Margins varied 28.6% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 11.3%
- Worst year
- 6.4%
- Latest · LTM
- 13.6%
# IQVIA Holdings (IQV.US) Canonical: https://gigainvestors.com/s/IQV Analysis as of: 2026-10-16T07:29:24.109Z. Financial observations: FY2010–FY2026. Listing currency: USD. Reporting currency: USD. ## Verdict A wonderful business at too high a price Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $271.04 per share; close as of 2026-10-15. Estimated value: low $139.82 per share, central $157.64 per share, high $181.36 per share. Buy at or below the central value $157.64 per share. Valuation as of 2026-10-16T07:29:24.109Z; scenarios are not confidence intervals. Expected annual return: 6.9% at the stated quote. About 6.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: pass - 0 revenue declines in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 0 - Years with a net loss: 0 - Operating margin variation: 0.29× Chart: Operating margin; fiscal year observations. - FY2017: 0.07× - FY2018: 0.07× - FY2019: 0.07× - FY2020: 0.06× - FY2021: 0.10× - FY2022: 0.12× - FY2023: 0.13× - FY2024: 0.14× - FY2025: 0.13× - LTM to Jun 2026: 0.14× ### moat: pass - ROIC, median of available years: 22.9% - ROIC, second-lowest year: 10.8% - Typical minus recent gross margin: 1.2 pp - Typical gross margin (annual median): 34.5% - Recent gross margin (lower of latest and 3-year median): 33.3% - Years with nonpositive capital: 0 - Capital spending / revenue: 4.4% - ROIC including acquisitions, ten-year median: 7.7% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 10.8% - FY2017: 13.4% - FY2018: 12.3% - FY2019: 10.3% - FY2020: 13.6% - FY2021: 32.2% - FY2022: 41.0% - FY2023: 46.6% - FY2024: 49.4% - FY2025: 47.0% ### economics: pass - Owner earnings / net income, 5-yr: 1.34× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $8.3B - Net income, five-year total: $6.1B - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -1.4 pp - Working capital / revenue, change between three-year averages: -10.9 pp - Working capital / revenue, final three-year average: 10.8% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.65× - FY2022: 1.42× - FY2023: 1.35× - FY2024: 1.37× - FY2025: 1.03× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 12.3% vs 47.0% - Per-share earnings: 3.08 to 7.49 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 3.3% - Ordinary dilution, 5-year annual growth: -2.3% - Market cap gain: $19B - Cumulative retained earnings: $7.8B - Diluted shares, 10-year annual growth: 3.3% - Diluted shares, 5-year annual growth: -2.3% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 11.7% - Per-share value change: $4.40 - Per-share value, starting three-year median: $3.08 - Per-share value, ending three-year median: $7.49 - Buybacks concentrated in cheaper years (correlation): 0.22 - Average buyback yield: 4.2% - Buyback history: 10 years - Debt-funded buybacks: Yes - Acquisition spending: $21B - Cumulative net income, 10 years: $8.3B - ROIC, first three-year median: 12.3% - ROIC, last three-year median: 47.0% Chart: Earnings per share; fiscal year observations. - FY2016: $0.76 - FY2017: $5.88 - FY2018: $1.24 - FY2019: $0.96 - FY2020: $1.43 - FY2021: $4.95 - FY2022: $5.72 - FY2023: $7.29 - FY2024: $7.49 - FY2025: $7.84 ### accounting: pass - Sloan accruals: -4.3% - Receivables to sales index (DSRI): 1.00× - Restructuring years, last five: 2 - Stock compensation / operating cash flow: 9.3% - Earnings backed by cash: Yes - Operating cash / earnings: 1.95× - Accounting red flags: 0 - Goodwill and intangibles / equity: 3.32× Chart: Sloan accruals; fiscal year observations. - FY2016: -3.5% - FY2017: 1.5% - FY2018: -4.4% - FY2019: -5.3% - FY2020: -6.8% - FY2021: -8.0% - FY2022: -4.6% - FY2023: -3.0% - FY2024: -5.0% - FY2025: -4.3% ## Holders - [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts. - [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Price needs cash profits to grow 8.1% a year for ten years · "IQVIA Holdings (IQV) Soars on Revenue Growth Outlook, Strong Q2" (finance.yahoo.com, Jul 2026) · sales +5.9% Story as of 2026-10-16T09:58:57.950Z; price observation 2026-10-15. Price needs cash profits to grow 8.1% a year for ten years - 2025-07-23: IQV Q2 Deep Dive: AI Initiatives and Pipeline Growth Drive Outperformance Amid Margin Pressures ([finance.yahoo.com](https://finance.yahoo.com/news/iqv-q2-deep-dive-ai-053255132.html)) - 2025-10-29: IQV Q3 Deep Dive: Clinical Research Demand and AI Initiatives Drive Steady Growth ([finance.yahoo.com](https://finance.yahoo.com/news/iqv-q3-deep-dive-clinical-053147196.html)) - 2025-11-19: IQVIA (IQV): Evaluating Valuation Following Third-Quarter Earnings Beat and Upgraded Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/iqvia-iqv-evaluating-valuation-following-061634512.html)) - 2026-02-05: IQVIA forecasts weak annual profit on higher interest expenses ([finance.yahoo.com](https://finance.yahoo.com/news/iqvia-forecasts-weak-annual-profit-140714005.html)) - 2026-05-05: IQV Q1 Earnings Beat on Commercial Solutions Strength ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/iqv-q1-earnings-beat-commercial-165400880.html)) - 2026-07-29: IQVIA Holdings (IQV) Soars