Recent News
On August 18, 2025, IQVIA and Veeva announced long-term global clinical and commercial partnerships and the complete resolution of pending legal disputes, enabling joint use of each company’s software, data, and services. In July 2025 IQVIA won a federal delivery order with the FDA valued up to $4.46M, with the award recorded in late July. In August 2025 IQVIA Government Solutions received a DEA contract for pharmaceutical prescription data collection covering Aug 1, 2025–Jul 31, 2030, valued up to $11.13M.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 14.8 indicates no established trend; DI+ at 22.93 shows a peak-and-reversal, which reads bearish for directional conviction; DI- at 22.75 also shows a peak-and-reversal, which reads bullish. Together, those signals imply directional indecision and a propensity for choppy price action rather than a sustained trend.
MACD: MACD sits at 1.22 while its signal line equals 1.90 and the MACD trend shows decreasing momentum; this configuration produces bearish momentum pressure because MACD lies below the signal line and the oscillator declines.
MRO: MRO at 18.3 with a dip & reversal indicates the oscillator moved lower and has rebounded; since MRO remains positive, price registers above the target and carries an elevated probability of downside pressure despite the recent rebound.
RSI and momentum breadth: RSI at 55.73 with a peak-and-reversal signals fading short-term strength; the level sits above midrange but does not confirm strong bullish continuation, aligning with the ADX-based lack of trend.
Price vs moving averages and Bollinger bands: Price closed at $186.69, near the 12-day EMA ($187.11, peak & reversal) and marginally above the 20-day average ($187.02); price recent action crossed above the -1x standard-deviation Bollinger band, suggesting a small mean-reversion bounce inside a low-volatility band structure. The 200-day average at $177.69 remains below price, offering intermediate support while short-term averages compress.
Ichimoku: Chikou span sits above the cloud and Senkou A/B band levels (Senkou A $181.84, Senkou B $170.72) indicate the price remains above the cloud, which supports a constructive bias versus long-term support; however, low ADX and conflicting DI signals imply that Ichimoku’s above-cloud placement offers support but not trend confirmation.
Fundamental Analysis
Top-line and operating performance: Total revenue reached $4,017,000,000 with revenue growth at 4.91% and year-over-year revenue growth shown at 138.35%. Operating income stands at $538,000,000 and EBIT at $505,000,000, producing an EBIT margin of 12.57%, above the industry peer mean of 6.72%.
Earnings and cash flow: GAAP net income equals $266,000,000 and EPS actual equals $1.54 versus an estimate of $1.73, an EPS surprise of -10.98%. Operating cash flow sat at $443,000,000 with free cash flow of $292,000,000 and a free cash flow yield of 0.97%, below the industry peer mean of 1.81%.
Balance sheet and leverage: Total debt equals $15,700,000,000 with net debt of $13,451,000,000; debt-to-equity reads 2.72, above the industry peer mean of 0.99, and debt-to-EBITDA registers at 20.10x—an elevated leverage metric that pairs with an interest-coverage ratio of 2.77x, below the industry peer mean of 5.32x, implying constrained ability to absorb higher rates or profit compression.
Profitability and returns: Return on equity equals 4.60%, above the industry peer mean of 2.13%, while return on assets equals 0.95%, slightly below the industry peer mean of 1.05%. Gross margin carries 32.94% and operating margin equals 13.39%, above the industry peer mean operating margin of 7.50%.
