# IQVIA Holdings Inc. (IQV)

> Source: Nexqual · https://nexqual.com/IQV · data as of 2026-10-22 20:01 UTC · cite as "Nexqual, IQVIA Holdings Inc. (IQV), nexqual.com/IQV" · informational, not investment advice.

**Price:** USD 278.32 (+0.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 276.63 · day 273.8–282.98 · 52w 154.5–282.98 · market cap $45.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.0B, net income $1.38B (8.1% margin), free cash flow $2.18B (SEC filings).
- Valuation: P/E 33.3x (avg 28.9x at the last 3 fiscal year-ends), EV/EBITDA 17.7x, net debt $13.9B.
- 4 of 80 tracked superinvestors hold IQV (13F, Q2 2026): 1 new, 1 added, 0 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $29.9M; 6 not under a Rule 10b5-1 plan ($29.9M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.95 on a 1–5 scale) (21 analysts), mean target USD 302.67 (range 268–345).
- Total return with dividends: 1Y +26.6% vs S&P 500 +14.9%; 5Y +8.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 3.28, revenue estimate $4.37B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.9B | $14.4B | $15.0B | $15.4B | $16.3B | $17.0B |
| Operating income | $1.39B | $1.80B | $1.98B | $2.20B | $2.18B | $2.20B |
| Net income | $966M | $1.09B | $1.36B | $1.37B | $1.36B | $1.38B |
| EPS (diluted) | $4.95 | $5.72 | $7.29 | $7.49 | $7.84 | — |
| Free cash flow | $2.30B | $1.59B | $1.50B | $2.11B | $2.05B | $2.18B |
| Operating margin | 10.0% | 12.5% | 13.2% | 14.3% | 13.4% | 13.0% |
| Net margin | 7.0% | 7.6% | 9.1% | 8.9% | 8.3% | 8.1% |
| Revenue growth | +22.1% | +3.9% | +4.0% | +2.8% | +5.9% | — |
| Cash + short-term investments | $1.48B | $1.31B | $1.50B | $1.84B | $2.14B | — |
| Total debt | $12.1B | $12.7B | $13.7B | $14.0B | $15.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.3x · P/S 2.7x · EV/EBITDA 17.7x · EV/Sales 3.5x · P/FCF 21.0x · P/B 7.4x · FCF yield 4.77% · Earnings yield 3.00% · Buyback yield (TTM) 2.54% · Net debt $13.9B · EV $59.7B
P/E at fiscal year-ends: Dec 2025 28.8x, Dec 2024 26.2x, Dec 2023 31.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold IQV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 3.13% | $2.35B | Unchanged |
| Greenhaven Associates |  | 1.71% | $148M | New position |
| Vulcan Value Partners |  | 1.53% | $50.2M | Added +4.7% |
| Thomas Gayner | Markel Group | 0.07% | $9.1M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Berkshire James G. | See Remarks | 2,668 | $697K | 24.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Staub W Richard | See Remarks | 5,500 | $1.3M | 29.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-31 | Patel Bhavik | See Remarks | 1,855 | $436K | 57.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-29 | Sherbet Eric | See Remarks | 5,000 | $1.2M | 19.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-29 | Cherofsky Keriann | See Remarks | 558 | $137K | 15.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-29 | Bousbib Ari | See Remarks | 106,279 | $26.1M | 7.2% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.95 on a 1–5 scale), 21 analysts; mean target USD 302.67 (low 268, high 345).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Stifel | Target raised | Buy | $276 → $303 |
| 2026-10-07 | Mizuho | Target raised | Outperform | $275 → $300 |
| 2026-10-07 | Barclays | Target raised | Overweight | $275 → $300 |
| 2026-09-29 | RBC Capital | Target raised | Outperform | $247 → $319 |
| 2026-09-28 | Truist Securities | Target raised | Buy | $300 → $329 |
| 2026-09-17 | Morgan Stanley | Target raised | Equal-Weight | $240 → $270 |
| 2026-07-29 | JP Morgan | Target raised | Overweight | $225 → $285 |
| 2026-07-29 | Stifel | Target raised | Buy | $220 → $276 |
| 2026-07-29 | TD Cowen | Target raised | Buy | $233 → $288 |
| 2026-07-29 | RBC Capital | Target raised | Outperform | $221 → $247 |
| 2026-07-29 | BMO Capital | Target raised | Outperform | $210 → $270 |
| 2026-07-29 | Baird | Target raised | Outperform | $252 → $287 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +26.6% | +8.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.7% | +1.6% |
| Volatility (annualized) | 40.2% | 35.7% |
| Max drawdown | -35.9% (Jan 2026→Apr 2026) | -51.4% (Dec 2021→May 2025) |

