NYSE · Healthcare

IQVIA Holdings Inc.

IQV · Diagnostics & Research

$159.39

▲ 1.62 (1.03%)

Data cached · refreshes every 10 min

Mr. Market is currently offering IQVIA Holdings Inc. at $159.39.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 33.3%

Operating Margin 14.0%

Net Income Margin 8.3%

Fin. Health F

Years to Pay Off Debt 11.7 yrs

Working Capital vs Long-Term Debt -$16.0B

Working Capital -$2.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.11x

Cash Flow C

Free Cash Flow $2.1B

CapEx % of Net Income 44.3%

Owner Earnings $3.1B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $26.8B

Enterprise Value $41.1B

P/E (TTM) 20.33

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 33.3%

Operating Margin 14.0%

Net Margin 8.3%

Company Info

Sector Healthcare

Industry Diagnostics & Research

Employees 93000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering IQVIA Holdings Inc. at $159.39.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $159.39, the stock trades at a 93% premium to its Graham Number of $82.67. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About IQVIA Holdings Inc.

IQVIA Holdings Inc. provides clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. The Technology & Analytics Solutions segment offers a range of cloud-based applications and associated implementation services; real world solutions that enable life sciences and provider customers to generate and disseminate evidence, which informs health care decision making and improves patients' outcomes; and strategic and implementation consulting services, such as advanced analytics and commercial processes outsourcing services. This segment also provides country level performance metrics related to sales of pharmaceutical products, prescribing trends, medical treatment, and promotional activity across various channels, including retail, hospital, and mail order; and measurement of sales or prescribing activity at the regional, zip code, and individual prescriber level. The Research & Development Solutions segment offers project management and clinical monitoring; clinical trial support; strategic planning and design services; and patient and site centric solutions, as well as central laboratory, genomic, bioanalytical, ADME, discovery, vaccine and biomarker laboratory services. The Contract Sales & Medical Solutions segment provides health care provider and patient engagement services, and scientific strategy and medical services. It serves pharmaceutical, biotechnology, device and diagnostic, and consumer health companies. The company was formerly known as Quintiles IMS Holdings, Inc. and changed its name to IQVIA Holdings Inc. in November 2017. IQVIA Holdings Inc. is based in Durham, North Carolina.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	33.3% ▼	34.9%	35.0%	34.9%	N/A
Operating Margin %	14.0% ▼	14.7%	13.8%	12.7%	N/A
Net Income %	8.3% ▼	8.9%	9.1%	7.6%	N/A
Diluted EPS	7.84 ▲	7.49	7.29	5.72	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$29.9B	$26.9B	$26.7B	$25.3B	N/A
Total Debt	$15.9B ↑	$14.2B	$13.9B	$13.0B	N/A
Working Capital	-$2.1B ▼	-$1.1B	-$895M	-$597M	N/A
Years to Pay Debt	11.73	10.31	10.23	11.93	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.1B ▼	$2.1B	$1.5B	$1.6B	N/A
Owner Earnings	$3.1B	$3.1B	$3.1B	$2.9B	N/A
CapEx % of Net Income	44.3%	43.8%	47.8%	61.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-17,538	-12,060	-6,210	-5,348
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	3,575,000	3,520,000	3,346,000	2,937,000
Total Unusual Items	-111,000	-67,000	-90,000	-28,000
Total Unusual Items Excluding Goodwill	-111,000	-67,000	-90,000	-28,000
Net Income From Continuing Operation Net Minority Interest	1,360,000	1,373,000	1,358,000	1,091,000
Reconciled Depreciation	1,144,000	1,114,000	1,125,000	1,130,000
Reconciled Cost Of Revenue	10,880,000	10,030,000	9,745,000	9,382,000
EBITDA	3,464,000	3,453,000	3,256,000	2,909,000
EBIT	2,320,000	2,339,000	2,131,000	1,779,000
Net Interest Income	-684,000	-623,000	-636,000	-403,000
Interest Expense	729,000	670,000	672,000	416,000
Interest Income	45,000	47,000	36,000	13,000
Normalized Income	1,453,462	1,427,940	1,441,790	1,113,652
Net Income From Continuing And Discontinued Operation	1,360,000	1,373,000	1,358,000	1,091,000
Total Expenses	14,023,000	13,136,000	12,923,000	12,583,000
Total Operating Income As Reported	2,182,000	2,202,000	1,977,000	1,799,000
Diluted Average Shares	173,500	183,400	186,300	190,600
Basic Average Shares	171,900	181,300	183,800	187,600
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,360,000	1,373,000	1,358,000	1,091,000
Net Income Common Stockholders	1,360,000	1,373,000	1,358,000	1,091,000
Net Income	1,360,000	1,373,000	1,358,000	1,091,000
Minority Interests	-1,000	0	0	0
