IQVIA Holdings

IQV

Medical - Diagnostics & Research · Healthcare

Also trades as: 0JDM.L

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

IQVIA Holdings helps drug companies run clinical trials and understand healthcare data. It provides technology, analytics, and research services that pharmaceutical and biotech companies use to develop and test new medicines. IQVIA is one of the largest contract research organizations in the world, formed from the 2016 merger of IMS Health and Quintiles.

The company earns revenue through long-term service contracts, data subscriptions, and technology platform fees paid mostly by large pharmaceutical clients. It operates in over 100 countries, with significant revenue coming from North America and Europe, and employs roughly 85,000 people. IQVIA's main competitive advantage is its proprietary database of anonymized patient and prescription data, which is difficult for rivals to replicate. The key risk is that if pharmaceutical companies cut research and development spending during economic downturns, demand for IQVIA's clinical trial and data services tends to fall alongside it.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-0.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

5.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.6B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

IQVIA Holdings is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.9%

Modest — 32.9% gross margin

Profit after running costs

Operating Margin

11.6%

Modest — 11.6% operating margin

Return on the money invested

ROCE

10.4%

Below par — 10.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.2%

Steady sales growth (+8.2% YoY)

Profit growth

EPS YoY

+16.5%

Earnings growing fast (+16.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

209%

Turns 209% of profit into real cash

Spare cash per sale

FCF Margin

12.7%

Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

2.59

Heavy debt load (2.59)

Covers its interest

Interest Cover

2.99x

Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

32.0x

no trend

Pricey — P/E 32.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+17.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.0 → 14.8)

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Dividends

Not applicable for this business.

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