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Runs clinical trials and provides healthcare data/analytics services that help pharma and biotech companies develop and commercialize drugs.
Runs clinical trials and provides healthcare data/analytics services that help pharma and biotech companies develop and commercialize drugs.
Is paid in two ways: contract fees from drugmakers for running clinical trials, recognised over the life of each study and tracked as backlog, and subscriptions for the data and software descended from IMS Health's prescription-tracking business. It was formed in 2016 by merging Quintiles, a trial-services company, with IMS Health.
Moat: narrow (scale, data, switching costs). Massive proprietary healthcare data assets and a global trial-site network are hard for smaller CROs to match.
Headquarters: Durham, North Carolina, US · Founded: 2016 · Employees: 93,000
Size Iqvia (IQV) is a United States Health Care company (Biotechnology) with a market value of $44.8B, the 279th largest of 3,117 United States companies the cockpit tracks. Shares closed at $271.83 on 6 Nov 2026.
Performance Over six months the shares gained 52.1%, against +18.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 8.9% over the last twelve months (peer median +18.1%); the operating margin is 13.8% (peer median 25.1%).
Valuation It trades at 19.7× forward earnings against a peer median of 25.6× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points below its cost of capital (9.3% WACC).
Backlog Backlog (remaining performance obligations) was $34.2B at 30 Sep 2026, down 1% on a year earlier — 2.0 years of trailing revenue. Backlog detail →
Credit Iqvia has 8 bonds outstanding ($8.75B), rated BB by the agencies and trading like BBB- at a weighted spread of 124 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.3B | $16.3B | $15.4B | $15.0B | $14.4B |
| Revenue growth | — | +6% | +3% | +4% | — |
| Gross profit | $4.51B | $4.28B | $4.26B | $4.09B | $3.91B |
| EBITDA | $3.62B | $3.42B | $3.38B | $3.17B | $2.97B |
| Net income | $1.39B | $1.36B | $1.37B | $1.36B | $1.09B |
| Free cash flow | $2.08B | $2.05B | $2.11B | $1.50B | $1.59B |
| Capital expenditure | $657M | $603M | $602M | $649M | $674M |
| Total debt | $16.3B | $16.3B | $14.5B | $14.2B | $13.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Iqvia IQV | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% |
| ICON ICLR | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% |
| Labcorp LH | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IQV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.0% | +11.3% | 9th lowest of 20 |
| 6-month return | +52.1% | +18.5% | 6th highest of 20 |
| Distance from 52-week high | -4.5% | -13.6% | 4th highest of 20 |
| Revenue growth (TTM) | +8.9% | +18.1% | 8th lowest of 19 |
| Operating margin | 13.8% | 25.1% | 7th lowest of 19 |
| Forward P/E | 19.7× | 25.6× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 17.3% | 9.0% | 4th most demanding of 15 |
| Growth delivered (Del g) | +7.5% | +18.5% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +9.8 pp | -9.9 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -0.2 pp | +2.8 pp | 9th lowest of 19 |
| EV / EBITDA | 16.3× | 16.4× | 6th cheapest of 12 |
| Net debt / EBITDA | 3.8× | 0.1× | most indebted of 12 |
| Bond spread | 124 bp | 95 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% | +7.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | n/a | n/a | n/a |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 38.7× | 9.6% | +31.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% | +7.7% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% | +17.6% |
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 44.8× | 11.6% | +19.5% |
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 22.4× | 7.1% | +11.0% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% | +30.2% |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% | +16.5% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | n/a | 5.7% | +42.6% |
| Moderna MRNA | United States | $101B | +43% | -28% | -149% | n/a | n/a | n/a |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
Iqvia has 8 bonds outstanding with $8.75B face value. The agencies rate it BB; its bonds trade like BBB-. Weighted yield 5.01%, a spread of 124 bp over government bonds.
Iqvia reported $34.2B of remaining performance obligations at 30 Sep 2026, down 1% from a year earlier and down 6% from the previous quarter. That is 2.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.50.