on Revenue Growth Outlook, Strong Q2 ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/iqvia-holdings-iqv-soars-revenue-025556777.html)) ### Sales · FY2024–2025 sales +5.9%; source https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm; observed 2026-02-17. - FY2016: $6.8B - FY2017: $9.7B - FY2018: $10B - FY2019: $11B - FY2020: $11B - FY2021: $14B - FY2022: $14B - FY2023: $15B - FY2024: $15B - FY2025: $16B ### Gross margin · FY2025 gross margin 33.3%; source https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm; observed 2026-02-17. - FY2016: 30.3% - FY2017: 35.1% - FY2018: 35.2% - FY2019: 34.2% - FY2020: 34.0% - FY2021: 33.5% - FY2022: 34.9% - FY2023: 35.0% - FY2024: 34.9% - FY2025: 33.3% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in diagnostics & research; annual sales are USD 16.3 billion. - Source: https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm (filed 2026-02-17); FY2025: revenue 16310000000; grossProfit 5430000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IQV.US: IQVIA Holdings Inc. provides clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. The Technology & Analytics Solutions segment offers a range of cloud-based applications and associated implementation services; real world solutions that enable life sciences and provider customers to generate and disseminate evidence, which informs health care decision making and improves patients' outcomes; and strategic and implementation consulting services, such as advanced analytics and commercial processes outsourcing services. This segment also provides country level performance metrics related to sales of pharmaceutical products, prescribing trends, medical treatment, and promotional activity across various channels, including retail, hospital, and mail order; and measurement of sales or prescribing activity at the regional, zip code, and individual prescriber level. The Research & Development Solutions segment offers project management and clinical monitoring; clinical trial support; strategic planning and design services; and patient and site centric solutions, as well as central laboratory, genomic, bioanalytical, ADME, discovery, vaccine and biomarker laboratory services. The Contract Sales & Medical Solutions segment provides health care provider and patient engagement services, and scientific strategy and medical services. It serves pharmaceutical, biotechnology, device and diagnostic, and consumer health companies. The company has a strategic collaboration with Kexing Biopharm Co., Ltd. for biosimilar development. The company was formerly known as Quintiles IMS Holdings, Inc. and changed its name to IQVIA Holdings Inc. in November 2017. IQVIA Holdings Inc. is based in Durham, North Carolina. ### Why customers stay Margins ranged from 33.3% to 35% during 2023–25; it earns 22.9% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 35%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 34.9%. - Source: https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 33.3%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.1078852119958635],[2017,0.13401677539608575],[2018,0.12312650182632612],[2019,0.10313367224145976],[2020,0.13623700548220402],[2021,0.3221965437434553],[2022,0.40969610361525355],[2023,0.4664489715076476],[2024,0.49358897543439184],[2025,0.4696695851310146]]; median 0.22921677461282966. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 35% gross margin through 2022 cost inflation. - Source: https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm (filed 2026-02-17); Gross margin observations: [[2021,0.334510595358224],[2022,0.34892435808466343],[2023,0.34963961558996265]]; range within 2 percentage points. ### Where the cash goes Paid dividends in 6 of 10 years; bought back USD 1.2 billion of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 164000000; owner earnings 240000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 369000000; owner earnings 1951000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 459000000; owner earnings 941000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 582000000; owner earnings 811000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 616000000; owner earnings 950000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 640000000; owner earnings 1590000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 674000000; owner earnings 1547000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 649000000; owner earnings 1834000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 602000000; owner earnings 1885000000. Growth capex / owner earnings = 0. - Source: https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 603000000; owner earnings 1397000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,638000000],[2017,7163000000],[2018,4076000000],[2019,11000000],[2020,44000000],[2021,59000000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 1244000000 USD. ### Are managers owners Insiders own 1.1% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IQV.US SharesStats.PercentInsiders = 1.086 percentage points; cache date 2026-10-16. ### What could break it "We depend on third parties for data and support services." (SEC filing, Feb 2026) - Source: https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm (filed 2026-02-17); We depend on third parties for data and support services. ### What the price says The price assumes cash profits grow 8.1% yearly over ten years; actual growth was 8.8%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.10293667038801835. Price 271.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.475764331210191 → FY2025 8.051873198847263. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $71.74 per share - 2016-11: $76.83 per share - 2016-12: $76.05 per share - 2017-01: $78.49 per share - 2017-02: $77.39 per share - 2017-03: $80.53 per share - 2017-04: $84.28 per share - 2017-05: $86.44 per share - 2017-06: $89.50 per share - 2017-07: $90.55 per share - 2017-08: $96.03 per share - 2017-09: $95.07 per share - 2017-10: $108.10 per share - 2017-11: $102.01 per share - 2017-12: $97.90 per share - 2018-01: $102.19 per share - 2018-02: $98.33 per share - 2018-03: $98.11 per share - 2018-04: $95.76 per share - 2018-05: $98.93 per share - 2018-06: $99.82 per share - 2018-07: $121.94 per share - 2018-08: $127.09 per share - 2018-09: $129.74 per share - 2018-10: $122.93 per share - 2018-11: $125.07 per share - 2018-12: $116.17 per share - 2019-01: $129.01 per share - 2019-02: $140.10 per share - 2019-03: $143.85 per share - 2019-04: $138.90 per share - 2019-05: $135.85 per share - 2019-06: $160.90 per share - 2019-07: $159.17 per share - 2019-08: $155.15 per share - 2019-09: $149.38 per share - 2019-10: $144.42 per share - 2019-11: $145.98 per share - 2019-12: $154.51 per share - 2020-01: $155.25 per share - 2020-02: $139.49 per share - 2020-03: $107.86 per share - 2020-04: $142.59 per share - 2020-05: $149.52 per share - 2020-06: $141.88 per share - 2020-07: $158.39 per share - 2020-08: $163.75 per share - 2020-09: $157.63 per share - 2020-10: $153.99 per share - 2020-11: $168.99 per share - 2020-12: $179.17 per share - 2021-01: $177.80 per share - 2021-02: $192.79 per share - 2021-03: $193.14 per share - 2021-04: $234.69 per share - 2021-05: $240.16 per share - 2021-06: $242.32 per share - 2021-07: $247.70 per share - 2021-08: $259.73 per share - 2021-09: $239.54 per share - 2021-10: $261.42 per share - 2021-11: $259.13 per share - 2021-12: $282.14 per share - 2022-01: $244.90 per share - 2022-02: $230.12 per share - 2022-03: $231.21 per share - 2022-04: $217.99 per share - 2022-05: $215.25 per share - 2022-06: $216.99 per share - 2022-07: $240.27 per share - 2022-08: $212.66 per share - 2022-09: $181.14 per share - 2022-10: $209.67 per share - 2022-11: $218.02 per share - 2022-12: $204.89 per share - 2023-01: $229.41 per share - 2023-02: $208.47 per share - 2023-03: $198.89 per share - 2023-04: $188.23 per share - 2023-05: $196.91 per share - 2023-06: $224.77 per share - 2023-07: $223.76 per share - 2023-08: $222.63 per share - 2023-09: $196.75 per share - 2023-10: $180.83 per share - 2023-11: $214.10 per share - 2023-12: $231.38 per share - 2024-01: $208.23 per share - 2024-02: $247.16 per share - 2024-03: $252.89 per share - 2024-04: $231.77 per share - 2024-05: $219.09 per share - 2024-06: $211.44 per share - 2024-07: $246.23 per share - 2024-08: $251.55 per share - 2024-09: $236.97 per share - 2024-10: $205.82 per share - 2024-11: $200.84 per share - 2024-12: $196.51 per share - 2025-01: $201.36 per share - 2025-02: $188.80 per share - 2025-03: $176.30 per share - 2025-04: $155.07 per share - 2025-05: $140.33 per share - 2025-06: $157.59 per share - 2025-07: $185.86 per share - 2025-08: $190.81 per share - 2025-09: $189.94 per share - 2025-10: $216.46 per share - 2025-11: $230.01 per share - 2025-12: $225.41 per share - 2026-01: $230.15 per share - 2026-02: $178.81 per share - 2026-03: $170.54 per share - 2026-04: $158.37 per share - 2026-05: $182.21 per share - 2026-06: $193.22 per share - 2026-07: $235.02 per share - 2026-08: $261.19 per share - 2026-09: $268.85 per share - 2026-10: $260.68 per share ## Annual estimated value (USD per share) - FY2016: low $30.48 per share, central $33.68 per share, high $37.95 per share - FY2017: low $38.09 per share, central $42.83 per share, high $49.16 per share - FY2018: low $45.10 per share, central $50.83 per share, high $58.47 per share - FY2019: low $49.60 per share, central $55.97 per share, high $64.45 per share - FY2020: low $72.33 per share, central $96.13 per share, high $111.23 per share - FY2021: low $76.43 per share, central $86.13 per share, high $99.03 per share - FY2022: low $80.04 per share, central $90.34 per share, high $104.04 per share - FY2023: low $100.80 per share, central $113.81 per share, high $131.13 per share - FY2024: low $113.59 per share, central $128.09 per share, high $147.41 per share - FY2025: low $128.22 per share, central $144.45 per share, high $166.06 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:35:08.206Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1478242/000162828026008322/iqv-20251231.htm); period 2025-12-31, filed 2026-02-17. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
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IQVIA Holdings
IQV · US
S&P 500
A wonderful business at too high a price
Passes the quality tests.
- Share price
- $271.04
- Buy up to
- $157.64
- Expected / yr
- 6.9% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Can it raise prices
- Where the cash goes
- Are managers owners
- What could break it
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 22.9% (minimum 15%), and the second-worst year 10.8% (minimum 10%).
- 10y median
- 22.9%
- Worst year
- 10.3%
- Latest · 2025
- 47.0%
Each $1 of profit left $1.34 for owners over five years (minimum $0.80).
- Five-year totals
- 1.34×
- Annual median
- 1.37×
- Latest · 2025
- 1.03×
Per-share value rose from 3.08 to 7.49, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- $5.34
- Worst year
- $0.76
- Latest · 2025
- $7.84
Profits were backed by cash: accruals were -4.3% of assets (limit 10%).
- 10y median
- -4.5%
- Worst year
- 1.5%
- Latest · 2025
- -4.3%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.1%, three-year average owner earnings per share 9.39 USD.
2. Is the price low enough?
| Value range | $139.82 – $181.36 |
|---|---|
| Buy at or below | Central value $157.64 |
| Discount to value | 1 − 271.04 / 157.64 = -71.9% |
| Return / year | About 6.9% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 11.82/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 10.57/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$17B
FY2017 · Revenue: $9.7B; FY2018 · Revenue: $10B; FY2019 · Revenue: $11B; FY2020 · Revenue: $11B; FY2021 · Revenue: $14B; FY2022 · Revenue: $14B; FY2023 · Revenue: $15B; FY2024 · Revenue: $15B; FY2025 · Revenue: $16B; FY2026 · Revenue: $17B
Owner earnings$1.4B
FY2016 · Owner earnings: $240M; FY2017 · Owner earnings: $2.0B; FY2018 · Owner earnings: $941M; FY2019 · Owner earnings: $811M; FY2020 · Owner earnings: $950M; FY2021 · Owner earnings: $1.6B; FY2022 · Owner earnings: $1.5B; FY2023 · Owner earnings: $1.8B; FY2024 · Owner earnings: $1.9B; FY2025 · Owner earnings: $1.4B
Operating margin13.6%
FY2017 · Operating margin: 7.4%; FY2018 · Operating margin: 7.1%; FY2019 · Operating margin: 7.0%; FY2020 · Operating margin: 6.4%; FY2021 · Operating margin: 10.0%; FY2022 · Operating margin: 12.5%; FY2023 · Operating margin: 13.2%; FY2024 · Operating margin: 14.3%; FY2025 · Operating margin: 13.4%; FY2026 · Operating margin: 13.6%
Net cash / debt-$14B
FY2016 · Net cash / debt: -$6.0B; FY2017 · Net cash / debt: -$9.2B; FY2018 · Net cash / debt: -$10B; FY2019 · Net cash / debt: -$11B; FY2020 · Net cash / debt: -$11B; FY2021 · Net cash / debt: -$11B; FY2022 · Net cash / debt: -$12B; FY2023 · Net cash / debt: -$12B; FY2024 · Net cash / debt: -$12B; FY2025 · Net cash / debt: -$14B
Diluted shares174M
FY2016 · Diluted shares: 152M; FY2017 · Diluted shares: 223M; FY2018 · Diluted shares: 208M; FY2019 · Diluted shares: 200M; FY2020 · Diluted shares: 195M; FY2021 · Diluted shares: 195M; FY2022 · Diluted shares: 191M; FY2023 · Diluted shares: 186M; FY2024 · Diluted shares: 183M; FY2025 · Diluted shares: 174M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·