Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2013
- Price to Sales (P/S) since 2013
- Analysis of Debt
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Historical Valuation Ratios (Summary)
IQVIA Holdings Inc., historical price multiples (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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio displayed a pronounced fluctuation over the examined periods. Initially, it was relatively high, peaking at 166.58 in December 2019, indicating elevated market valuations relative to earnings at that time. Following this peak, there was a consistent downward trend from early 2021 through 2023, with the ratio decreasing from 108.86 in March 2021 to a low of 29.44 in September 2023. This decline suggests a normalization of market expectations or improved earnings performance relative to the share price.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio lent insight into valuation relative to operational profitability. Initially fluctuating between approximately 35 and 50 from 2019 through 2021, it peaked around 53.42 in the third quarter of 2020. From 2021 onward, the ratio showed a steady compression, declining towards 17.71 by September 2023. This descending pattern may indicate either improvements in operating profit margins or more conservative sales price assumptions by the market.
- Price to Sales (P/S) Ratio
- This ratio remained relatively stable with moderate variation across the periods. Starting near 2.55 in early 2019, it experienced an increase, peaking around 3.71 in March 2021. Post-2021, a gradual decrease followed, reaching about 2.21 by September 2023. This trend suggests some recalibration in market valuation relative to revenue, potentially reflecting changes in sales growth expectations or shifts in revenue quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated a general upward trajectory from 2019 through the end of 2021, advancing from 4.06 to a high near 8.42. This rise indicates increasing market valuation compared to book equity, possibly driven by asset revaluations or goodwill and intangible asset intensification. However, starting in 2022, the ratio showed a firm downward trend, trending down to 5.66 by September 2023, which could reflect market reassessment of the underlying asset values or slower growth expectations.
Price to Earnings (P/E)
IQVIA Holdings Inc., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to IQVIA Holdings Inc. (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (Net income (loss) attributable to IQVIA Holdings Inc.Q3 2023
+ Net income (loss) attributable to IQVIA Holdings Inc.Q2 2023
+ Net income (loss) attributable to IQVIA Holdings Inc.Q1 2023
+ Net income (loss) attributable to IQVIA Holdings Inc.Q4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of IQVIA Holdings Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a generally upward trend from early 2019 to the end of 2021, rising from $136.14 in March 2019 to a peak of $256.89 in September 2021. This was followed by a period of volatility and gradual decline through 2022, reaching a low of $200.42 in September 2022. The price partially recovered in the final quarter of 2022 and early 2023, but declined again in subsequent quarters, hitting $180.01 by September 2023.
- Earnings Per Share (EPS) Development
- EPS showed a steady increase over the analyzed period, starting at $1.26 in each quarter of 2019, then experiencing some fluctuation in 2020, with a notable dip to $0.69 in June 2020 amidst broader market uncertainty. From late 2020 onwards, EPS consistently improved, reaching $6.36 in September 2022. Despite a slight decline after this peak, EPS remained robust, finishing at $6.12 in September 2023.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio was highly variable, reflecting changes in both share price and earnings. Early periods showed very high P/E ratios, peaking at 233.99 in June 2020—a reflection of depressed earnings and potentially elevated share prices amid uncertainty. Following this, the P/E ratio steadily declined, signaling improved earnings relative to stock price. By the end of 2022 and into 2023, the ratio stabilized at lower levels, around 29 to 38, indicating a valuation more aligned with earnings growth, despite share price volatility.
- Summary of Insights
- The data suggests a company that has steadily increased profitability (as shown by EPS) while experiencing share price volatility influenced by external factors impacting market sentiment. The initial high P/E ratios reflect periods of uncertainty and earnings pressure, with gradual normalization towards more moderate valuation multiples as earnings grew. The divergence between a fluctuating share price and steadily rising EPS in recent quarters indicates that market valuation is influenced by factors beyond immediate earnings performance, possibly including broader market trends or investor sentiment shifts.
Price to Operating Profit (P/OP)
IQVIA Holdings Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Income from operationsQ3 2023
+ Income from operationsQ2 2023
+ Income from operationsQ1 2023
+ Income from operationsQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of IQVIA Holdings Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits a general upward trend from March 2019 through December 2021, increasing from $136.14 to a peak of $256.89 in September 2021. Following this peak, the share price experiences a noticeable decline into early 2023, dropping to $180.01 by September 2023. Despite some fluctuations, the share price demonstrates volatility with significant peaks and troughs during the observed period.
- Operating Profit per Share (OP per share) Trend
- Operating profit per share shows a consistent and steady increase throughout the entire period. Beginning at $3.89 in March 2019, it rises continuously and reaches $10.16 by September 2023. This indicates robust growth in operating profitability on a per-share basis over multiple years, suggesting improvements in the company's operational efficiency or increased earnings.
