IQVIA (IQV) Financials

$182.44 -3.42 (-1.84%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$186.25 +3.81 (+2.09%)

As of 08/1/2025 07:16 PM Eastern

Annual Income Statements for IQVIA

This table shows IQVIA's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	387	72	1,277	259	191	279	966	1,091	1,358	1,373
Consolidated Net Income / (Loss)	388	87	1,296	284	227	308	971	1,091	1,358	1,373
Net Income / (Loss) Continuing Operations	388	87	1,296	284	227	308	971	1,091	1,358	1,373
Total Pre-Tax Income	539	416	294	328	352	373	1,128	1,363	1,459	1,669
Total Operating Income	646	576	665	741	777	731	1,393	1,799	1,977	2,202
Total Gross Profit	1,621	2,067	3,401	3,666	3,788	3,859	4,641	5,028	5,239	5,375
Total Revenue	5,737	6,815	9,702	10,412	11,088	11,359	13,874	14,410	14,984	15,405
Operating Revenue	5,737	6,815	9,702	10,412	11,088	11,359	13,874	14,410	14,984	15,405
Total Cost of Revenue	4,116	4,748	6,301	6,746	7,300	7,500	9,233	9,382	9,745	10,030
Operating Cost of Revenue	4,116	4,748	6,301	6,746	7,300	7,500	9,233	9,382	9,745	10,030
Total Operating Expenses	975	1,491	2,736	2,925	3,011	3,128	3,248	3,229	3,262	3,173
Selling, General & Admin Expense	815	1,016	1,622	1,716	1,734	1,789	1,964	2,071	2,053	1,992
Depreciation Expense	128	289	1,011	1,141	1,202	1,287	1,264	1,130	1,125	1,114
Restructuring Charge	30	158	63	68	75	52	20	28	84	67
Total Other Income / (Expense), net	-107	-160	-371	-413	-425	-358	-265	-436	-518	-533
Interest Expense	109	175	365	416	471	429	401	416	678	670
Interest & Investment Income	4.00	4.00	7.00	8.00	9.00	6.00	6.00	13	36	47
Other Income / (Expense), net	-2.00	11	-13	-5.00	37	65	130	-33	124	90
Income Tax Expense	159	325	-992	59	116	72	163	260	101	301
Other Gains / (Losses), net	8.00	-4.00	10	15	-9.00	7.00	6.00	-12	0.00	5.00
Basic Earnings per Share	$3.15	$0.48	$5.86	$1.27	$0.98	$1.46	$5.05	$5.82	$7.39	$7.57
Weighted Average Basic Shares Outstanding	123M	149.10M	217.80M	203.70M	195.10M	191.30M	191.40M	187.60M	183.80M	181.30M
Diluted Earnings per Share	$3.08	$0.47	$5.74	$1.24	$0.96	$1.43	$4.95	$5.72	$7.29	$7.49
Weighted Average Diluted Shares Outstanding	125.60M	152M	222.60M	208.20M	199.60M	195M	195M	190.60M	186.30M	183.40M
Weighted Average Basic & Diluted Shares Outstanding	122.90M	149.40M	217.90M	203.90M	192.34M	191.28M	190.49M	185.72M	181.50M	176.10M

This table shows IQVIA's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	283	227	289	297	303	469	288	363	285	437	249
Consolidated Net Income / (Loss)	283	227	289	297	303	469	288	363	285	437	249
Net Income / (Loss) Continuing Operations	283	227	289	297	303	469	288	363	285	437	249
Total Pre-Tax Income	360	275	362	375	349	373	340	436	349	544	323
Total Operating Income	472	379	471	524	481	501	506	520	550	626	496
Total Gross Profit	1,241	1,332	1,254	1,285	1,310	1,390	1,293	1,326	1,378	1,378	1,298
Total Revenue	3,562	3,739	3,652	3,728	3,736	3,868	3,737	3,814	3,896	3,958	3,829
Operating Revenue	3,562	3,739	3,652	3,728	3,736	3,868	3,737	3,814	3,896	3,958	3,829
Total Cost of Revenue	2,321	2,407	2,398	2,443	2,426	2,478	2,444	2,488	2,518	2,580	2,531
Operating Cost of Revenue	2,321	2,407	2,398	2,443	2,426	2,478	2,444	2,488	2,518	2,580	2,531
Total Operating Expenses	769	953	783	761	829	889	787	806	828	752	802
Selling, General & Admin Expense	517	583	513	482	502	556	508	509	522	453	508
Depreciation Expense	248	357	253	259	297	316	264	269	278	303	265
Restructuring Charge	4.00	13	17	20	30	17	15	28	28	-4.00	29
Total Other Income / (Expense), net	-112	-104	-109	-149	-132	-128	-166	-84	-201	-82	-173
Interest Expense	108	128	141	169	181	187	166	163	170	171	169
Interest & Investment Income	4.00	6.00	6.00	4.00	14	12	11	12	13	11	11
Other Income / (Expense), net	-8.00	18	26	16	35	47	-11	67	-44	78	-15
Income Tax Expense	70	48	71	81	51	-102	49	75	65	112	61
Other Gains / (Losses), net	-7.00	-	-2.00	3.00	5.00	-6.00	-3.00	2.00	1.00	5.00	-13
Basic Earnings per Share	$1.52	$1.23	$1.56	$1.61	$1.66	$2.56	$1.58	$1.99	$1.57	$2.43	$1.42
Weighted Average Basic Shares Outstanding	186.50M	187.60M	185.80M	184.40M	182.90M	183.80M	181.90M	182.20M	182.10M	181.30M	175.70M
Diluted Earnings per Share	$1.49	$1.21	$1.53	$1.59	$1.63	$2.54	$1.56	$1.97	$1.55	$2.41	$1.40
Weighted Average Diluted Shares Outstanding	189.40M	190.60M	188.60M	186.70M	185.50M	186.30M	184.30M	184.30M	184.20M	183.40M	177.40M
Weighted Average Basic & Diluted Shares Outstanding	185.74M	185.72M	185.55M	183.12M	182.50M	181.50M	182.20M	182.30M	181.50M	176.10M	173M

