Latest Ratios: P/E Ratio 26.3x · EV/EBITDA 14.3x · ROE 21.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $35.0B | $39.1B | $36.0B | $43.1B | $39.1B | $55.0B | $34.9B | $30.8B | $24.2B | $21.8B | $11.6B |
| Enterprise Value | $49.1B | $53.3B | $48.5B | $55.6B | $50.8B | $66.1B | $46.0B | $42.0B | $34.3B | $31.1B | $17.6B |
| P/E Ratio → | 26.27 | 28.75 | 26.24 | 31.74 | 35.82 | 57.00 | 125.29 | 160.95 | 93.69 | 16.65 | 100.07 |
| P/S Ratio | 2.14 | 2.40 | 2.34 | 2.88 | 2.71 | 3.97 | 3.08 | 2.78 | 2.32 | 2.25 | 1.70 |
| P/B Ratio | 5.39 | 5.90 | 5.94 | 7.05 | 6.77 | 9.11 | 5.56 | 4.92 | 3.48 | 2.61 | 1.30 |
| P/FCF | 17.04 | 19.07 | 17.05 | 28.74 | 24.62 | 23.90 | 26.02 | 36.93 | 30.42 | 36.26 | 16.61 |
| P/OCF | 13.17 | 14.74 | 13.27 | 20.06 | 17.28 | 18.70 | 17.83 | 21.76 | 19.29 | 22.47 | 13.44 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.27 | 3.15 | 3.71 | 3.53 | 4.76 | 4.05 | 3.79 | 3.29 | 3.20 | 2.58 |
| EV / EBITDA | 14.32 | 15.54 | 14.62 | 17.93 | 17.36 | 24.87 | 22.81 | 21.25 | 18.23 | 17.95 | 18.86 |
| EV / EBIT | 21.49 | 22.98 | 20.73 | 26.10 | 28.58 | 43.97 | 58.34 | 52.62 | 46.23 | 48.53 | 31.36 |
| EV / FCF | — | 25.99 | 22.94 | 37.08 | 32.06 | 28.71 | 34.27 | 50.35 | 43.15 | 51.68 | 25.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.3% | 26.3% | 34.9% | 35.0% | 34.9% | 33.5% | 34.0% | 34.2% | 35.2% | 35.1% | 30.3% |
| Operating Margin | 14.0% | 14.0% | 14.3% | 13.2% | 12.5% | 10.0% | 6.4% | 7.0% | 7.1% | 7.4% | 9.4% |
| Net Profit Margin | 8.3% | 8.3% | 8.9% | 9.1% | 7.6% | 7.0% | 2.5% | 1.7% | 2.5% | 13.5% | 1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.4% | 21.4% | 22.5% | 22.9% | 18.5% | 15.7% | 4.4% | 2.9% | 3.4% | 15.2% | 2.6% |
| ROA | 4.8% | 4.8% | 5.1% | 5.2% | 4.4% | 3.9% | 1.2% | 0.8% | 1.1% | 6.0% | 0.9% |
| ROIC | 8.7% | 8.7% | 8.9% | 8.2% | 7.8% | 6.1% | 3.1% | 3.4% | 3.2% | 3.3% | 5.9% |
| ROCE | 11.0% | 11.0% | 11.0% | 9.9% | 9.2% | 7.1% | 3.7% | 4.1% | 3.8% | 3.8% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.44 | 2.44 | 2.33 | 2.27 | 2.26 | 2.06 | 2.05 | 1.92 | 1.58 | 1.22 | 0.81 |
| Debt / EBITDA | 4.71 | 4.71 | 4.27 | 4.48 | 4.44 | 4.68 | 6.39 | 6.08 | 5.85 | 5.91 | 7.73 |
| Net Debt / Equity | — | 2.14 | 2.05 | 2.05 | 2.05 | 1.83 | 1.77 | 1.79 | 1.45 | 1.11 | 0.68 |
| Net Debt / EBITDA | 4.14 | 4.14 | 3.76 | 4.04 | 4.03 | 4.17 | 5.50 | 5.66 | 5.38 | 5.36 | 6.45 |
| Debt / FCF | — | 6.92 | 5.89 | 8.35 | 7.44 | 4.81 | 8.26 | 13.42 | 12.72 | 15.42 | 8.62 |
| Interest Coverage | 3.18 | 3.18 | 3.49 | 3.17 | 4.28 | 4.01 | 1.90 | 1.79 | 1.79 | 1.85 | 3.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.75 | 0.75 | 0.84 | 0.86 | 0.89 | 0.91 | 1.12 | 1.05 | 1.10 | 1.22 | 1.23 |
| Quick Ratio | 0.75 | 0.75 | 0.84 | 0.86 | 0.89 | 0.91 | 1.12 | 1.05 | 1.10 | 1.22 | 1.23 |
| Cash Ratio | 0.26 | 0.26 | 0.26 | 0.23 | 0.23 | 0.28 | 0.42 | 0.23 | 0.27 | 0.35 | 0.46 |
| Asset Turnover | — | 0.54 | 0.57 | 0.56 | 0.57 | 0.56 | 0.46 | 0.48 | 0.46 | 0.43 | 0.32 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 76.69 | 76.77 | 83.14 | 74.98 | 68.64 | 79.24 | 86.84 | 86.34 | 80.66 | 93.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 3.5% | 3.8% | 3.2% | 2.8% | 1.8% | 0.8% | 0.6% | 1.1% | 6.0% | 1.0% |
| FCF Yield | 5.9% | 5.2% | 5.9% | 3.5% | 4.1% | 4.2% | 3.8% | 2.7% | 3.3% | 2.8% | 6.0% |
| Buyback Yield | 3.6% | 3.2% | 3.7% | 2.3% | 3.0% | 0.7% | 1.3% | 3.1% | 5.8% | 12.0% | 9.5% |
| Total Shareholder Yield | 3.6% | 3.2% | 3.7% | 2.3% | 3.0% | 0.7% | 1.3% | 3.1% | 5.8% | 12.0% | 9.5% |
| Shares Outstanding | — | $174M | $183M | $186M | $191M | $195M | $195M | $200M | $208M | $223M | $152M |
High leverage and goodwill
According to current market data, IQVIA trades at a forward P/E of 14.91, which appears to discount the company's historical growth volatility and suggests that investors are pricing in a more conservative outlook compared to the trailing P/E of 24.38 observed in recent periods.
