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IQVIA

IQV NYSE Life Sciences Tools & Services Financials FY2016–FY2025

IQVIA's revenue rose 5.9% to $16.3 billion in fiscal 2025. Its operating margin was 13.4%, down from 14.3% a year earlier. Free cash flow was $2.1 billion, down 3.0%. It paid out $1.2 billion in dividends and buybacks, 61% of free cash flow. The diluted share count fell 5.4%.

Last close · Oct 23, 2026

$279.36

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$16.3B
5.9% vs prior year
Operating margin Operating income as a share of revenue.
13.4%
0.9 pts
Net income Profit after all expenses, interest and tax.
$1.4B
0.9%
Free cash flow Cash from operations minus capital spending.
$2.1B
3.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.5%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$47.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
34.7x
On $8.06 EPS (TTM)

What IQVIA does

No business description yet.

Legal name
IQVIA HOLDINGS INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-008322
0001478242

Revenue and margins

IQVIA had $16.3B of revenue in fiscal 2025, up 5.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 36.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.1B in fiscal 2025, 12.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

IQVIA returned $1.2B to shareholders in fiscal 2025, 61% of free cash flow. The diluted share count fell 5.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value IQVIA yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$13.8B and divides by 173.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 34.7x · peers 36.2x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably IQVIA can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.3B$1.5B$1.8B$2.1B
Debt incl. finance leases $12.3B$13.0B$13.9B$14.2B$15.9B
Net debt / EBITDA 4.1x4.0x4.0x3.7x4.2x
Debt / equity 2.0x2.3x2.3x2.3x2.5x
Interest coverage 3.7x4.3x2.9x3.3x3.0x
Current ratio 0.9x0.9x0.9x0.8x0.8x
Quick ratio 0.9x0.9x0.9x0.8x0.8x
Total assets $24.7B$25.3B$26.7B$26.9B$29.9B
Total liabilities $18.6B$19.6B$20.6B$20.8B$23.3B
Shareholders' equity $6.0B$5.8B$6.1B$6.1B$6.5B
Net debt (− = net cash) $10.8B$11.7B$12.4B$12.4B$13.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$51.4M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 2, 2026 James G. BerkshireSee Remarks Sold 2,668 $261.33 $0.7M Form 4
Aug 3, 2026 Staub W RichardSee Remarks Sold 5,500 $232.68 $1.3M Form 4
Jul 31, 2026 Bhavik PatelSee Remarks Sold 1,855 $235.27 $0.4M Form 4
Jul 29, 2026 Ari BousbibSee Remarks, Director Sold 106,279 $245.51 $26.1M Form 4
Jul 29, 2026 Eric SherbetSee Remarks Sold 5,000 $249.16 $1.2M Form 4
Jul 29, 2026 Keriann CherofskySee Remarks Sold 558 $245.21 $0.1M Form 4
Dec 18, 2025 Ari BousbibSee Remarks, Director Sold 36,564 $222.43 $8.1M Form 4
Oct 29, 2025 Ari BousbibSee Remarks, Director Sold 56,557 $220.33 $12.5M Form 4
Oct 29, 2025 Eric SherbetSee Remarks Sold 4,000 $219.70 $0.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 85 / 85 / 8
Accruals ratio −3.0%−5.0%−4.6%
Altman Z'' 1.161.321.14

