Explain this page
Arphra AIPlain-English read on IQVIA Holdings Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $35.63B | $38.75B | — | — | — | — |
| Enterprise value | — | — | — | $48.08B | $52.94B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.12 | 3.25 | — | — | — | — |
| EV / FCF | — | — | — | 22.74 | 25.81 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +3.85% | +3.51% | — | — | — | — |
| Free cash flow yield | — | — | — | +5.93% | +5.29% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +33.45% | +34.89% | +34.96% | +34.89% | +26.28% | +31.42% | +31.39% | +31.96% | +32.92% |
| Operating margin | +10.04% | +12.48% | +13.19% | +14.29% | +14.02% | +13.75% | +13.54% | +13.93% | +13.54% |
| EBITDA margin | +19.94% | +20.19% | +21.73% | +22.41% | +21.24% | +22.18% | +22.31% | +22.25% | +21.15% |
| EBIT margin | +10.83% | +12.35% | +14.22% | +15.18% | +14.22% | +14.73% | +14.15% | +14.30% | +14.87% |
| Pre-tax margin | +8.17% | +9.38% | +9.74% | +10.83% | +9.89% | +9.90% | +9.93% | +9.91% | +9.93% |
| Net margin | +6.96% | +7.57% | +9.06% | +8.91% | +8.34% | +8.57% | +8.76% | +8.70% | +9.01% |
| Cost structure | |||||||||
| Cost of revenue / sales | +66.55% | +65.11% | +65.04% | +65.11% | +73.72% | +66.13% | +66.74% | +67.22% | +67.04% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +14.16% | +14.37% | +13.70% | +12.93% | +12.26% | +12.78% | +13.12% | +13.24% | +12.96% |
| Effective tax rate | +14.37% | +19.25% | +6.92% | +17.74% | +15.62% | +14.03% | +13.66% | +14.09% | +13.88% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +15.99% | +18.92% | +22.22% | +22.63% | +20.51% | +20.99% | +22.23% | +21.49% | +22.33% |
| Return on assets (ROA) | +3.91% | +4.31% | +5.09% | +5.10% | +4.54% | +4.91% | +4.89% | +4.75% | +4.92% |
| Return on capital (ROC) | +7.54% | +9.58% | +9.88% | +10.89% | +10.03% | +10.23% | +10.13% | +10.16% | +10.04% |
| Return on invested capital (ROIC) | +5.23% | +5.81% | +6.79% | +6.79% | +5.96% | +6.37% | +6.56% | +6.34% | +6.69% |
| Asset turnover | +56.20% | +56.87% | +56.16% | +57.27% | +54.47% | +57.36% | +55.79% | +54.57% | +54.53% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +6.96% | +7.57% | +9.06% | +8.91% | +8.34% | +8.57% | +8.76% | +8.70% | +9.01% |
| Asset turnover (× revenue / assets) | +56.20% | +56.87% | +56.16% | +57.27% | +54.47% | +57.36% | +55.79% | +54.57% | +54.53% |
| Equity multiplier (× assets / equity) | +408.62% | +439.50% | +436.53% | +443.37% | +451.64% | +427.11% | +454.87% | +452.68% | +454.20% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.56 | 0.57 | 0.56 | 0.57 | 0.54 | 0.57 | 0.56 | 0.55 | 0.55 |
| Fixed-asset turnover | 15.36 | 16.70 | 18.30 | 19.93 | 19.82 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.32 | 4.87 | 4.39 | 4.75 | 4.76 | — | — | — | — |
| Payables turnover | 14.87 | 14.55 | 13.74 | 13.63 | 3.21 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 68.64 | 74.98 | 83.14 | 76.77 | 76.69 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 24.55 | 25.09 | 26.56 | 26.78 | 113.87 | — | — | — | — |
| Cash conversion cycle | 44.09 | 49.88 | 56.58 | 49.98 | -37.17 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.05 | 2.07 | 1.58 | 1.98 | 1.95 | 1.88 | 1.87 | 1.86 | 1.82 |
| FCF / Net income | 2.38 | 1.45 | 1.10 | 1.54 | 1.51 | 1.41 | 1.35 | 1.42 | 1.35 |
| FCF margin | +16.59% | +11.01% | +10.01% | +13.72% | +12.58% | +12.11% | +11.85% | +12.38% | +12.13% |
| OCF margin | +21.21% | +15.68% | +14.34% | +17.63% | +16.27% | +16.13% | +16.41% | +16.21% | +16.43% |
| CapEx / Revenue | +4.61% | +4.68% | +4.33% | +3.91% | +3.70% | +3.97% | +4.05% | +3.98% | +4.05% |
