IQVIA vs Thermo Fisher Scientific
Thermo Fisher Scientific is the larger business, with $44.56bn of revenue in fiscal 2025 against $16.31bn for IQVIA (2.7 times as much). IQVIA grew faster (5.9% against 3.9%). Thermo Fisher Scientific kept more of each dollar of sales as profit: a net margin of 15.0% against 8.3%. Thermo Fisher Scientific carries less debt relative to equity (73.9% against 243.0%).
| Latest fiscal year | IQVIAIQV, 2025 | Thermo Fisher ScientificTMO, 2025 |
|---|---|---|
| Revenue | $16.31bn | $44.56bn |
| Revenue growth | 5.9% | 3.9% |
| Net income | $1.36bn | $6.70bn |
| Operating margin | 13.4% | 17.4% |
| Net margin | 8.3% | 15.0% |
| Return on equity | 21.6% | 13.0% |
| Free cash flow | $2.05bn | $6.29bn |
| Cash | $1.98bn | $9.85bn |
| Total debt | $15.80bn | $39.46bn |
| Debt to equity | 243.0% | 73.9% |
| Dividend per share | — | $1.72 |
| Dividend yield | — | 0.3% |
| Share buybacks | $1.24bn | $3.00bn |
| Employees | 93,000 | 125,000 |
| Market value | $43.14bn | $258.83bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 58 (Moderate) | 69 (Moderate) |
| Insider trades, 12 months | 0 buys, 10 sales | 0 buys, 144 sales |