Net Income Including Noncontrolling Interests	1,361,000	1,373,000	1,358,000	1,091,000
Net Income Continuous Operations	1,361,000	1,373,000	1,358,000	1,091,000
Earnings From Equity Interest Net Of Tax	22,000	5,000	0	-12,000
Tax Provision	252,000	301,000	101,000	260,000
Pretax Income	1,591,000	1,669,000	1,459,000	1,363,000
Other Income Expense	-12,000	23,000	34,000	-61,000
Other Non Operating Income Expenses	99,000	90,000	124,000	-33,000
Special Income Charges	-111,000	-67,000	-90,000	-28,000
Other Special Charges	6,000		6,000		26,000
Restructuring And Mergern Acquisition	105,000	67,000	84,000	28,000
Net Non Operating Interest Income Expense	-684,000	-623,000	-636,000	-403,000
Interest Expense Non Operating	729,000	670,000	672,000	416,000
Interest Income Non Operating	45,000	47,000	36,000	13,000
Operating Income	2,287,000	2,269,000	2,061,000	1,827,000
Operating Expense	3,143,000	3,106,000	3,178,000	3,201,000
Depreciation Amortization Depletion Income Statement	1,144,000	1,114,000	1,125,000	1,130,000
Depreciation And Amortization In Income Statement	1,144,000	1,114,000	1,125,000	1,130,000
Selling General And Administration	1,999,000	1,992,000	2,053,000	2,071,000
Gross Profit	5,430,000	5,375,000	5,239,000	5,028,000
Cost Of Revenue	10,880,000	10,030,000	9,745,000	9,382,000
Total Revenue	16,310,000	15,405,000	14,984,000	14,410,000
Operating Revenue	16,310,000	15,405,000	14,984,000	14,410,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	89,500	82,100	75,700	70,700
Ordinary Shares Number	169,600	176,100	181,500	185,700
Share Issued	259,100	258,200	257,200	256,400
Net Debt	13,744,000	12,281,000	12,297,000	11,531,000
Total Debt	15,949,000	14,156,000	13,896,000	13,011,000
Tangible Book Value	-15,075,000	-13,142,000	-13,294,000	-12,976,000
Invested Capital	22,227,000	20,050,000	19,785,000	18,512,000
Working Capital	-2,089,000	-1,128,000	-895,000	-597,000
Net Tangible Assets	-15,075,000	-13,142,000	-13,294,000	-12,976,000
Capital Lease Obligations	225,000	173,000	223,000	264,000
Common Stock Equity	6,503,000	6,067,000	6,112,000	5,765,000
Total Capitalization	20,387,000	18,905,000	19,067,000	18,360,000
Total Equity Gross Minority Interest	6,630,000	6,067,000	6,112,000	5,765,000
Minority Interest	127,000	0		0	0
Stockholders Equity	6,503,000	6,067,000	6,112,000	5,765,000
Gains Losses Not Affecting Retained Earnings	-943,000	-1,038,000	-867,000	-727,000
Other Equity Adjustments	-943,000	-1,038,000	-867,000	-727,000
Treasury Stock	11,357,000	10,103,000	8,741,000	7,740,000
Retained Earnings	7,425,000	6,065,000	4,692,000	3,334,000
Additional Paid In Capital	11,375,000	11,140,000	11,025,000	10,895,000
Capital Stock	3,000	3,000	3,000	10,898,000
Common Stock	3,000	3,000	3,000	10,898,000
Total Liabilities Net Minority Interest	23,314,000	20,832,000	20,569,000	19,572,000
Total Non Current Liabilities Net Minority Interest	14,976,000	13,875,000	14,078,000	13,994,000
Other Non Current Liabilities	688,000	668,000	698,000	671,000
Non Current Deferred Liabilities	179,000	196,000	202,000	464,000
Non Current Deferred Taxes Liabilities	179,000	196,000	202,000	464,000
Long Term Debt And Capital Lease Obligation	14,109,000	13,011,000	13,178,000	12,859,000
Long Term Capital Lease Obligation	225,000	173,000	223,000	264,000
Long Term Debt	13,884,000	12,838,000	12,955,000	12,595,000
Current Liabilities	8,338,000	6,957,000	6,491,000	5,578,000
Other Current Liabilities	489,000	193,000	294,000	152,000
Current Deferred Liabilities	2,118,000	1,779,000	1,799,000	1,797,000
Current Deferred Revenue	2,118,000	1,779,000	1,799,000	1,797,000
Current Debt And Capital Lease Obligation	1,840,000	1,145,000	718,000	152,000
Current Debt	1,840,000	1,145,000	718,000	152,000
Pensionand Other Post Retirement Benefit Plans Current	901,000	905,000	968,000	980,000
Payables And Accrued Expenses	2,990,000	2,935,000	2,712,000	2,497,000
Current Accrued Expenses	2,070,000	2,043,000	1,887,000	1,691,000
Interest Payable	85,000	81,000	66,000	43,000
Payables	920,000	892,000	825,000	806,000
Total Tax Payable	140,000	156,000	116,000	161,000
Income Tax Payable	140,000	156,000	116,000	161,000
Accounts Payable	780,000	736,000	709,000	645,000
Total Assets	29,944,000	26,899,000	26,681,000	25,337,000
Total Non Current Assets	23,695,000	21,070,000	21,085,000	20,356,000
Other Non Current Assets	505,000	520,000	455,000	472,000
Non Current Prepaid Assets				472,000	491,000
Non Current Deferred Assets	357,000	194,000	166,000	118,000
Non Current Deferred Taxes Assets	357,000	194,000	166,000	118,000
Investments And Advances	432,000	374,000	239,000	162,000
Investmentin Financial Assets	108,000	108,000	105,000	68,000
Long Term Equity Investment	324,000	266,000	134,000	94,000
Investmentsin Associatesat Cost			134,000	94,000	88,000
Goodwill And Other Intangible Assets	21,578,000	19,209,000	19,406,000	18,741,000
