Analysis of Geographic Areas
IQVIA Holdings Inc. operates in 3 regions: Americas; Europe and Africa; and Asia-Pacific.
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- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2013
- Current Ratio since 2013
- Total Asset Turnover since 2013
- Price to Book Value (P/BV) since 2013
- Price to Sales (P/S) since 2013
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Area Asset Turnover
IQVIA Holdings Inc., asset turnover by geographic area
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe and Africa | |||||
| Asia-Pacific |
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).
The analysis of the annual geographic area asset turnover ratios reveals distinct trends across the Americas, Europe and Africa, and Asia-Pacific regions over the five-year period from 2018 to 2022.
- Americas
- The asset turnover ratio in the Americas region shows a clear declining trend. It decreased from 5.69 in 2018 to 3.75 in 2020, indicating a reduction in the efficiency with which assets were used to generate revenue. There was a slight recovery in 2021 with a ratio of 4.17, but this was followed by another decline to 3.92 in 2022. Overall, the ratio remained lower towards the end of the period compared to the beginning, suggesting challenges in maintaining asset turnover efficiency in this region.
- Europe and Africa
- The asset turnover ratio in Europe and Africa experienced fluctuations but generally maintained a relatively high level. The ratio increased significantly from 15.6 in 2018 to a peak of 22.95 in 2020, demonstrating improved asset utilization over this period. Although it dipped to 19.99 in 2021, it rebounded to 22.28 in 2022. This indicates stable and effective asset turnover with minor variability, reflecting consistent operational performance in these regions.
- Asia-Pacific
- The Asia-Pacific region exhibited the most dynamic trend among the three areas. The asset turnover ratio grew markedly from 28.09 in 2018 to 35.23 in 2019, with a slight decline to 32.07 in 2020. Following this, there was a substantial rise to 43.75 in 2021 and a further increase to 56.53 in 2022. This upward trajectory indicates a significant and continuous improvement in the efficiency of asset utilization, potentially driven by growth opportunities or operational enhancements in the Asia-Pacific market.
In summary, while the Americas region shows a decreasing trend in asset turnover efficiency, Europe and Africa maintain a high but fluctuating level, and Asia-Pacific demonstrates strong and accelerating improvements. These geographic disparities suggest differing regional dynamics affecting the company’s asset productivity.
Area Asset Turnover: Americas
IQVIA Holdings Inc.; Americas; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, equipment and software, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2022 Calculation
Area asset turnover = Revenues ÷ Property, equipment and software, net
= ÷ =
The analysis of the Americas geographic area data reveals several noteworthy trends over the five-year period.
- Revenues
- Revenues demonstrated a general upward trend from 2018 to 2022, increasing from 4,998 million US dollars in 2018 to 7,048 million US dollars in 2022. There was a slight decline in 2020 as compared to 2019, with revenues dropping from 5,462 million to 5,419 million US dollars, likely reflecting a temporary disruption. However, from 2020 onward, revenues rose markedly, especially between 2020 and 2021, indicating a strong recovery and continued growth.
- Property, Equipment, and Software, Net
- This asset category showed consistent growth throughout the period, increasing from 879 million US dollars in 2018 to 1,798 million US dollars in 2022. The investment in these assets nearly doubled over the five years, with notable increases each year. This pattern suggests ongoing capital expenditure and potential expansion or upgrading of operational capabilities within the region.
- Area Asset Turnover
- The ratio of asset turnover in the area displayed a declining trend overall, beginning at 5.69 in 2018 and falling to 3.92 by 2022. The steepest drop occurred between 2018 and 2020, followed by some improvement in 2021, but the ratio declined again in 2022. This decline indicates that revenues generated per unit of asset invested decreased over time, which might reflect less efficient utilization of fixed assets or a change in asset base composition relative to revenues.
In summary, while revenues in the Americas have grown appreciably despite some short-term volatility, the rapid expansion in property, equipment, and software assets has outpaced revenue growth in recent years, leading to a lower asset turnover ratio. This suggests a shift in the capital structure or operational strategy that warrants further analysis to evaluate asset utilization efficiency.
Area Asset Turnover: Europe and Africa
IQVIA Holdings Inc.; Europe and Africa; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, equipment and software, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2022 Calculation
Area asset turnover = Revenues ÷ Property, equipment and software, net
= ÷ =
- Revenues
- The revenues exhibited a generally upward trend from 2018 to 2022. Beginning at $3,448 million in 2018, revenues slightly increased to $3,477 million in 2019, showing minimal growth. A more notable rise occurred in 2020, reaching $3,695 million. This growth accelerated further through 2021, with revenues climbing to $4,357 million, before stabilizing in 2022 at $4,366 million. The data indicates consistent revenue growth over the five-year period, with the most significant year-on-year increase recorded between 2020 and 2021.
- Property, Equipment and Software, Net
- The net value of property, equipment, and software demonstrated some fluctuations during the examined period. Starting at $221 million in 2018, there was a decline to $160 million in 2019, remaining relatively stable at $161 million in 2020. The value rebounded in 2021 to $218 million but declined again in 2022 to $196 million. Overall, the asset base experienced volatility with decreases in the early and late parts of the period, and a peak in 2021, reflecting possible investment or disposal activities.
