Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin13.0%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin5.9%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt63.4 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$16.3B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$2.6B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book6.22x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$360M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income77.3%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$746M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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 has a strategic collaboration with Kexing Biopharm Co., Ltd. for biosimilar development. 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.
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 has a strategic collaboration with Kexing Biopharm Co., Ltd. for biosimilar development. 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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering IQVIA Holdings Inc. at $233.36.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $233.36, the stock trades at a 549% premium to its Graham Number of $35.93. 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.
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Gross Profit %
32.9%▼
32.9%
Operating Margin %
13.0%▼
14.9%
Net Income %
5.9%▼
11.8%
Diluted EPS
1.53▼
2.99
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$29.9B
$29.9B
N/A
Total Debt
$16.2B▲
$15.9B•
N/A
Working Capital
-$2.6B▼
-$2.1B•
N/A
Years to Pay Debt
63.44
31.03
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$360M▼
$561M•
N/A
Owner Earnings
$746M
$1.0B
N/A
CapEx % of Net Income
77.3%
33.9%
N/A
Income Statement
2026
2025
Tax Effect Of Unusual Items
-13,134
-2,857
Tax Rate For Calcs
0
0
Normalized EBITDA
856,000
1,073,000
Total Unusual Items
-66,000
-26,000
Total Unusual Items Excluding Goodwill
-66,000
-26,000
Net Income From Continuing Operation Net Minority Interest
256,000
514,000
Reconciled Depreciation
292,000
317,000
Reconciled Cost Of Revenue
2,933,000
2,928,000
EBITDA
790,000
1,047,000
EBIT
498,000
730,000
Net Interest Income
-190,000
-182,000
Interest Expense
197,000
193,000
Interest Income
7,000
11,000
Normalized Income
308,866
537,143
Net Income From Continuing And Discontinued Operation
256,000
514,000
Total Expenses
3,799,000
3,713,000
Total Operating Income As Reported
506,000
627,000
Diluted Average Shares
167,300
171,900
Basic Average Shares
166,100
170,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
256,000
514,000
Net Income Common Stockholders
256,000
514,000
Net Income
256,000
514,000
Minority Interests
-2,000
0
Net Income Including Noncontrolling Interests
258,000
514,000
Net Income Continuous Operations
258,000
514,000
Earnings From Equity Interest Net Of Tax
17,000
36,000
Tax Provision
60,000
59,000
Pretax Income
301,000
537,000
Other Income Expense
-78,000
68,000
Other Non Operating Income Expenses
-12,000
94,000
Special Income Charges
-66,000
-26,000
Other Special Charges
3,000
2,000
Restructuring And Mergern Acquisition
63,000
24,000
Net Non Operating Interest Income Expense
-190,000
-182,000
Interest Expense Non Operating
197,000
193,000
Interest Income Non Operating
7,000
11,000
Operating Income
569,000
651,000
Operating Expense
866,000
785,000
Depreciation Amortization Depletion Income Statement
292,000
317,000
Depreciation And Amortization In Income Statement
292,000
317,000
Selling General And Administration
574,000
468,000
Gross Profit
1,435,000
1,436,000
Cost Of Revenue
2,933,000
2,928,000
Total Revenue
4,368,000
4,364,000
Operating Revenue
4,368,000
4,364,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
89,500
Ordinary Shares Number
164,600
169,600
Share Issued