Market multiples and valuation: Price-to-earnings equals 103.10 and price-to-book equals 5.20, both above respective industry peer means (PE mean 58.88; PB mean 2.22). Forward P/E equals 52.05 and forward PS equals 15.53. The current valuation as determined by WMDST reads over-valued; elevated multiples combined with compressed free cash flow yield and very high leverage drive that assessment.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-22 |
| NEXT REPORT DATE: | 2025-10-20 |
| CASH FLOW | Begin Period Cash Flow | $ 1.7 B |
| Operating Cash Flow | $ 443.0 M | |
| Capital Expenditures | $ -151.00 M | |
| Change In Working Capital | $ -104.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 299.0 M | |
| End Period Cash Flow | $ 2.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.0 B | |
| Forward Revenue | $ 1.9 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.7 B | |
| Depreciation | $ 276.0 M | |
| Depreciation and Amortization | $ 276.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 3.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.3 B | |
| EBITDA | $ 781.0 M | |
| EBIT | $ 505.0 M | |
| Operating Income | $ 538.0 M | |
| Interest Income | $ 10.0 M | |
| Interest Expense | $ 182.0 M | |
| Net Interest Income | $ -172.00 M | |
| Income Before Tax | $ 323.0 M | |
| Tax Provision | $ 56.0 M | |
| Tax Rate | 17.3 % | |
| Net Income | $ 266.0 M | |
| Net Income From Continuing Operations | $ 266.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.73 | |
| EPS Actual | $ 1.54 | |
| EPS Difference | $ -0.19 | |
| EPS Surprise | -10.983 % | |
| Forward EPS | $ 3.02 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 28.6 B | |
| Intangible Assets | $ 20.2 B | |
| Net Tangible Assets | $ -14.43 B | |
| Total Current Assets | $ 6.3 B | |
| Cash and Short-Term Investments | $ 2.2 B | |
| Cash | $ 2.0 B | |
| Net Receivables | $ 1.5 B | |
| Inventory | — | |
| Long-Term Investments | $ 513.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 3.4 B | |
| Short-Term Debt | $ 1.3 B | |
| Total Current Liabilities | $ 7.6 B | |
| Net Debt | $ 13.5 B | |
| Total Debt | $ 15.7 B | |
| Total Liabilities | $ 22.8 B | |
| EQUITY | ||
| Total Equity | $ 5.8 B | |
| Retained Earnings | $ 6.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.99 | |
| Shares Outstanding | 170.000 M | |
| Revenue Per-Share | $ 23.63 | |
| VALUATION | Market Capitalization | $ 30.1 B |
| Enterprise Value | $ 43.6 B | |
| Enterprise Multiple | 55.805 | |
| Enterprise Multiple QoQ | -0.793 % | |
| Enterprise Multiple YoY | 21.063 % | |
| Enterprise Multiple IPRWA | high: 206.444 IQV: 55.805 mean: 52.468 median: 43.012 low: -71.066 |
|
| EV/R | 10.85 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.955 | |
| Asset To Liability | 1.253 | |
| Debt To Capital | 0.731 | |
| Debt To Assets | 0.548 | |
| Debt To Assets QoQ | 3.273 % | |
| Debt To Assets YoY | 1140.308 % | |
| Debt To Assets IPRWA | high: 1.03 IQV: 0.548 median: 0.32 mean: 0.309 low: 0.002 |
|
| Debt To Equity | 2.717 | |
| Debt To Equity QoQ | 11.951 % | |
| Debt To Equity YoY | 1463.226 % | |
| Debt To Equity IPRWA | high: 4.042 IQV: 2.717 mean: 0.994 median: 0.883 low: -1.392 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.205 | |
| Price To Book QoQ | 4.646 % | |
| Price To Book YoY | -13.768 % | |
| Price To Book IPRWA | high: 14.27 IQV: 5.205 mean: 2.216 median: 1.52 low: -7.254 |
|
| Price To Earnings (P/E) | 103.098 | |
| Price To Earnings QoQ | 63.032 % | |
| Price To Earnings YoY | 22.447 % | |
| Price To Earnings IPRWA | high: 272.225 IQV: 103.098 mean: 58.884 median: 38.169 low: -187.532 |
|
| PE/G Ratio | -2.4 | |
| Price To Sales (P/S) | 7.486 | |
| Price To Sales QoQ | -3.572 % | |
| Price To Sales YoY | -29.539 % | |
| Price To Sales IPRWA | high: 28.322 IQV: 7.486 mean: 5.659 median: 2.28 low: 0.067 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 52.046 | |
| Forward PE/G | -1.211 | |
| Forward P/S | 15.528 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.71 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.144 | |
