IQVIA Holdings Inc
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+ FollowMarket Cap$44.77B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Strong Q3 performance; guidance raised (all key metrics beat; organic re-acceleration)
- Revenue $4.43B, +8% YoY reported / +8.6% constant currency; organic +~6%, described as ~2x the prior year’s organic growth pace in commercial and nearly 3x in clinical.
- Adjusted EBITDA $1.008B (+8.7% YoY), with margin +20 bps (second consecutive quarter of margin expansion).
- Adjusted diluted EPS $3.34 (+11.3% YoY), beat driven by stronger operations (no “special” EPS driver mentioned).
- Free cash flow $667M = 120% of adjusted net income (strong cash conversion).
Clinical bookings momentum is the standout (highest in 4 years; long-cycle demand improving)
- R&D (clinical) revenue +8.7% reported / ~7% organic; operationally strong with net new bookings $3.2B, up 15% YoY and highest in 4 years.
- Book-to-bill 1.2 in the quarter; also emphasized as long-cycle and focusing on a longer trend:
- Last 12-month net new bookings $11.7B, +14% YoY, up for 5 consecutive quarters (important investor signal for sustainability).
- Demand indicators cited: EVP funding ~$90B YTD (+>85% YoY) and trial starts up high single digits; RFP flow up high single digits.
- Win rates improved +2–3 points (attributed to market normalization plus execution).
Commercial growth also accelerating, with AI “agentic” adoption cited as a differentiator
- Commercial revenue +6.9% reported / 7.9% constant currency; ~4% organic, described as double last year’s organic growth rate.
- Continued strength across commercial sub-segments (information, analytics/consulting, patient engagement).
- AI positioning: 415 deployed agents to date; customers adopting agentic platforms/workflows (examples included predictive clinical development, protocol/site optimization, and commercial insights/patient support automation).
- Management framed AI as not just tooling but requiring IQVIA’s data/content + life sciences context + comprehension/interpretation + humans-in-the-loop for compliant workflow execution.
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$194.15
26.7% downside
Current Fair Value
26.7% downsideOvervalued by 26.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $44.77 Billion |
|---|---|
| Enterprise Value | $61.14 Billion |
| Earnings per Share | $7.91 |
| Beta | 1.16 |
| Outstanding Shares | 164,700,000 |
Return
| Return on Equity | 20.93% |
|---|---|
| Return on Assets | 4.57% |
| Return on Invested Capital | 10.46% |
Valuation & Multiples
| P/E Ratio | 32.67 |
|---|---|
| PEG | 569.18 |
| Price to Sales | 2.52 |
| Price to Book Ratio | 6.46 |
| Enterprise Value to Revenue | 3.53 |
| Enterprise Value to EBIT | 25.77 |
| Enterprise Value to Net Income | 43 |
| Total Debt to Enterprise | 0.3 |
| Debt to Equity | 2.8 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$3.25
Consensus analyst estimateRevenue Estimate
$4.36 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$3.60
Consensus analyst estimateRevenue Estimate
$4.53 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 125.76% |
|---|---|
| Total Calls | 37,600▼ 88.97% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 13.12%▼ 80.90% |
|---|---|
| Total Invested | $5.89B▼ 80.73% |
| Investors Holding | 608▼ 515.00% |
About IQVIA Holdings Inc
93,000 employees
CEO: Ari Bousbib
IQVIA Holdings Inc. is a global leader empowering the life sciences sector with advanced analytics, innovative technology solutions, and comprehensive clinical research services. Operating across the Americas, Europe, Africa, and the Asi...