Latest revenue
$4.15B
as of 2026-03-31
Latest net income
$274.0M
as of 2026-03-31
Net margin
6.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $32.07B
- Enterprise value
- $45.21B
- P/E (trailing)
- 23.6×
- Forward P/E
- —
- P/B
- 5.21×
- Dividend yield
- 0.0%
- 52-wk high
- $247.04
- 52-wk low
- $136.41
- Beta
- —
- Shares out
- 191.0M
5-year trend
What this company does
IQVIA runs clinical trials for drugmakers and sells healthcare data analytics, employing roughly 91,000 people across 100+ countries to support pharma R&D and commercialization. It earns revenue primarily by charging life sciences clients for contract research services (running studies, recruiting patients, managing data) and selling prescription and market intelligence to drug companies. Revenue grew 5% year-over-year to $11.9 billion for the nine months, but earnings declined as interest expense climbed to $536 million and the company spent over $1 billion buying back stock while taking on $4 billion in new debt.
Generated from IQV's filing dated 2026-02-17
Key risks
- High leverage: $14.96B total debt vs $6.29B equity, with $2.16B current portion due within 12 months and rising interest expense ($536M YTD vs $499M).
- Margin compression: cost of revenues grew 6.7% YTD outpacing 4.4% revenue growth, squeezing operating income to $1.55B (down from $1.58B prior year).
- Aggressive buybacks amid leverage: $1.03B repurchased YTD funded partly by $3.99B new debt issuance; share count fell to 170.3M from 182.1M.
Generated from IQV's filing dated 2026-02-17
Profitability
Operating margin
13.4%
6.4%Net margin
8.3%
6.4%Return on equity
20.9%
7.6%Return on assets
4.5%
11.0%Leverage
Debt / equity
3.60×
5.0%Long-term debt / equity
2.14×
0.9%Debt / assets
78.3%
1.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $4.15B | +8.4% | $274.0M | +10.0% | 6.6% |
Q4 2025 2025-12-31 | $4.36B | +10.3% | — | — | — |
Q3 2025 2025-09-30 | $4.10B | +5.2% | $331.0M | +16.1% | 8.1% |
Q2 2025 2025-06-30 | $4.02B | +5.3% | — | — | — |
Q1 2025 2025-03-31 | $3.83B | +2.5% | $249.0M | -13.5% | 6.5% |
Q4 2024 2024-12-31 | $3.96B | — | $437.0M | — | 11.0% |
Q3 2024 2024-09-30 | $3.90B | +4.3% | $285.0M | -5.9% | 7.3% |
Q2 2024 2024-06-30 | $3.81B | +2.3% | $363.0M | +22.2% | 9.5% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Services-Commercial Physical & Biological Research · SIC 8731
Your notes
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Insider activity
Insider buying
$0
Insider selling
$22.7M
Net activity
−$22.7M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns IQV
Institutional value
$13.44B
Total shares held
81.2M
Distinct holders
723
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 15.0M | $2.56B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 11.0M | $1.88B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 7.6M | $1.29B | — | New |
| 4 | Artisan Partners Limited Partnership | 5.1M | $862.7M | — | New |
| 5 | Boston Partners | 4.2M | $723.3M | — | New |
| 6 | Invesco Ltd. | 3.3M | $556.3M | — | New |
| 7 | Cantillon Capital Management LLC | 1.7M | $291.8M | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 1.7M | $282.7M | — | New |
| 9 | CIBC Bancorp USA Inc. | 1.3M | $223.7M | — | New |
| 10 | Sumitomo Mitsui Trust Group, Inc. | 1.2M | $209.1M | — | New |
| 11 | Legal & General Group Plc | 1.1M | $184.1M | — | New |
| 12 | VANGUARD FIDUCIARY TRUST CO | 954.7K | $162.8M | — | New |
| 13 | Bank of New York Mellon Corp | 951.5K | $162.3M | — | New |
| 14 | DEUTSCHE BANK AG\ | 852.7K | $145.4M | — | New |
| 15 | UBS Group AG | 770.9K | $131.5M | — | New |
| 16 | Vontobel Holding Ltd. | 724.9K | $123.6M | — | New |
| 17 | Capital World Investors | 599.6K | $102.3M | — | New |
| 18 | ENVESTNET ASSET MANAGEMENT INC | 589.6K | $100.6M | — | New |
| 19 | FRANKLIN RESOURCES INC | 504.2K | $86.0M | — | New |
| 20 | Swiss National Bank | 499.8K | $85.2M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Operating margin compressed to 13.5% in Q3 with cost of revenues up 8.3% versus 5.2% revenue growth—where exactly is the gross margin leak and when does it stabilize?
- 2
Interest expense jumped to $536M YTD on $3.99B new debt issuance; what's the blended rate, and how does $2.16B current debt get refinanced?
- 3
You spent $1.03B on buybacks reducing share count 6.6% while R&D pharma clients cut spending—is this capital allocation defending EPS rather than growth?
Refreshed when IQV files a new report · last from 2026-02-17