Other Intangible Assets	4,962,000	4,499,000	4,839,000	4,820,000
Goodwill	16,616,000	14,710,000	14,567,000	13,921,000
Net PPE	823,000	773,000	819,000	863,000
Accumulated Depreciation	-905,000	-819,000	-803,000	-840,000
Gross PPE	1,728,000	1,592,000	1,622,000	1,703,000
Other Properties	1,193,000	1,078,000	1,099,000	1,183,000
Machinery Furniture Equipment	150,000	147,000	147,000	157,000
Properties	385,000	367,000	376,000	363,000
Current Assets	6,249,000	5,829,000	5,596,000	4,981,000
Other Current Assets	519,000	592,000	546,000	561,000
Prepaid Assets	162,000	154,000	141,000	151,000
Receivables	3,427,000	3,240,000	3,413,000	2,960,000
Receivables Adjustments Allowances	-51,000	-42,000	-34,000	-36,000
Other Receivables	1,783,000	1,856,000	1,942,000	1,624,000
Taxes Receivable	27,000	36,000	32,000	43,000
Accounts Receivable	1,668,000	1,390,000	1,473,000	1,329,000
Cash Cash Equivalents And Short Term Investments	2,141,000	1,843,000	1,496,000	1,309,000
Other Short Term Investments	161,000	141,000	120,000	93,000
Cash And Cash Equivalents	1,980,000	1,702,000	1,376,000	1,216,000
Cash Financial	1,980,000	1,702,000	1,376,000	1,216,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,051,000	2,114,000	1,500,000	1,586,000
Repurchase Of Capital Stock	-1,244,000	-1,350,000	-992,000	-1,168,000
Repayment Of Debt	-8,593,000	-1,132,000	-5,582,000	-2,659,000
Issuance Of Debt	9,840,000	1,685,000	6,384,000	3,600,000
Capital Expenditure	-603,000	-602,000	-649,000	-674,000
Interest Paid Supplemental Data	647,000	589,000	556,000	379,000
Income Tax Paid Supplemental Data		295,000	340,000	255,000	222,000
End Cash Position	1,980,000	1,702,000	1,376,000	1,216,000
Beginning Cash Position	1,702,000	1,376,000	1,216,000	1,366,000
Effect Of Exchange Rate Changes	79,000	-68,000	-4,000	-75,000
Changes In Cash	199,000	394,000	164,000	-75,000
Financing Cash Flow	-150,000	-878,000	-382,000	-329,000
Cash Flow From Continuing Financing Activities	-150,000	-878,000	-382,000	-329,000
Net Other Financing Charges	-86,000	-17,000	-131,000	-31,000
Proceeds From Stock Option Exercised	-67,000	-64,000	-61,000	-71,000
Net Common Stock Issuance	-1,244,000	-1,350,000	-992,000	-1,168,000
Common Stock Payments	-1,244,000	-1,350,000	-992,000	-1,168,000
Net Issuance Payments Of Debt	1,247,000	553,000	802,000	941,000
Net Short Term Debt Issuance			-325,000	325,000	210,000
Short Term Debt Payments			-2,709,000	-2,025,000	-600,000
Short Term Debt Issuance			2,384,000	2,350,000	810,000
Net Long Term Debt Issuance	1,247,000	553,000	802,000	941,000
Long Term Debt Payments	-8,593,000	-1,132,000	-5,582,000	-2,659,000
Long Term Debt Issuance	9,840,000	1,685,000	6,384,000	3,600,000
Investing Cash Flow	-2,305,000	-1,444,000	-1,603,000	-2,006,000
Cash Flow From Continuing Investing Activities	-2,305,000	-1,444,000	-1,603,000	-2,006,000
Net Other Investing Changes	-1,000	2,000	5,000	8,000
Net Investment Purchase And Sale	-18,000	-2,000	-44,000	-5,000
Sale Of Investment	2,000			0	5,000
Purchase Of Investment	-20,000	-2,000	-44,000	-5,000
Net Business Purchase And Sale	-1,758,000	-867,000	-915,000	-1,335,000
Purchase Of Business	-1,758,000	-867,000	-915,000	-1,335,000
Net PPE Purchase And Sale	-528,000	-577,000	-649,000	-674,000
Sale Of PPE	75,000	25,000	0	0
Purchase Of PPE	-603,000	-602,000	-649,000	-674,000
Operating Cash Flow	2,654,000	2,716,000	2,149,000	2,260,000
Cash Flow From Continuing Operating Activities	2,654,000	2,716,000	2,149,000	2,260,000
Change In Working Capital	125,000	158,000	-280,000	-84,000
Change In Other Working Capital	242,000	9,000	-29,000	31,000
Change In Payables And Accrued Expense	-395,000	-40,000	103,000	299,000
Change In Payable	-395,000	-40,000	103,000	299,000
Change In Account Payable	-96,000	115,000	267,000	427,000
Change In Tax Payable	-299,000	-155,000	-164,000	-128,000
Change In Income Tax Payable	-299,000	-155,000	-164,000	-128,000
Change In Prepaid Assets	218,000	7,000	34,000	7,000
Change In Receivables	60,000	182,000	-388,000	-421,000
Other Non Cash Items	23,000	21,000	18,000	15,000
Stock Based Compensation	247,000	206,000	217,000	194,000
Deferred Tax	-180,000	-129,000	-269,000	-115,000
Deferred Income Tax	-180,000	-129,000	-269,000	-115,000
Depreciation Amortization Depletion	1,144,000	1,114,000	1,125,000	1,130,000
Depreciation And Amortization	1,144,000	1,114,000	1,125,000	1,130,000
Amortization Cash Flow	984,000	965,000	974,000	970,000
Amortization Of Intangibles	984,000	965,000	974,000	970,000
Depreciation	160,000	149,000	151,000	160,000
Operating Gains Losses	-66,000	-27,000	-20,000	29,000
Earnings Losses From Equity Investments	-22,000	-5,000	0	12,000
Gain Loss On Investment Securities	-44,000	-22,000	-20,000	27,000
Gain Loss On Sale Of PPE		0	0	-10,000	0
Net Income From Continuing Operations	1,361,000	1,373,000	1,358,000	1,091,000

