NYSE: IQV
IQVIA
Health Care · Services-Commercial Physical & Biological Research
52-week range
$154.50$284.50
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$44.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $17.9B |
| FY2017, ended Dec 31, 2017 | $20.4B |
| FY2018, ended Dec 31, 2018 | $23.0B |
| FY2019, ended Dec 31, 2019 | $29.7B |
| FY2020, ended Dec 31, 2020 | $34.3B |
| FY2021, ended Dec 31, 2021 | $53.7B |
| FY2022, ended Dec 31, 2022 | $38.1B |
| FY2023, ended Dec 31, 2023 | $42.0B |
| FY2024, ended Dec 31, 2024 | $34.6B |
| FY2025, ended Dec 31, 2025 | $38.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $44.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$17.3B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.88B |
| FY2017, ended Dec 31, 2017 | $9.74B |
| FY2018, ended Dec 31, 2018 | $10.4B |
| FY2019, ended Dec 31, 2019 | $11.1B |
| FY2020, ended Dec 31, 2020 | $11.4B |
| FY2021, ended Dec 31, 2021 | $13.9B |
| FY2022, ended Dec 31, 2022 | $14.4B |
| FY2023, ended Dec 31, 2023 | $15.0B |
| FY2024, ended Dec 31, 2024 | $15.4B |
| FY2025, ended Dec 31, 2025 | $16.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $17.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $72.0M | $696M |
| FY2017, ended Dec 31, 2017 | $1.28B | $601M |
| FY2018, ended Dec 31, 2018 | $259M | $795M |
| FY2019, ended Dec 31, 2019 | $191M | $835M |
| FY2020, ended Dec 31, 2020 | $279M | $1.34B |
| FY2021, ended Dec 31, 2021 | $966M | $2.30B |
| FY2022, ended Dec 31, 2022 | $1.09B | $1.59B |
| FY2023, ended Dec 31, 2023 | $1.36B | $1.50B |
| FY2024, ended Dec 31, 2024 | $1.37B | $2.11B |
| FY2025, ended Dec 31, 2025 | $1.36B | $2.05B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.39B | $2.08B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$2.25B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.20B |
| FY2017, ended Dec 31, 2017 | $959M |
| FY2018, ended Dec 31, 2018 | $891M |
| FY2019, ended Dec 31, 2019 | $837M |
| FY2020, ended Dec 31, 2020 | $1.81B |
| FY2021, ended Dec 31, 2021 | $1.37B |
| FY2022, ended Dec 31, 2022 | $1.22B |
| FY2023, ended Dec 31, 2023 | $1.38B |
| FY2024, ended Dec 31, 2024 | $1.70B |
| FY2025, ended Dec 31, 2025 | $1.98B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.25B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$16.1B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.22B |
| FY2017, ended Dec 31, 2017 | $10.3B |
| FY2018, ended Dec 31, 2018 | $11.0B |
| FY2019, ended Dec 31, 2019 | $11.6B |
| FY2020, ended Dec 31, 2020 | $12.5B |
| FY2021, ended Dec 31, 2021 | $12.1B |
| FY2022, ended Dec 31, 2022 | $12.7B |
| FY2023, ended Dec 31, 2023 | $13.7B |
| FY2024, ended Dec 31, 2024 | $14.0B |
| FY2025, ended Dec 31, 2025 | $15.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $16.1B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 30.1% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.165M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 236M |
| FY2017, ended Dec 31, 2017 | 208M |
| FY2018, ended Dec 31, 2018 | 198M |
| FY2019, ended Dec 31, 2019 | 192M |
| FY2020, ended Dec 31, 2020 | 191M |
| FY2021, ended Dec 31, 2021 | 190M |
| FY2022, ended Dec 31, 2022 | 186M |
| FY2023, ended Dec 31, 2023 | 182M |
| FY2024, ended Dec 31, 2024 | 176M |
| FY2025, ended Dec 31, 2025 | 170M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 165M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $859M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.10B | $106M |
| FY2017, ended Dec 31, 2017 | $2.62B | $106M |
| FY2018, ended Dec 31, 2018 | $1.41B | $113M |
| FY2019, ended Dec 31, 2019 | $949M | $146M |
| FY2020, ended Dec 31, 2020 | $447M | $95.0M |
| FY2021, ended Dec 31, 2021 | $406M | $170M |
| FY2022, ended Dec 31, 2022 | $1.17B | $194M |
| FY2023, ended Dec 31, 2023 | $992M | $217M |
| FY2024, ended Dec 31, 2024 | $1.35B | $206M |
| FY2025, ended Dec 31, 2025 | $1.24B | $247M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.16B | $303M |
Revenue (TTM)
$17.3B
+8.8% YoY
Net income (TTM)
$1.39B
+8.7% YoY
Cash
$2.25B
+24.0% YoY
Total debt
$16.1B
+7.4% YoY
Valuation
At current price- Market Cap
- $44.1B
- P/E
- 31.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.5×
- Price / Book
- 6.6×
- EV / EBITDA
- 16.8×
Growth
Trailing 12 months- Revenue (TTM)
- $17.3B
- Revenue Growth YoY
- 8.8%
- Revenue CAGR 3Y
- 4.2%
- Revenue CAGR 5Y
- 7.5%
- EPS Growth YoY
- 13.1%
- Net Income Growth YoY
- 8.7%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 12.8%
- Net Margin
- 8.1%
- FCF Margin
- 12.0%
- Return on Equity
- 21.7%
Earnings
Trailing 12 months- Net Income
- $1.39B
- EPS (diluted)
- $8.22
- EBITDA
- $3.44B
- Operating Income
- $2.22B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $2.25B
- Total Debt
- $16.1B
- Net Debt
- $13.8B
- Total Assets
- $30.5B
- Total Liabilities
- $23.7B
- Shareholders' Equity
- $6.66B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.74B
- Capital Expenditure
- $657M
- Free Cash Flow
- $2.08B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.18
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.8% year over year, at $17.3B.
