IQV
IQVIA Holdings Inc.
IQV's fundamentals are mixed: it turned 12% of its revenue into free cash flow, while its operating margin held steady at 13%. At 33x earnings, it's trading in line with its usual 36x. Analysts expect earnings growth.
IQV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Weak |
IQV's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
IQV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $271 | — |
| Cheap | 27x | $218 | -19% |
| Current | 33x | $271 | — |
| Fair | 36x | $292 | +7.6% |
| Expensive | 124x | $1,021 | +277% |
Historical ranges are pointers, not guarantees.
IQV's PE is in its fair range at 33x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
IQV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for IQV, with profitability holding steady.
IQV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.78 | +68% |
| Q3 2026 | $8.21 | +13% |
| Q2 2026 | $8.04 | +17% |
| Q1 2026 | $8.05 | +9.8% |
| Q4 2025 | $7.84 | +4.7% |
| Q3 2025 | $7.28 | -4.5% |
| Q2 2025 | $6.90 | -10% |
| Q1 2025 | $7.33 | +0.1% |
| Q4 2024 | $7.49 | +2.7% |
IQV earned $8.21 per share over the past year, up 13% from the year before.
IQV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.4B | +8% |
| Q2 2026 | $4.4B | +8.7% |
| Q1 2026 | $4.2B | +8.4% |
| Q4 2025 | $4.4B | +10% |
| Q3 2025 | $4.1B | +5.2% |
| Q2 2025 | $4B | +5.3% |
| Q1 2025 | $3.8B | +2.5% |
| Q4 2024 | $4B | +2.3% |
IQV's revenue has grown year over year every quarter since late 2020: $4.4B last quarter, up 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | -0.6 points |
| Q2 2026 | 12% | -1 points |
| Q1 2026 | 12% | -0.6 points |
| Q4 2025 | 14% | -1.5 points |
| Q3 2025 | 13% | -0.6 points |
| Q2 2025 | 13% | -1 points |
| Q1 2025 | 13% | -0.6 points |
| Q4 2024 | 16% | +2.9 points |
IQV's operating margin was 13% last quarter, down 0.6 points from the same quarter a year ago.
IQV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $667M | -14% |
| Q2 2026 | $360M | +23% |
| Q1 2026 | $491M | +15% |
| Q4 2025 | $561M | -22% |
| Q3 2025 | $772M | +35% |
| Q2 2025 | $292M | -34% |
| Q1 2025 | $426M | +13% |
| Q4 2024 | $721M | +27% |
IQV's free cash flow has been positive every quarter for seven years: $2.1B over the past year, down 6% from the year before.
IQV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -300K shares |
| 1 year | -2.7% | -4.7M shares |
| 3 years | -10% | -18.5M shares |
| 5 years | -14% | -28.3M shares |
| Available history | -16% | -32.6M shares |
IQV has 167M diluted shares, down 2.7% from a year ago, with $1.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $398M |
| Q1 2026 | $552M |
| Q4 2025 | $212M |
| Q3 2025 | — |
| Q2 2025 | $657M |
| Q1 2025 | $375M |
| Q4 2024 | $1.2B |
IQV spent $1.2B buying back its own shares over the past year, down 47% from the year before.
IQV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.0x | High |
| Q2 2026 | 4.2x | High |
| Q1 2026 | 4.1x | High |
| Q4 2025 | 4.1x | High |
| Q3 2025 | 4.0x | Elevated |
| Q2 2025 | 4.1x | High |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 3.7x | Elevated |
IQV's net debt is about 4.0 years of its operating earnings (EBITDA), about the same as a year ago.
IQV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.2 | Neutral |
| Stochastic | 76.5 | Neutral |
IQV's weekly RSI is 65 (neutral) and its Stochastic is 76 (neutral).
IQV PE vs Healthcare Sector
| Metric | IQV | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 26x | 28% above |
| PE % | 38 | 29 | 9 pts above |
IQV is trading at 33x earnings, a 28% premium to the Healthcare sector's median of 26x.
IQV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $268.1 | 1.1% above |
| 20 week MA | $250.1 | 8.4% above |
| 50 week MA | $213.9 | 27% above |
| 100 week MA | $198.5 | 37% above |
| 200 week MA | $208.6 | 30% above |
IQV has climbed back above all five of its weekly moving averages, and it's now 30% above its 200-week average.
IQV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $154.4 | $175.9 | +14% |
| 2021 | $175.9 | $278.0 | +58% |
| 2022 | $278.0 | $203.8 | -27% |
| 2023 | $203.8 | $231.4 | +14% |
| 2024 | $231.4 | $199.4 | -14% |
| 2025 | $199.4 | $226.9 | +14% |
| 2026 YTD | $226.9 | $271.1 | +19% |
IQV has finished higher in four of the last six years. It's up 19% so far in 2026.