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IQVIA (IQV) stock

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NYSE: IQV NYSE Life Sciences Tools & Services Next results ~February 4, 2027

B Fundamentals grade

IQVIA is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$260

Cash-flow model

Base case. Range ~$170–$370 across our lower- and higher-growth cases (2%–12% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 0% below our base value.

Price used: $258.44, November 2, 2026

IQVIA valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter IQVIA files

10-Q filed October 27: IQVIA

Model value +8.6%

Revenue for the twelve months to September 2026 was $17.3bn, up 8.8% on a year earlier, faster than the 8.2% growth a quarter earlier. Free-cash-flow margin fell to 12.0% from 13.9% a year earlier. The diluted share count is down 3.9% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C+ to B. Our model value rises from $235 to $255 a share, against a share price of $271. The rating stays Hold. At that price, our model says the market is pricing in about 7.7% a year of cash-flow growth for five years, faster than the 4.5% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: IQVIA

Revenue for the twelve months to June 2026 reached $17.3bn, up 8.8% on a year earlier and ahead of the 8.2% growth posted a quarter before. That pace ranks 4 of 16 among the life sciences tools and services companies we cover. Free-cash-flow margin slipped to 12.0% from 13.9%. Offsetting this, the diluted share count is down 3.9%, lifting each remaining share. The fundamentals grade improves from C to C+. Our model value is little changed at $235 a share, against a market price of $280, and the rating stays Hold. At that price, the model implies the market expects about 8.4% a year of cash-flow growth over five years, well above the 4.5% a year revenue growth delivered so far.

10-Q on SEC EDGAR

Where IQVIA stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $17.0bn, up 8.2% on a year earlier, faster than 7.3% a quarter earlier. Free-cash-flow margin held at 12.9%. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 7 financial-health checks. Our cash-flow model value is $174 a share, against a share price of $269. At that price, our model says the market is pricing in about 12.3% a year of cash-flow growth for five years, faster than the 4.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

IQVIA's trailing-twelve-month revenue grew 8.8% year on year, with a free-cash-flow margin of 12.0%. Where it stands out: change in share count of -3.9% ranks 4 of 46 life sciences tools & services companies we cover. Where it lags: long-term debt as % of assets of 48.6% ranks 30 of 35 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$260 per share in the base case (~$170–$370 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 8.8% (+0.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 6 insiders sold $38M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 48.6% ranks 30 of 35 life sciences tools & services companies we cover (median 26.3%).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$3.34 against an average estimate of $3.28: beat by 2.0%
Revenue
$4.43bn, up 8.0% on a year earlier
Share reaction
+2.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue $17,350m to $17,500m (full-year 2026); adjusted EBITDA $4,025m to $4,055m (full-year 2026)
Next report
October 27, 2026; average EPS estimate $3.59

IQVIA's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.3%
  • 1 week-5.5%
  • 1 month+0.1%
  • This year+14.7%
  • 1 year+19.4%
  • 5 years+1.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.3B
Operating margin
12.8%
Net margin
8.1%
EPS (TTM, diluted)
$8.25

Growth

Revenue growth
+8.8%
Change in growth rate
+0.7 pts
Share count change
−3.9%

Cash

Free cash flow (TTM)
$2.1B
FCF margin
12.0%
Stock pay % of revenue
1.7%

Earnings

Last results
October 27, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Our research
  5. Announcement
  6. Regulatory
  7. Product
  8. Results
  9. Agreement
  10. Financing
  11. Financing
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Insider trade
  17. Insider trade
  18. Insider trade
  19. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

IQVIA valuation models and calculator

What the price is pricing in

The share price implies about 6.8% a year of cash-flow growth for five years.That is close to the 4.5% a year revenue growth IQVIA has delivered.

