IQVIQVIA HOLDINGS INC.

Services-Commercial Physical & Biological Research

Revenue: $16.3B; 5.9% YoY
Operating margin: 13.4%; 6.4% YoY
EBITDA: $3.3B; 0.3% YoY
Market cap: $44.1B
Employees: 93,000; $175K revenue each
Net debt / EBITDA: 1.8×; $6.0B net debt
AI in 10-K: 9.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
195% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
55% of assets
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$175K · 12th pct
Bottom quartile of its SIC industry
Quiet on AINo
9.1 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$44.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$38M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.9B	$14.4B	$15.0B	$15.4B	$16.3B	5.9%
Operating income	$1.4B	$1.8B	$2.0B	$2.2B	$2.2B	0.9%
Net income	$966M	$1.1B	$1.4B	$1.4B	$1.4B	0.9%
Operating cash flow	$2.9B	$2.3B	$2.1B	$2.7B	$2.7B	2.3%
Capex	$640M	$674M	$649M	$602M	$603M	0.2%
Stock-based comp	$170M	$194M	$217M	$206M	$247M	20%
Buybacks	$406M	$1.2B	$992M	$1.4B	$1.2B	7.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 13, 2019	CANADA PENSION PLAN INVESTMENT BOARD	SC 13D/A	2.1%	Passive
Mar 12, 2019	TPG Group Holdings (SBS) Advisors, Inc.	SC 13D/A	4.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $38M · 10
Net: −$38M

Pay vs performance

No pay-versus-performance disclosure yet.