IQVIA Holdings (IQV)
NYSE:IQV
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IQVIA Holdings
(NYSE:IQV)
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Rating:68Neutral
Price Target:
$199.00
▲(12.77% Upside)
Action:Downgraded
Date:06/12/26
IQV’s score is driven primarily by strong financial quality (steady growth and high cash generation) and a supportive earnings call (raised EPS guidance, strong bookings/backlog, and improving organic momentum/AI traction). Offsetting factors include leverage and some margin/mix headwinds, a mixed technical picture (still below the 200-day average), and a valuation that looks reasonable but not clearly cheap with no dividend support.
Positive Factors
Cash generation and FCF conversion
IQVIA converts a high share of earnings into cash, with steady operating cash flow and a TTM free-cash-flow rebound. Strong cash conversion supports reinvestment in data/tech, buybacks, and debt reduction, providing durable financial flexibility across economic cycles.
Negative Factors
Elevated leverage and debt load
Historically elevated debt constrains financial flexibility: higher leverage increases interest expense sensitivity and limits capacity for opportunistic M&A or sustained buybacks during downturns. Even with refinancing steps, leverage remains a medium-term constraint on capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation and FCF conversion
IQVIA converts a high share of earnings into cash, with steady operating cash flow and a TTM free-cash-flow rebound. Strong cash conversion supports reinvestment in data/tech, buybacks, and debt reduction, providing durable financial flexibility across economic cycles.
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
$28.00B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)20.4
Beta (1Y)0.91
Revenue Growth7.33%
EPS Growth9.79%
CountryUS
Employees89,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)8.14
Shares Outstanding166,900,000
10 Day Avg. Volume1,412,067
30 Day Avg. Volume1,613,404
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 Cap1.52
Enterprise Value/Revenue2.56
Enterprise Value/Gross Profit9.81
Enterprise Value/Ebitda12.11
Forecast
1Y Price Target
$213.90Price Target Upside21.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)12.82
Revenue Forecast (FY)$17.29B
IQVIA Holdings Business Overview & Revenue Model
Company Description
IQVIA Holdings Inc. is a premier global provider of sophisticated analytical insights, advanced technology solutions, and comprehensive clinical research services, catering to the life sciences industry across the Americas, Europe, Africa, and Asi...
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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed broad strength: record revenue, EPS beat, double-digit bookings growth in R&D Solutions, accelerating organic growth in both Commercial and R&D segments, strong free cash flow and share repurchases, meaningful customer wins and rapid AI adoption. Near-term caveats included unusually low pass-throughs that depressed a headline book-to-bill metric, a ~60 bps EBITDA margin contraction driven by FX and mix, and elevated net leverage (3.62x). Management reaffirmed revenue and EBITDA guidance and raised EPS guidance. On balance, the positives materially outweigh the negatives.Positive Updates
Record Q1 Revenue and EPS Beat
Total Q1 revenue of $4.151 billion, up 8.4% year over year (6.0% at constant currency); adjusted diluted EPS of $2.90, up 7.4% year over year, both exceeding the high end of guidance.
Negative Updates
Unusually Low Pass-Through Bookings
Pass-through bookings in Q1 were about one-third below historical averages, driven by the mix of full-service trials booked; this lowered pass-through contribution and suppressed the reported book-to-bill (1.04) despite strong service-fee bookings.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Q1 Revenue and EPS Beat
Total Q1 revenue of $4.151 billion, up 8.4% year over year (6.0% at constant currency); adjusted diluted EPS of $2.90, up 7.4% year over year, both exceeding the high end of guidance.
