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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2013
- Price to Earnings (P/E) since 2013
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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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio data reveals a significant increase from early 2019 through 2020, peaking at 233.99 in September 2020. This spike indicates a high market valuation relative to earnings during that period. Subsequently, there is a marked downward trend starting from late 2020 to the end of the analyzed period in September 2023, with the ratio falling to 29.44. This decline suggests a stabilization and possibly improved earnings or a market revaluation to more moderate levels.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio generally follows a similar pattern to the P/E ratio. It starts from the mid-30s range in early 2019, rises sharply to over 50 through 2020, indicating increased valuation with respect to operating profit. After that peak, the ratio shows a consistent decline, reaching a low of 17.71 by September 2023. The steady decrease implies improving operating profits or a relative decrease in price levels supporting a more conservative price-to-operating-profit valuation.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio displays moderate fluctuations with a general upward trend reaching its zenith in June 2021 at 3.71. Post this peak, the ratio begins to decline gradually, dropping to 2.21 by September 2023. This movement hints at either a relative decrease in market price or improvement in sales figures, leading to reduced valuation multiples on a sales basis.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio shows an overall increasing trend from 2.51 in March 2018 to a peak of 8.42 in September 2021, indicating rising market valuations relative to book value during that period. Following this peak, the ratio decreases to 5.66 by September 2023. This trend suggests that the market's premium over book value has diminished somewhat, possibly reflecting a reassessment of asset valuations or changes in investor sentiment.
- Summary of Trends and Insights
- Across all valuation metrics—P/E, P/OP, P/S, and P/BV—the data show a common pattern of rising valuation multiples through 2019 and reaching peaks around 2020-2021, followed by a significant and sustained decline through to late 2023. The initial increase in multiples could be attributed to strong growth expectations or favorable market conditions, while the subsequent declines likely reflect normalization of earnings and operating profits, as well as market recalibration. The reduction in valuation ratios over recent quarters points toward more conservative investor expectations or improved fundamental performance measures reducing reliance on premium pricing.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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 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 experienced a general upward trend from March 2018 through December 2021, increasing from approximately $99 to a peak near $257. This period was marked by steady growth with intermittent fluctuations. Beginning in 2022, the share price showed increased volatility and a downward drift, falling below $200 on several occasions by September 2023. Despite some rebounds, the price at the last data point, around $180, remains below the previous peak levels observed in 2021.
- Earnings Per Share (EPS) Development
- EPS data is available starting from the first quarter of 2019. Initial EPS was reported at about $1.31 and remained relatively consistent through 2019. From 2020 onwards, EPS exhibited significant growth, climbing steadily each quarter to reach approximately $6.36 by the end of 2022. Throughout 2023, EPS showed a slight decline but remained stable around $6.00, indicating strong earnings generation capacity over the reported periods.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio started at very high levels exceeding 100 in early 2019 and peaked above 230 in late 2020, suggesting elevated market valuation relative to earnings. From 2021 onwards, the P/E ratio consistently declined, reflecting a market adjustment or earnings growth outpacing price increases. By mid-2023, the P/E ratio settled close to 30, indicating a more moderate valuation relative to earnings compared to earlier periods, possibly reflecting improved earnings performance or market expectation normalization.
- Insights and Summary
- The data shows a company with strong earnings growth beginning in 2020 and continuing through 2022, with EPS increasing substantially. The share price growth through 2021 corresponds with rising earnings but the market valuation as measured by the P/E ratio was initially very high, suggesting elevated expectations. The subsequent reduction in the P/E ratio aligns with market price corrections and continued EPS growth, indicating a revaluation towards more sustainable levels. Recent share price volatility and a modest EPS pullback in 2023 may suggest market uncertainties or changes in growth outlook.
Price to Operating Profit (P/OP)
IQVIA Holdings Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| 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), 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 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.
The data reveals several notable trends in share price, operating profit per share, and the price-to-operating profit ratio over the period analyzed.
- Share Price Trends
- The share price demonstrated a general upward trajectory from early 2018 through the end of 2021, starting at $99.02 and reaching a peak of $256.89 in September 2021. This represents a significant increase over the nearly four-year period. However, from the fourth quarter of 2021 onward, the share price experienced a marked decline, falling to $180.01 by the end of September 2023. This recent decrease suggests increased volatility and possible market corrections or external pressures affecting the stock price after a prolonged period of growth.