164,600
259,100
Net Debt
14,090,000
13,744,000
Total Debt
16,241,000
15,949,000
Tangible Book Value
-15,182,000
-15,075,000
Invested Capital
22,170,000
22,227,000
Working Capital
-2,589,000
-2,089,000
Net Tangible Assets
-15,182,000
-15,075,000
Capital Lease Obligations
242,000
225,000
Common Stock Equity
6,171,000
6,503,000
Total Capitalization
19,876,000
20,387,000
Total Equity Gross Minority Interest
6,301,000
6,630,000
Minority Interest
130,000
127,000
Stockholders Equity
6,171,000
6,503,000
Gains Losses Not Affecting Retained Earnings
-964,000
-943,000
Other Equity Adjustments
-964,000
-943,000
Treasury Stock
12,316,000
11,357,000
Retained Earnings
7,955,000
7,425,000
Additional Paid In Capital
11,493,000
11,375,000
Capital Stock
3,000
3,000
Common Stock
3,000
3,000
Total Liabilities Net Minority Interest
23,580,000
23,314,000
Total Non Current Liabilities Net Minority Interest
14,765,000
14,976,000
Other Non Current Liabilities
645,000
688,000
Non Current Deferred Liabilities
173,000
179,000
Non Current Deferred Taxes Liabilities
173,000
179,000
Long Term Debt And Capital Lease Obligation
13,947,000
14,109,000
Long Term Capital Lease Obligation
242,000
225,000
Long Term Debt
13,705,000
13,884,000
Current Liabilities
8,815,000
8,338,000
Other Current Liabilities
457,000
489,000
Current Deferred Liabilities
2,281,000
2,118,000
Current Deferred Revenue
2,281,000
2,118,000
Current Debt And Capital Lease Obligation
2,294,000
1,840,000
Current Debt
2,294,000
1,840,000
Pensionand Other Post Retirement Benefit Plans Current
901,000
905,000
Payables And Accrued Expenses
3,783,000
2,990,000
Current Accrued Expenses
2,070,000
2,043,000
Interest Payable
85,000
81,000
Payables
3,783,000
920,000
Total Tax Payable
175,000
140,000
Income Tax Payable
175,000
140,000
Accounts Payable
3,608,000
780,000
Total Assets
29,881,000
29,944,000
Total Non Current Assets
23,655,000
23,695,000
Other Non Current Assets
558,000
505,000
Non Current Deferred Assets
421,000
357,000
Non Current Deferred Taxes Assets
421,000
357,000
Investments And Advances
472,000
432,000
Investmentin Financial Assets
82,000
108,000
Long Term Equity Investment
390,000
324,000
Goodwill And Other Intangible Assets
21,353,000
21,578,000
Other Intangible Assets
4,749,000
4,962,000
Goodwill
16,604,000
16,616,000
Net PPE
851,000
823,000
Accumulated Depreciation
-905,000
-819,000
Gross PPE
851,000
1,728,000
Other Properties
851,000
1,193,000
Machinery Furniture Equipment
150,000
147,000
Properties
385,000
367,000
Current Assets
6,226,000
6,249,000
Other Current Assets
539,000
519,000
Prepaid Assets
220,000
162,000
Receivables
3,387,000
3,427,000
Receivables Adjustments Allowances
-50,000
-51,000
Other Receivables
1,769,000
1,783,000
Taxes Receivable
42,000
27,000
Accounts Receivable
1,626,000
1,668,000
Cash Cash Equivalents And Short Term Investments
2,080,000
2,141,000
Other Short Term Investments
171,000
161,000
Cash And Cash Equivalents
1,909,000
1,980,000
Cash Financial
1,909,000
1,980,000
Cash Flow
2026
2025
2024
Free Cash Flow
360,000
561,000
Repurchase Of Capital Stock
-398,000
-212,000
Repayment Of Debt
-1,237,000
-3,717,000
Issuance Of Debt
1,458,000
4,480,000
Capital Expenditure
-198,000
-174,000
End Cash Position
1,909,000
1,980,000
Beginning Cash Position
1,947,000
1,814,000
Effect Of Exchange Rate Changes
-1,000
0
Changes In Cash
-37,000
166,000
Financing Cash Flow
-214,000
535,000
Cash Flow From Continuing Financing Activities
-214,000
535,000
Net Other Financing Charges
-36,000
-15,000
Proceeds From Stock Option Exercised
-1,000
-1,000
Net Common Stock Issuance
-398,000
-212,000
Common Stock Payments
-398,000
-212,000
Net Issuance Payments Of Debt
221,000
763,000
Net Long Term Debt Issuance
221,000
763,000
Long Term Debt Payments
-1,237,000
-3,717,000
