IQVIA Holdings Inc. IQV
IQVIA's operational momentum is genuine — Q2 2026 revenue grew 8.7% YoY to $4.37B and the company has beaten consensus EPS in eight consecutive quarters (most recently $3.15 vs. $3.03 estimated). However, the stock has rallied to $261.19 with RSI at 71.5, trading well above its 50-day MA of $223.12, and its P/E of 32.1x now roughly matches the peer median of 31.6x, erasing the valuation discount that previously made IQV attractive.
FY2025 gross margin compression to 26.3% from 34.9% and total debt of $16.17B alongside insider net selling of $45.7M over 24 months argue for patience at these elevated levels.
What could go wrong
- Gross margin compression. FY2025 gross margin fell to 26.3% from 34.9% in FY2024, a significant deterioration that could signal cost pressure or unfavorable revenue mix.
- Overbought technicals. RSI at 71.5 with the stock trading well above its 50-day MA ($223.12) and 200-day MA ($200.99) leaves it vulnerable to a mean-reversion pullback.
- Elevated leverage. Total debt of $16.17B against stockholders' equity of $6.50B limits financial flexibility and increases interest-rate sensitivity.
- Persistent insider selling. Insiders were net sellers of $45.7M over the trailing 24 months with 45 dispositions versus 59 acquisitions, signaling limited insider conviction at current prices.
What would change my mind
Where this comes from: quarterly_results, Q2 FY2026 · earnings_surprises, period ended 2026-07-28 · technicals, as of 2026-08-31 · peer_relative. Orin's read on IQV; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All IQV filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Harris Associates L P | $2.4B | 3.1% of fund |
| Vanguard Capital Management | $2.1B | 0.0% of fund |
| State Street | $1.5B | 0.0% of fund |
| Vanguard Portfolio Management | $1.4B | 0.1% of fund |
| Jpmorgan Chase & | $1.2B | 0.1% of fund |
| Geode Capital Management | $857.2M | 0.0% of fund |
94 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 108 Form 4 filings, net −$47.1M. Of the 50 on hand, 0 were open-market purchases and 9 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about IQV
Orin answers questions about IQV from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 33.8× | 31.3× | 26.4× |
| EV/EBITDA | 16.9× | 16.9× | — |
| P/S | 2.67× | 2.67× | — |
| P/B | 7.5× | 6.7× | — |
Its P/E sits 60th percentile of its own last 5 years (−0.14σ from its own mean).
9.1%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $2.1B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$246
$185 – $287 · −10% against today's price
- 37 buy or overweight
- 7 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| IQVIQVIA Holdings Inc. | $45B | 33.8× | 16.9× | 26.2% | 8.1% | 22% |
| AAgilent Technologies, Inc. | $49B | 34.0× | 25.9× | 53.7% | 19.5% | 20% |
| CAHCardinal Health, Inc. | $52B | 30.6× | 16.5× | 3.8% | 0.7% | -60% |
| GEHCGE HealthCare Technologies Inc. | $30B | 19.1× | 10.9× | 42.9% | 7.9% | 15% |
| HUMHumana Inc. | $46B | 35.7× | 17.3× | 13.7% | 0.9% | 7% |
| MTDMettler-Toledo International Inc. | $31B | 34.1× | 25.1× | 58.4% | 21.9% | -1200% |
| RMDResMed Inc. | $32B | 21.3× | 14.7× | 61.2% | 26.9% | 24% |
| WATWaters Corporation | $42B | 107.0× | 52.4× | 50.8% | 3.6% | 2% |
The median is of the 7 peers listed above and nothing else — check it against the column. This company trades 0.4% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $266 | $183.87 · +45% | 2026-06-10 |
| Levered DCF | $239 | $183.87 · +30% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.