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Iqvia Holdings Inc.

IQV

Services-Commercial Physical & Biological Research

Mkt Cap

$40.24B

PE

36.06

Debt

$15B

Cash

$1.224B

EV

$54.02B

FCF

$1.321B

Market Cap

$40.24B

P/E Ratio

36.06

Debt

$15B

Cash

$1.224B

EV

$54.02B

FCF

$1.321B
Charts data: {"Earnings":[{"time":"2014-12-30","value":356383000},{"time":"2015-12-30","value":387205000},{"time":"2016-12-30","value":115000000},{"time":"2017-12-30","value":1309000000},{"time":"2018-12-30","value":259000000},{"time":"2019-12-30","value":191000000},{"time":"2020-12-30","value":279000000},{"time":"2021-12-30","value":966000000},{"time":"2022-12-30","value":1091000000}],"Sales":[{"time":"2014-12-30","value":5459998000},{"time":"2015-12-30","value":5737619000},{"time":"2016-12-30","value":6878000000},{"time":"2017-12-30","value":9739000000},{"time":"2018-12-30","value":10412000000},{"time":"2019-12-30","value":11088000000},{"time":"2020-12-30","value":11359000000},{"time":"2021-12-30","value":13874000000},{"time":"2022-12-30","value":14410000000}],"Net Margins":[{"time":"2014-12-30","value":0.06527163563063576},{"time":"2015-12-30","value":0.06748531054432161},{"time":"2016-12-30","value":0.016719976737423668},{"time":"2017-12-30","value":0.13440805010781395},{"time":"2018-12-30","value":0.024875144064540913},{"time":"2019-12-30","value":0.017225829725829724},{"time":"2020-12-30","value":0.024562021304692313},{"time":"2021-12-30","value":0.06962663975782038},{"time":"2022-12-30","value":0.07571131158917419}],"Assets":[{"time":"2014-12-30","value":3305832000},{"time":"2015-12-30","value":3926316000},{"time":"2016-12-30","value":21208000000},{"time":"2017-12-30","value":22742000000},{"time":"2018-12-30","value":22549000000},{"time":"2019-12-30","value":23251000000},{"time":"2020-12-30","value":24564000000},{"time":"2021-12-30","value":24689000000},{"time":"2022-12-30","value":25337000000}],"Stockholders Equity":[{"time":"2014-12-30","value":-704012000},{"time":"2015-12-30","value":-335681000},{"time":"2016-12-30","value":8860000000},{"time":"2017-12-30","value":8358000000},{"time":"2018-12-30","value":6954000000},{"time":"2019-12-30","value":6263000000},{"time":"2020-12-30","value":6280000000},{"time":"2021-12-30","value":6042000000},{"time":"2022-12-30","value":5765000000}],"ROE":[{"time":"2014-12-30","value":-0.5062172235700528},{"time":"2015-12-30","value":-1.1534909631465589},{"time":"2016-12-30","value":0.012979683972911963},{"time":"2017-12-30","value":0.15661641541038526},{"time":"2018-12-30","value":0.03724475122231809},{"time":"2019-12-30","value":0.030496567140348076},{"time":"2020-12-30","value":0.044426751592356685},{"time":"2021-12-30","value":0.15988083416087387},{"time":"2022-12-30","value":0.18924544666088464}],"ROA":[{"time":"2014-12-30","value":0.1785904425875241},{"time":"2015-12-30","value":0.16468669358248292},{"time":"2016-12-30","value":0.03027159562429272},{"time":"2017-12-30","value":0.031615513147480435},{"time":"2018-12-30","value":0.03290611557053528},{"time":"2019-12-30","value":0.03436411337146789},{"time":"2020-12-30","value":0.03212017586712262},{"time":"2021-12-30","value":0.06087731378346632},{"time":"2022-12-30","value":0.07100288116193709}]}

IQVIA Holdings Inc. engages in the provision of advanced analytics, technology solutions, and clinical research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. The Technology & Analytics Solutions segment offers a range of cloud-based applications and related implementation services; real world solutions that enable life sciences and provider customers to generate and disseminate evidence, which informs health care decision making and improves patients' outcomes; and strategic and implementation consulting services, such as advanced analytics and commercial processes outsourcing services. This segment also provides country level performance metrics related to sales of pharmaceutical products, prescribing trends, medical treatment, and promotional activity across various channels, including retail, hospital, and mail order; and measurement of sales or prescribing activity at the regional, zip code, and individual prescriber level. The Research & Development Solutions segment offers project management and clinical monitoring; clinical trial support; strategic planning and design services; and decentralized clinical trials, as well as central laboratory, genomic, bioanalytical, ADME, discovery, and vaccine and biomarker laboratory services. The Contract Sales & Medical Solutions segment provides health care provider and patient engagement services, and scientific strategy and medical affairs services. It serves pharmaceutical, biotechnology, device and diagnostic, and consumer health companies. The company was formerly known as Quintiles IMS Holdings, Inc. and changed its name to IQVIA Holdings Inc. in November 2017. IQVIA Holdings Inc. was incorporated in 2016 and is headquartered in Durham, North Carolina.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$1.321B$1.616B$1.946B$2.305B$2.687B$3.08B$3.471B$3.845B$4.186B$4.476B$4.7B$47B
DCF$1.405B$1.471B$1.516B$1.536B$1.531B$1.501B$1.446B$1.368B$1.272B$1.162B$11.62B
Value$25.83B

In the chart Earnings are multiplied by this value.

Earnings Growth 17%
Earnings Stability 20%


Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Net Margin6.5%6.7%1.7%13%2.5%1.7%2.5%7%7.6%7.5%
ROA18%16%3%3.2%3.3%3.4%3.2%6.1%7.1%7.5%
ROE-51%-120%1.3%16%3.7%3%4.4%16%19%19%

What is the average Net Margin?

The average Net Margin over the past 5 years is +5.77%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -0.43%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +4.38%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is +0.8%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +10.3%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +1.56%.


Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years12-201412-201512-201612-201712-201812-201912-202012-202112-2022TTM
Debt FCF-6.4210.5017.2614.0314.149.495.338.1611.35
Debt Equity-3.28-7.590.831.241.601.882.032.032.252.58
MIN
Graham Stability---100%43%34%48%100%100%34%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 11.35.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -2.18.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.34.


Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years12-201512-201712-201912-2021Trend
Revenue14%8.2%9.1%3.9%-1.4%
Net Income16%-3.6%79%13%-16%
Stockholders Equity--7.2%-2.7%-4.6%1.6%
FCF22%21%24%-31%-1.6%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +8.15%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -1.37%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -3.58%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -15.59%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -7.16%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is +1.56%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +21.42%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -1.63%.