Avantor vs IQVIA
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KIRA’s take AI analyst
I put Avantor and IQVIA side by side, using each one’s latest annual report. Here is what stands out:
- IQVIA is the larger business, with $16.3B of revenue in fiscal 2025 against $6.6B for Avantor, about 2.5 times as much.
- IQVIA grew revenue faster (5.9%, against −3.4%).
- IQVIA kept more of each dollar of sales as operating profit (13.4% operating margin, against −3.8%).
- IQVIA turned more of its sales into free cash flow (12.6% FCF margin, against 7.6%).
- IQVIA earned a higher return on the capital invested in it (9.5%, against −2.1%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Avantor
AVTR
0/10
IQVIA
IQV
9/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | AVTR FY25 | IQV FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $46.5B |
| Revenue | $6.6B | $16.3B |
| Free cash flow | $495M | $2.1B |
| Net income | −$530M | $1.4B |
| Growth | ||
| Revenue growth | −3.4% | 5.9% |
| 5-year growth | 0.5% | 7.5% |
| Share count change | −0.2% | −5.4% |
| Profitability | ||
| Gross margin | 32.7% | — |
| Operating margin | −3.8% | 13.4% |
| Net margin | −8.1% | 8.3% |
| FCF margin | 7.6% | 12.6% |
| Return on capital | −2.1% | 9.5% |
| Return on equity | −9.2% | 21.6% |
| Balance sheet | ||
| Net debt | $3.6B | $13.8B |
| Net debt / EBITDA | 22.0x | 4.2x |
| Dividends and buybacks | $75.1M | $1.2B |
| Valuation & quality | ||
| P/E | — | 33.9x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
FY16
AVTR —
IQV $6.9B
FY17
AVTR $1.2B
IQV $9.7B
FY18
AVTR $5.9B
IQV $10.4B
FY19
AVTR $6.0B
IQV $11.1B
FY20
AVTR $6.4B
IQV $11.4B
FY21
AVTR $7.4B
IQV $13.9B
FY22
AVTR $7.5B
IQV $14.4B
FY23
AVTR $7.0B
IQV $15.0B
FY24
AVTR $6.8B
IQV $15.4B
FY25
AVTR $6.6B
IQV $16.3B
AVTR
IQV
Operating margin
FY16
AVTR —
IQV 8.4%
FY17
AVTR −16.9%
IQV 6.8%
FY18
AVTR 7.1%
IQV 7.1%
FY19
AVTR 9.1%
IQV 7.0%
FY20
AVTR 11.1%
IQV 6.4%
FY21
AVTR 13.2%
IQV 10.0%
FY22
AVTR 15.0%
IQV 12.5%
FY23
AVTR 10.0%
IQV 13.2%
FY24
AVTR 16.0%
IQV 14.3%
FY25
AVTR −3.8%
IQV 13.4%
AVTR
IQV
Free cash flow
FY16
AVTR —
IQV $696M
FY17
AVTR −$193M
IQV $601M
FY18
AVTR $163M
IQV $795M
FY19
AVTR $302M
IQV $835M
FY20
AVTR $868M
IQV $1.3B
FY21
AVTR $843M
IQV $2.3B
FY22
AVTR $710M
IQV $1.6B
FY23
AVTR $724M
IQV $1.5B
FY24
AVTR $692M
IQV $2.1B
FY25
AVTR $495M
IQV $2.1B
AVTR
IQV
Return on capital
FY16
AVTR —
IQV 3.6%
FY17
AVTR —
IQV 4.1%
FY18
AVTR —
IQV 3.5%
FY19
AVTR 9.2%
IQV 3.1%
FY20
AVTR 9.6%
IQV 3.5%
FY21
AVTR 8.1%
IQV 7.0%
FY22
AVTR 8.4%
IQV 8.5%
FY23
AVTR 5.1%
IQV 10.2%
FY24
AVTR 8.9%
IQV 9.8%
FY25
AVTR −2.1%
IQV 9.5%
AVTR
IQV
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.