IQVIA Holdings Inc. (IQV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-24.1%

$198.48

vs $261.44 price

Levered DCF

$190.81

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.27

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.5×	25.96×	31.31×	35.2×	55.87×	122.72×	157.66×	91.47×
P/B	5.96×	5.87×	6.96×	6.67×	8.94×	5.71×	5.02×	3.52×
P/S	2.38×	2.31×	2.84×	2.67×	3.89×	3.02×	2.72×	2.27×
EV / EBITDA	18.02×	13.92×	16.91×	17.27×	23.52×	21.85×	20.66×	17.94×
Gross margin	33.3%	34.9%	35.0%	34.9%	33.5%	34.0%	34.2%	35.2%
Operating margin	13.4%	14.3%	13.2%	12.5%	10.0%	6.4%	7.0%	7.1%
Net margin	8.3%	8.9%	9.1%	7.6%	7.0%	2.5%	1.7%	2.5%
Current ratio	0.75×	0.84×	0.86×	0.89×	0.91×	1.12×	1.05×	1.1×
Debt / equity	2.49×	2.33×	2.27×	2.26×	2.06×	2.15×	2.01×	1.64×
Interest coverage	2.99×	3.29×	2.94×	4.32×	3.71×	1.76×	1.74×	1.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.9%	22.6%	22.2%	18.9%	16.0%	4.6%	3.2%	3.9%
Return on invested capital	7.9%	8.6%	8.8%	7.3%	6.1%	2.9%	2.6%	3.2%
Return on assets	4.5%	5.1%	5.1%	4.3%	3.9%	1.1%	0.8%	1.1%
Free cash flow yield	5.3%	5.9%	3.5%	4.1%	4.3%	3.9%	2.8%	3.4%
Earnings yield	3.5%	3.9%	3.2%	2.8%	1.8%	0.8%	0.6%	1.1%
Enterprise value	$52.9B	$48.1B	$55B	$50.2B	$65.1B	$45.4B	$41.3B	$33.8B
Net debt / EBITDA	4.83×	3.61×	3.85×	4.05×	4×	5.34×	5.6×	5.37×
Cash conversion cycle (days)	-49	50	57	50	44	51	-39	63