IQVIA (IQV) vs Waters (WAT)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 7, 2026.
Summary
Waters (WAT) has outperformed IQVIA (IQV) over the past year, gaining 36.9% versus a gain of 28.7%. Over five years, WAT leads with a +26.5% price change compared with +3.9% for IQV. Waters is the larger company by market cap ($42.81 billion vs $42.48 billion), about 1.0 times the size.
On valuation, IQVIA trades at a lower forward P/E (17.9x vs 26.4x for Waters). Waters converts more of its revenue into profit, with a net margin of 20.3% versus 8.3%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | IQV | WAT |
|---|---|---|
| Share price | $258.11 | $435.99 |
| Market cap | $42.48B | $42.81B |
| 1-day change | -0.72% | -0.10% |
| YTD return | +14.70% | +14.78% |
| 1-year return | +28.71% | +36.95% |
| 5-year return | +3.89% | +26.48% |
| P/E ratio (TTM) | 32.06 | 110.38 |
| Forward P/E | 17.87 | 26.36 |
| EPS (TTM) | $8.05 | $3.95 |
| Dividend yield | 0.00% | 0.00% |
| Annual dividend | $0.00 | $0.00 |
| Revenue (latest FY) | $16.31B | $3.17B |
| Revenue growth (YoY) | +5.87% | +6.99% |
| Net income (latest FY) | $1.36B | $642.63M |
| Gross margin | 33.29% | 59.28% |
| Operating margin | 13.38% | 25.36% |
| Net margin | 8.34% | 20.30% |
| 52-week high | $277.40 | $454.54 |
| 52-week low | $154.50 | $282.77 |
| Distance from 52-week high | -6.95% | -4.08% |
| Analyst consensus | strong_buy | buy |
| Avg. price target upside | +12.68% | +3.96% |
| Average volume | 1.44M | 770.67K |
| Shares outstanding | 164.60M | 98.19M |
| Employees | 94,000 | 16,000 |
| Sector | Healthcare | Healthcare |
| Industry | Diagnostics & Research | Diagnostics & Research |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Waters trades at a higher earnings multiple (110.4x vs 32.1x trailing P/E).
- Waters is more profitable, keeping 20.3 cents of every revenue dollar as net income versus 8.3 cents for IQVIA.
About IQVIA
IQV stock →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.
Healthcare · Diagnostics & Research · 94,000 employees
About Waters
WAT stock →Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA.
Healthcare · Diagnostics & Research · 16,000 employees
IQV vs WAT FAQ
Which is bigger, IQVIA or Waters?
Waters (WAT) is larger, with a market capitalization of $42.81B compared with $42.48B for IQVIA (IQV).
Which stock has performed better over the past year, IQV or WAT?
WAT returned +36.95% over the past 12 months, compared with +28.71% for IQV (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, IQV or WAT?
IQV has the lower trailing P/E at 32.1, versus 110.4 for WAT. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Are IQVIA and Waters in the same industry?
Yes. Both are classified in the Diagnostics & Research industry within the Healthcare sector.