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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for IQVIA Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of IQVIA Holdings was -1.52. The lowest was -3.01. And the median was -2.55.
The historical data trend for IQVIA Holdings's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IQVIA Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.63 | -2.88 | -2.77 | -2.59 | -2.49 |
IQVIA Holdings Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.55 | -2.45 | -2.49 | -2.54 | -2.63 |
For the Diagnostics & Research subindustry, IQVIA Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Medical Diagnostics & Research industry and Healthcare sector, IQVIA Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IQVIA Holdings's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of IQVIA Holdings for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 1.0028 | + | 0.528 * 0.9921 | + | 0.404 * 0.9927 | + | 0.892 * 1.0323 | + | 0.115 * 0.9587 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9595 | + | 4.679 * -0.040117 | - | 0.327 * 0.9701 | |||||||
= | -2.63 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was $3,296 Mil. Revenue was 3814 + 3737 + 3868 + 3736 = $15,155 Mil. Gross Profit was 1326 + 1293 + 1390 + 1310 = $5,319 Mil. Total Current Assets was $5,622 Mil. Total Assets was $26,398 Mil. Property, Plant and Equipment(Net PPE) was $768 Mil. Depreciation, Depletion and Amortization(DDA) was $1,146 Mil. Selling, General, & Admin. Expense(SGA) was $2,075 Mil. Total Current Liabilities was $6,620 Mil. Long-Term Debt & Capital Lease Obligation was $12,283 Mil. Net Income was 363 + 288 + 469 + 303 = $1,423 Mil. Non Operating Income was 39 + -26 + 24 + 5 = $42 Mil. Cash Flow from Operations was 588 + 522 + 747 + 583 = $2,440 Mil. |
Total Receivables was $3,184 Mil. Revenue was 3728 + 3652 + 3739 + 3562 = $14,681 Mil. Gross Profit was 1285 + 1254 + 1332 + 1241 = $5,112 Mil. Total Current Assets was $5,329 Mil. Total Assets was $26,036 Mil. Property, Plant and Equipment(Net PPE) was $829 Mil. Depreciation, Depletion and Amortization(DDA) was $1,117 Mil. Selling, General, & Admin. Expense(SGA) was $2,095 Mil. Total Current Liabilities was $6,543 Mil. Long-Term Debt & Capital Lease Obligation was $12,675 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (3296 / 15155) | / | (3184 / 14681) | |
= | 0.217486 | / | 0.216879 | |
= | 1.0028 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (5112 / 14681) | / | (5319 / 15155) | |
= | 0.348205 | / | 0.350973 | |
= | 0.9921 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (5622 + 768) / 26398) | / | (1 - (5329 + 829) / 26036) | |
= | 0.757936 | / | 0.763481 | |
= | 0.9927 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 15155 | / | 14681 | |
= | 1.0323 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (1117 / (1117 + 829)) | / | (1146 / (1146 + 768)) | |
= | 0.573998 | / | 0.598746 | |
= | 0.9587 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (2075 / 15155) | / | (2095 / 14681) | |
= | 0.136919 | / | 0.142701 | |
= | 0.9595 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((12283 + 6620) / 26398) | / | ((12675 + 6543) / 26036) | |
= | 0.716077 | / | 0.738132 | |
= | 0.9701 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (1423 - 42 | - | 2440) | / | 26398 | |
= | -0.040117 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
IQVIA Holdings has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of IQVIA Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Eric Sherbet | officer: See Remarks | 100 IMS DRIVE, PARSIPPANY NJ 07054-4235 |
Ari Bousbib | director, officer: Chairman, CEO & Pres | UNITED TECHNOLOGIES CORP, ONE FINANCIAL PLAZA, HARTFORD CT 06101 |
W Richard Staub | officer: See Remarks | |
Kevin C Knightly | officer: Pres Info & Tech Solutions | 1499 POST ROAD, FAIRFIELD CT 06824 |
Panagos Constantinos | officer: See Remarks | 4280 EMPEROR BLVD, DURHAM NC 27703 |
Keriann Cherofsky | officer: See Remarks | 4280 EMPEROR BLVD, DURHAM NC 27703 |
Sheila A Stamps | director | C/O CIT GROUP, 1 CIT DRIVE, ATTN: GENERAL COUNSEL, LIVINGSTON NJ 07039 |
Morris Leslie Wims | director | 4280 EMPEROR BLVD, DURHAM NC 27703 |
John Connaughton | director, 10 percent owner | BAIN CAPITAL PARTNERS LLC, JOHN HANCOCK TOWER, 200 CLARENDON STREET, BOSTON MA 02116 |
Ronald E Bruehlman | officer: See Remarks | C/O IQVIA HOLDINGS, INC., 83 WOOSTER HEIGHTS ROAD, DANBURY CT 06810 |
Ronald A Rittenmeyer | director | 5400 LEGACY DRIVE, PLANO TX 75024 |
Tpg Group Holdings (sbs) Advisors, Inc. | 10 percent owner | C/O TPG GLOBAL, LLC, 301 COMMERCE STREET, SUITE 3300, FORT WORTH TX 76102 |
Michael J Evanisko | director | BRAUN CONSULTING, 20 W KINZIE STREET SUITE 1600, CHICAGO IL 60610 |
Michael R Mcdonnell | officer: Chief Financial Officer | C/O IQVIA HOLDINGS INC., 83 WOOSTER HEIGHTS ROAD, DANBURY CT 06810 |
John M. Leonard | director | C/O INTELLIA THERAPEUTICS INC, 40 ERIE STREET, SUITE 130, CAMBRIDGE MA 02139 |
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