IQVIA vs Thermo Fisher Scientific
Add, change or remove companies; up to four.
The short version
- Thermo Fisher Scientific is the larger business, with $44.6B of revenue in fiscal 2025 against $16.3B for IQVIA, about 2.7 times as much.
- IQVIA grew revenue faster (5.9%, against 3.9%).
- Thermo Fisher Scientific kept more of each dollar of sales as operating profit (17.4% operating margin, against 13.4%).
- Thermo Fisher Scientific turned more of its sales into free cash flow (14.1% FCF margin, against 12.6%).
- Investors pay more for each dollar of Thermo Fisher Scientific’s earnings: a P/E of 36.2x against 34.7x for IQVIA.
| Latest fiscal year | IQV · FY25 | TMO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $47.4B | $250.0B |
| Revenue | $16.3B | $44.6B |
| Free cash flow | $2.1B | $6.3B |
| Net income | $1.4B | $6.7B |
| Growth | ||
| Revenue growth | 5.9% | 3.9% |
| 5-year growth | 7.5% | 6.7% |
| Share count change | −5.4% | −1.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.4% | 17.4% |
| Net margin | 8.3% | 15.1% |
| FCF margin | 12.6% | 14.1% |
| Return on capital | 9.5% | 9.1% |
| Return on equity | 21.6% | 13.0% |
| Balance sheet | ||
| Net debt | $13.8B | $29.3B |
| Net debt / EBITDA | 4.2x | 2.8x |
| Dividends and buybacks | $1.2B | $3.6B |
| Valuation & quality | ||
| P/E | 34.7x | 36.2x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
IQV $6.9B
TMO $18.3B
FY17
IQV $9.7B
TMO $20.9B
FY18
IQV $10.4B
TMO $24.4B
FY19
IQV $11.1B
TMO $25.5B
FY20
IQV $11.4B
TMO $32.2B
FY21
IQV $13.9B
TMO $39.2B
FY22
IQV $14.4B
TMO $44.9B
FY23
IQV $15.0B
TMO $42.9B
FY24
IQV $15.4B
TMO $42.9B
FY25
IQV $16.3B
TMO $44.6B
IQV
TMO
Operating margin
FY16
IQV 8.4%
TMO 13.5%
FY17
IQV 6.8%
TMO 14.2%
FY18
IQV 7.1%
TMO 15.5%
FY19
IQV 7.0%
TMO 18.0%
FY20
IQV 6.4%
TMO 24.2%
FY21
IQV 10.0%
TMO 25.6%
FY22
IQV 12.5%
TMO 18.7%
FY23
IQV 13.2%
TMO 16.0%
FY24
IQV 14.3%
TMO 17.1%
FY25
IQV 13.4%
TMO 17.4%
IQV
TMO
Free cash flow
FY16
IQV $696M
TMO $2.8B
FY17
IQV $601M
TMO $3.5B
FY18
IQV $795M
TMO $3.8B
FY19
IQV $835M
TMO $4.0B
FY20
IQV $1.3B
TMO $6.8B
FY21
IQV $2.3B
TMO $6.8B
FY22
IQV $1.6B
TMO $6.9B
FY23
IQV $1.5B
TMO $6.9B
FY24
IQV $2.1B
TMO $7.3B
FY25
IQV $2.1B
TMO $6.3B
IQV
TMO
Return on capital
FY16
IQV 3.6%
TMO 7.1%
FY17
IQV 4.1%
TMO 6.7%
FY18
IQV 3.5%
TMO 7.7%
FY19
IQV 3.1%
TMO —
FY20
IQV 3.5%
TMO —
FY21
IQV 7.0%
TMO 15.0%
FY22
IQV 8.5%
TMO 10.8%
FY23
IQV 10.2%
TMO 9.1%
FY24
IQV 9.8%
TMO 8.9%
FY25
IQV 9.5%
TMO 9.1%
IQV
TMO
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.