This table details how cash moves in and out of IQVIA's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	110	221	-292	-68	-54	977	-448	-150	160	326
Net Cash From Operating Activities	476	860	970	1,254	1,417	1,959	2,942	2,260	2,149	2,716
Net Cash From Continuing Operating Activities	476	860	970	1,254	1,417	1,959	2,942	2,260	2,149	2,716
Net Income / (Loss) Continuing Operations	388	87	1,296	284	227	308	971	1,091	1,358	1,373
Consolidated Net Income / (Loss)	388	87	1,296	284	227	308	971	1,091	1,358	1,373
Depreciation Expense	128	289	1,011	1,141	1,202	1,287	1,264	1,130	1,125	1,114
Amortization Expense	17	33	12	11	13	18	17	15	18	21
Non-Cash Adjustments To Reconcile Net Income	-7.00	61	59	108	113	63	739	223	197	179
Changes in Operating Assets and Liabilities, net	-50	390	-1,408	-290	-138	283	-49	-199	-549	29
Net Cash From Investing Activities	-67	1,731	-1,190	-810	-1,190	-796	-2,103	-2,006	-1,603	-1,444
Net Cash From Continuing Investing Activities	-67	1,731	-1,190	-810	-1,190	-796	-2,103	-2,006	-1,603	-1,444
Purchase of Property, Plant & Equipment	-78	-164	-369	-459	-582	-616	-640	-674	-649	-602
Acquisitions	32	1,887	-854	-309	-588	-177	-1,458	-1,315	-876	-735
Purchase of Investments	-23	-57	-	-44	-3.00	1.00	-15	-25	-45	-132
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	25
Sale and/or Maturity of Investments	0.00	41	17	-	-22	-2.00	5.00	0.00	-38	-2.00
Other Investing Activities, net	2.00	24	4.00	2.00	5.00	-2.00	5.00	8.00	5.00	2.00
Net Cash From Financing Activities	-249	-2,284	-72	-452	-276	-217	-1,235	-329	-382	-878
Net Cash From Continuing Financing Activities	-249	-2,284	-72	-452	-276	-217	-1,235	-329	-382	-878
Repayment of Debt	-2,083	-1,958	-4,702	-3,083	-3,722	-2,532	-2,731	-2,664	-5,632	-1,133
Repurchase of Common Equity	-515	-1,097	-2,620	-1,405	-949	-447	-406	-1,168	-992	-1,350
Issuance of Debt	2,249	638	7,163	4,076	4,422	2,841	2,761	3,600	6,384	1,685
Other Financing Activities, net	39	36	87	-9.00	-9.00	-66	-101	-97	-142	-80
Effect of Exchange Rate Changes	-50	-86	-	-60	-5.00	31	-52	-75	-4.00	-68

This table details how cash moves in and out of IQVIA's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-154	-58	278	-112	-158	152	68	101	27	130	38
Net Cash From Operating Activities	863	560	417	402	583	747	522	588	721	885	568
Net Cash From Continuing Operating Activities	863	560	417	402	583	747	522	588	721	885	568
Net Income / (Loss) Continuing Operations	283	227	289	297	303	469	288	363	285	437	249
Consolidated Net Income / (Loss)	283	227	289	297	303	469	288	363	285	437	249
Depreciation Expense	248	357	253	259	297	316	264	269	278	303	265
Amortization Expense	4.00	4.00	4.00	4.00	5.00	5.00	5.00	6.00	5.00	5.00	5.00
Non-Cash Adjustments To Reconcile Net Income	74	40	73	41	47	36	47	46	36	50	86
Changes in Operating Assets and Liabilities, net	254	-68	-202	-199	-69	-79	-82	-96	117	90	-37
Net Cash From Investing Activities	-717	-477	-222	-596	-573	-212	-314	-221	-599	-310	-305
Net Cash From Continuing Investing Activities	-717	-477	-222	-596	-573	-212	-314	-221	-597	-312	-305
Purchase of Property, Plant & Equipment	-165	-171	-164	-160	-146	-179	-145	-143	-150	-164	-142
Acquisitions	-548	-303	-18	-426	-425	-7.00	-142	-79	-428	-86	-134
Purchase of Investments	9.00	-21	-11	-6.00	-3.00	-25	-25	-24	49	-132	-13
Sale and/or Maturity of Investments	-14	14	-36	-	-	-2.00	-2.00	-	-66	66	-17
Other Investing Activities, net	1.00	4.00	7.00	-4.00	1.00	1.00	0.00	-	-2.00	4.00	1.00
Net Cash From Financing Activities	-251	-193	87	95	-144	-420	-106	-260	-137	-375	-258
Net Cash From Continuing Financing Activities	-251	-193	87	95	-144	-420	-106	-260	-137	-375	-258
Repayment of Debt	-389	-973	-139	-1,740	-442	-3,311	-318	-353	-244	-218	-2,102
Repurchase of Common Equity	-210	-65	-129	-490	-144	-229	0.00	-	-200	-1,150	-375
Issuance of Debt	350	850	475	2,334	450	3,125	275	100	310	1,000	2,260
Other Financing Activities, net	-2.00	-5.00	-120	-9.00	-8.00	-5.00	-63	-7.00	-3.00	-7.00	-41
Effect of Exchange Rate Changes	-	-	-4.00	-13	-24	37	-34	-6.00	-	-	33

This table presents IQVIA's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,926	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899
Total Current Assets	2,412	3,337	3,554	3,874	4,126	5,090	4,763	4,981	5,596	5,829
Cash & Equivalents	977	1,198	959	891	837	1,814	1,366	1,216	1,376	1,702
Short-Term Investments	0.00	40	46	47	62	88	111	93	120	141
Accounts Receivable	1,166	1,707	2,097	2,394	2,582	2,410	2,551	2,917	3,381	3,204
Prepaid Expenses	51	123	146	151	138	159	156	151	141	154
Current Deferred & Refundable Income Taxes	135	34	47	69	56	56	58	43	32	36
Other Current Assets	83	235	259	322	451	563	521	561	546	592
Plant, Property, & Equipment, net	188	406	440	434	458	482	497	532	523	535
Total Noncurrent Assets	1,326	17,465	18,863	18,241	18,667	18,992	19,429	19,824	20,562	20,535
Long-Term Investments	85	82	78	142	152	162	164	162	239	374
Goodwill	720	10,727	11,850	11,800	12,159	12,654	13,301	13,921	14,567	14,710
Intangible Assets	368	6,390	6,591	5,951	5,514	5,205	4,943	4,820	4,839	4,499
Noncurrent Deferred & Refundable Income Taxes	43	89	109	109	119	114	124	118	166	194
Other Noncurrent Operating Assets	110	177	235	239	723	857	897	803	751	758
Total Liabilities & Shareholders' Equity	3,926	21,208	22,857	22,549	23,251	24,564	24,689	25,337	26,681	26,899
Total Liabilities	4,262	12,348	14,613	15,595	16,988	18,284	18,647	19,572	20,569	20,832
Total Current Liabilities	1,594	2,705	3,156	3,534	3,945	4,558	5,241	5,578	6,491	6,957
Short-Term Debt	49	92	103	100	100	149	91	152	718	1,145
Accounts Payable	145	250	322	2,295	2,512	2,813	2,981	3,316	3,564	3,684
Current Deferred Revenue	585	774	985	-	-	1,252	1,825	1,797	1,799	1,779
Current Deferred & Payable Income Tax Liabilities	35	76	72	100	108	102	137	161	116	156
Other Current Liabilities	19	20	10	1,039	1,225	242	207	152	294	193
Total Noncurrent Liabilities	2,668	9,643	11,457	12,061	13,043	13,726	13,406	13,994	14,078	13,875
Long-Term Debt	2,419	7,108	10,122	10,907	11,545	12,384	12,034	12,595	12,955	12,838
Noncurrent Deferred & Payable Income Tax Liabilities	66	2,133	895	736	646	338	410	464	202	196
Other Noncurrent Operating Liabilities	183	402	440	418	852	1,004	962	935	921	841
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-336	8,860	8,244	6,954	6,263	6,280	6,042	5,765	6,112	6,067
Total Preferred & Common Equity	-564	8,633	7,995	6,714	6,003	6,001	6,042	5,765	6,112	6,067
Total Common Equity	-564	8,633	7,995	6,714	6,003	6,001	6,042	5,765	6,112	6,067
Common Stock	9.00	10,602	10,782	10,901	11,049	11,095	10,777	10,898	11,028	11,143
Retained Earnings	-462	-399	538	807	998	1,277	2,243	3,334	4,692	6,065
Treasury Stock	0.00	-1,000	-3,374	-4,770	-5,733	-6,166	-6,572	-7,740	-8,741	-10,103
Accumulated Other Comprehensive Income / (Loss)	-111	-570	49	-224	-311	-205	-406	-727	-867	-1,038

