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IQVIA Holdings
(NYSE:IQV)
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Rating:74Outperform
Price Target:
$272.00
▲(30.74% Upside)
Action:Reiterated
Date:07/29/26
The score is driven primarily by solid financial quality (strong and improving TTM free cash flow and healthy profitability) and strong technical trend (price well above major moving averages). The latest earnings call adds support via raised guidance and strong bookings/backlog momentum. Offsetting these positives, elevated leverage meaningfully constrains the financial profile, and valuation (P/E ~29.9) leaves less margin for error.
Positive Factors
Strong free cash flow generation
IQVIA generates consistently strong operating cash flow (~$2.1B–$2.9B annually) and reaccelerated free cash flow to $2.94B TTM with ~94% conversion. This durable cash generation supports debt service, buybacks, reinvestment in data/tech and cushions leverage risks over the medium term.
Negative Factors
Elevated leverage and large gross debt load
IQVIA's high gross and net debt and elevated leverage materially reduce financial flexibility. Even with strong cash flow, ~3.6x net leverage and debt-to-equity near ~2.5 increase sensitivity to rate moves, constrain capital allocation choices and raise refinancing risk in adverse conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
IQVIA generates consistently strong operating cash flow (~$2.1B–$2.9B annually) and reaccelerated free cash flow to $2.94B TTM with ~94% conversion. This durable cash generation supports debt service, buybacks, reinvestment in data/tech and cushions leverage risks over the medium term.
Read all positive factors
IQVIA Holdings Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyIQVIA Holdings (IQV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$38.68B
Dividend YieldN/A
Average Volume (3M)1.37M
Price to Earnings (P/E)28.9
Beta (1Y)0.89
Revenue Growth8.22%
EPS Growth16.68%
CountryUS
Employees93,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)8.13
Shares Outstanding164,600,000
10 Day Avg. Volume1,118,340
30 Day Avg. Volume1,372,322
Financial Highlights & Ratios
PEG Ratio6.34
Price to Book (P/B)5.96
Price to Sales (P/S)2.38
P/FCF Ratio18.89
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$273.31Price Target Upside31.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)12.96
Revenue Forecast (FY)$17.41B
IQVIA Holdings Business Overview & Revenue Model
Company Description
IQVIA Holdings Inc. (IQV) is a global provider of clinical research services, commercial analytics, and technology-enabled solutions for the life sciences industry. The company supports pharmaceutical, biotechnology, medical device, and other heal...
How the Company Makes Money
IQVIA primarily makes money by selling services and technology solutions to life sciences and healthcare clients under contract arrangements, typically billed as service fees (time-and-materials, fixed-price, or milestone-based structures) and, fo...
IQVIA Holdings Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call was strongly positive overall: the company beat Q2 guidance across revenue, adjusted EBITDA and adjusted EPS, reported accelerating organic growth and robust bookings momentum (notably a 19.3% YoY increase in quarterly R&DS bookings and a 1.22 book-to-bill). Management raised full-year revenue, EBITDA and EPS guidance and highlighted meaningful AI-driven wins and operational productivity gains. Headwinds include a reduced FX tailwind, pass-through revenue pressure, added leverage and some lower-margin acquisition contribution; management expects these non-operational items to offset some margin gains for the year. On balance, the highlights (revenue and earnings beats, strong bookings/backlog, FCF growth, AI traction and raised guidance) significantly outweigh the lowlights.Positive Updates
Quarterly Revenue and EPS Beat
Q2 revenue of $4.368B exceeded the high end of guidance, up 8.7% year-over-year (8.5% at constant currency). Q2 adjusted diluted EPS was $3.15, up 12.1% year-over-year, driven by strong operational performance.
Negative Updates
Foreign Exchange and Pass-Through Headwinds
FX provided much less of a tailwind than anticipated (guidance noted FX ~80 basis points less of a tailwind vs prior guidance). Pass-throughs acted as an ~80 basis-point drag on Q2 margins (pass-through revenue has no profit).
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Q2-2026 Updates
Positive
Negative
Quarterly Revenue and EPS Beat
Q2 revenue of $4.368B exceeded the high end of guidance, up 8.7% year-over-year (8.5% at constant currency). Q2 adjusted diluted EPS was $3.15, up 12.1% year-over-year, driven by strong operational performance.