- Area Asset Turnover
- The area asset turnover ratio generally improved over the years, reflecting enhanced utilization of property, equipment, and software assets in generating revenues. Beginning at 15.6 in 2018, the ratio increased significantly to 21.73 in 2019 and continued to rise to 22.95 in 2020. The turnover ratio dipped to 19.99 in 2021 yet regained strength in 2022, reaching 22.28. This pattern suggests increased operational efficiency, with a slight disruption in 2021 before a recovery, aligning broadly with asset and revenue movements.
Area Asset Turnover: Asia-Pacific
IQVIA Holdings Inc.; Asia-Pacific; area asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, equipment and software, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2022 Calculation
Area asset turnover = Revenues ÷ Property, equipment and software, net
= ÷ =
- Revenues
- The revenues in the Asia-Pacific region showed a consistent upward trend over the observed five-year period. Starting from US$1,966 million in 2018, revenues increased annually, reaching US$2,996 million by 2022. This indicates a steady growth in sales or service income in this geographic area, with the largest annual increment occurring between 2021 and 2022.
- Property, Equipment and Software, Net
- The net value of property, equipment, and software exhibited some fluctuations without a clear growth pattern. Initially at US$70 million in 2018, the value declined to US$61 million in 2019, rebounded back to US$70 million in 2020, then gradually decreased in subsequent years to US$53 million by 2022. This suggests some level of asset depreciation, disposals, or limited capital investment in this category during the latter years.
- Area Asset Turnover
- The area asset turnover ratio, which measures how efficiently assets are used to generate revenues, demonstrated a strong positive trend over the period. Starting at 28.09 in 2018, this ratio increased significantly each year, reaching 56.53 in 2022. The consistent rise indicates improving efficiency in utilizing assets to drive revenue growth in the Asia-Pacific region, despite the fluctuations in net property, equipment, and software values.
Revenues
IQVIA Holdings Inc., revenues by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe and Africa | |||||
| Asia-Pacific | |||||
| Total |
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).
The data reveals the annual revenues generated in different geographic regions over a five-year period. A clear upward trend is evident across all regions, contributing to steady overall revenue growth.
- Americas
- Revenues started at $4,998 million in 2018 and experienced consistent growth, reaching $7,048 million by 2022. Notably, there was a significant increase from 2020 to 2021, where revenues jumped from $5,419 million to $6,848 million, followed by continued growth in 2022.
- Europe and Africa
- This region showed moderate incremental growth, rising from $3,448 million in 2018 to $4,366 million in 2022. The increase was steady each year, with particularly noticeable growth occurring from 2020 onwards.
- Asia-Pacific
- Asia-Pacific revenues increased steadily from $1,966 million in 2018 to $2,996 million in 2022. The growth rate appears to accelerate over the period, with a marked increase between 2021 and 2022.
- Total Revenues
- The aggregate revenue across all regions rose from $10,412 million in 2018 to $14,410 million in 2022. The growth was smooth and continuous, reflecting strong contributions from each geographic segment. The highest absolute annual increase occurred between 2020 and 2021, corresponding with significant growth in the Americas region.
Property, equipment and software, net
IQVIA Holdings Inc., property, equipment and software, net by geographic area
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe and Africa | |||||
| Asia-Pacific | |||||
| Total |
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).
- Overall Trend
- The net value of property, equipment, and software has exhibited consistent growth over the five-year period, increasing from 1,170 million USD at the end of 2018 to 2,047 million USD by the end of 2022. This represents a compound upward trend with an approximate 75% increase over the period.
- Americas
- The Americas region shows a strong and steady upward trajectory in net property, equipment, and software values, rising from 879 million USD in 2018 to 1,798 million USD in 2022. The yearly increases are consistent, reflecting sustained investment or acquisition activities in this geographic area. The value has effectively doubled over the five-year span.
- Europe and Africa
- This region's figures display more variability and a less pronounced growth trend. Starting at 221 million USD in 2018, the value declined to 160 million USD in 2019 and remained largely flat around this level through 2020. It then increased to 218 million USD in 2021 before experiencing a slight reduction to 196 million USD in 2022. Overall, the net values for this area show moderate fluctuations without a clear upward trend.
- Asia-Pacific
- The Asia-Pacific region reveals a declining trend in net property, equipment, and software values over the analyzed period. Beginning at 70 million USD in 2018, values decreased to 61 million USD in 2019, briefly rebounded to 70 million USD in 2020, then steadily declined to 61 million USD in 2021 and further down to 53 million USD in 2022. This pattern suggests reduced investment or asset disposals in this region.
- Comparative Insights
- The Americas contribute the largest and fastest growing share to the total net value of property, equipment, and software, underscoring its strategic importance. Europe and Africa show modest and somewhat inconsistent changes, indicating a stable but less dynamic asset base. The Asia-Pacific region's declining figures may warrant attention to reassess investment strategies or operational shifts. The overall growth is primarily driven by the Americas' performance.