  • Priced in6.8%
  • Last 12 months8.8%
  • 3 years a year5.2%
  • 5 years a year4.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($258.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$260
Price used
$258.15close November 3, 2026
Implied change
▲ +0%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of IQVIA's free cash flow after stock-based pay with after-tax interest added back ($2.6B, FY2026 Q3 TTM), growing 6% and 6.8% in the next two years (forecasts, guidance and its record), then back to 7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$170–~$370 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of IQVIA's free cash flow after stock-based pay ( $2.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value IQVIA as an operating company, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.98 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$260 ~$170–$370 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$340 ~$260–$460 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$84–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$98–$140 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$110–$340 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare IQVIA with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −13%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $142$223$331$472$657$895
8.5% $89$148$225$327$458$627
10% $57$103$162$240$340$468

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$68.66$76.05$97.90$116.17$154.51$179.17$282.14$204.89$231.38$196.51$225.41$258.44
Market value$8.6bn$11.6bn$21.8bn$24.2bn$30.8bn$34.9bn$55.0bn$39.1bn$43.1bn$36.0bn$39.1bn$43.7bn
+ Net debt (− = net cash)$1.5bn$6.0bn$9.3bn$10.2bn$10.9bn$10.8bn$10.8bn$11.6bn$12.4bn$12.3bn$13.8bn$13.9bn
Enterprise value$10.1bn$17.6bn$31.1bn$34.4bn$41.7bn$45.7bn$65.8bn$50.6bn$55.5bn$48.4bn$52.9bn$57.6bn
Multiples
Price / sales 1.5x1.7x2.2x2.3x2.8x3.1x4.0x2.7x2.9x2.3x2.4x2.5x
Price / earnings 22.3x160.6x17.1x93.4x161.5x125.2x57.0x35.8x31.7x26.2x28.8x31.3x
Price / free cash flow 21.7x16.6x36.3x30.4x36.9x26.0x23.9x24.6x28.7x17.0x19.1x21.0x
EV / EBITDA 13.1x20.3x18.6x18.3x21.1x22.7x24.8x17.3x17.9x14.6x15.9x16.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard IQVIA's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.4% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 10.7%; its worst year was 5.5%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.8% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.96 +9% $17.5bn +7%
Next $14.26 +10% $18.6bn +6%

Next year's EPS estimate has moved −1.1% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 1 analyst raised IQVIA's forecast and 2 cut it.

Consensus EPS forecast IQVIA, last 90 days
$12.50 $13.00 $13.50 $14.00 $14.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.96 Current fiscal year, 60 days ago: $12.97 Current fiscal year, 30 days ago: $12.97 Current fiscal year, 7 days ago: $12.96 Current fiscal year, Now: $12.96 $12.96 Next fiscal year, 90 days ago: $14.42 Next fiscal year, 60 days ago: $14.46 Next fiscal year, 30 days ago: $14.46 Next fiscal year, 7 days ago: $14.40 Next fiscal year, Now: $14.26 $14.26

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.96$14.42
60 days ago $12.97$14.46
30 days ago $12.97$14.46
7 days ago $12.96$14.40
Now $12.96$14.26

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.28 $3.34 +2.0%
Jun 2026 $3.03 $3.15 +3.9%
Mar 2026 $2.82 $2.90 +3.0%
Dec 2025 $3.40 $3.42 +0.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Revenue full-year 2026 $17,350m to $17,500m GAAP Raised
    “The company is raising its full-year 2026 guidance for revenue to be between $17,350 million and $17,500 million, for Adjusted EBITDA to be between $4,025 million and $4,055 million and for Adjusted Diluted Earnings per Share to be between $12.90 and $13.00.” source
  • Adjusted Diluted Earnings per Share full-year 2026 $12.90 to $13.00 Non-GAAP Raised
    “The company is raising its full-year 2026 guidance for revenue to be between $17,350 million and $17,500 million, for Adjusted EBITDA to be between $4,025 million and $4,055 million and for Adjusted Diluted Earnings per Share to be between $12.90 and $13.00.” source
  • Adjusted EBITDA full-year 2026 $4,025m to $4,055m Non-GAAP Raised
    “The company is raising its full-year 2026 guidance for revenue to be between $17,350 million and $17,500 million, for Adjusted EBITDA to be between $4,025 million and $4,055 million and for Adjusted Diluted Earnings per Share to be between $12.90 and $13.00.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows IQVIA's revenue by +6.0% next year and +6.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.8%, weight 48%) , management guidance (+5.5%, weight 31%) and the company's own record (+7.0%, weight 21%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy1890%
Hold210%
Sell00%

