IQV
IQVIA Holdings Inc.
IQV has the edge over NVO overall, supported by stronger fundamentals and lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over IQV in the historical PE scenario, which offers more potential upside but is not a forecast.
IQV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
IQV has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over IQV on earnings, with more consistent year-over-year improvement.
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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over IQV on profitability, with a higher operating margin.
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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 the edge over NVO on shareholder dilution, with a more favorable share count trend.
| 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.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over IQV on leverage, with a lower net debt burden relative to earnings.
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over IQV on valuation relative to its sector.
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 the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.