Price to Book Value (P/BV)
since 2013
Calculation
IQVIA Holdings Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity (deficit) attributable to IQVIA Holdings Inc.’s stockholders1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 7.31 | = | 227.03 | ÷ | 31.04 | 31.04 | = | 5,765 | ÷ | 185,722,621 | |
| Feb 16, 2022 | 7.32 | = | 232.18 | ÷ | 31.72 | 31.72 | = | 6,042 | ÷ | 190,485,264 | |
| Feb 12, 2021 | 6.14 | = | 192.66 | ÷ | 31.37 | 31.37 | = | 6,001 | ÷ | 191,281,286 | |
| Feb 18, 2020 | 5.30 | = | 165.42 | ÷ | 31.21 | 31.21 | = | 6,003 | ÷ | 192,339,093 | |
| Feb 19, 2019 | 4.16 | = | 141.49 | ÷ | 33.98 | 33.98 | = | 6,714 | ÷ | 197,599,861 | |
| Feb 16, 2018 | 2.61 | = | 101.72 | ÷ | 38.94 | 38.94 | = | 8,109 | ÷ | 208,251,468 | |
| Feb 16, 2017 | 2.10 | = | 76.87 | ÷ | 36.62 | 36.62 | = | 8,633 | ÷ | 235,719,111 | |
| Feb 11, 2016 | — | = | 59.00 | ÷ | -4.73 | -4.73 | = | -564 | ÷ | 119,384,993 | |
| Feb 12, 2015 | — | = | 63.25 | ÷ | -5.66 | -5.66 | = | -704 | ÷ | 124,315,113 | |
| Feb 13, 2014 | — | = | 52.20 | ÷ | -5.14 | -5.14 | = | -667 | ÷ | 129,842,707 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of IQVIA Holdings Inc. Annual Report.
The financial trajectory between 2014 and 2023 is characterized by a transition from negative equity to a significant market valuation premium. Share prices exhibited consistent growth over the majority of the period, rising from 52.20 USD in 2014 to a peak of 232.18 USD in 2022.
- Equity Position Transition
- From 2014 through 2016, the book value per share remained negative, reaching a low of -5.66 USD in 2015. A fundamental shift occurred by February 16, 2017, when the book value per share transitioned to a positive 36.62 USD. Following this correction, the book value remained relatively stable, fluctuating within a narrow range between 31.04 USD and 38.94 USD through 2023.
- Price-to-Book Value Expansion
- The P/BV ratio became calculable in 2017 at 2.10 and entered a period of sustained expansion. The ratio increased annually, reaching 7.32 by February 16, 2022. This steep upward trend indicates that the market's valuation of the company grew at a rate far exceeding the growth of its net asset value, reflecting increasing investor confidence or higher expectations of future earnings relative to tangible assets.
- Valuation Stabilization
- A plateau in valuation is observed between February 2022 and February 2023. The P/BV ratio shifted marginally from 7.32 to 7.31. This stabilization coincided with a slight contraction in share price to 227.03 USD and a concurrent marginal decline in book value per share to 31.04 USD, suggesting a period of equilibrium in market pricing relative to the company's book value.
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Comparison to Competitors
IQVIA Holdings Inc., P/BV, long-term trends, comparison to competitors
| IQVIA Holdings Inc. | 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2023 | 7.31 | 15.52 | 35.01 | 4.88 | 3.64 | 29.36 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 16, 2022 | 7.32 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 12, 2021 | 6.14 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 18, 2020 | 5.30 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 19, 2019 | 4.16 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 16, 2018 | 2.61 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 16, 2017 | 2.10 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 11, 2016 | — | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 12, 2015 | — | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 13, 2014 | — | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
IQVIA Holdings Inc., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| IQVIA Holdings Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 15, 2023 | 7.31 | 5.66 |
| Feb 16, 2022 | 7.32 | 5.72 |
| Feb 12, 2021 | 6.14 | 5.99 |
| Feb 18, 2020 | 5.30 | 5.82 |
| Feb 19, 2019 | 4.16 | 6.02 |
| Feb 16, 2018 | 2.61 | 5.14 |
| Feb 16, 2017 | 2.10 | 4.58 |
| Feb 11, 2016 | — | 4.15 |
| Feb 12, 2015 | — | 4.47 |
| Feb 13, 2014 | — | 3.97 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Industry (Health Care)
IQVIA Holdings Inc., P/BV, long-term trends, comparison to industry (health care)
| IQVIA Holdings Inc. | Health Care | |
|---|---|---|
| Feb 15, 2023 | 7.31 | 87,112.79 |
| Feb 16, 2022 | 7.32 | 5.48 |
| Feb 12, 2021 | 6.14 | 5.37 |
| Feb 18, 2020 | 5.30 | 5.14 |
| Feb 19, 2019 | 4.16 | 5.17 |
| Feb 16, 2018 | 2.61 | 4.55 |
| Feb 16, 2017 | 2.10 | 4.06 |
| Feb 11, 2016 | — | 3.62 |
| Feb 12, 2015 | — | 4.10 |
| Feb 13, 2014 | — | 3.51 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).