- Price to Operating Profit Ratio (P/OP) Trend
- The P/OP ratio starts relatively high at 34.96 in March 2019, with fluctuations that peak during late 2019 and 2020, reaching over 53 in September 2020. Following this peak, the ratio steadily declines through 2021 and 2022, reaching a low at 17.71 by September 2023. The decline in this ratio primarily reflects the rapid increase in operating profit per share relative to the share price, indicating that the market valuation is becoming more closely aligned with operational earnings.
- Relationship Between Metrics
- Despite fluctuations in share price, operating profit per share has consistently increased, leading to a decrease in the P/OP ratio over time. The growing operating profit per share implies strong underlying financial performance, while the declining P/OP ratio suggests that the market price has become relatively more attractive when compared to operating earnings. The divergence seen in 2021, where share price peaked but P/OP ratio began decreasing, may indicate that operating profits were outpacing share price growth, signaling improved valuation based on operational results.
- Summary Insights
- Overall, the analysis highlights solid operational growth as reflected in the increasing operating profit per share. The market's valuation, while volatile in terms of share price, appears to be favoring the company progressively more when assessed against operating profitability, as seen in the decreasing P/OP ratio. The pronounced peak and subsequent decline in share price during 2021-2023 suggests some market uncertainty or revaluation, but the underlying financial performance remains strong. This combination suggests resilience in core profitability even amid share price volatility.
Price to Sales (P/S)
IQVIA Holdings Inc., historical P/S 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (RevenuesQ3 2023
+ RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of IQVIA Holdings Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from March 2019 through December 2021, increasing from $136.14 to a peak of $256.89 in September 2021. After this peak, the price showed increased volatility with a notable decline in the early months of 2022, reaching around $200.42 in September 2022. Subsequently, the share price fluctuated, demonstrating some recovery and decline, ending at $180.01 in September 2023. This suggests heightened market variability and possible external influences affecting investor confidence.
- Sales per Share Trend
- Sales per share exhibited a consistent and steady upward trajectory throughout the entire period, rising from $53.40 in March 2019 to $81.40 in September 2023. This continuous growth indicates sustained revenue expansion or improvements in operational efficiency, reflecting positively on the company’s underlying business performance.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio experienced fluctuations over the analyzed periods. Starting at 2.55 in March 2019, it increased to a high of 3.71 in March 2021, suggesting a rising valuation relative to sales. After this peak, the ratio declined in subsequent quarters, reaching a lower level of 2.21 by September 2023. This decline reflects a moderation in valuation multiples despite increasing sales per share, potentially indicating market reassessment of growth prospects or risk factors.
- Overall Insights
- The data reflects strong sales growth coupled with a share price that initially rose significantly before experiencing corrective phases. The decreasing P/S ratio after early 2021 implies that although sales continued to grow, market participants adjusted their valuation expectations downward. This adjustment may be attributed to market conditions or company-specific challenges, leading to less aggressive pricing of the company's stock relative to its sales. The contrasting trends between robust sales growth and fluctuating share prices suggest external market dynamics or changing investor sentiment influencing the stock performance.
Price to Book Value (P/BV)
IQVIA Holdings Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Equity attributable to IQVIA Holdings Inc.’s stockholders (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Equity attributable to IQVIA Holdings Inc.’s stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of IQVIA Holdings Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates noticeable volatility over the analyzed quarters. It started at $136.14 and exhibited an overall upward trend, reaching a peak of $256.89 by September 30, 2021. Following this peak, the share price experienced a decline, dipping to $180.01 by September 30, 2023. Despite fluctuations, the price generally remained higher in the later periods compared to the initial quarters.
- Book Value Per Share (BVPS) Analysis
- BVPS showed relative stability throughout the period, fluctuating within a narrow range. Starting at $33.54, it declined slightly during 2019 and early 2020, reaching a low of $28.7 in June 2022. After this decline, BVPS modestly recovered to $31.81 by September 2023. Overall, BVPS did not exhibit significant growth or decline, indicating stable net asset backing per share.
- Price-to-Book Value (P/BV) Ratio Insights
- The P/BV ratio started at 4.06 and showed a rising trend through 2021, peaking at 8.42 in September 2021. This suggests increasing market valuation relative to book value during this period. After peaking, the P/BV ratio declined, falling to 5.66 by September 2023. The ratio's fluctuations align with the changes in share price rather than major shifts in BVPS, implying changes in market sentiment or growth expectations.
- Summary of Key Patterns
- The share price and P/BV ratio both saw significant appreciation until late 2021, highlighting investor optimism. Subsequent declines in these metrics in 2022 and 2023 suggest a period of market correction or reduced growth expectations. Meanwhile, BVPS remained fairly consistent, indicating steady underlying book value throughout the timeframe.