| Asset Turnover Ratio QoQ | 1.657 % | |
| Asset Turnover Ratio YoY | -0.292 % | |
| Asset Turnover Ratio IPRWA | high: 1.071 median: 0.385 mean: 0.358 IQV: 0.144 low: 0.001 |
|
| Receivables Turnover | 2.776 | |
| Receivables Turnover Ratio QoQ | 1.466 % | |
| Receivables Turnover Ratio YoY | 1.683 % | |
| Receivables Turnover Ratio IPRWA | high: 7.721 mean: 4.209 median: 4.154 IQV: 2.776 low: 0.065 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 32.87 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.274 | |
| CapEx To Revenue | -0.038 | |
| CapEx To Depreciation | -0.547 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 20.0 B | |
| Net Invested Capital | $ 21.3 B | |
| Invested Capital | $ 21.3 B | |
| Net Tangible Assets | $ -14.43 B | |
| Net Working Capital | $ -1.23 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.289 | |
| Current Ratio | 0.838 | |
| Current Ratio QoQ | 1.772 % | |
| Current Ratio YoY | -1.328 % | |
| Current Ratio IPRWA | high: 8.204 mean: 1.467 median: 1.086 IQV: 0.838 low: 0.225 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 20.102 | |
| Cost Of Debt | 0.996 % | |
| Interest Coverage Ratio | 2.775 | |
| Interest Coverage Ratio QoQ | -6.182 % | |
| Interest Coverage Ratio YoY | -24.494 % | |
| Interest Coverage Ratio IPRWA | high: 34.501 mean: 5.324 median: 4.213 IQV: 2.775 low: -51.12 |
|
| Operating Cash Flow Ratio | 0.04 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 125.428 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.795 % | |
| Revenue Growth | 4.91 % | |
| Revenue Growth QoQ | -250.66 % | |
| Revenue Growth YoY | 138.35 % | |
| Revenue Growth IPRWA | high: 17.881 % IQV: 4.91 % median: 4.575 % mean: 3.378 % low: -28.61 % |
|
| Earnings Growth | -42.963 % | |
| Earnings Growth QoQ | 219.143 % | |
| Earnings Growth YoY | -1191.262 % | |
| Earnings Growth IPRWA | high: 250.0 % mean: -17.117 % median: -19.556 % IQV: -42.963 % low: -291.304 % |
|
| MARGINS | ||
| Gross Margin | 32.935 % | |
| Gross Margin QoQ | -2.844 % | |
| Gross Margin YoY | -5.269 % | |
| Gross Margin IPRWA | high: 88.057 % IQV: 32.935 % mean: 27.785 % median: 24.183 % low: -9.108 % |
|
| EBIT Margin | 12.572 % | |
| EBIT Margin QoQ | -1.357 % | |
| EBIT Margin YoY | -19.949 % | |
| EBIT Margin IPRWA | high: 35.873 % IQV: 12.572 % mean: 6.722 % median: 2.773 % low: -48.909 % |
|
| Return On Sales (ROS) | 13.393 % | |
| Return On Sales QoQ | 5.084 % | |
| Return On Sales YoY | -14.721 % | |
| Return On Sales IPRWA | high: 31.023 % IQV: 13.393 % mean: 7.495 % median: 4.905 % low: -49.228 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 292.0 M | |
| Free Cash Flow Yield | 0.971 % | |
| Free Cash Flow Yield QoQ | -32.24 % | |
| Free Cash Flow Yield YoY | -11.566 % | |
| Free Cash Flow Yield IPRWA | high: 19.867 % mean: 1.811 % median: 1.538 % IQV: 0.971 % low: -16.999 % |
|
| Free Cash Growth | -31.455 % | |
| Free Cash Growth QoQ | -23.121 % | |
| Free Cash Growth YoY | -274.392 % | |
| Free Cash Growth IPRWA | high: 390.254 % IQV: -31.455 % median: -66.168 % mean: -68.152 % low: -877.035 % |
|
| Free Cash To Net Income | 1.098 | |
| Cash Flow Margin | 7.618 % | |
| Cash Flow To Earnings | 1.15 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.951 % | |
| Return On Assets QoQ | 3.595 % | |
| Return On Assets YoY | -30.635 % | |
| Return On Assets IPRWA | high: 5.204 % median: 1.076 % mean: 1.046 % IQV: 0.951 % low: -16.328 % |
|
| Return On Capital Employed (ROCE) | 2.398 % | |
| Return On Equity (ROE) | 0.046 | |
| Return On Equity QoQ | 10.514 % | |
| Return On Equity YoY | -14.851 % | |
| Return On Equity IPRWA | high: 0.111 IQV: 0.046 mean: 0.021 median: 0.019 low: -0.486 |
|
| DuPont ROE | 4.526 % | |
| Return On Invested Capital (ROIC) | 1.963 % | |
| Return On Invested Capital QoQ | 0.718 % | |
| Return On Invested Capital YoY | -102.022 % | |
| Return On Invested Capital IPRWA | high: 7.951 % IQV: 1.963 % mean: 1.513 % median: 1.378 % low: -22.946 % |
|