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
IQVIA IQV $47.4B 5.9% 13.4% 12.6% 9.5% 34.7x 5
Danaher DHR $162.9B 2.9% 19.1% 21.4% 6.1% 37.7x 7 Compare →
Agilent Technologies A $49.0B 6.7% 21.3% 16.6% 16.5% 34.1x 5 Compare →
Avantor AVTR $11.7B −3.4% −3.8% 7.6% −2.1% — 5 Compare →
Thermo Fisher Scientific TMO $250.0B 3.9% 17.4% 14.1% 9.1% 36.3x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.9B $9.7B $10.4B $11.1B $11.4B $13.9B $14.4B $15.0B $15.4B $16.3B
Gross profit $3.6B $5.1B — — — — — — — —
Operating income $576M $665M $741M $777M $731M $1.4B $1.8B $2.0B $2.2B $2.2B
Interest expense $144M $346M $414M $447M $416M $375M $416M $672M $670M $729M
Pretax income $416M $294M $328M $352M $373M $1.1B $1.4B $1.5B $1.7B $1.6B
Income tax $325M −$992M $59.0M $116M $72.0M $163M $260M $101M $301M $252M
Net income $72.0M $1.3B $259M $191M $279M $966M $1.1B $1.4B $1.4B $1.4B
Diluted EPS $0.47 $5.74 $1.24 $0.96 $1.43 $4.95 $5.72 $7.29 $7.49 $7.84
Diluted shares 0.15B 0.22B 0.21B 0.20B 0.20B 0.20B 0.19B 0.19B 0.18B 0.17B
Cash flow
Cash from operations $860M $970M $1.3B $1.4B $2.0B $2.9B $2.3B $2.1B $2.7B $2.7B
Capital expenditure $164M $369M $459M $582M $616M $640M $674M $649M $602M $603M
Free cash flow $696M $601M $795M $835M $1.3B $2.3B $1.6B $1.5B $2.1B $2.1B
Depreciation and amortization $289M $1.0B $1.1B $1.2B $1.3B $1.3B $1.1B $1.1B $1.1B $1.1B
Stock-based compensation $106M $106M $113M $146M $95.0M $170M $194M $217M $206M $247M
Acquisitions $1.9B $854M $309M $588M $177M $1.5B $1.3B $876M $735M $1.7B
Share buybacks $1.1B $2.6B $1.4B $949M $447M $406M $1.2B $992M $1.4B $1.2B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $1.1B $2.6B $1.4B $949M $447M $406M $1.2B $992M $1.4B $1.2B
Balance sheet
Cash and short-term investments $1.2B $1.0B $938M $899M $1.9B $1.5B $1.3B $1.5B $1.8B $2.1B
Total debt $7.2B $10.3B $11.0B $11.6B $12.5B $12.1B $12.7B $13.7B $14.0B $15.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $122M $186M $229M $228M $224M $218M
Current assets $3.3B $3.6B $3.9B $4.1B $5.1B $4.8B $5.0B $5.6B $5.8B $6.2B
Current liabilities $2.7B $3.2B $3.5B $3.9B $4.6B $5.2B $5.6B $6.5B $7.0B $8.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $406M $440M $434M $458M $482M $497M $532M $523M $535M $533M
Total assets $21.2B $22.9B $22.5B $23.3B $24.6B $24.7B $25.3B $26.7B $26.9B $29.9B
Total liabilities $12.3B $14.6B $15.6B $17.0B $18.3B $18.6B $19.6B $20.6B $20.8B $23.3B
Shareholders' equity $8.6B $8.0B $6.7B $6.0B $6.0B $6.0B $5.8B $6.1B $6.1B $6.5B
Margins
Gross margin 53.0% 52.5% — — — — — — — —
Operating margin 8.4% 6.8% 7.1% 7.0% 6.4% 10.0% 12.5% 13.2% 14.3% 13.4%
EBITDA margin 12.6% 17.2% 18.1% 17.9% 17.8% 19.2% 20.3% 20.7% 21.5% 20.4%
Net margin 1.1% 13.1% 2.5% 1.7% 2.5% 7.0% 7.6% 9.1% 8.9% 8.3%
FCF margin 10.1% 6.2% 7.6% 7.5% 11.8% 16.6% 11.0% 10.0% 13.7% 12.6%
Returns
Return on capital 3.6% 4.1% 3.5% 3.1% 3.5% 7.0% 8.5% 10.2% 9.8% 9.5%
Return on capital employed 5.5% 3.5% 3.8% 4.1% 3.7% 7.1% 9.2% 9.9% 11.0% 10.5%
Return on equity 1.8% 15.4% 3.5% 3.0% 4.7% 16.0% 18.5% 22.9% 22.6% 21.6%
Return on assets 0.6% 5.8% 1.1% 0.8% 1.2% 3.9% 4.4% 5.2% 5.1% 4.8%
Growth
Revenue growth 19.9% 41.6% 6.9% 6.5% 2.4% 22.1% 3.9% 4.0% 2.8% 5.9%
Net income growth −81.4% 1,673.6% −79.7% −26.3% 46.1% 246.2% 12.9% 24.5% 1.1% −1.0%
EPS growth −84.7% 1,121.3% −78.4% −22.6% 49.0% 246.2% 15.6% 27.5% 2.7% 4.7%
FCF growth 74.9% −13.7% 32.3% 5.0% 60.8% 71.4% −31.1% −5.4% 40.9% −3.0%
Share count change 21.0% 46.5% −6.5% −4.1% −2.3% 0.0% −2.3% −2.3% −1.6% −5.4%
Financial health
Net debt / EBITDA 6.9x 5.5x 5.4x 5.4x 5.3x 4.1x 4.0x 4.0x 3.7x 4.2x
Debt / equity 0.8x 1.3x 1.6x 1.9x 2.1x 2.0x 2.3x 2.3x 2.3x 2.5x
Interest coverage 4.0x 1.9x 1.8x 1.7x 1.8x 3.7x 4.3x 2.9x 3.3x 3.0x
Current ratio 1.2x 1.1x 1.1x 1.1x 1.1x 0.9x 0.9x 0.9x 0.8x 0.8x
Quick ratio 1.2x 1.1x 1.1x 1.1x 1.1x 0.9x 0.9x 0.9x 0.8x 0.8x
Capital allocation
Capex / revenue 2.4% 3.8% 4.4% 5.3% 5.4% 4.6% 4.7% 4.3% 3.9% 3.7%
Stock comp / revenue 1.5% 1.1% 1.1% 1.3% 0.8% 1.2% 1.4% 1.5% 1.3% 1.5%
Payouts / FCF 157.6% 435.9% 176.7% 113.7% 33.3% 17.6% 73.6% 66.1% 63.9% 60.7%
Quality scores
Piotroski F-score 6.0 4.0 4.0 5.0 6.0 7.0 6.0 6.0 5.0 5.0
Altman Z'' 1.1 1.0 0.9 0.8 0.9 0.9 1.1 1.2 1.3 1.1
Accruals ratio −6.3% 1.4% −4.4% −5.4% −7.0% −8.0% −4.7% −3.0% −5.0% −4.6%

Source: SEC EDGAR XBRL filings (CIK 0001478242). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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