This table presents IQVIA's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	24,223	25,337	25,739	26,036	25,977	26,681	26,574	26,398	27,180	26,899	27,322
Total Current Assets	4,752	4,981	5,328	5,329	5,208	5,596	5,651	5,622	5,632	5,829	5,911
Cash & Equivalents	1,274	1,216	1,494	1,382	1,224	1,376	1,444	1,545	1,572	1,702	1,740
Short-Term Investments	87	93	104	110	108	120	131	133	140	141	136
Accounts Receivable	2,640	2,917	3,063	3,139	3,227	3,381	3,426	3,255	3,196	3,204	3,268
Prepaid Expenses	176	151	165	179	177	141	173	191	195	154	166
Current Deferred & Refundable Income Taxes	47	43	42	45	49	32	35	41	54	36	43
Other Current Assets	528	561	460	474	423	546	442	457	475	592	558
Plant, Property, & Equipment, net	507	532	520	510	498	523	513	503	513	535	533
Total Noncurrent Assets	18,964	19,824	19,891	20,197	20,271	20,562	20,410	20,273	21,035	20,535	20,878
Long-Term Investments	151	162	201	208	214	239	263	287	320	374	383
Goodwill	13,177	13,921	14,015	14,178	14,288	14,567	14,516	14,477	15,091	14,710	15,027
Intangible Assets	4,718	4,820	4,757	4,942	4,907	4,839	4,725	4,608	4,734	4,499	4,503
Noncurrent Deferred & Refundable Income Taxes	97	118	125	115	111	166	152	158	164	194	245
Other Noncurrent Operating Assets	821	803	793	754	751	751	754	743	726	758	720
Total Liabilities & Shareholders' Equity	24,223	25,337	25,739	26,036	25,977	26,681	26,574	26,398	27,180	26,899	27,322
Total Liabilities	18,876	19,572	19,807	20,288	20,172	20,569	20,230	19,684	20,213	20,832	21,337
Total Current Liabilities	5,253	5,578	6,657	6,543	6,589	6,491	6,448	6,620	6,992	6,957	7,179
Short-Term Debt	151	152	1,343	1,344	1,309	718	717	1,167	1,219	1,145	1,222
Accounts Payable	2,971	3,316	3,143	3,007	3,133	3,564	3,455	3,313	3,434	3,684	3,559
Current Deferred Revenue	1,842	1,797	1,827	1,844	1,838	1,799	1,914	1,811	1,824	1,779	1,940
Current Deferred & Payable Income Tax Liabilities	124	161	187	208	172	116	155	185	161	156	139
Other Current Liabilities	165	152	157	140	137	294	207	144	354	193	319
Total Noncurrent Liabilities	13,623	13,994	13,150	13,745	13,583	14,078	13,782	13,064	13,221	13,875	14,158
Long-Term Debt	12,243	12,595	11,833	12,433	12,322	12,955	12,819	12,091	12,293	12,838	13,108
Noncurrent Deferred & Payable Income Tax Liabilities	560	464	421	367	365	202	164	149	128	196	197
Other Noncurrent Operating Liabilities	820	935	896	945	896	921	799	824	800	841	853
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,347	5,765	5,932	5,748	5,805	6,112	6,344	6,714	6,967	6,067	5,985
Total Preferred & Common Equity	5,347	5,765	5,932	5,748	5,805	6,112	6,344	6,714	6,967	6,067	5,977
Total Common Equity	5,347	5,765	5,932	5,748	5,805	6,112	6,344	6,714	6,967	6,067	5,977
Common Stock	10,853	10,898	10,909	10,952	10,994	11,028	11,016	11,061	11,106	11,143	11,173
Retained Earnings	3,107	3,334	3,623	3,920	4,223	4,692	4,980	5,343	5,628	6,065	6,314
Treasury Stock	-7,715	-7,740	-7,869	-8,364	-8,509	-8,741	-8,741	-8,741	-8,941	-10,103	-10,532
Accumulated Other Comprehensive Income / (Loss)	-898	-727	-731	-760	-903	-867	-911	-949	-826	-1,038	-978
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	8.00

