Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2013
- Current Ratio since 2013
- Total Asset Turnover since 2013
- Price to Operating Profit (P/OP) since 2013
- Price to Book Value (P/BV) since 2013
- Analysis of Debt
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Long-term Activity Ratios (Summary)
IQVIA Holdings Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net fixed asset turnover
-
The net fixed asset turnover ratio begins at approximately 23.99 and shows a generally upward trajectory from 2018 through 2023. Early values from 2019 ranged between 23.38 and 25.07, indicating moderate stability. From 2020 onwards, the ratio increases more noticeably, peaking at 29.83 by September 2023. This trend suggests an enhanced effectiveness in utilizing net fixed assets to generate revenue over time, with improved operational efficiency or asset management practices likely contributing factors.
- Net fixed asset turnover (including operating lease, right-of-use asset)
-
Starting in 2019, this ratio exhibits a distinct pattern compared to the net fixed asset turnover excluding leases. Initially, the ratio is about 23.99 in March 2018 but decreases sharply to the low double digits as of June 2019, hovering around 11 to 12. After this, a steady improvement occurs from 2020 through 2023, rising from roughly 11.56 to 18.8 by September 2023. This indicates a progressive increase in asset utilization when factoring in right-of-use assets, reflecting either growing reliance on leased assets or improved management of these resources over time.
- Total asset turnover
-
The total asset turnover ratio maintains relative stability starting in 2019 with values close to 0.46-0.48. From 2020 onwards, there is a gradual but consistent increase, reaching peaks of 0.57 to 0.59 during 2022 and holding slightly above 0.56 through mid-2023. The trend signals incremental improvements in overall asset productivity, indicating that the company is generating higher sales per unit of total assets over the observed periods.
- Equity turnover
-
The equity turnover ratio shows a clear upward trend from 2019 through 2023. Initially beginning around 1.55 in early 2019, it consistently climbs, with quarterly values surpassing 2.0 by late 2020. It subsequently peaks around 2.68 in mid-2022 before stabilizing slightly above 2.5 thereafter. This progression suggests increasingly efficient use of shareholders' equity to generate revenue, highlighting stronger financial performance or greater revenue leverage relative to equity capital during the period.
Net Fixed Asset Turnover
IQVIA Holdings Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover
= (RevenuesQ3 2023
+ RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues
- The revenue figures exhibit a general upward trend over the analyzed period. Starting from approximately 2,563 million US dollars in the first quarter of 2018, there is a noticeable growth, reaching a peak of 3,739 million in the last quarter of 2022. Despite some short-term fluctuations, including a decline observed in mid-2020 likely attributable to external factors impacting that period, revenue rebounds steadily post-2020 and continues to grow into 2023. The quarterly revenues towards the end of the dataset show sustained strength, hovering around 3,700 million US dollars.
- Property and equipment, net
- The net value of property and equipment maintains relative stability, with slight incremental increases over the evaluated quarters. Beginning at 432 million US dollars in early 2018, the balance displays minor fluctuations but trends gently upwards to approximately 532 million by the first quarter of 2023. There are periods where the net value decreases slightly, such as the decline observed after mid-2022, but overall, the asset base remains stable with gradual growth.
- Net fixed asset turnover
- This ratio shows a consistent upward trajectory over time, indicating increasing efficiency in generating revenues from fixed assets. Beginning around a level of approximately 24 in early 2018, the ratio rises to near 30 by the third quarter of 2023. This implies enhanced asset utilization and possibly improvements in operational effectiveness or capital management, as more revenue is generated per unit of net fixed assets.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
IQVIA Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenuesQ3 2023
+ RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues have shown a generally increasing trend over the observed periods from March 31, 2018, through September 30, 2023. Starting at approximately $2,563 million in early 2018, revenues increased steadily, with some fluctuations, reaching a peak of $3,739 million at the end of 2022. The data indicate a notable dip in the mid-2020 period, likely reflecting external pressures at that time, but the recovery was strong and the upward trajectory continued through 2023, finishing at around $3,736 million.
- Property and Equipment, Net
- The value of property and equipment, including operating lease right-of-use assets, fluctuated over the examined periods. Initially, the value was stable around the mid-$400 million mark through 2018 but experienced a significant increase starting from March 31, 2019, reaching a peak near $954 million late in 2019. After this peak, a gradual downward trend emerged, declining steadily from 2020 through 2023 to approximately $790 million by the most recent quarter. This trend suggests asset reduction or amortization exceeding new acquisitions or capital investments in recent years.