Monthly trend

  1. Oct 2026216220
  2. Sep 2026316322
  3. Aug 2026315321
  4. Jul 2026415221

Counts of recommendations published by analysts covering IQVIA, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.1%
of tradable shares
Days to cover
1.92
at average volume
Short interest, 1 month
−27%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
93,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +19.4%

$216.46 on October 31, 2025 to $258.44

ThenNowEffect
Revenue (last 12 months) $15.7bn $17.0bn +8.2%
Net margin 7.9% 8.1% +2.8%
P/E multiple 31.3x 32.0x +2.1%
Share count 179m 170m +5.2%

Biggest factor: revenue.

Last 3 years +31.1%

$197.20 on November 3, 2023 to $258.44

ThenNowEffect
Revenue (last 12 months) $14.7bn $17.0bn +15.7%
Net margin 7.5% 8.1% +8.5%
P/E multiple 33.9x 32.0x −5.6%
Share count 188m 170m +10.7%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IQV+58%−27%+13%−15%+15%+15%
Industry peers (median)+4%−53%−3%−13%−7%+16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IQV75%42%42%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IQV−10%−39%−26%−26%−35%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 52% from December 30, 2021 to May 23, 2025. Getting back needed a 106% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$156.66 – $279.36
From 52-week high
−7.5%
vs 50-day average
−2.9%
vs 200-day average
+23.3%
Volatility (1 year)
41%
Beta vs S&P 500
0.75

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±7.1%
After a week
6 up, 5 down
typical move ±7.9%
After a month
6 up, 5 down
typical move ±11.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +2.0% +0.9% — —
July 28, 2026 +16.1% −1.3% +7.0% +22.6%
May 5, 2026 +9.6% +2.2% +8.8% +16.1%
February 5, 2026 −7.4% +0.6% −16.6% −11.8%
October 28, 2025 +0.2% +0.3% −3.0% +6.6%
July 22, 2025 +22.2% +0.9% +22.4% +20.8%
May 6, 2025 +0.7% −0.4% −1.1% −3.2%
February 6, 2025 +1.3% −0.6% −4.6% −8.1%
October 31, 2024 −3.2% −1.5% +0.8% −6.6%
July 22, 2024 +6.3% +0.9% +5.6% +10.0%
May 2, 2024 −4.1% +2.2% −1.6% −7.1%
February 14, 2024 +12.2% +1.6% +14.9% +17.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How IQVIA’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

IQV IQVIA Grade B $261.15

Own 100 shares, sell the $280 call expiring December 18, 2026 (45 days) for $7.30 a share — $730 per contract.

Bid $7.30, ask $9.40, quoted Tue 3 Nov, 14:30 New York time with IQV at $261.15. Option prices move with the shares: check the live chain at your broker before trading.

  • If IQV ends below $280: you keep your shares and the $730 — 2.8% extra on the position, 22.7% a year at that pace.
  • If it ends above $280: your shares are sold at $280, a total return of 10.0% including the premium — at or above our value of ~$260.
$2.6k $0 −$5.1k Break-even $253.84 Our value $260 Price $261.15
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$730
Annualised
22.7%
Break-even
$253.84
Max gain
$2,615.5
Chance of selling
~36%

Collar

Own the shares, buy the $250 put and sell the $280 call, both expiring December 18, 2026 (45 days).

  • Net cost of $1.70 a share ($170 per contract of 100 shares).
  • Worst case at expiry: -4.9%, if the shares fall below $250 (-4.3% from today).
  • Best case at expiry: +6.6%, if the shares rise above $280 (+7.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $260: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

