IQVIQVIA
Is the business good?
The checks split: earnings fully cash-backed (1.5×), but returns that lean on debt.
Operating profit is fully backed by cash.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 21% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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 3.6% · 12 months to Q1 2026
- Cash conversion
- 1.46×
Cash conversion · 1.55× a year ago · operating cash flow covers the operating profit after tax
- 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 is operating cash flow over operating profit after tax.
Diagnostics & Research
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