This table displays calculated financial ratios and metrics derived from IQVIA's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.07%	18.79%	42.36%	7.32%	6.49%	2.44%	22.14%	3.86%	3.98%	2.81%
EBITDA Growth	8.68%	15.21%	84.27%	12.72%	7.47%	3.55%	33.46%	3.82%	11.44%	5.64%
EBIT Growth	7.69%	-8.85%	11.07%	12.88%	10.60%	-2.21%	91.33%	15.96%	18.97%	9.09%
NOPAT Growth	9.87%	-72.33%	2,208.58%	-79.11%	-14.28%	13.24%	102.02%	22.16%	26.40%	-1.92%
Net Income Growth	8.68%	-77.58%	1,389.66%	-78.09%	-20.07%	35.68%	215.26%	12.36%	24.47%	1.10%
EPS Growth	13.24%	-84.74%	1,121.28%	-78.40%	-22.58%	48.96%	246.15%	15.56%	27.45%	2.74%
Operating Cash Flow Growth	9.93%	80.67%	12.79%	29.28%	13.00%	38.25%	50.18%	-23.18%	-4.91%	26.38%
Free Cash Flow Firm Growth	-90.64%	-47,438.45%	101.94%	323.39%	-51.03%	28.07%	102.71%	-33.50%	-11.66%	143.26%
Invested Capital Growth	66.36%	1,277.57%	17.95%	-2.90%	-0.14%	-0.64%	-1.33%	3.12%	5.92%	-1.20%
Revenue Q/Q Growth	1.96%	12.44%	2.60%	1.63%	1.90%	3.68%	2.50%	0.72%	0.87%	0.59%
EBITDA Q/Q Growth	4.18%	10.48%	6.21%	5.42%	0.79%	6.27%	3.16%	0.97%	3.54%	4.35%
EBIT Q/Q Growth	4.25%	-13.32%	5.33%	12.37%	-0.49%	13.07%	12.56%	-3.71%	7.74%	7.30%
NOPAT Q/Q Growth	1.58%	-73.67%	2,968.26%	-81.17%	-18.70%	34.75%	18.72%	-5.12%	21.63%	-7.74%
Net Income Q/Q Growth	5.10%	-78.87%	2,845.45%	-77.15%	-19.79%	55.56%	24.01%	-7.70%	21.68%	-2.28%
EPS Q/Q Growth	5.12%	-85.54%	791.57%	-77.58%	-21.31%	58.89%	25.63%	-6.69%	22.32%	-1.71%
Operating Cash Flow Q/Q Growth	-9.61%	38.79%	-18.07%	17.20%	13.27%	9.32%	-1.93%	-5.52%	9.53%	5.35%
Free Cash Flow Firm Q/Q Growth	-71.78%	-2,426.06%	101.76%	-49.43%	-34.64%	22.27%	-4.08%	-40.24%	661.18%	44.48%
Invested Capital Q/Q Growth	-5.89%	1,326.64%	8.40%	-1.08%	-0.09%	0.05%	1.58%	5.00%	0.89%	-3.33%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.26%	30.33%	35.05%	35.21%	34.16%	33.97%	33.45%	34.89%	34.96%	34.89%
EBITDA Margin	13.75%	13.34%	17.26%	18.13%	18.30%	18.50%	20.21%	20.20%	21.65%	22.25%
Operating Margin	11.26%	8.45%	6.85%	7.12%	7.01%	6.44%	10.04%	12.48%	13.19%	14.29%
EBIT Margin	11.23%	8.61%	6.72%	7.07%	7.34%	7.01%	10.98%	12.26%	14.02%	14.88%
Profit (Net Income) Margin	6.76%	1.28%	13.36%	2.73%	2.05%	2.71%	7.00%	7.57%	9.06%	8.91%
Tax Burden Percent	71.99%	20.91%	440.82%	86.59%	64.49%	82.57%	86.08%	80.04%	93.08%	82.26%
Interest Burden Percent	83.70%	70.87%	45.09%	44.57%	43.24%	46.86%	74.06%	77.18%	69.44%	72.82%
Effective Tax Rate	29.50%	78.13%	-337.42%	17.99%	32.95%	19.30%	14.45%	19.08%	6.92%	18.03%
Return on Invested Capital (ROIC)	53.17%	1.59%	18.11%	3.55%	3.09%	3.51%	7.16%	8.67%	10.49%	10.06%
ROIC Less NNEP Spread (ROIC-NNEP)	48.27%	0.52%	-3.36%	0.15%	0.22%	0.83%	5.06%	5.32%	6.33%	6.42%
Return on Net Nonoperating Assets (RNNOA)	-127.78%	0.45%	-2.95%	0.19%	0.35%	1.40%	8.60%	9.81%	12.38%	12.49%
Return on Equity (ROE)	-74.61%	2.04%	15.15%	3.74%	3.44%	4.91%	15.76%	18.48%	22.87%	22.55%
Cash Return on Invested Capital (CROIC)	3.34%	-171.33%	1.64%	6.49%	3.23%	4.15%	8.50%	5.61%	4.74%	11.27%
Operating Return on Assets (OROA)	17.83%	4.67%	2.96%	3.24%	3.55%	3.33%	6.18%	7.06%	8.08%	8.56%
Return on Assets (ROA)	10.75%	0.69%	5.88%	1.25%	0.99%	1.29%	3.94%	4.36%	5.22%	5.13%
Return on Common Equity (ROCE)	-90.98%	1.93%	14.73%	3.62%	3.31%	4.70%	15.40%	18.48%	22.87%	22.55%
Return on Equity Simple (ROE_SIMPLE)	-68.79%	1.01%	16.21%	4.23%	3.78%	5.13%	16.07%	18.92%	22.22%	22.63%
Net Operating Profit after Tax (NOPAT)	455	126	2,909	608	521	590	1,192	1,456	1,840	1,805
NOPAT Margin	7.94%	1.85%	29.98%	5.84%	4.70%	5.19%	8.59%	10.10%	12.28%	11.72%
Net Nonoperating Expense Percent (NNEP)	4.90%	1.07%	21.47%	3.40%	2.86%	2.68%	2.11%	3.35%	4.15%	3.64%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.86%	9.30%	9.00%
Cost of Revenue to Revenue	71.74%	69.67%	64.95%	64.79%	65.84%	66.03%	66.55%	65.11%	65.04%	65.11%
SG&A Expenses to Revenue	14.21%	14.91%	16.72%	16.48%	15.64%	15.75%	14.16%	14.37%	13.70%	12.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.99%	21.88%	28.20%	28.09%	27.16%	27.54%	23.41%	22.41%	21.77%	20.60%
Earnings before Interest and Taxes (EBIT)	644	587	652	736	814	796	1,523	1,766	2,101	2,292
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	789	909	1,675	1,888	2,029	2,101	2,804	2,911	3,244	3,427
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.17	2.59	3.50	4.99	5.72	8.92	6.60	6.91	5.88
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.47	2.75	2.13	2.26	2.70	3.02	3.89	2.64	2.82	2.32
Price to Earnings (P/E)	21.84	260.03	16.20	90.74	156.97	123.12	55.80	34.88	31.09	25.98
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.58%	0.38%	6.17%	1.10%	0.64%	0.81%	1.79%	2.87%	3.22%	3.85%
Enterprise Value to Invested Capital (EV/IC)	9.43	1.68	1.73	1.99	2.42	2.69	3.90	2.89	3.00	2.66
Enterprise Value to Revenue (EV/Rev)	1.76	3.64	3.10	3.23	3.68	3.97	4.64	3.42	3.61	3.08
Enterprise Value to EBITDA (EV/EBITDA)	12.78	27.31	17.96	17.83	20.13	21.47	22.96	16.95	16.70	13.84
Enterprise Value to EBIT (EV/EBIT)	15.66	42.30	46.13	45.75	50.17	56.66	42.27	27.93	25.78	20.69
Enterprise Value to NOPAT (EV/NOPAT)	22.14	197.06	10.34	55.40	78.39	76.45	54.03	33.89	29.44	26.28
Enterprise Value to Operating Cash Flow (EV/OCF)	21.19	28.87	31.01	26.85	28.82	23.02	21.88	21.83	25.20	17.46
Enterprise Value to Free Cash Flow (EV/FCFF)	352.51	0.00	114.45	30.26	74.93	64.62	45.51	52.43	65.17	23.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-7.35	0.81	1.24	1.58	1.86	2.00	2.01	2.21	2.24	2.30
Long-Term Debt to Equity	-7.20	0.80	1.23	1.57	1.84	1.97	1.99	2.18	2.12	2.12
Financial Leverage	-2.65	0.85	0.88	1.25	1.55	1.68	1.70	1.84	1.95	1.95
Leverage Ratio	-6.94	2.95	2.58	2.99	3.47	3.81	4.00	4.24	4.38	4.40
Compound Leverage Factor	-5.81	2.09	1.16	1.33	1.50	1.79	2.96	3.27	3.04	3.20
