Danaher vs IQVIA
Add, change or remove companies; up to four.
The short version
- Danaher is the larger business, with $24.6B of revenue in fiscal 2025 against $16.3B for IQVIA, about 1.5 times as much.
- IQVIA grew revenue faster (5.9%, against 2.9%).
- Danaher kept more of each dollar of sales as operating profit (19.1% operating margin, against 13.4%).
- Danaher turned more of its sales into free cash flow (21.4% FCF margin, against 12.6%).
- IQVIA earned a higher return on the capital invested in it (9.5%, against 6.1%).
- Investors pay more for each dollar of Danaher’s earnings: a P/E of 37.7x against 34.7x for IQVIA.
| Latest fiscal year | DHR · FY25 | IQV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $162.9B | $47.4B |
| Revenue | $24.6B | $16.3B |
| Free cash flow | $5.3B | $2.1B |
| Net income | $3.6B | $1.4B |
| Growth | ||
| Revenue growth | 2.9% | 5.9% |
| 5-year growth | 2.0% | 7.5% |
| Share count change | −2.9% | −5.4% |
| Profitability | ||
| Gross margin | 59.1% | — |
| Operating margin | 19.1% | 13.4% |
| Net margin | 14.7% | 8.3% |
| FCF margin | 21.4% | 12.6% |
| Return on capital | 6.1% | 9.5% |
| Return on equity | 7.1% | 21.6% |
| Balance sheet | ||
| Net debt | $13.8B | $13.8B |
| Net debt / EBITDA | 1.9x | 4.2x |
| Dividends and buybacks | $4.0B | $1.2B |
| Valuation & quality | ||
| P/E | 37.7x | 34.7x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
DHR $16.9B
IQV $6.9B
FY17
DHR $18.3B
IQV $9.7B
FY18
DHR $19.9B
IQV $10.4B
FY19
DHR $17.9B
IQV $11.1B
FY20
DHR $22.3B
IQV $11.4B
FY21
DHR $24.8B
IQV $13.9B
FY22
DHR $26.6B
IQV $14.4B
FY23
DHR $23.9B
IQV $15.0B
FY24
DHR $23.9B
IQV $15.4B
FY25
DHR $24.6B
IQV $16.3B
DHR
IQV
Operating margin
FY16
DHR 16.2%
IQV 8.4%
FY17
DHR 14.0%
IQV 6.8%
FY18
DHR 15.4%
IQV 7.1%
FY19
DHR 18.3%
IQV 7.0%
FY20
DHR 19.0%
IQV 6.4%
FY21
DHR 25.7%
IQV 10.0%
FY22
DHR 28.3%
IQV 12.5%
FY23
DHR 21.8%
IQV 13.2%
FY24
DHR 20.4%
IQV 14.3%
FY25
DHR 19.1%
IQV 13.4%
DHR
IQV
Free cash flow
FY16
DHR $2.9B
IQV $696M
FY17
DHR $2.9B
IQV $601M
FY18
DHR $3.4B
IQV $795M
FY19
DHR $3.3B
IQV $835M
FY20
DHR $5.4B
IQV $1.3B
FY21
DHR $7.1B
IQV $2.3B
FY22
DHR $7.4B
IQV $1.6B
FY23
DHR $5.8B
IQV $1.5B
FY24
DHR $5.3B
IQV $2.1B
FY25
DHR $5.3B
IQV $2.1B
DHR
IQV
Return on capital
FY16
DHR —
IQV 3.6%
FY17
DHR 6.2%
IQV 4.1%
FY18
DHR 6.8%
IQV 3.5%
FY19
DHR 6.9%
IQV 3.1%
FY20
DHR 7.9%
IQV 3.5%
FY21
DHR 8.9%
IQV 7.0%
FY22
DHR 10.4%
IQV 8.5%
FY23
DHR 6.7%
IQV 10.2%
FY24
DHR 6.3%
IQV 9.8%
FY25
DHR 6.1%
IQV 9.5%
DHR
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.