## Peers (Diagnostics & Research)
WAT (Waters Corporation) USD 455.59 -0.41% · IDXX (IDEXX Laboratories, Inc.) USD 566.76 +2.40% · A (Agilent Technologies, Inc.) USD 173.89 -2.17% · ILMN (Illumina, Inc.) USD 269.4 -4.76% · NTRA (Natera, Inc.) USD 401.37 -2.91% · MTD (Mettler-Toledo International, I) USD 1,684.64 +0.40%

## More
Full page: https://nexqual.com/IQV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IQV's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Charles River Laboratories | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Customer | Fortrea Holdings Inc. (FTRE) | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Customer | ICON PLC (ICLR) | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Customer | Medpace Holdings, Inc. (MEDP) | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Customer | S&P Global Inc. (SPGI) | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Customer | Danaher | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Customer | THERMO FISHER SCIENTIFIC INC. (TMO) | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companies in our peer group …" |
| Partner | General | "Our IISF is based on relevant industry frameworks and laws, including, but not limited to National Institute of Standards and Technology ("NIST"), Good Practices Quality Guidelines (GxP), Health Information Trust Allianc…" |
| Competitor | Accenture (ACN) | "Our offerings compete with various firms, including Accenture, Aetion (a Datavant company), Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc. (part of Therm…" |
| Competitor | IBM (IBM) | "Our offerings compete with various firms, including Accenture, Aetion (a Datavant company), Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc. (part of Therm…" |
| Competitor | Oracle (ORCL) | "Our offerings compete with various firms, including Accenture, Aetion (a Datavant company), Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc. (part of Therm…" |
| Competitor | UnitedHealth (UNH) | "Our offerings compete with various firms, including Accenture, Aetion (a Datavant company), Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development, Inc. (part of Therm…" |

Other companies that name IQV in their own reports (relationship from IQV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Cingulate Inc. (CING) | 10-K 2026-03-18 | "November 2025, we entered into a into a licensing and services master agreement with IQVIA Inc. ("IQVIA") to partner in the" |
| customer | Viatris Inc (VTRS) | 10-K 2026-02-26 | "Unless otherwise indicated, industry data included in this Item 1 are sourced from IQVIA Holdings Inc. and are for the twelve months ended November 2025 and Viatris product and other company data incl…" |
| supplier | Fortrea Holdings Inc. (FTRE) | 10-K 2026-02-26 | "The Peer Group consists of Charles River Laboratories Inc., ICON plc, Medpace Holdings, Inc., IQVIA Holdings Inc. and Thermo Fisher Scientific Inc. The companies in our Peer Group are publicly traded …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Research & Development Solutions | $2.58B | 59.0% | +8.8% |
| Commercial Solutions | $1.79B | 41.0% | +8.6% |
| Total revenue | $4.37B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $2.04B | 46.7% | +5.4% |
| Europe and Africa | $1.41B | 32.3% | +13.5% |
| Asia-Pacific | $920.0M | 21.1% | +9.4% |
| Total revenue | $4.37B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "To reflect stronger organic revenue growth, and changes in the M&A and foreign exchange impacts, the company is raising its full-year 2026 guidance for revenue to be between $17,275 million and $17,475 million, for Adjusted EBITDA to be between $4,000 million and $4,050 million and for Adjusted Diluted Earnings per Share to be between $12.80 and $13.00."
- "The new mid-point of the revenue growth guidance is 6.5% versus the prior guidance of 5.8%, reflecting approximately 100 basis points higher organic revenue growth, and approximately 50 basis points higher contribution from M&A offset by approximately 80 basis points unfavorable change in foreign exchange impact, all versus prior guidance."
- "This revenue guidance now assumes approximately 200 basis points of contribution from acquisitions versus 150 basis points in the prior guidance and approximately 20 basis points of tailwind from foreign exchange versus 100 basis points tailwind in the prior guidance."
- "All financial guidance assumes foreign currency exchange rates as of July 27, 2026 remain in effect for the forecast period."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.28 | $3.25 | +0.8% | $4.37B | 17 |
| Next quarter (ends 2026-12-31) | $3.65 | $3.62 | +0.8% | $4.53B | 16 |
| Current fiscal year (ends 2026-12-31) | $12.96 | $12.80 | +1.2% | $17.42B | 21 |
| Next fiscal year (ends 2027-12-31) | $14.39 | $14.17 | +1.6% | $18.47B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±11.3%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 49.9% | ±11.3% |
| 2026-12-18 | 56 | 42.5% | ±13.4% |
| 2027-01-15 | 84 | 39.8% | ±15.3% |
| 2027-02-19 | 119 | 40.1% | ±18.3% |
| 2027-05-21 | 210 | 38.9% | ±23.6% |
| 2027-08-20 | 301 | 38.4% | ±27.8% |
| 2027-11-19 | 392 | 38.0% | ±31.3% |