Debt to Total Capital	115.76%	44.83%	55.36%	61.28%	65.03%	66.62%	66.74%	68.86%	69.11%	69.74%
Short-Term Debt to Total Capital	2.30%	0.57%	0.56%	0.56%	0.56%	0.79%	0.50%	0.82%	3.63%	5.71%
Long-Term Debt to Total Capital	113.46%	44.26%	54.81%	60.73%	64.47%	65.83%	66.24%	68.04%	65.48%	64.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.69%	1.41%	1.35%	1.34%	1.45%	1.48%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-26.45%	53.75%	43.29%	37.38%	33.52%	31.90%	33.26%	31.14%	30.89%	30.26%
Debt to EBITDA	3.13	7.92	6.10	5.83	5.74	5.97	4.32	4.38	4.21	4.08
Net Debt to EBITDA	1.78	6.47	5.46	5.26	5.22	4.98	3.74	3.87	3.68	3.43
Long-Term Debt to EBITDA	3.07	7.82	6.04	5.78	5.69	5.89	4.29	4.33	3.99	3.75
Debt to NOPAT	5.42	57.14	3.52	18.11	22.35	21.25	10.17	8.76	7.43	7.75
Net Debt to NOPAT	3.09	46.67	3.14	16.34	20.34	17.75	8.80	7.75	6.49	6.52
Long-Term Debt to NOPAT	5.31	56.41	3.48	17.95	22.16	20.99	10.10	8.65	7.04	7.11
Altman Z-Score	3.28	1.33	1.42	1.54	1.72	1.80	2.60	2.12	2.26	2.15
Noncontrolling Interest Sharing Ratio	-21.93%	5.34%	2.78%	3.22%	3.78%	4.30%	2.26%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.51	1.23	1.13	1.10	1.05	1.12	0.91	0.89	0.86	0.84
Quick Ratio	1.34	1.09	0.98	0.94	0.88	0.95	0.77	0.76	0.75	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	29	-13,544	263	1,113	545	698	1,415	941	831	2,022
Operating Cash Flow to CapEx	610.26%	524.39%	262.87%	273.20%	243.47%	318.02%	459.69%	335.31%	331.12%	470.71%
Free Cash Flow to Firm to Interest Expense	0.26	-77.39	0.72	2.67	1.16	1.63	3.53	2.26	1.23	3.02
Operating Cash Flow to Interest Expense	4.37	4.91	2.66	3.01	3.01	4.57	7.34	5.43	3.17	4.05
Operating Cash Flow Less CapEx to Interest Expense	3.65	3.98	1.65	1.91	1.77	3.13	5.74	3.81	2.21	3.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.59	0.54	0.44	0.46	0.48	0.48	0.56	0.58	0.58	0.58
Accounts Receivable Turnover	5.36	4.74	5.10	4.64	4.46	4.55	5.59	5.27	4.76	4.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	30.33	22.95	22.94	23.83	24.86	24.17	28.34	28.01	28.41	29.12
Accounts Payable Turnover	32.44	24.04	22.03	5.16	3.04	2.82	3.19	2.98	2.83	2.77
Days Sales Outstanding (DSO)	68.12	76.94	71.56	78.72	81.90	80.20	65.26	69.25	76.71	78.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	11.25	15.18	16.57	70.80	120.18	129.58	114.52	122.49	128.85	131.88
Cash Conversion Cycle (CCC)	56.86	61.75	54.99	7.92	-38.27	-49.37	-49.27	-53.24	-52.14	-53.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,070	14,740	17,386	16,881	16,857	16,749	16,526	17,041	18,050	17,833
Invested Capital Turnover	6.70	0.86	0.60	0.61	0.66	0.68	0.83	0.86	0.85	0.86
Increase / (Decrease) in Invested Capital	427	13,670	2,646	-505	-24	-108	-223	515	1,009	-217
Enterprise Value (EV)	10,086	24,829	30,079	33,669	40,835	45,100	64,384	49,332	54,165	47,433
Market Capitalization	8,452	18,722	20,688	23,502	29,981	34,352	53,900	38,056	42,227	35,667
Book Value per Share	($4.58)	$35.07	$37.83	$33.19	$30.94	$31.30	$31.63	$31.04	$33.49	$33.43
Tangible Book Value per Share	($13.42)	($34.46)	($49.43)	($54.56)	($60.14)	($61.85)	($63.87)	($69.86)	($72.84)	($72.41)
Total Capital	2,132	16,060	18,469	17,961	17,908	18,813	18,167	18,512	19,785	20,050
Total Debt	2,468	7,200	10,225	11,007	11,645	12,533	12,125	12,747	13,673	13,983
Total Long-Term Debt	2,419	7,108	10,122	10,907	11,545	12,384	12,034	12,595	12,955	12,838
Net Debt	1,406	5,880	9,142	9,927	10,594	10,469	10,484	11,276	11,938	11,766
Capital Expenditures (CapEx)	78	164	369	459	582	616	640	674	649	577
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-110	-514	-504	-498	-618	-1,221	-1,864	-1,754	-1,673	-1,826
Debt-free Net Working Capital (DFNWC)	867	724	501	440	281	681	-387	-445	-177	17
Net Working Capital (NWC)	818	632	398	340	181	532	-478	-597	-895	-1,128
Net Nonoperating Expense (NNE)	67	39	1,613	324	294	282	221	365	482	432
Net Nonoperating Obligations (NNO)	1,406	5,880	9,142	9,927	10,594	10,469	10,484	11,276	11,938	11,766
Total Depreciation and Amortization (D&A)	145	322	1,023	1,152	1,215	1,305	1,281	1,145	1,143	1,135
Debt-free, Cash-free Net Working Capital to Revenue	-1.92%	-7.54%	-5.19%	-4.78%	-5.57%	-10.75%	-13.44%	-12.17%	-11.17%	-11.85%
Debt-free Net Working Capital to Revenue	15.11%	10.62%	5.16%	4.23%	2.53%	6.00%	-2.79%	-3.09%	-1.18%	0.11%
Net Working Capital to Revenue	14.26%	9.27%	4.10%	3.27%	1.63%	4.68%	-3.45%	-4.14%	-5.97%	-7.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.15	$0.77	$6.01	$1.27	$0.98	$1.46	$5.05	$5.82	$7.39	$7.57
Adjusted Weighted Average Basic Shares Outstanding	123.04M	149.10M	217.80M	203.70M	195.10M	191.30M	191.40M	187.60M	183.80M	181.30M
Adjusted Diluted Earnings per Share	$3.08	$0.76	$5.88	$1.24	$0.96	$1.43	$4.95	$5.72	$7.29	$7.49
Adjusted Weighted Average Diluted Shares Outstanding	125.63M	152M	222.60M	208.20M	199.60M	195M	195M	190.60M	186.30M	183.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	119.38M	235.72M	208.25M	197.60M	192.34M	191.28M	190.49M	185.72M	181.50M	176.10M
Normalized Net Operating Profit after Tax (NOPAT)	478	533	538	663	571	632	1,209	1,478	1,918	1,860
Normalized NOPAT Margin	8.33%	7.83%	5.54%	6.37%	5.15%	5.56%	8.71%	10.26%	12.80%	12.07%
Pre Tax Income Margin	9.40%	6.10%	3.03%	3.15%	3.17%	3.28%	8.13%	9.46%	9.74%	10.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.91	3.35	1.79	1.77	1.73	1.86	3.80	4.25	3.10	3.42
NOPAT to Interest Expense	4.18	0.72	7.97	1.46	1.11	1.38	2.97	3.50	2.71	2.69
EBIT Less CapEx to Interest Expense	5.19	2.42	0.78	0.67	0.49	0.42	2.20	2.63	2.14	2.56
NOPAT Less CapEx to Interest Expense	3.46	-0.22	6.96	0.36	-0.13	-0.06	1.38	1.88	1.76	1.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.77%	0.00%	0.00%	10.92%	7.93%	4.22%	78.06%	0.00%	0.00%	0.00%
Augmented Payout Ratio	133.51%	1,260.92%	202.16%	505.63%	425.99%	149.35%	119.88%	107.06%	73.05%	98.32%