Long Term Debt Issuance
1,458,000
4,480,000
Investing Cash Flow
-381,000
-1,104,000
Cash Flow From Continuing Investing Activities
-381,000
-1,104,000
Net Other Investing Changes
1,000
2,000
Net Investment Purchase And Sale
2,000
0
Sale Of Investment
2,000
0
Purchase Of Investment
0
0
Net Business Purchase And Sale
-186,000
-932,000
Purchase Of Business
-186,000
-932,000
Net PPE Purchase And Sale
-198,000
-174,000
Sale Of PPE
0
0
Purchase Of PPE
-198,000
-174,000
Operating Cash Flow
558,000
735,000
Cash Flow From Continuing Operating Activities
558,000
735,000
Change In Working Capital
-34,000
-54,000
Change In Other Working Capital
-80,000
505,000
Change In Receivables
46,000
-382,000
Changes In Account Receivables
Other Non Cash Items
6,000
6,000
Stock Based Compensation
95,000
60,000
Deferred Tax
-36,000
-48,000
Deferred Income Tax
-36,000
-48,000
Depreciation Amortization Depletion
292,000
317,000
Depreciation And Amortization
292,000
317,000
Operating Gains Losses
-23,000
-60,000
Earnings Losses From Equity Investments
-17,000
-36,000
Gain Loss On Investment Securities
-6,000
-24,000
Net Income From Continuing Operations
258,000
514,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $4.0B▲ $4.4B+8.7%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 32.9%▲ 32.9%-0.1pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 14.2%▲ 13.0%-1.1pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 6.6%▼ 5.9%-0.8pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$4.4B/qtr (≈$17.5B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.71x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$360M
vs Positive
Operating Cash Flow
$558M
Latest quarter · Buffett's cash reality check
ROIC
2.1%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
6.1x
Net Assets: $6.3B
Asset Context — Diagnostics & Research
R&D costs are expensed immediately under GAAP rather than capitalised as assets, meaning a pharma/biotech company's most valuable assets (drug pipeline, patents) are largely invisible on the balance sheet. Net Assets significantly understates true economic value. Pipeline depth and revenue diversification matter more.
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)
4.1%
Weak — poor returns on equity
Return on Assets (ROA)
0.9%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$1.2B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+1.1% YoY
Debt is roughly stable
Leadership Team
Ari Bousbib
CEO & Chairman
Age 64
Pay: $7,160,123
2.797% of net income
Richard Staub III
President of Research & Development Solutions
Age 62
Pay: $1,829,079
0.714% of net income
Alistair Grenfell
President of Commercial Solutions
Age 51
Pay: $1,704,592
0.666% 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
Blackrock Inc.
9.13%
15,027,444
Harris Associates L.P.
7.40%
12,183,275
Vanguard Capital Management LLC
6.70%
11,026,983
Vanguard Portfolio Management LLC
4.60%
7,576,001
State Street Corporation
4.54%
7,476,962
JPMORGAN CHASE & CO
3.29%
5,407,690
Artisan Partners Limited Partnership
3.07%
5,058,865
Geode Capital Management, LLC
2.71%
4,463,052
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
1.18
Moderate volatility — moves slightly more than market
Short Interest
3.6% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
2.58x
High leverage — significant financial risk
Current Ratio
0.71x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $154.50Current: $233.36High: $251.36
Currently at 81% of 52-week range
IQVIA Holdings Inc. (IQV) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $35.93. Margin of safety: 0%. Gross profit margin: 32.9%. Operating margin: 13.0%. Net margin: 5.9%. Market cap: $38.4B. Sector: Healthcare. Industry: Diagnostics & Research. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.