	34.9%	8.2%	32.1%
Share count
Diluted shares outstanding	174	183	186	191	195	195	200	208	223	152	126	131	128	118	118	128

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue and gross profit
Revenue	$16,983	$16,310	$15,405	$14,984	$14,410	$13,874	$11,359	$11,088	$10,412	$9,739	$6,878	$5,737	$5,460	$5,100	$4,866	$4,328	$3,924
Cost of revenue	($11,384)	($10,880)	($10,030)	($9,745)	($9,382)	($9,233)	($7,500)	($7,300)	($6,746)	($4,622)	($3,236)	($2,705)	($2,664)	($2,471)	($2,459)	($2,153)	($2,805)
Gross profit	$5,599	$5,430	$5,375	$5,239	$5,028	$4,641	$3,859	$3,788	$3,666	$5,117	$3,642	$3,032	$2,796	$2,628	$2,406	$2,175	$1,119
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	($3)	($6)	($5)	($10)	($10)	–
Selling, general and administrative	($2,058)	($1,999)	($1,992)	($2,053)	($2,071)	($1,964)	($1,789)	($1,734)	($1,716)	($1,622)	($1,016)	($815)	($781)	($861)	($818)	($762)	($698)
Total operating expenses	($3,399)	($3,248)	($3,173)	($3,262)	($3,229)	($3,248)	($3,128)	($3,011)	($2,925)	($4,452)	($3,066)	($2,386)	($2,206)	($2,166)	($2,010)	($1,829)	($724)
Total costs and expenses	($14,783)	($14,128)	($13,203)	($13,007)	($12,611)	($12,481)	($10,628)	($10,311)	($9,671)	($9,074)	($6,302)	($5,091)	($4,870)	($4,637)	($4,469)	($3,982)	($3,529)
Operating income	$2,200	$2,182	$2,202	$1,977	$1,799	$1,393	$731	$777	$741	$665	$576	$646	$590	$462	$396	$345	$395
Earnings
EBITDA	$3,383	$3,326	$3,316	$3,102	$2,929	$2,657	$2,018	$1,979	$1,882	$1,676	$865	$774	$711	$570	$495	$437	$479
Interest income	$41	$45	$47	$36	$13	$6	$6	$9	$8	$7	$4	$4	$4	$4	$3	$4	$4
Interest expense	($771)	($729)	($670)	($672)	($416)	($375)	($416)	($447)	($414)	($346)	($144)	($101)	($101)	($124)	($134)	($109)	($141)
Pre-tax income	$1,574	$1,591	$1,669	$1,459	$1,363	$1,128	$373	$352	$328	$294	$416	$539	$501	$323	$267	$185	$242
Income tax expense	($254)	($252)	($301)	($101)	($260)	($163)	($72)	($116)	($59)	$992	($325)	($159)	($149)	($96)	($93)	($15)	($78)
Net income	$1,375	$1,360	$1,373	$1,358	$1,091	$966	$279	$191	$259	$1,277	$72	$387	$357	$227	$178	$242	$161
Per share
Diluted EPS (GAAP)	$8.06	$7.84	$7.49	$7.29	$5.72	$4.95	$1.43	$0.96	$1.24	$5.74	$0.47	$3.08	$2.72	$1.77	$1.51	$2.05	$1.26
Basic EPS (GAAP)	$8.13	$7.91	$7.57	$7.39	$5.82	$5.05	$1.46	$0.98	$1.27	$5.86	$0.48	$3.15	$2.78	$1.83	$1.53	$2.08	$1.28
Basic shares outstanding	169	172	181	184	188	191	191	195	204	218	149	123	128	124	116	116	125
Margins
Gross margin	33.0%	33.3%	34.9%	35.0%	34.9%	33.5%	34.0%	34.2%	35.2%	52.5%	53.0%	52.8%	51.2%	51.5%	49.5%	50.3%	28.5%
Operating margin	13.0%	13.4%	14.3%	13.2%	12.5%	10.0%	6.4%	7.0%	7.1%	6.8%	8.4%	11.3%	10.8%	9.1%	8.1%	8.0%	10.1%
Net margin	8.1%	8.3%	8.9%	9.1%	7.6%	7.0%	2.5%	1.7%	2.5%	13.1%	1.0%	6.7%	6.5%	4.4%	3.6%	5.6%	4.1%

Analyst consensus

Buy45 analysts

Bearish · 1 · Hold · 7 · Bullish · 37

Earnings history

	EPS	Estimate
Q3 2024	$2.84	$2.82	Beat
Q4 2024	$3.12	$3.11	Beat
Q1 2025	$2.70	$2.63	Beat
Q2 2025	$2.81	$2.77	Beat
Q3 2025	$3.00	$2.98	Beat
Q4 2025	$3.42	$3.40	Beat
Q1 2026	$2.90	$2.82	Beat
Q2 2026	$3.15	$3.03	Beat

Peers

Company overview

IPO dateMay 9, 2013

CEOAri Bousbib

Employees94,000

SectorHealthcare

IndustryMedical - Diagnostics & Research

CountryUS

ExchangeNew York Stock Exchange

Websitewww.iqvia.com

IQVIA Holdings Inc. is a premier global provider of sophisticated analytical insights, advanced technology solutions, and comprehensive clinical research services, catering to the life sciences industry across the Americas, Europe, Africa, and Asia-Pacific. The company's operations are structured into three key divisions: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. The Technology & Analytics Solutions segment provides a suite of cloud-native applications, complete with implementation services, and offers real-world data solutions designed to empower life sciences and healthcare providers in generating and disseminating evidence crucial for informed decision-making and improving patient outcomes. This division also delivers strategic and operational consulting, including advanced analytics support and outsourcing of commercial processes. Furthermore, it supplies country-level performance metrics detailing pharmaceutical sales, prescribing trends, medical treatments, and promotional activities across diverse channels like retail, hospital, and mail order, with data granularity extending to regional, postal code, and individual prescriber levels. Focusing on clinical trials, the Research & Development Solutions segment offers project management, clinical monitoring, broader clinical trial support, virtual trial capabilities, and strategic planning and design services. It also manages an extensive network of laboratory services, encompassing central, genomic, bioanalytical, ADME, discovery, vaccine, and biomarker analyses. The Contract Sales & Medical Solutions segment is responsible for engaging healthcare professionals and patients, alongside providing scientific strategy and medical affairs support. IQVIA's diverse clientele includes pharmaceutical, biotechnology, medical device and diagnostic, and consumer health companies. The company maintains a strategic collaboration with HealthCore, Inc. Founded in 1982, the firm was formerly known as Quintiles IMS Holdings, Inc. before rebranding as IQVIA Holdings Inc. in November 2017. Its headquarters are located in Durham, North Carolina.

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