- Net Fixed Asset Turnover Ratio
- Starting from the first available ratio in March 31, 2019, the net fixed asset turnover ratio demonstrated a strong upward trajectory, moving from approximately 11.04 to 18.8 by the third quarter of 2023. This ratio progression implies increasing efficiency in the utilization of fixed assets to generate revenue. Despite the notable increase in property and equipment value until 2019, the ratio remained relatively low; however, the subsequent rise suggests improved asset productivity possibly due to better operational management or enhanced revenue generation without proportionate fixed asset growth.
- Summary of Insights
- The financial data indicate an improving operational performance over the years. Revenue growth is consistent despite some temporary interruptions, and asset utilization efficiency has improved markedly. The decline in property and equipment value after 2019, coupled with rising fixed asset turnover, suggests optimization of asset base and enhanced capital utilization. This pattern is favorable from a financial management perspective, indicating effective control of asset investments relative to revenue expansion.
Total Asset Turnover
IQVIA Holdings Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Total asset turnover
= (RevenuesQ3 2023
+ RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue figures exhibit a general upward trajectory over the period analyzed, starting at approximately 2,563 million USD in the first quarter of 2018 and reaching around 3,736 million USD by the third quarter of 2023. It is notable that revenues experienced some fluctuations, including a dip in mid-2020, where the revenue decreased to about 2,521 million USD in the second quarter, likely reflecting external economic pressures during that period. Following this decline, revenues recovered robustly, peaking above 3,600 million USD from early 2021 onward, with sustained strength through 2023.
- Total Assets Movement
- Total assets remained relatively stable across the years, fluctuating within a range roughly between 22,300 million USD and 26,000 million USD. The assets saw minor expansions and contractions but demonstrated a mild growth trend over the period. Noteworthy are slight increases towards the end of 2020 and in 2023, with total assets peaking at about 26,036 million USD in the second quarter of 2023 before a small decrease in the third quarter of the same year.
- Total Asset Turnover Ratio Analysis
- The total asset turnover ratio data, available from the fourth quarter of 2018, shows a gradual improvement. Initially, the ratio hovered around 0.46 to 0.48, indicating moderate efficiency in generating revenues from assets. From 2020 onward, the ratio increased steadily, rising to approximately 0.56 by late 2021 and maintaining near that level through 2023, with a peak of about 0.59 in mid-2022. This improvement suggests enhanced asset utilization efficiency in generating sales over time.
- Summary of Observations
- The analysis reveals that the company has been able to grow its revenue base steadily, particularly after a pandemic-related dip in 2020. Asset levels have been managed with consistency, avoiding excessive volatility. The improving asset turnover ratio reflects an increase in operational efficiency, and possibly better management of asset investments to support revenue growth. Collectively, these trends denote a strengthening financial performance and effective asset utilization over the period reviewed.
Equity Turnover
IQVIA Holdings Inc., equity turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||
| Equity attributable to IQVIA Holdings Inc.’s stockholders | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||||
| Gilead Sciences Inc. | ||||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2023 Calculation
Equity turnover
= (RevenuesQ3 2023
+ RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022)
÷ Equity attributable to IQVIA Holdings Inc.’s stockholders
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues
- Revenues demonstrated a generally increasing trend over the observed period from March 31, 2018, through September 30, 2023. The figures started at $2,563 million and rose steadily, reaching a peak of $3,739 million in December 31, 2022. While some quarters experienced minor fluctuations, overall, revenues grew significantly, indicating positive sales momentum and possibly expansion of business operations or improved market conditions.
- Equity attributable to IQVIA Holdings Inc.’s stockholders
- The equity attributable to stockholders showed a declining pattern initially, from $8,196 million in March 2018 to a trough of $5,347 million in September 2022. This decline suggests that shareholder equity was eroded over time, potentially due to factors such as net losses, dividend payments, share repurchases, or other equity adjustments. In the final quarters, however, a moderate recovery was observed, with equity rising to $5,805 million by September 2023. This rebound may indicate improved profitability, retained earnings accumulation, or other capital restructuring efforts.
- Equity turnover ratio
- The equity turnover ratio exhibited a consistent upward trend from the available data starting in December 31, 2018, at 1.55, increasing to 2.56 by September 30, 2023. This ratio measures how effectively the company generates revenues from its equity base. The steady rise indicates enhanced efficiency in using shareholder equity to produce revenues, reflecting improved operational performance or leveraging of equity to accelerate sales growth.