Is the business good?
How good a business is IQV?
IQVIA earns 8.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.7%
Return on invested capital · cost of capital 9.0% · 0.29 points below what the capital costs: growth destroys value
- Operating margin
- 13%
Operating margin · Diagnostics & Research median 7.1% · 12 months to Q1 2026
- Cash conversion
- 1.53×
Cash conversion · 1.62× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −4.3%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 6.4% |
| FY2021 | 10% |
| FY2022 | 12% |
| FY2023 | 13% |
| FY2024 | 14% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Q1 2026
- 33%
- Operating margin12 months to Q1 2026
- 13%
- Net margin12 months to Q1 2026
- 8.3%
- Free cash flow margin
- 13%
- Revenue, trailing twelve months
- $16.6B
- Free cash flow, trailing twelve months
- $2.12B
- Net income, trailing twelve months
- $1.39B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Diagnostics & Research
Ranks #11 of 29 by Smart Score