- Operating Profit per Share
- Operating profit per share, though not reported until the first quarter of 2019, showed consistent growth throughout the entire available timeframe. It rose steadily from $3.75 in March 2019 to $10.16 by September 2023. This indicates a strong and sustained improvement in the company's profitability on a per-share basis, with only minor fluctuations such as the dip observed in the latter half of 2020. Overall, this trend suggests effective operational performance and enhanced earnings capacity over time.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited considerable variation throughout the observed periods. Beginning at around 37.73 in March 2019, it decreased substantially to a low of 17.71 by September 2023. This downward trend implies that the market valuation relative to the company's operating profit per share has become more conservative over time. The decline in the P/OP ratio particularly in the latter years corresponds with the declining share price and increasing operating profits, suggesting that despite improving profitability, investor sentiment or expectations may have tempered valuation multiples.
In summary, the data reflects a scenario where operational profitability has continuously improved, yet the market valuation has not proportionally increased in recent years, as evidenced by the falling share price and P/OP ratio. This divergence may signal external market factors, changing investor outlook, or sector-wide dynamics influencing valuation beyond the company’s underlying financial performance.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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 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
- The share price exhibits a general upward trend from early 2018 through late 2021, rising from approximately $99 to a peak near $257. However, starting in early 2022, the share price experiences increased volatility and a downward adjustment, declining to a low around $180 by the third quarter of 2023. Notably, there are periods of recovery within 2022 and 2023 where the share price rebounds from prior declines.
- Sales per Share
- Sales per share data, available starting in the first quarter of 2019, shows a steady and consistent growth throughout the period. Beginning around $53 in early 2019, sales per share increase gradually each quarter, reaching approximately $81 by the third quarter of 2023. This pattern suggests sustained revenue growth on a per-share basis without interruption over the observed intervals.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuates over the observed period, starting in early 2019 at around 2.69 and exhibiting volatility in subsequent quarters. It reaches a notable peak of about 3.71 during mid-2021, indicating a period when share prices were relatively high compared to sales. Following this peak, the ratio declines steadily, falling to approximately 2.21 by the third quarter of 2023. This decline suggests that the share price growth has slowed relative to sales growth or that sales improved more rapidly than share price appreciation during this latter period.
- Overall Insights
- There is a clear divergence between the trends of share price and sales per share beginning around early 2022. While sales per share maintain steady growth, the share price shows considerable volatility and a downward trend. This divergence results in a declining P/S ratio, reflecting a shift in market valuation relative to revenue. The data implies that despite improved sales performance, market sentiment or external factors have exerted downward pressure on the company's stock price during recent quarters.
Price to Book Value (P/BV)
IQVIA Holdings Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| 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), 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 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 exhibited overall growth from March 2018 through December 2021, rising from approximately $99 to a peak of about $257 in September 2021. There was a notable increase especially between early 2020 and late 2021, coinciding with a recovery period following a dip in early 2020. After reaching this peak, the share price demonstrated volatility, with a downward correction observed in 2022 and fluctuating values into late 2023. The price declined to near $180 in September 2023, indicating some market uncertainty or correction during this period.
- Book Value per Share (BVPS) Trend
- BVPS showed a gradual decline from $39.46 in March 2018 to a low around $28.7 in mid to late 2022. Minor fluctuations were present, but the overall trend was downward until late 2022. Starting in early 2023, BVPS stabilized and slightly increased again toward the upper $30s, ending near $31.81 in September 2023. This suggests some restoration of underlying net asset value per share after several years of decline or stagnation.
- Price-to-Book Value (P/BV) Ratio Trend
- P/BV ratio followed an increasing trajectory throughout the period, starting at about 2.51 in early 2018 and climbing steadily to a high above 8.4 in September 2021. This indicates that the market price of shares substantially outpaced the book value increases or declines during the period, reflecting heightened market optimism or expectations. After this peak, the P/BV ratio decreased yet remained elevated relative to the start, fluctuating between approximately 5.6 and 7.7 through 2022 and 2023. This pattern highlights sustained investor confidence, though tempered by some valuation correction.
- Summary and Insights
- The data reveal a trend of increasing market valuation relative to underlying book value over several years, pointing to optimistic investor sentiment and growth expectations. The sharp rise in share price combined with a relatively flat or declining BVPS suggests that market participants may have placed higher value on intangible assets, future earnings potential, or strategic positioning. The peak in mid-2021 appears to be a critical inflection point, preceding a period of correction and increased volatility in share price and valuation multiples. The partial recovery in BVPS in 2023 may indicate improvements in tangible asset value or profitability, which could support stabilization in market valuation going forward.