IQVIA Holdings Inc., current enterprise value calculation

Current share price (P)	$180.01
No. shares of common stock outstanding	182,500,000
US$ in millions
Common equity (market value)¹	32,852)
Add: Non-controlling interests (per books)	—)
Total equity	32,852)
Add: Current portion of long-term debt (per books)	152)
Add: Current finance lease liabilities (per books)	5)
Add: Long-term debt, less current portion (per books)	12,595)
Add: Long-term finance lease liabilities (per books)	224)
Total equity and debt	45,828)
Less: Cash and cash equivalents	1,216)
Less: Investments in debt, equity and other securities	93)
Enterprise value (EV)	44,519)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 180.01 × 182,500,000

IQVIA Holdings Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$227.03	$232.18	$192.66	$165.42	$141.49
No. shares of common stock outstanding¹	185,722,621	190,485,264	191,281,286	192,339,093	197,599,861
US$ in millions
Common equity (market value)³	42,165)	44,227)	36,852)	31,817)	27,958)
Add: Non-controlling interests (book value)	—)	—)	279)	260)	240)
Total equity	42,165)	44,227)	37,131)	32,077)	28,198)
Add: Current portion of long-term debt (book value)	152)	91)	149)	100)	100)
Add: Current finance lease liabilities (book value)	5)	9)	—)	—)	—)
Add: Long-term debt, less current portion (book value)	12,595)	12,034)	12,384)	11,545)	10,907)
Add: Long-term finance lease liabilities (book value)	224)	177)	122)	—)	—)
Total equity and debt	55,141)	56,538)	49,786)	43,722)	39,205)
Less: Cash and cash equivalents	1,216)	1,366)	1,814)	837)	891)
Less: Investments in debt, equity and other securities	93)	111)	88)	62)	47)
Enterprise value (EV)	53,832)	55,061)	47,884)	42,823)	38,267)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of IQVIA Holdings Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 227.03 × 185,722,621

The financial data reveals several key trends over the five-year period ending in 2022. There is a generally upward trajectory in both equity measures and overall capital structure, with some variations in later years.

Common Equity (Market Value): The market value of common equity increased steadily from $27,958 million in 2018 to a peak of $44,227 million in 2021. However, in 2022, there was a slight decline to $42,165 million, indicating a minor reversal after several years of growth.
Total Equity: Total equity follows a similar pattern as common equity, rising from $28,198 million in 2018 to $44,227 million in 2021, before decreasing to $42,165 million in 2022. This close alignment suggests limited changes in equity components other than common equity.
Total Equity and Debt: The aggregate of equity and debt demonstrates a consistent increase from $39,205 million in 2018 to $56,538 million in 2021. A moderate decrease to $55,141 million occurs in 2022, which may reflect changes in debt levels or equity adjustments.
Enterprise Value (EV): Enterprise value rises steadily from $38,267 million in 2018 to $55,061 million in 2021, mirroring the trend in total capital. The EV then declines modestly to $53,832 million in 2022.

Summarizing the observations, the company exhibited strong growth in market capitalization and capital base from 2018 through 2021, accompanied by increasing enterprise value. The peak in 2021 across these financial metrics suggests a period of expansion or increased investor valuation. The slight downturn in both equity and enterprise value in 2022 could signify market adjustments, shifts in investor sentiment, or alterations in capital structure. Overall, the trends reflect sustained growth with a recent moderation in 2022.

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IQVIA Holdings Inc. (NYSE:IQV)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)