IQVIA Holdings, Inc. — Earnings Quality Grade F
IQV · Healthcare
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 37 days, change +4 days YoY
AR growth 20.0% exceeds revenue growth 5.9%
Revenue 5.9%, CFFO -2.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 0.2% vs revenue 5.9%. Normal
SG&A/Gross Profit = 36.8%. Normal
Gross margin 33.3%, change -1.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.95. Profits backed by cash
FCF $2.1B, FCF/NI = 1.51
Accruals ratio = -4.3%. Low accruals
Cash $2.1B covers only 13% of debt $15.9B
Balance Sheet Health
Goodwill+Intangibles $21.6B = 332% of equity. Over 50%
Debt/EBITDA = 4.6x (>4x). Financial stress
Other assets -2.9% vs revenue 5.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 12% YoY. Normal
Manipulation Score
M-Score = -2.47 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09