IQVIA in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) IQVIA
$14B $15B $16B $17B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $15B Revenue (TTM), FY24 Q1: $15.1B Revenue (TTM), FY24 Q2: $15.2B Revenue (TTM), FY24 Q3: $15.3B Revenue (TTM), FY24 Q4: $15.4B Revenue (TTM), FY25 Q1: $15.5B Revenue (TTM), FY25 Q2: $15.7B Revenue (TTM), FY25 Q3: $15.9B Revenue (TTM), FY25 Q4: $16.3B Revenue (TTM), FY26 Q1: $16.6B Revenue (TTM), FY26 Q2: $17B Revenue (TTM), FY26 Q3: $17.3B $17.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $15B
FY24 Q1 $15.1B
FY24 Q2 $15.2B
FY24 Q3 $15.3B
FY24 Q4 $15.4B
FY25 Q1 $15.5B
FY25 Q2 $15.7B
FY25 Q3 $15.9B
FY25 Q4 $16.3B
FY26 Q1 $16.6B
FY26 Q2 $17B
FY26 Q3 $17.3B
Revenue growth, TTM YoY IQVIA
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.0% Revenue growth, TTM YoY, FY24 Q1: 4.0% Revenue growth, TTM YoY, FY24 Q2: 3.2% Revenue growth, TTM YoY, FY24 Q3: 3.1% Revenue growth, TTM YoY, FY24 Q4: 2.8% Revenue growth, TTM YoY, FY25 Q1: 2.8% Revenue growth, TTM YoY, FY25 Q2: 3.6% Revenue growth, TTM YoY, FY25 Q3: 3.8% Revenue growth, TTM YoY, FY25 Q4: 5.9% Revenue growth, TTM YoY, FY26 Q1: 7.3% Revenue growth, TTM YoY, FY26 Q2: 8.2% Revenue growth, TTM YoY, FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.0%
FY24 Q1 4.0%
FY24 Q2 3.2%
FY24 Q3 3.1%
FY24 Q4 2.8%
FY25 Q1 2.8%
FY25 Q2 3.6%
FY25 Q3 3.8%
FY25 Q4 5.9%
FY26 Q1 7.3%
FY26 Q2 8.2%
FY26 Q3 8.8%
Operating margin (TTM) IQVIA
12.5% 13% 13.5% 14% 14.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 13.2% Operating margin (TTM), FY24 Q1: 13.4% Operating margin (TTM), FY24 Q2: 13.2% Operating margin (TTM), FY24 Q3: 13.6% Operating margin (TTM), FY24 Q4: 14.3% Operating margin (TTM), FY25 Q1: 14.1% Operating margin (TTM), FY25 Q2: 13.9% Operating margin (TTM), FY25 Q3: 13.7% Operating margin (TTM), FY25 Q4: 13.4% Operating margin (TTM), FY26 Q1: 13.2% Operating margin (TTM), FY26 Q2: 13.0% Operating margin (TTM), FY26 Q3: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 13.2%
FY24 Q1 13.4%
FY24 Q2 13.2%
FY24 Q3 13.6%
FY24 Q4 14.3%
FY25 Q1 14.1%
FY25 Q2 13.9%
FY25 Q3 13.7%
FY25 Q4 13.4%
FY26 Q1 13.2%
FY26 Q2 13.0%
FY26 Q3 12.8%
FCF margin (TTM) IQVIA
10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.0% FCF margin (TTM), FY24 Q1: 10.8% FCF margin (TTM), FY24 Q2: 12.1% FCF margin (TTM), FY24 Q3: 12.8% FCF margin (TTM), FY24 Q4: 13.7% FCF margin (TTM), FY25 Q1: 14.0% FCF margin (TTM), FY25 Q2: 12.8% FCF margin (TTM), FY25 Q3: 13.9% FCF margin (TTM), FY25 Q4: 12.6% FCF margin (TTM), FY26 Q1: 12.7% FCF margin (TTM), FY26 Q2: 12.9% FCF margin (TTM), FY26 Q3: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.0%
FY24 Q1 10.8%
FY24 Q2 12.1%
FY24 Q3 12.8%
FY24 Q4 13.7%
FY25 Q1 14.0%
FY25 Q2 12.8%
FY25 Q3 13.9%
FY25 Q4 12.6%
FY26 Q1 12.7%
FY26 Q2 12.9%
FY26 Q3 12.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar IQVIA took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $16.3B
  2. Selling, general and admin $2B · 12.3%
  3. Other operating costs $12.1B · 74.4%
  4. Operating income $2.2B · 13.4%
  5. Income tax $252M · 1.5%
  6. Interest and other $570M · 3.5%
  7. Net income $1.4B · 8.3%