Note
Net margin of 8.1% over the last 12 months.
Watch
Net debt is 4.0× EBITDA ($13.8B), a heavy load.
Note
Free cash flow of $2.08B, 12.0% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K56Some concerns
56Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 17, 2026 · Read the filing on EDGAR
- Revenue rose 5.9% to $16.31 billion, but operating income slipped 0.9% to $2.18 billion as costs grew faster than sales.
- Clinical research (R&D Solutions), over half of sales, grew revenue 4.3%, but its profit fell 3.9%. The data and technology segment grew revenue 7.6%.
- IQVIA spent $1.71 billion on acquisitions. Total debt rose to $15.8 billion from $14.05 billion, including $2 billion of new 6.25% notes.
- From 2026, IQVIA will report its segments differently: contract sales moves into a renamed Commercial Solutions segment, and some real-world data offerings move to R&D.
Business momentum
Mixed
“While our Research & Development Solutions segment has been impacted by client cautiousness, we grew full-year revenue 4.3% over 2024, driven by improved growth rates in the second half of the year.”
Outlook
Neutral
“we expect approximately $8.3 billion of this backlog to convert to revenues in the next 12 months.”
Financial stress
Low
“We continue to maintain strong liquidity. As of December 31, 2025, cash and cash equivalents were $1,980 million and we had $800 million drawn under our $2,000 million revolving credit facility.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Data and technology segment kept growing
“Technology & Analytics Solutions’ revenues were $6,626 million in 2025, an increase of $466 million, or 7.6%, over 2024.”
Clinical research backlog grew
“Research & Development Solutions' contracted backlog increased from $31.1 billion as of December 31, 2024 to $32.7 billion as of December 31, 2025”
Strong cash generation
“We achieved $2,654 million of cash flows from operating activities”
Concerns
Clinical research profit fell despite higher sales
“Segment profit $ 1,873 $ 1,948 $ 1,915 $ (75) (3.9)%”
Costs growing faster than revenue
“When compared to 2024, cost of revenues, exclusive of depreciation and amortization, increased $850 million in 2025, or 8.5%.”
Debt and interest costs rising
“Interest expense during 2025 increased compared to 2024 as a result of higher outstanding debt balances.”
New risks since the previous report
US drug-pricing order could cut client spending
“in May 2025, the Trump administration issued an executive order entitled “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients,””
AI rivals could make some services obsolete
“if alternative AI solutions evolve more quickly or are more cost‑effective than our offerings, certain of our existing services or platforms could become less competitive or economically viable.”
Client caution slowed buying decisions
“navigating a year of industry uncertainty resulting from a variety of macroeconomic factors that together slowed customer decision-making.”
Biggest risks named
- High debt of $15.8 billion, with about $5.8 billion at floating rates
- Clients can cancel clinical trial contracts on 30 to 90 days' notice
- Drug-pricing reforms reducing clients' R&D spending
- AI competition and fast technology change
- Privacy laws and exchange rate swings
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 56 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 27, 2026 | Pro | |||
| 10-K | Feb 17, 2026 | 56 | Mixed | None | |
| 10-K | Feb 13, 2025 | 63 | Improving | None | |
| 10-K | Feb 15, 2024 | 65 | Improving | None | |
| 10-K | Feb 15, 2023 | 69 | Strong improvement | None | |
| 10-K | Feb 16, 2022 | 76 | Strong improvement | None | |
| 10-K | Feb 12, 2021 | 59 | Mixed | None | |
| 10-K | Feb 18, 2020 | 65 | Improving | None | |
| 10-K | Feb 19, 2019 | 65 | Improving | None | |
| 10-K | Feb 16, 2018 | 68 | Strong improvement | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 27, 2026. View filings on SEC EDGAR