| CapEx / D&A | 0.51 | 0.60 | 0.58 | 0.54 | 0.53 | — | — | — | — |
| Stock-based comp / Revenue | +1.23% | +1.35% | +1.45% | +1.34% | +1.51% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.95 | 5.72 | 7.29 | 7.49 | 7.84 | 12.80 | 14.15 | 15.76 | 17.66 |
| EPS · basic | 5.05 | 5.82 | 7.39 | 7.57 | 7.91 | 13.09 | 14.26 | 15.76 | 17.60 |
| Book value / share | 30.98 | 30.25 | 32.81 | 33.08 | 38.21 | 40.97 | 41.83 | 44.70 | 47.87 |
| Tangible BV / share | -62.57 | -68.08 | -71.36 | -71.66 | -86.16 | 40.97 | 41.83 | 44.70 | 47.87 |
| Sales / share | 71.15 | 75.60 | 80.43 | 84.00 | 94.01 | 100.37 | 106.14 | 110.43 | 118.56 |
| Operating CF / share | 15.09 | 11.86 | 11.54 | 14.81 | 15.30 | 16.19 | 17.42 | 17.90 | 19.47 |
| Free cash flow / share | 11.81 | 8.32 | 8.05 | 11.53 | 11.82 | 12.15 | 12.58 | 13.67 | 14.38 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +3.86% | +3.98% | +2.81% | +5.87% | +5.98% | +5.64% | +5.54% | +5.81% | +4.93% |
| Gross profit · YoY | — | +8.34% | +4.20% | +2.60% | -20.26% | +26.70% | +5.57% | +7.44% | +8.97% | +4.72% |
| Profit | ||||||||||
| Operating income · YoY | — | +29.15% | +9.89% | +11.38% | +3.86% | +3.89% | +4.03% | +8.64% | +2.79% | +8.92% |
| EBITDA · YoY | — | +5.13% | +11.93% | +6.05% | +0.32% | +10.68% | +6.25% | +5.26% | +0.55% | +5.70% |
| Net income · YoY | — | +12.94% | +24.47% | +1.10% | -0.95% | +8.88% | +8.01% | +4.81% | +9.65% | +8.37% |
| Operating | ||||||||||
| EBIT · YoY | — | +18.36% | +19.79% | +9.76% | -0.81% | +9.71% | +1.54% | +6.61% | +10.05% | +9.17% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +15.56% | +27.45% | +2.74% | +4.67% | +63.31% | +10.54% | +11.33% | +12.09% | +17.23% |
| EPS · basic · YoY | — | +15.25% | +26.98% | +2.44% | +4.49% | +65.47% | +8.98% | +10.46% | +11.66% | +16.89% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $12.44B | $13.01B | $13.9B | $14.16B | $16.17B | $16.18B | $17.2B | $18.62B | $19.25B |
| Net debt | $11.07B | $11.8B | $12.52B | $12.45B | $14.19B | $14.29B | $15.28B | $16.51B | $17.04B |
| Net debt / EBITDA | 4.00 | 4.05 | 3.85 | 3.61 | 4.10 | 3.73 | 3.75 | 3.85 | 3.95 |
| Debt / equity | 2.06 | 2.26 | 2.27 | 2.33 | 2.44 | 2.29 | 2.39 | 2.39 | 2.34 |
| Debt / assets | +50.38% | +51.35% | +52.08% | +52.63% | +54.01% | +53.69% | +52.55% | +52.73% | +51.47% |
| Equity / assets | +24.47% | +22.75% | +22.91% | +22.55% | +22.14% | +23.41% | +21.98% | +22.09% | +22.02% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.38 | 6.99 | 4.85 | 5.15 | 4.75 | 5.05 | 4.92 | 4.98 | 4.71 |
| Operating income / interest | 3.71 | 4.32 | 2.94 | 3.29 | 3.14 | 3.13 | 2.99 | 3.12 | 3.02 |
| Interest expense | $375M | $416M | $672M | $670M | $729M | $759.45M | $827.6M | $860.55M | $914.56M |
| Liquidity | |||||||||
| Current ratio | 0.91 | 0.89 | 0.86 | 0.84 | 0.75 | — | — | — | — |
| Quick ratio | 0.78 | 0.77 | 0.76 | 0.73 | 0.67 | — | — | — | — |
| Cash ratio | 0.26 | 0.22 | 0.21 | 0.24 | 0.24 | — | — | — | — |
| Working capital | -$478M | -$597M | -$895M | -$1.13B | -$2.09B | — | — | — | — |
| Working capital / revenue | -3.45% | -4.14% | -5.97% | -7.32% | -12.81% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 3.25x | 3.12x |
| Earnings yield | 3.5% | 3.9% |
| FCF yield | 5.3% | 5.9% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 20.9% | 22.6% |
| ROA | 4.5% | 5.1% |
| ROIC | 8.2% | 8.6% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 4.10 | 3.61 |
| Interest coverage | — | — |
| Current ratio | 0.75x | 0.84x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).