Read all positive updates
Company Guidance
IQVIA raised its full‑year 2026 guidance to revenue of $17.275–$17.475 billion (growth 5.9%–7.1%, new midpoint +6.5% vs prior midpoint 5.8%), driven by about +100 bps of higher organic growth, roughly +50 bps incremental M&A (about 200 bps total acquisition contribution) and an FX tailwind trimmed to ~20 bps (≈80 bps less than prior); adjusted EBITDA was raised to $4.00–$4.05 billion (growth 5.6%–6.9%) with margins reconfirmed flat at ~23.2%; adjusted diluted EPS was increased to $12.80–$13.00 (up 7.4%–9.1%, ~8.2% at the midpoint). For Q3 management expects revenue of $4.15–$4.39 billion (growth 5.2%–7.1%), adjusted EBITDA $1.00–$1.02 billion (growth 5.4%–7.5%) and adjusted EPS $3.19–$3.29 (growth 6.3%–9.7%), assuming foreign exchange rates as of July 27, 2026.IQVIA Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.98B | 16.31B | 15.40B | 14.98B | 14.41B | 13.87B |
| Gross Profit | 4.46B | 4.29B | 5.38B | 5.24B | 5.03B | 4.64B |
| EBITDA | 3.53B | 3.46B | 3.45B | 3.26B | 2.91B | 2.77B |
| Net Income | 1.38B | 1.36B | 1.37B | 1.36B | 1.09B | 966.00M |
Balance Sheet | ||||||
| Total Assets | 29.88B | 29.94B | 26.90B | 26.68B | 25.34B | 24.69B |
| Cash, Cash Equivalents and Short-Term Investments | 2.08B | 2.14B | 1.84B | 1.50B | 1.31B | 1.48B |
| Total Debt | 16.24B | 16.17B | 14.16B | 13.90B | 13.01B | 12.44B |
| Total Liabilities | 23.58B | 23.31B | 20.83B | 20.57B | 19.57B | 18.65B |
| Stockholders Equity | 6.17B | 6.50B | 6.07B | 6.11B | 5.76B | 6.04B |
Cash Flow | ||||||
| Free Cash Flow | 2.61B | 2.05B | 2.11B | 1.50B | 1.59B | 2.30B |
| Operating Cash Flow | 2.82B | 2.65B | 2.72B | 2.15B | 2.26B | 2.94B |
| Investing Cash Flow | -2.23B | -2.31B | -1.44B | -1.60B | -2.01B | -2.10B |
| Financing Cash Flow | -684.00M | -150.00M | -878.00M | -382.00M | -329.00M | -1.24B |
IQVIA Holdings Risk Analysis
IQVIA Holdings disclosed 51 risk factors in its most recent earnings report. IQVIA Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IQVIA Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $16.11B | 33.19 | 110.15% | ― | 24.67% | 25.88% | |
76 Outperform | $213.42B | 30.84 | 13.35% | 0.32% | 7.23% | 7.47% | |
74 Outperform | $38.68B | 28.91 | 21.95% | ― | 8.22% | 16.68% | |
74 Outperform | $25.72B | 24.42 | 14.49% | 1.46% | 9.87% | 12.51% | |
72 Outperform | $137.07B | 34.53 | 7.66% | 0.75% | 4.56% | 19.34% | |
69 Neutral | $12.52B | 38.12 | 3.54% | ― | 2.08% | -94.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IQV
IQVIA Holdings
238.70
58.61
32.54%
DHR
Danaher
204.76
6.46
3.26%
ICLR
Icon
164.51
4.80
3.01%
DGX
Quest Diagnostics
238.35
63.07
35.98%
TMO
Thermo Fisher
594.00
133.29
28.93%
MEDP
Medpace Holdings
590.67
140.90
31.33%
IQVIA Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
IQVIA Holdings Issues €950 Million Senior Notes Offering
Positive
Jun 11, 2026
On June 11, 2026, IQVIA Inc., a subsidiary of IQVIA Holdings, completed a €950 million issuance of 4.625% senior notes due June 15, 2033, under an indenture with U.S. Bank Trust Company, National Association, acting as trustee and certain su...
Business Operations and StrategyPrivate Placements and Financing
IQVIA Holdings Prices €950 Million Senior Notes Offering
Positive
Jun 4, 2026
On June 4, 2026, IQVIA Holdings announced that its wholly owned subsidiary IQVIA Inc. priced a €950 million offering of senior notes due 2033, carrying a 4.625% annual interest rate and paying interest semi-annually starting December 15, 202...
Business Operations and StrategyPrivate Placements and Financing
IQVIA Announces €950 Million Senior Notes Offering
Positive
Jun 3, 2026
On June 3, 2026, IQVIA Holdings Inc. announced that its wholly owned subsidiary, IQVIA Inc., plans to raise €950 million through an offering of senior notes due 2033. The company intends to use the proceeds to refinance certain existing inde...
Business Operations and StrategyStock Buyback
IQVIA Expands Share Repurchase Authorization by $2 Billion
Positive
May 8, 2026
On May 7, 2026, IQVIA Holdings Inc. announced that its board of directors approved an additional $2 billion for its common stock repurchase authorization, lifting the remaining capacity under its existing buyback program to approximately $3.2 bill...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.