Iqvia Holdings Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-20.60B | $-123.45 |
| Liquid Liquidation Value | $-17.26B | $-103.40 |
| Operating Liquidation Value | $-17.26B | $-103.40 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $1.95B |
| Accounts Receivable | $3.35B |
| Inventory | N/A |
| Current Liabilities | $8.33B |
| Long-term Debt | $13.99B |
| Op. Lease Liability | $232.00M |
| Finance Lease | N/A |
| Shares Outstanding | 166.9M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $1.95B | $3.35B | N/A | N/A | $8.33B | $13.99B | $232.00M | N/A |
| 2025-12-31 | $1.98B | $3.40B | N/A | N/A | $8.34B | $13.88B | $225.00M | $212.00M |
| 2025-09-30 | $1.81B | $3.27B | N/A | N/A | $8.51B | $12.79B | $233.00M | N/A |
| 2025-06-30 | $2.04B | $3.34B | N/A | N/A | $7.57B | $14.18B | $210.00M | N/A |
| 2025-03-31 | $1.74B | $3.27B | N/A | N/A | $7.18B | $13.11B | $177.00M | N/A |
| 2024-12-31 | $1.70B | $3.20B | N/A | N/A | $6.96B | $12.84B | $173.00M | $218.00M |
| 2024-09-30 | $1.57B | $3.20B | N/A | N/A | $6.99B | $12.29B | $188.00M | N/A |
| 2024-06-30 | $1.54B | $3.25B | N/A | N/A | $6.62B | $12.09B | $192.00M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-05 | View |
| 2025-12-31 | 10-K | 2026-02-17 | View |
| 2025-09-30 | 10-Q | 2025-10-28 | View |
| 2025-06-30 | 10-Q | 2025-07-22 | View |
| 2025-03-31 | 10-Q | 2025-05-06 | View |
| 2024-12-31 | 10-K | 2025-02-13 | View |
| 2024-09-30 | 10-Q | 2024-10-31 | View |
| 2024-06-30 | 10-Q | 2024-07-22 | View |
AI Insights
IQVIA Holdings Inc. (IQV) presents a deeply negative liquidation posture as of March 31, 2026, consistent with its structure as an acquisition-built, intangible-heavy CRO/data analytics business. MFFAIS-computed cash liquidation value of approximately -$20.6B and liquid liquidation value of approximately -$17.3B reflect the core structural problem: the asset base is dominated by goodwill ($16.5B) and other intangibles ($4.8B), both of which carry zero recovery under liquidation accounting, while the liability stack is settled at face value.
Applying standard liquidation haircuts: cash ($1.95B at 100% = $1.95B), net receivables ($3.35B at 92.5% midpoint = $3.1B), PP&E ($0.52B at 60% = $0.31B), operating ROU assets ($0.29B at 0%), intangibles and goodwill ($21.35B combined at 0% = $0). Total recoverable asset value approximates $5.4B to $5.7B against total liabilities of $23.3B at face, yielding an equity recovery deficit of approximately -$17.6B to -$17.9B — in line with the MFFAIS LLV estimate.
The liability stack is anchored by $15.9B of gross indebtedness (carrying amount per DebtInstrumentCarryingAmount). Current portion alone is $1.84B, with $1.16B of principal due in remainder of 2026, $2.44B in 2027, and $2.54B in 2028. A new 364-day $650M Term A Loan was drawn in March 2026 to refinance the EUR 550M 1.750% Notes at maturity — a refinancing rather than deleveraging, shifting maturity profile slightly. Long-term debt (noncurrent) increased modestly from $13.88B at December 31, 2025 to $13.99B, with total gross debt increasing commensurately. Interest expense ran $192M in Q1 2026 versus $165M in Q1 2025, reflecting the higher outstanding balance.
Deferred revenue (ContractWithCustomerLiabilityCurrent) of $2.26B and accounts payable/accrued liabilities of $3.64B represent obligations that would not extinguish on a liquidation wind-down and further compress equity recovery. The $34.2B R&D Solutions backlog and $37.3B remaining performance obligation disclosed in MD&A (RevenueRemainingPerformanceObligation tag = $37.3B) are assets only in a going-concern context — they have no standalone liquidation value and are not separately tagged as balance sheet items. The company repurchased $552M of common stock in Q1 2026, further reducing the tangible equity cushion. Restructuring accrual increased from $31M to $43M quarter-over-quarter, a minor balance sheet movement with no material effect on recovery posture.
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