These metrics estimate what IQVIA Holdings Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$82.67

Margin of Safety

Market Cap ÷ Company Value

3.07

P/B Ratio

4.11

Warren's Owner Earnings

$3.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$16.3B

vs > $1.5B revenue

❌ Strong Financial Condition

0.75x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+37.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

20.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.11x P/B (P/E×P/B: 83.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-101.66

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$151.38

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	44.3%	43.8%	47.8%	61.8%	N/A
Repurchase of Capital Stock	-$1.2B	-$1.4B	-$992M	-$1.2B	N/A
Free Cash Flow	$2.1B ▼	$2.1B ▲	$1.5B ▼	$1.6B •	N/A •
Warren's Owner Earnings	$3.1B	$3.1B	$3.1B	$2.9B	N/A

Peers & Industry

No auto-detected peers for Diagnostics & Research. You can manually compare IQV against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.09%

Low — management has little skin in the game

Return on Equity (ROE)

20.9%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.5%

Fair — average asset utilization

Share Buybacks (Latest Year)

$1.2B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.7% YoY

Debt is growing — management is leveraging up

Leadership Team

Ari Bousbib

CEO & Chairman

Age 64

Pay: $7,160,123

0.526% of net income

Richard Staub III

President of Research & Development Solutions

Age 62

Pay: $1,829,079

0.134% of net income

Alistair Grenfell

President of Commercial Solutions

Age 51

Pay: $1,704,592

0.125% of net income

Michael Fedock MBA

Executive VP & Chief Financial Officer

Age 49

James Berkshire

Executive Vice President of Global Infrastructure & Operations

Age 51

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.58%	19,650,532
Blackrock Inc.	8.34%	14,160,073
Harris Associates L.P.	6.67%	11,319,718
State Street Corporation	4.39%	7,446,912
Geode Capital Management, LLC	2.58%	4,374,971
Boston Partners	2.41%	4,087,380
JPMORGAN CHASE & CO	2.24%	3,799,600
FMR, LLC	2.05%	3,478,255

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.18

Moderate volatility — moves slightly more than market

Short Interest

3.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

2.46x

High leverage — significant financial risk

Current Ratio