Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

IQVIA Holdings Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to IQVIA Holdings Inc.	1,091)	966)	279)	191)	259)
Net income attributable to non-controlling interests	—)	5)	29)	36)	25)
Net noncash charges	1,253)	1,291)	1,192)	1,171)	1,076)
Changes in operating assets and liabilities	(84)	680)	459)	19)	(106)
Net cash provided by operating activities	2,260)	2,942)	1,959)	1,417)	1,254)
Acquisition of property, equipment and software	(674)	(640)	(616)	(582)	(459)
Proceeds from issuance of debt	1,250)	1,951)	1,591)	1,900)	1,631)
Payment of debt issuance costs	(5)	(40)	(33)	(47)	(22)
Repayment of debt and principal payments on finance leases	(634)	(2,091)	(864)	(899)	(732)
Proceeds from revolving credit facility	2,350)	810)	1,250)	2,522)	2,445)
Repayment of revolving credit facility	(2,025)	(600)	(1,635)	(2,776)	(2,329)
Free cash flow to equity (FCFE)	2,522)	2,332)	1,652)	1,535)	1,788)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to IQVIA Holdings Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	IQVIA Holdings Inc. FCFE increased from 2020 to 2021 and from 2021 to 2022.

Price to FCFE Ratio, Current

IQVIA Holdings Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	182,500,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,522)
FCFE per share	13.82
Current share price (P)	180.01
Valuation Ratio
P/FCFE	13.03
Benchmarks
P/FCFE, Competitors¹
AbbVie Inc.	16.58
Amgen Inc.	4.68
Bristol-Myers Squibb Co.	8.96
Danaher Corp.	48.20
Eli Lilly & Co.	75.75
Gilead Sciences Inc.	15.45
Johnson & Johnson	23.76
Merck & Co. Inc.	18.50
Moderna Inc.	—
Pfizer Inc.	3.47
Regeneron Pharmaceuticals Inc.	21.08
Thermo Fisher Scientific Inc.	28.60
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	20.47
P/FCFE, Industry
Health Care	19.60

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

IQVIA Holdings Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	185,722,621	190,485,264	191,281,286	192,339,093	197,599,861
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,522)	2,332)	1,652)	1,535)	1,788)
FCFE per share³	13.58	12.24	8.64	7.98	9.05
Share price^1, 4	227.03	232.18	192.66	165.42	141.49
Valuation Ratio
P/FCFE⁵	16.72	18.97	22.31	20.73	15.64
Benchmarks
P/FCFE, Competitors⁶
AbbVie Inc.	22.66	18.76	13.16	3.64	—
Amgen Inc.	8.32	13.52	11.06	33.32	—
Bristol-Myers Squibb Co.	22.85	16.17	7.80	5.80	—
Danaher Corp.	32.04	20.75	44.62	6.88	—
Eli Lilly & Co.	60.51	35.17	36.62	15.87	—
Gilead Sciences Inc.	15.22	12.70	5.98	15.91	—
Johnson & Johnson	16.73	23.28	15.60	23.06	—
Merck & Co. Inc.	22.40	18.72	17.85	18.08	—
Moderna Inc.	12.24	4.62	31.68	—	—
Pfizer Inc.	10.56	8.88	—	9.87	—
Regeneron Pharmaceuticals Inc.	19.29	10.35	13.30	21.00	—
Thermo Fisher Scientific Inc.	27.98	13.44	18.58	46.04	—
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	19.02	15.27	17.30	11.46	—
P/FCFE, Industry
Health Care	18.08	16.76	17.08	13.39	—

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,522,000,000 ÷ 185,722,621 = 13.58

⁴ Closing price as at the filing date of IQVIA Holdings Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 227.03 ÷ 13.58 = 16.72

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	IQVIA Holdings Inc. P/FCFE ratio decreased from 2020 to 2021 and from 2021 to 2022.

IQVIA Holdings Inc. (NYSE:IQV)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical