IQVIA Holdings Inc (IQV) is overvalued and Thermo Fisher Scientific Inc (TMO) is overvalued.
Both trade above our estimate of their intrinsic value. IQV is the closer of the two: -54%, against -138% for TMO.
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
Discounting its cash flows at 9.2% (average of 3 methods) values the shares at $276.91; the price of $658.52 is 138% above that value, and 75% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
| Metric | IQV | TMO |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $270.09 | $658.52 |
| Intrinsic value | $174.89 | $276.91 |
| Margin of safety | -54% | -138% |
| Leak Score | 50/100 (10/12) | 45/100 (10/12) |
| Market cap | $44.5B | $243.5B |
| Revenue growth, 5 years | 7.5% | 6.7% |
| Operating margin | 13.9% | 19.1% |
| Net margin | 8.1% | 15.0% |
| Return on equity | 23.0% | 13.5% |
| Debt to equity | 2.63 | 0.81 |
| P/E | 33.5x | 35.4x |
| Forward P/E | 18.7x | 24.0x |
| P/B | 7.2x | 4.6x |
| Dividend yield | — | 0.3% |