Shares of revenue. Source: IQVIA's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 4.3 4.9 5.1 5.5 5.7 6.9 9.7 10.4 11.1 11.4 13.9 14.4 15.0 15.4 16.3 17.3
EBITDA 0.4 0.5 0.6 0.7 0.8 0.9 1.7 1.9 2.0 2.0 2.7 2.9 3.1 3.3 3.3 3.4
Operating income 0.3 0.4 0.5 0.6 0.6 0.6 0.7 0.7 0.8 0.7 1.4 1.8 2.0 2.2 2.2 2.2
Net income 0.2 0.2 0.2 0.4 0.4 0.1 1.3 0.3 0.2 0.3 1.0 1.1 1.4 1.4 1.4 1.4
Diluted EPS $2.05 $1.51 $1.77 $2.72 $3.08 $0.47 $5.74 $1.24 $0.96 $1.43 $4.95 $5.72 $7.29 $7.49 $7.84 $8.25
Growth (year on year)
Revenue — +12.4% +4.8% +7.1% +5.1% +19.9% +41.6% +6.9% +6.5% +2.4% +22.1% +3.9% +4.0% +2.8% +5.9% +8.8%
EBITDA — +13.1% +15.2% +24.8% +8.9% +11.8% +93.8% +12.3% +5.2% +2.0% +31.7% +10.2% +5.9% +6.9% +0.3% +3.8%
Operating income — +14.8% +16.6% +27.6% +9.5% −10.8% +15.5% +11.4% +4.9% −5.9% +90.6% +29.1% +9.9% +11.4% −0.9% +1.7%
Net income — −26.6% +27.6% +57.6% +8.4% −81.4% — −79.7% −26.3% — +246.2% +12.9% +24.5% +1.1% −0.9% +8.7%
Diluted EPS — −26.3% +17.2% +53.7% +13.2% −84.7% — −78.4% −22.6% — +246.2% +15.6% +27.4% +2.7% +4.7% +13.0%
Margins
EBITDA margin 10.1% 10.2% 11.2% 13.0% 13.5% 12.6% 17.2% 18.1% 17.8% 17.8% 19.2% 20.3% 20.7% 21.5% 20.4% 19.9%
Operating margin 8.0% 8.1% 9.1% 10.8% 11.3% 8.4% 6.8% 7.1% 7.0% 6.4% 10.0% 12.5% 13.2% 14.3% 13.4% 12.8%
Net margin 5.6% 3.6% 4.4% 6.5% 6.7% 1.0% 13.1% 2.5% 1.7% 2.5% 7.0% 7.6% 9.1% 8.9% 8.3% 8.1%
Free-cash-flow margin 2.0% 5.4% 6.0% 6.4% 6.9% 10.1% 6.2% 7.6% 7.5% 11.8% 16.6% 11.0% 10.0% 13.7% 12.6% 12.0%
Cash flow
Cash from operations 0.2 0.3 0.4 0.4 0.5 0.9 1.0 1.3 1.4 2.0 2.9 2.3 2.1 2.7 2.7 2.7
Capital spending 0.1 0.1 0.1 0.1 0.1 0.2 0.4 0.5 0.6 0.6 0.6 0.7 0.6 0.6 0.6 0.7
Free cash flow 0.1 0.3 0.3 0.4 0.4 0.7 0.6 0.8 0.8 1.3 2.3 1.6 1.5 2.1 2.1 2.1
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3
Free cash flow after stock pay 0.1 0.2 0.3 0.3 0.4 0.6 0.5 0.7 0.7 1.2 2.1 1.4 1.3 1.9 1.8 1.8
Balance sheet
Cash 0.5 0.6 0.8 0.9 1.0 1.2 1.0 0.9 0.8 1.8 1.4 1.2 1.4 1.7 2.0 2.2
Total debt 0.0 2.4 2.1 2.3 2.5 7.2 10.3 11.1 11.7 12.6 12.2 12.8 13.8 14.0 15.8 16.2
Net debt (negative = net cash) −0.5 1.9 1.3 1.4 1.5 6.0 9.3 10.2 10.9 10.8 10.8 11.6 12.4 12.3 13.8 13.9
Diluted shares 118m 118m 128m 131m 126m 152m 223m 208m 200m 195m 195m 191m 186m 183m 174m 169m
Returned to shareholders
Dividends 0.3 0.6 — — — — — — — — — — — — — —
Buybacks 0.0 0.0 0.0 0.4 0.5 1.1 2.6 1.4 0.9 0.4 0.4 1.2 1.0 1.4 1.2 1.2
Total returned 0.3 0.6 0.0 0.4 0.5 1.1 2.6 1.4 0.9 0.4 0.4 1.2 1.0 1.4 1.2 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 7 checks passed · September 30, 2026
What it owns · $30.5bn
Short-term assets $6.5bnLonger-term assets $24.0bn
What it owes, and who funded it · $30.3bn
Short-term liabilities $7.8bnLonger-term liabilities $15.9bnShareholders' equity $6.7bn
  • Short-term assets cover short-term liabilities $6.5bn of assets due within a year against $7.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.5bn short-term assets against $15.9bn of longer-dated liabilities.
  • More cash than debt $2.2bn of cash against $16.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 241% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 212% to 241% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.7bn of operating cash flow against $16.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.2bn against $785m of interest.