This table displays calculated financial ratios and metrics derived from IQVIA's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.04%	2.83%	2.35%	5.28%	4.88%	3.45%	2.33%	2.31%	4.28%	2.33%	2.46%
EBITDA Growth	1.70%	3.84%	1.34%	15.87%	14.25%	14.64%	1.33%	7.35%	-3.55%	16.46%	-1.70%
EBIT Growth	27.47%	-14.62%	2.47%	28.57%	11.21%	38.04%	-0.40%	8.70%	-1.94%	28.47%	-2.83%
NOPAT Growth	31.69%	-19.85%	-7.00%	15.74%	8.02%	103.93%	14.38%	4.80%	8.97%	-22.08%	-7.10%
Net Income Growth	8.43%	-28.62%	-11.08%	16.02%	7.07%	106.61%	-0.35%	22.22%	-5.94%	-6.82%	-13.54%
EPS Growth	11.19%	-25.31%	-8.93%	18.66%	9.40%	109.92%	1.96%	23.90%	-4.91%	-5.12%	-10.26%
Operating Cash Flow Growth	2.25%	-19.08%	-17.91%	22.19%	-32.45%	33.39%	25.18%	46.27%	23.67%	18.47%	8.81%
Free Cash Flow Firm Growth	-44.69%	-132.96%	94.98%	-791.44%	-397.53%	-83.52%	-920.90%	125.57%	91.25%	292.49%	229.48%
Invested Capital Growth	-0.25%	3.12%	2.41%	8.41%	10.23%	5.92%	4.23%	1.02%	3.11%	-1.20%	0.08%
Revenue Q/Q Growth	0.59%	4.97%	-2.33%	2.08%	0.21%	3.53%	-3.39%	2.06%	2.15%	1.59%	-3.26%
EBITDA Q/Q Growth	3.32%	5.87%	-0.53%	6.50%	1.87%	6.23%	-12.08%	12.83%	-8.47%	28.26%	-25.79%
EBIT Q/Q Growth	10.48%	-14.44%	25.19%	8.65%	-4.44%	6.20%	-9.67%	18.59%	-13.80%	39.13%	-31.68%
NOPAT Q/Q Growth	7.12%	-17.72%	21.02%	8.50%	-0.03%	55.34%	-32.12%	-0.58%	3.95%	11.07%	-19.07%
Net Income Q/Q Growth	10.55%	-19.79%	27.31%	2.77%	2.02%	54.79%	-38.59%	26.04%	-21.49%	53.33%	-43.02%
EPS Q/Q Growth	11.19%	-18.79%	26.45%	3.92%	2.52%	55.83%	-38.58%	26.28%	-21.32%	55.48%	-41.91%
Operating Cash Flow Q/Q Growth	162.31%	-35.11%	-25.54%	-3.60%	45.02%	28.13%	-30.12%	12.64%	22.62%	22.75%	-35.82%
Free Cash Flow Firm Q/Q Growth	485.32%	-148.11%	85.47%	-3,209.17%	-28.61%	70.33%	19.16%	182.87%	-144.03%	752.55%	-45.62%
Invested Capital Q/Q Growth	-1.30%	5.00%	1.57%	2.98%	0.36%	0.89%	-0.04%	-0.19%	2.44%	-3.33%	1.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.84%	35.62%	34.34%	34.47%	35.06%	35.94%	34.60%	34.77%	35.37%	34.82%	33.90%
EBITDA Margin	20.10%	20.27%	20.65%	21.54%	21.90%	22.47%	20.44%	22.60%	20.25%	25.57%	19.61%
Operating Margin	13.25%	10.14%	12.90%	14.06%	12.87%	12.95%	13.54%	13.63%	14.12%	15.82%	12.95%
EBIT Margin	13.03%	10.62%	13.61%	14.49%	13.81%	14.17%	13.25%	15.39%	12.99%	17.79%	12.56%
Profit (Net Income) Margin	7.95%	6.07%	7.91%	7.97%	8.11%	12.13%	7.71%	9.52%	7.32%	11.04%	6.50%
Tax Burden Percent	78.61%	82.55%	79.83%	79.20%	86.82%	125.74%	84.71%	83.26%	81.66%	80.33%	77.09%
Interest Burden Percent	77.59%	69.27%	72.84%	69.44%	67.64%	68.07%	68.69%	74.28%	68.97%	77.27%	67.15%
Effective Tax Rate	19.44%	17.45%	19.61%	21.60%	14.61%	-27.35%	14.41%	17.20%	18.62%	20.59%	18.89%
Return on Invested Capital (ROIC)	9.40%	7.18%	8.79%	9.44%	9.57%	14.09%	9.88%	9.55%	9.68%	10.78%	9.02%
ROIC Less NNEP Spread (ROIC-NNEP)	8.49%	6.39%	7.98%	8.46%	8.63%	12.63%	8.62%	8.97%	8.30%	10.28%	7.73%
Return on Net Nonoperating Assets (RNNOA)	16.19%	11.79%	15.06%	17.66%	17.78%	24.69%	16.21%	16.82%	15.32%	20.00%	14.91%
Return on Equity (ROE)	25.59%	18.97%	23.85%	27.10%	27.36%	38.77%	26.09%	26.37%	25.00%	30.79%	23.93%
Cash Return on Invested Capital (CROIC)	9.69%	5.61%	5.96%	0.58%	-0.87%	4.74%	6.61%	9.65%	7.70%	11.27%	9.77%
Operating Return on Assets (OROA)	7.72%	6.12%	7.78%	8.43%	8.17%	8.16%	7.63%	8.90%	7.48%	10.23%	7.22%
Return on Assets (ROA)	4.71%	3.50%	4.52%	4.64%	4.80%	6.99%	4.44%	5.50%	4.22%	6.35%	3.74%
Return on Common Equity (ROCE)	25.59%	18.97%	23.85%	27.10%	27.36%	38.77%	26.09%	26.37%	25.00%	30.79%	23.91%
Return on Equity Simple (ROE_SIMPLE)	22.11%	0.00%	17.78%	19.07%	19.22%	0.00%	21.39%	21.19%	20.17%	0.00%	22.32%
Net Operating Profit after Tax (NOPAT)	380	313	379	411	411	638	433	431	448	497	402
NOPAT Margin	10.67%	8.37%	10.37%	11.02%	10.99%	16.49%	11.59%	11.29%	11.49%	12.56%	10.51%
Net Nonoperating Expense Percent (NNEP)	0.91%	0.79%	0.80%	0.98%	0.94%	1.46%	1.26%	0.58%	1.38%	0.51%	1.29%
Return On Investment Capital (ROIC_SIMPLE)	-	1.69%	-	-	-	3.22%	-	-	-	2.48%	1.98%
Cost of Revenue to Revenue	65.16%	64.38%	65.66%	65.53%	64.94%	64.06%	65.40%	65.23%	64.63%	65.18%	66.10%
SG&A Expenses to Revenue	14.51%	15.59%	14.05%	12.93%	13.44%	14.37%	13.59%	13.35%	13.40%	11.45%	13.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.59%	25.49%	21.44%	20.41%	22.19%	22.98%	21.06%	21.13%	21.25%	19.00%	20.95%
Earnings before Interest and Taxes (EBIT)	464	397	497	540	516	548	495	587	506	704	481
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	716	758	754	803	818	869	764	862	789	1,012	751
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.32	6.60	6.23	7.26	6.21	6.91	7.28	5.74	6.20	5.88	5.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.36	2.64	2.55	2.84	2.43	2.82	3.06	2.54	2.82	2.32	2.00
Price to Earnings (P/E)	28.58	34.88	35.01	38.05	32.28	31.09	34.01	27.07	30.75	25.98	23.27
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.50%	2.87%	2.86%	2.63%	3.10%	3.22%	2.94%	3.69%	3.25%	3.85%	4.30%
Enterprise Value to Invested Capital (EV/IC)	2.75	2.89	2.79	3.02	2.69	3.00	3.21	2.77	2.96	2.66	2.39
Enterprise Value to Revenue (EV/Rev)	3.12	3.42	3.33	3.66	3.24	3.61	3.84	3.29	3.57	3.08	2.78
Enterprise Value to EBITDA (EV/EBITDA)	15.49	16.95	16.54	17.74	15.36	16.70	17.78	15.04	16.65	13.84	12.63
Enterprise Value to EBIT (EV/EBIT)	24.35	27.93	27.17	28.34	24.67	25.78	27.56	23.21	25.60	20.69	18.93
Enterprise Value to NOPAT (EV/NOPAT)	29.11	33.89	33.87	36.27	31.80	29.44	30.43	26.08	27.95	26.28	24.27
Enterprise Value to Operating Cash Flow (EV/OCF)	18.67	21.83	22.28	23.99	24.52	25.20	25.67	20.42	21.21	17.46	15.61
Enterprise Value to Free Cash Flow (EV/FCFF)	28.37	52.43	47.43	539.34	0.00	65.17	49.51	28.83	39.07	23.46	24.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.32	2.21	2.22	2.40	2.35	2.24	2.13	1.97	1.94	2.30	2.39
Long-Term Debt to Equity	2.29	2.18	1.99	2.16	2.12	2.12	2.02	1.80	1.76	2.12	2.19
Financial Leverage	1.91	1.84	1.89	2.09	2.06	1.95	1.88	1.88	1.85	1.95	1.93
Leverage Ratio	4.32	4.24	4.28	4.55	4.50	4.38	4.26	4.21	4.16	4.40	4.37