Read all positive updates
Company Guidance
IQVIA reaffirmed full‑year 2026 revenue guidance of $17.15–$17.35 billion (growth 5.2%–6.4%, 5.8% at the midpoint), assuming roughly 150 basis points from acquisitions and ~100 basis points of FX tailwind, and reiterated adjusted EBITDA guidance of $4.05–$4.25 billion (growth 4.9%–6.3%, 5.6% midpoint), while raising adjusted diluted EPS to $12.65–$12.95 (up 6.1%–8.6%, 7.4% midpoint); for Q2 they guide revenue of $4.28–$4.34 billion (up 6.5%–8%), adjusted EBITDA of $955–$975 million (up 4.9%–7.1%) and adjusted diluted EPS of $2.98–$3.08 (up 6%–9.6%), with all guidance assuming foreign exchange rates as of May 4 persist for the balance of the year.IQVIA Holdings Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
56
Neutral
Cash Flow
77
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.63B | 16.31B | 15.40B | 14.98B | 14.41B | 13.87B |
| Gross Profit | 4.34B | 4.29B | 5.38B | 5.24B | 5.03B | 4.64B |
| EBITDA | 3.52B | 3.46B | 3.45B | 3.26B | 2.91B | 2.77B |
| Net Income | 1.39B | 1.36B | 1.37B | 1.36B | 1.09B | 966.00M |
Balance Sheet | ||||||
| Total Assets | 29.68B | 29.94B | 26.90B | 26.68B | 25.34B | 24.69B |
| Cash, Cash Equivalents and Short-Term Investments | 1.95B | 2.14B | 1.84B | 1.50B | 1.31B | 1.48B |
| Total Debt | 16.07B | 16.17B | 14.16B | 13.90B | 13.01B | 12.44B |
| Total Liabilities | 23.33B | 23.31B | 20.83B | 20.57B | 19.57B | 18.65B |
| Stockholders Equity | 6.22B | 6.50B | 6.07B | 6.11B | 5.76B | 6.04B |
Cash Flow | ||||||
| Free Cash Flow | 2.54B | 2.05B | 2.11B | 1.50B | 1.59B | 2.30B |
| Operating Cash Flow | 2.70B | 2.65B | 2.72B | 2.15B | 2.26B | 2.94B |
| Investing Cash Flow | -2.20B | -2.31B | -1.44B | -1.60B | -2.01B | -2.10B |
| Financing Cash Flow | -325.00M | -150.00M | -878.00M | -382.00M | -329.00M | -1.24B |
IQVIA Holdings Technical Analysis
Negative
176.46
Price Trends
173.26
Negative
176.02
Negative
195.32
Negative
Market Momentum
0.56
Positive
39.78
Neutral
14.99
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IQV, the sentiment is Negative. The current price of 176.46 is below the 20-day moving average (MA) of 177.87, above the 50-day MA of 173.26, and below the 200-day MA of 195.32, indicating a bearish trend. The MACD of 0.56 indicates Positive momentum. The RSI at 39.78 is Neutral, neither overbought nor oversold. The STOCH value of 14.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IQV.
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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $13.14B | 28.43 | 120.89% | ― | 24.19% | 20.19% | |
70 Outperform | $21.59B | 20.95 | 14.11% | 1.80% | 11.03% | 14.34% | |
69 Neutral | $125.40B | 34.00 | 7.06% | 0.53% | 4.02% | 0.05% | |
68 Neutral | $28.00B | 20.40 | 22.46% | ― | 7.33% | 9.79% | |
67 Neutral | $172.66B | 25.20 | 13.26% | 0.30% | 5.36% | 6.54% | |
60 Neutral | $11.18B | 23.43 | 5.20% | ― | -0.37% | -70.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IQV
IQVIA Holdings
167.77
13.04
8.43%
DHR
Danaher
177.17
-17.88
-9.16%
ICLR
Icon
146.00
-0.48
-0.33%
DGX
Quest Diagnostics
195.00
18.75
10.64%
TMO
Thermo Fisher
464.61
68.18
17.20%
MEDP
Medpace Holdings
460.20
150.84
48.76%
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...
Business Operations and StrategyShareholder Meetings
IQVIA Shareholders Approve New 2026 Incentive Plan
Positive
Apr 23, 2026
On April 23, 2026, IQVIA Holdings Inc. stockholders approved a new 2026 Incentive and Stock Award Plan at the company’s annual meeting, replacing the 2017 plan and authorizing a broad mix of performance- and time-based equity awards, includi...
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.