From IQVIA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.2B
Buybacks, last 3 fiscal years
$3.6B
Diluted share count
−3.9%
year over year
Total shareholder yield
2.7%
dividends 0.0% + buybacks 2.7% of market value
Sales & admin spending
12.2%
of revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated IQV DHR ICLR A AVTR TMO Median
Revenue, last 12 months $17.3bn $25.6bn $8.3bn $7.4bn $6.6bn $47.4bn $229m
Revenue growth, last 12 months 8.8% 5.5% 0.8% 8.6% 0.9% 8.3% 6.9%
Revenue growth, 3-year average 5.2% 1.3% 83.5% 1.8% −1.9% 2.9% 2.9%
Revenue growth, latest quarter 8.0% 8.3% — 8.1% 4.6% 9.1% 8.5%
Gross margin — 58.6% 28.6% 53.8% 31.6% 44.4% 51.9%
Operating margin 12.8% 20.4% 5.4% 22.2% 7.3% 17.9% −14.3%
Operating margin, 3-year average 13.4% 19.8% 10.5% 22.1% 6.9% 17.3% −22.4%
Net margin 8.1% 16.9% 2.8% 19.5% 5.1% 14.9% −16.1%
Cash from operations / revenue 15.8% 26.8% 12.6% 21.8% 8.8% 19.7% 1.3%
Free-cash-flow margin 12.0% 22.4% 10.4% 17.2% 6.6% 16.0% −2.2%
Free-cash-flow margin, 3-year average 12.9% 21.3% 14.4% 18.3% 8.5% 16.1% 0.6%
Stock pay / revenue 1.7% 1.3% 1.2% 1.8% 0.7% 0.7% 4.4%
Change in share count −3.9% −1.6% −4.9% −0.9% −0.6% −1.6% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 8.8% 6.9% 23 of 54
Change in growth rate Growth +0.7pp +0.4pp 26 of 54
Operating margin Profitability 12.8% -14.3% 9 of 52
Net margin Profitability 8.1% -12.2% 12 of 54
Free-cash-flow margin Cash generation 12.0% -1.3% 14 of 54
Stock pay as % of revenue Cash generation 1.7% 4.4% 11 of 53
Long-term debt as % of assets Balance sheet 48.6% 26.3% 30 of 35
Change in share count Balance sheet -3.9% 1.0% 4 of 46

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Research and Development Solutions $8.9B 54.5% ▲ 4.3%
Technology and Analytics Solutions $6.6B 40.6% ▲ 7.6%
Contract Sales and Medical Solutions $788M 4.8% ▲ 9.7%
Geography
Region Revenue Share YoY
Americas $7.7B 47.5% ▲ 5.3%
EMEA $5.2B 31.8% ▲ 5.4%
Asia Pacific $3.4B 20.7% ▲ 8.0%

From IQVIA's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$30.2B
Institutions reporting
1,080
Shares held vs prior quarter
0.0%
Positions opened / closed
119 / 106