Compound Leverage Factor	3.35	2.93	3.12	3.16	3.04	2.98	2.93	3.13	2.87	3.40	2.94
Debt to Total Capital	69.86%	68.86%	68.96%	70.56%	70.13%	69.11%	68.09%	66.38%	65.98%	69.74%	70.54%
Short-Term Debt to Total Capital	0.85%	0.82%	7.03%	6.88%	6.73%	3.63%	3.61%	5.84%	5.95%	5.71%	6.02%
Long-Term Debt to Total Capital	69.01%	68.04%	61.93%	63.68%	63.40%	65.48%	64.48%	60.54%	60.03%	64.03%	64.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%
Common Equity to Total Capital	30.14%	31.14%	31.04%	29.44%	29.87%	30.89%	31.91%	33.62%	34.02%	30.26%	29.42%
Debt to EBITDA	4.30	4.38	4.51	4.55	4.35	4.21	4.16	4.00	4.11	4.08	4.20
Net Debt to EBITDA	3.77	3.87	3.89	3.98	3.86	3.68	3.60	3.41	3.50	3.43	3.54
Long-Term Debt to EBITDA	4.25	4.33	4.05	4.10	3.93	3.99	3.94	3.65	3.74	3.75	3.84
Debt to NOPAT	8.08	8.76	9.24	9.29	9.01	7.43	7.12	6.94	6.91	7.75	8.07
Net Debt to NOPAT	7.09	7.75	7.97	8.15	7.99	6.49	6.15	5.91	5.87	6.52	6.79
Long-Term Debt to NOPAT	7.98	8.65	8.29	8.39	8.14	7.04	6.74	6.33	6.28	7.11	7.38
Altman Z-Score	1.88	1.94	1.88	2.02	1.87	2.07	2.22	2.06	2.14	1.95	1.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.89	0.80	0.81	0.79	0.86	0.88	0.85	0.81	0.84	0.82
Quick Ratio	0.76	0.76	0.70	0.71	0.69	0.75	0.78	0.75	0.70	0.73	0.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	420	-202	-29	-972	-1,250	-371	-300	249	-109	714	388
Operating Cash Flow to CapEx	523.03%	327.49%	254.27%	251.25%	399.32%	417.32%	360.00%	411.19%	480.67%	539.63%	400.00%
Free Cash Flow to Firm to Interest Expense	3.89	-1.58	-0.21	-5.75	-6.91	-1.98	-1.81	1.52	-0.64	4.18	2.30
Operating Cash Flow to Interest Expense	7.99	4.38	2.96	2.38	3.22	3.99	3.14	3.61	4.24	5.18	3.36
Operating Cash Flow Less CapEx to Interest Expense	6.46	3.04	1.79	1.43	2.41	3.04	2.27	2.73	3.36	4.22	2.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.58	0.57	0.58	0.59	0.58	0.58	0.58	0.58	0.58	0.58
Accounts Receivable Turnover	5.76	5.27	5.10	5.05	5.06	4.76	4.64	4.74	4.77	4.68	4.63
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	28.84	28.01	27.58	28.26	29.56	28.41	29.18	29.92	30.30	29.12	29.63
Accounts Payable Turnover	3.32	2.98	3.17	3.27	3.17	2.83	2.97	3.11	3.02	2.77	2.88
Days Sales Outstanding (DSO)	63.40	69.25	71.54	72.32	72.08	76.71	78.59	77.00	76.54	78.01	78.83
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	110.10	122.49	115.00	111.65	115.15	128.85	122.98	117.26	120.72	131.88	126.53
Cash Conversion Cycle (CCC)	-46.70	-53.24	-43.45	-39.32	-43.07	-52.14	-44.40	-40.27	-44.18	-53.87	-47.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,229	17,041	17,309	17,825	17,890	18,050	18,042	18,007	18,447	17,833	18,056
Invested Capital Turnover	0.88	0.86	0.85	0.86	0.87	0.85	0.85	0.85	0.84	0.86	0.86
Increase / (Decrease) in Invested Capital	-40	515	408	1,383	1,661	1,009	733	182	557	-217	14
Enterprise Value (EV)	44,666	49,332	48,315	53,783	48,114	54,165	57,850	49,817	54,680	47,433	43,125
Market Capitalization	33,784	38,056	36,938	41,706	36,029	42,227	46,152	38,524	43,200	35,667	31,046
Book Value per Share	$28.67	$31.04	$31.94	$30.98	$31.70	$33.49	$34.88	$36.85	$38.22	$33.43	$33.94
Tangible Book Value per Share	($67.28)	($69.86)	($69.14)	($72.07)	($73.12)	($72.84)	($70.90)	($67.90)	($70.53)	($72.41)	($76.96)
Total Capital	17,741	18,512	19,108	19,525	19,436	19,785	19,880	19,972	20,479	20,050	20,315
Total Debt	12,394	12,747	13,176	13,777	13,631	13,673	13,536	13,258	13,512	13,983	14,330
Total Long-Term Debt	12,243	12,595	11,833	12,433	12,322	12,955	12,819	12,091	12,293	12,838	13,108
Net Debt	10,882	11,276	11,377	12,077	12,085	11,938	11,698	11,293	11,480	11,766	12,071
Capital Expenditures (CapEx)	165	171	164	160	146	179	145	143	150	164	142
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,711	-1,754	-1,584	-1,362	-1,404	-1,673	-1,655	-1,509	-1,853	-1,826	-1,922
Debt-free Net Working Capital (DFNWC)	-350	-445	14	130	-72	-177	-80	169	-141	17	-46
Net Working Capital (NWC)	-501	-597	-1,329	-1,214	-1,381	-895	-797	-998	-1,360	-1,128	-1,268
Net Nonoperating Expense (NNE)	97	86	90	114	108	169	145	68	163	60	153
Net Nonoperating Obligations (NNO)	10,882	11,276	11,377	12,077	12,085	11,938	11,698	11,293	11,480	11,766	12,071
Total Depreciation and Amortization (D&A)	252	361	257	263	302	321	269	275	283	308	270
Debt-free, Cash-free Net Working Capital to Revenue	-11.96%	-12.17%	-10.93%	-9.28%	-9.45%	-11.17%	-10.98%	-9.96%	-12.10%	-11.85%	-12.40%
Debt-free Net Working Capital to Revenue	-2.45%	-3.09%	0.10%	0.89%	-0.48%	-1.18%	-0.53%	1.12%	-0.92%	0.11%	-0.30%
Net Working Capital to Revenue	-3.50%	-4.14%	-9.17%	-8.27%	-9.30%	-5.97%	-5.29%	-6.59%	-8.88%	-7.32%	-8.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.52	$1.23	$1.56	$1.61	$1.66	$2.56	$1.58	$1.99	$1.57	$2.43	$1.42
Adjusted Weighted Average Basic Shares Outstanding	186.50M	187.60M	185.80M	184.40M	182.90M	183.80M	181.90M	182.20M	182.10M	181.30M	175.70M
Adjusted Diluted Earnings per Share	$1.49	$1.21	$1.53	$1.59	$1.63	$2.54	$1.56	$1.97	$1.55	$2.41	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	189.40M	190.60M	188.60M	186.70M	185.50M	186.30M	184.30M	184.30M	184.20M	183.40M	177.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	185.74M	185.72M	185.55M	183.12M	182.50M	181.50M	182.20M	182.30M	181.50M	176.10M	173M
Normalized Net Operating Profit after Tax (NOPAT)	383	324	392	426	436	363	446	454	470	494	426
Normalized NOPAT Margin	10.76%	8.65%	10.74%	11.44%	11.68%	9.37%	11.93%	11.90%	12.07%	12.48%	11.12%
Pre Tax Income Margin	10.11%	7.35%	9.91%	10.06%	9.34%	9.64%	9.10%	11.43%	8.96%	13.74%	8.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.30	3.10	3.52	3.20	2.85	2.93	2.98	3.60	2.98	4.12	2.85
NOPAT to Interest Expense	3.52	2.44	2.69	2.43	2.27	3.41	2.61	2.64	2.63	2.91	2.38
EBIT Less CapEx to Interest Expense	2.77	1.77	2.36	2.25	2.04	1.97	2.11	2.72	2.09	3.16	2.01
NOPAT Less CapEx to Interest Expense	1.99	1.11	1.52	1.48	1.46	2.45	1.74	1.76	1.75	1.95	1.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	110.58%	107.06%	84.74%	81.57%	74.19%	73.05%	63.60%	26.21%	30.53%	98.32%	129.31%

