IQV
ACCE-researchedOverview
ACCE thesis
IQVIA runs the plumbing of clinical trials - managing data, technology, and outsourced research operations for pharma and biotech clients who can't afford to build those capabilities in-house. The proprietary OCE platform and the 1+ billion anonymized patient records in its IQVIA data cloud create a switching cost moat that pure-play CROs simply can't replicate. Biotech funding has been thawing through 2024-2025, and as smaller sponsors return to launching trials, IQVIA captures disproportionate wallet share given its end-to-end capabilities. The stock has been cut in half from its 2021 highs, yet the forward PE of 13x sits well below the historical 20-25x range the market assigned when the business was growing at a similar organic clip - the compression looks like macro overhang rather than structural impairment. With $4B+ in contracted backlog and management guiding for margin recovery into the mid-teens, the gap between current price and intrinsic value is doing most of the talking here.
- highACCE score collapseScore dropped 9 points in 90 days (71→62), signaling broad deterioration across Growth, Value, Quality, and Momentum dimensions.
- highElevated leverage riskDebt/Equity of 2.42 is high for a services business; rising rates or revenue slowdown could pressure debt servicing capacity.
- moderateSequential revenue decelerationQoQ revenue growth of -4.9% contrasts with +8.4% YoY, suggesting near-term momentum is weakening materially.
- moderateThin net marginNet margin of only 8.3% on 33% gross margin implies heavy interest/SG&A burden, leaving limited buffer if revenues soften.
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Price
Valuation
INVESTORSix independent models converge on one confidence-weighted fair value, with full methodology and editable assumptions.
- +All six models: DCF, P/E and EV/EBITDA comps, Graham, dividend discount, residual income
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Quality
INVESTORThe full quality picture: conviction breakdown, earnings quality, score history, and backtested returns.
- +Conviction score breakdown and earnings-quality grade
- +Growth / value / quality / momentum component scores
- +90-day score history and score-threshold backtests
Analysts
Wall Street consensus
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
- +Price-target low / average / high vs the current price, with implied upside
- +Forward revenue and EPS consensus by fiscal year
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Smart Money
PROFollow the institutions: 13F position changes, insider trades, and active 13D activist filings.
- +Quarter-over-quarter institutional position changes
- +Recent open-market insider transactions
- +Active 13D activist filings and top holders
Compare
Where it sits vs peers
Algorithmic peers (6)
| Ticker | Company | Mcap | P/E | ROE | D/E | Yield | Quality | |
|---|---|---|---|---|---|---|---|---|
| A | Agilent Technologies Inc. Common Stock | $44.1B | 30.9 | 21.0% | 0.50 | 0.7% | - | Compare |
| LONN.SW | Lonza Group | $46.2B | 35.2 | 12.9% | 0.46 | 0.9% | - | Compare |
| WAT | Waters Corporation Common Stock | $41.4B | 106.5 | 1.9% | 0.73 | 0.0% | - | Compare |
| IDXX | IDEXX Laboratories Inc. Common Stock | $40.3B | 36.0 | 74.2% | 0.53 | 0.0% | - | Compare |
| ILMN | Illumina Inc. Common Stock | $36.2B | 44.6 | 32.3% | 0.73 | 0.0% | - | Compare |
| NTRA | Natera Inc. Common Stock | $53.2B | - | -12.5% | 0.05 | 0.0% | - | Compare |
Sector report card
Where IQV ranks against its sector peers on each metric.
News and Record
Press releases mentioning this company
- Business Wire•Sep 9, 2026IQVIA Announces Pricing of Senior Notes
- Business Wire•Sep 9, 2026IQVIA Announces Offering of Senior Notes
- Business Wire•Sep 3, 2026IQVIA's Predictive Clinical Development Provides Sponsors With Significant Efficiencies to Get Treatments to Market Faster
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Recent performance
SEC filings
Recent ACCE blog coverage
- ADBE, LULU, TGT, IQV, SPGI: Open Picks Review June 2026ADBE down 47% in a year yet earns 62.9% ROE and 12% FCF yield. LULU, TGT, IQV, SPGI: where each open pick stands and what the data says now.2026-06-18
- Open Picks Scorecard: RDDT, TGT, LULU, GXO, IQV ReviewedRDDT scores 70/100 with 69% revenue growth. TGT yields 3.7% at 15x forward earnings. How ACCE's open picks stack up right now.2026-06-11