IQVIA Holdings Inc (IQV) is overvalued and Natera Inc (NTRA) is overvalued.
Both trade above our estimate of their intrinsic value. IQV is the closer of the two: -54%, against -573% for NTRA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $174.89; the price of $270.09 is 54% above that value, and 74% of that value comes from beyond year five.
Leak Score 50/100 on 10 of 12 signals
A 2.7x revenue multiple, discounted for its losses, values the shares at $58.09; the price of $390.90 is 573% above that value.
Leak Score 42/100 on 8 of 12 signals
| Metric | IQV | NTRA |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $270.09 | $390.90 |
| Intrinsic value | $174.89 | $58.09 |
| Margin of safety | -54% | -573% |
| Leak Score | 50/100 (10/12) | 42/100 (8/12) |
| Market cap | $44.5B | $56.3B |
| Revenue growth, 5 years | 7.5% | 42.6% |
| Operating margin | 13.9% | -10.6% |
| Net margin | 8.1% | -7.1% |
| Return on equity | 23.0% | -12.5% |
| Debt to equity | 2.63 | 0.13 |
| P/E | 33.5x | — |
| Forward P/E | 18.7x | — |
| P/B | 7.2x | 30.8x |