Key Financial Trends

IQVIA Holdings Inc. (NYSE: IQV) has shown steady financial performance over the last several quarters, with key trends evident in its income, cash flow, and balance sheet statements.

Revenue and Profitability:

Operating revenue grew from approximately $3.65 billion in Q1 2023 to around $3.83 billion in Q1 2025, showing consistent top-line growth.
Total gross profit also increased from about $1.25 billion in Q1 2023 to nearly $1.30 billion in Q1 2025, indicating stable operational efficiency relative to revenue.
Total operating income dropped from $506 million in Q1 2024 to $496 million in Q1 2025, suggesting some pressure on operating margins.
Net income attributable to common shareholders decreased from $437 million in Q4 2024 to $249 million in Q1 2025, signaling reduced net profitability in the latest quarter.

Expenses and Charges:

Selling, General & Administrative (SG&A) expenses increased from approximately $453 million in Q4 2024 to $508 million in Q1 2025, impacting overall profitability.
Depreciation expense remained high but stable, around $265 million in Q1 2025, similar to prior quarters, reflecting ongoing capital asset usage.
The company incurred a $29 million restructuring charge in Q1 2025 compared to a reversal (negative $4 million charge) in Q4 2024, which weighed on expenses.

Cash Flow and Capital Allocation:

Net cash from operating activities remained strong at $568 million in Q1 2025, although below $885 million recorded in Q4 2024, indicating solid core cash flow generation.
Significant repayments of debt were noted with $2.1 billion repaid in Q1 2025, offset partially by $2.26 billion of debt issuance, suggesting active debt management but high financial leverage.
Repurchases of common stock continued at $375 million in Q1 2025, which reduces available liquidity and could pressure cash balances.

Balance Sheet Strength:

Cash and equivalents increased slightly to $1.74 billion at the end of Q1 2025 from $1.70 billion at the end of Q4 2024, providing ample liquidity.
Total assets grew modestly to $27.32 billion in Q1 2025 from $26.90 billion in Q4 2024, driven by increased accounts receivable and goodwill.
Total liabilities rose to $21.34 billion by Q1 2025 from $20.83 billion in Q4 2024, maintaining a high leverage profile with long-term debt exceeding $13 billion.
Total equity slightly declined to $5.98 billion in Q1 2025 from $6.07 billion in Q4 2024, impacted by treasury stock and accumulated other comprehensive losses.

Summary: IQVIA has maintained solid revenue growth and cash flow generation over recent quarters but experienced pressure on net income and operating income in the latest reported quarter. Expense increases, particularly in SG&A and restructuring charges, have weighed on profitability. The company's active debt repayments and issuances highlight ongoing balance sheet optimization efforts, although leverage remains elevated. Liquidity remains ample with stable cash and equivalents, supporting ongoing operations and investments. Investors should watch for continued margin trends and debt management strategies going forward.

08/02/25 05:42 AMAI Generated. May Contain Errors.

Frequently Asked Questions About IQVIA's Financials

When does IQVIA's fiscal year end?

According to the most recent income statement we have on file, IQVIA's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has IQVIA's net income changed over the last 9 years?

IQVIA's net income appears to be on an upward trend, with a most recent value of $1.37 billion in 2024, rising from $388 million in 2015. The previous period was $1.36 billion in 2023. Find out what analysts predict for IQVIA in the coming months.

What is IQVIA's operating income?

IQVIA's total operating income in 2024 was $2.20 billion, based on the following breakdown:

Total Gross Profit: $5.38 billion
Total Operating Expenses: $3.17 billion

How has IQVIA's revenue changed over the last 9 years?

Over the last 9 years, IQVIA's total revenue changed from $5.74 billion in 2015 to $15.41 billion in 2024, a change of 168.5%.

How much debt does IQVIA have?

IQVIA's total liabilities were at $20.83 billion at the end of 2024, a 1.3% increase from 2023, and a 388.8% increase since 2015.

How much cash does IQVIA have?

In the past 9 years, IQVIA's cash and equivalents has ranged from $837 million in 2019 to $1.81 billion in 2020, and is currently $1.70 billion as of their latest financial filing in 2024.

How has IQVIA's book value per share changed over the last 9 years?

Over the last 9 years, IQVIA's book value per share changed from -4.58 in 2015 to 33.43 in 2024, a change of -829.5%.

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This page (NYSE:IQV) was last updated on 8/2/2025 by MarketBeat.com Staff

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