Icon vs IQVIA
IQVIA is the larger business, with $16.31bn of revenue in fiscal 2025 against $8.25bn for Icon (2.0 times as much). IQVIA grew faster (5.9% against 0.8%). IQVIA kept more of each dollar of sales as profit: a net margin of 8.3% against 2.8%. Icon carries less debt relative to equity (37.2% against 243.0%).
| Latest fiscal year | IconICLR, 2025 | IQVIAIQV, 2025 |
|---|---|---|
| Revenue | $8.25bn | $16.31bn |
| Revenue growth | 0.8% | 5.9% |
| Net income | $229m | $1.36bn |
| Operating margin | 5.4% | 13.4% |
| Net margin | 2.8% | 8.3% |
| Return on equity | 2.5% | 21.6% |
| Free cash flow | $862m | $2.05bn |
| Cash | $647m | $1.98bn |
| Total debt | $3.42bn | $15.80bn |
| Debt to equity | 37.2% | 243.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $750m | $1.24bn |
| Employees | — | 93,000 |
| Market value | $15.75bn | $43.14bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 52 (Moderate) | 58 (Moderate) |
| Insider trades, 12 months | 0 buys, 42 sales | 0 buys, 10 sales |