The significant spread between trailing and forward multiples indicates that the market expects a normalization of earnings, likely driven by the stabilization of clinical trial backlogs. While the PEG ratio of 0.60 suggests potential undervaluation relative to growth, this metric may be misleading if the company's future earnings trajectory is hampered by persistent labor cost inflation in the RDS segment.
Based on reported figures, IQVIA's ROIC has remained stagnant in the 2.0% to 2.8% range over the last ten quarters, which indicates that the company is struggling to generate meaningful returns on its invested capital despite its integrated data and clinical research service model.
The low ROIC is largely a function of the massive goodwill and intangible assets sitting on the balance sheet from past acquisitions, which artificially inflate the capital base. Investors should monitor whether management can improve operational efficiency to drive returns higher, as current levels suggest the company is barely covering its cost of capital.
As reported in financial statements, IQVIA's DSO has fluctuated between 71 and 84 days over the last ten quarters, suggesting that the company faces structural challenges in accelerating cash collection from its large-scale pharmaceutical clients who often dictate payment terms in long-term clinical trial contracts.
The lack of consistent improvement in the cash conversion cycle implies that IQVIA lacks significant leverage over its customer base regarding payment timing. This inefficiency forces the company to maintain higher liquidity buffers than would otherwise be necessary, potentially impacting its ability to deploy capital toward more productive growth initiatives.
According to recent SEC filings, IQVIA's debt-to-equity ratio shifted dramatically from 2.44 in 2025Q4 to 0.33 in 2026Q1, a volatility that suggests either a major capital restructuring or a reporting anomaly that complicates the assessment of the company's long-term solvency and interest coverage risk.
The historical reliance on debt to fund aggressive M&A has left the balance sheet vulnerable to interest rate fluctuations and refinancing risks. Given the current interest coverage ratio hovering near 2.68x to 3.78x, the company has limited margin for error if operating cash flows were to face a sustained downturn due to a contraction in R&D spending.
Based on the provided financial data, the most commonly misapplied metric for IQVIA is the GAAP net margin, which currently sits at 8.34% and fails to account for the significant non-cash amortization charges resulting from the company's heavy reliance on acquired intangible assets.
Analysts should instead focus on free cash flow margins, which provide a more accurate picture of the company's ability to generate cash after accounting for the capital intensity of its clinical research operations. Relying on GAAP net income likely leads to an underestimation of the company's true earning power and its capacity to service debt.
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Quick answers to the most common questions about buying IQV stock.
IQVIA Holdings Inc.'s current P/E ratio is 26.3x. The historical average is 57.4x. This places it at the 38th percentile of its historical range.
IQVIA Holdings Inc.'s current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
IQVIA Holdings Inc.'s return on equity (ROE) is 21.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.0%.
Based on historical data, IQVIA Holdings Inc. is trading at a P/E of 26.3x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IQVIA Holdings Inc. has 26.3% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
IQVIA Holdings Inc.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.