IQVIA vs Thermo Fisher Scientific
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KIRA’s take AI analyst
I put IQVIA and Thermo Fisher Scientific side by side, using each one’s latest annual report. Here is what stands out:
- 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 37.3x against 33.7x for IQVIA.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
IQVIA
IQV
5/10
Revenue growth5-year growthReturn on capitalReturn on equityShare count change
Thermo Fisher Scientific
TMO
5/10
Operating marginNet marginFCF marginPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | IQV FY25 | TMO FY25 |
|---|---|---|
| Size | ||
| Market cap | $46.1B | $257.1B |
| 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 | 33.7x | 37.3x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.