Top buyers and sellers, Q2 2026: 515 institutions bought and 532 sold ; the biggest buyer was Franklin Resources Inc (+1.6M shares) and the biggest seller Cantillon Capital Management LLC (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.8B 14.5M 9.3% ▼ 3.2%
Harris Associates L P $2.4B 12.2M 7.8% 0.0%
Vanguard Capital Management LLC $2.1B 10.9M 7.0% ▼ 1.1%
State Street Corp $1.5B 7.5M 4.8% ▲ 0.4%
Vanguard Portfolio Management LLC $1.4B 7.5M 4.8% ▼ 1.0%
Jpmorgan Chase & Co $1.2B 6.1M 3.9% ▲ 13.5%
Artisan Partners Limited Partnership $917M 4.7M 3.0% ▼ 6.2%
Boston Partners $865M 4.5M 2.9% ▲ 5.4%
Geode Capital Management, LLC $857M 4.5M 2.8% ▼ 0.2%
Invesco Ltd. $633M 3.3M 2.1% ▲ 0.4%
Morgan Stanley $523M 2.7M 1.7% ▲ 3.7%
Norges Bank $438M 2.3M 1.4% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not IQVIA's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $38M 10 trades by 6 insiders · 0% under pre-set plans
Net ▼ $38M net selling
Insider Date Trade Shares Price Value
Berkshire James G. See Remarks September 2, 2026 Sell 2,668 $261.33 $697,228
Staub W Richard See Remarks August 3, 2026 Sell 5,500 $232.68 $1.3M
Patel Bhavik See Remarks July 31, 2026 Sell 1,855 $235.27 $436,426
Bousbib Ari See Remarks July 29, 2026 Sell 53,191 $244.78 $13M
Bousbib Ari See Remarks July 29, 2026 Sell 44,039 $246.08 $10.8M
Bousbib Ari See Remarks July 29, 2026 Sell 4,584 $246.85 $1.1M
Bousbib Ari See Remarks July 29, 2026 Sell 4,465 $247.10 $1.1M
Cherofsky Keriann See Remarks July 29, 2026 Sell 558 $245.21 $136,827
Sherbet Eric See Remarks July 29, 2026 Sell 5,000 $249.16 $1.2M
Bousbib Ari See Remarks December 18, 2025 Sell 36,564 $222.43 $8.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 28 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 4 sales of IQVIA shares.

  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 14, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded September 8, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded September 3, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • May 5, 2026
  • February 5, 2026
  • October 28, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on IQVIA was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

IQVIA in brief

What does IQVIA do?
IQVIA is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is IQVIA's stock ticker?
IQVIA trades under the ticker IQV on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is IQVIA's revenue, and how fast is it growing?
Over its most recent trailing twelve months, IQVIA reported revenue of $17.3B, 8.8% higher than a year earlier, according to its SEC filings.
What is IQVIA's free cash flow?
IQVIA's free-cash-flow margin is 12.0% of revenue over the trailing twelve months, ranking 14 of the 54 life sciences tools & services companies we cover.
What is IQVIA's fair value (intrinsic value) per share?
Our discounted-cash-flow model of IQVIA's free cash flow after stock-based pay gives ~$260 per share in the base case, and ~$170–$370 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are IQVIA's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Harris Associates L P and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is IQVIA buying back stock, and does it pay a dividend?
IQVIA spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 3.9% over the year.
What is IQVIA's market cap?
On November 2, 2026, IQVIA's market capitalisation was about $43.7B, with a price-to-earnings ratio of 31.3 and net debt of $13.9B. Market figures come from third-party market data and may be delayed.
How much debt does IQVIA have?
IQVIA's debt-to-equity ratio is 241.2%, from its latest balance sheet (212.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are IQVIA's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to IQVIA are Danaher Corporation, Icon PLC, Agilent Technologies, Avantor, Inc. and Thermo Fisher Scientific. The side-by-side comparison below sets their revenue, margins and growth against IQVIA's.
Are insiders buying or selling IQVIA stock?
Over the last 12 months, IQVIA's directors and officers reported 0 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is IQVIA's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — IQVIA announces its own schedule.