NYSE Shariah screener · October 2026

Is IQVIA Holdings Inc. (IQV) Halal?

FAIL

IQVIA Holdings Inc. · NYSE: IQV · Healthcare

The short answer

No — IQVIA (NYSE: IQV) does not pass this Shariah stock screen. Its business — clinical research services (contract trials for pharmaceutical and biotech companies) plus commercial insights and healthcare intelligence/data analytics — has no prohibited lines, and interest income of $17M is only about 0.20% of first-half 2026 revenue ($8,519M), far under the 5% non-compliant income ceiling. But it fails on leverage: gross debt of $15,999M at June 30, 2026 is about 36.2% of its ~$44.2B market cap ($260.72 close, October 1, 2026), above the ~33% ceiling. Cash of $1,909M is about 4.3% of market cap, within the guideline. Zoya covers IQV and as of September 2026 rates it not Shariah-compliant; no Musaffa or ShariaPortfolio rating was found — honestly reported as absent, not invented.

Gate 1 — Business activity: PASS

IQVIA Holdings Inc. (NYSE: IQV) is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, headquartered in Durham, North Carolina (formed by the 2016 IMS Health–Quintiles merger). It runs contract clinical trials for pharmaceutical, biotechnology, medical device and consumer health companies and sells healthcare data, advanced analytics and AI-driven commercialisation services, with about 94,000 employees in 100+ countries. Since January 2026 it reports two segments: Commercial Solutions (H1 2026 revenue $3,547M) and Research & Development Solutions (H1 2026 revenue $4,972M). None of the disclosed lines — clinical trial services, healthcare data/analytics, commercial engagement services — are prohibited lines (no alcohol, gambling, pork, conventional banking/insurance, tobacco, cannabis, or adult entertainment). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

At June 30, 2026 IQVIA carried gross debt of $15,999 million — $13,705M of long-term debt less current portion plus a $2,294M current portion — per the Q2 2026 financial tables (issued July 28, 2026). Against a market capitalisation of about $44.2 billion ($260.72 close, October 1, 2026, Finnhub), debt ÷ market cap is about 36.2%, above the ~33% ceiling. Net debt was $14,090M (3.59x trailing twelve-month Adjusted EBITDA), and the balance sheet shows total liabilities of $23,580M. Cash and cash equivalents of $1,909M are about 4.3% of market cap — within the guideline — so this is a leverage failure, not a liquidity one. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

IQVIA discloses interest income as a separate income-statement line. For the six months ended June 30, 2026 it reported interest income of $17 million ($7M in Q2 2026) against revenue of $8,519 million — about 0.20% of revenue, far below the 5% non-compliant income limit. The audited FY2025 10-K shows the same picture: interest income $45M against revenue $16,310M, about 0.28%. The interest is earned on cash and deposit balances, not from lending, and interest expense ran the other way ($389M in H1 2026). Gate 3 passes. Facts only.

Key figures used

Business: clinical research services (CRO for pharma/biotech/med-device) + commercial insights and healthcare intelligence/data analytics; two segments (Commercial Solutions, R&D Solutions); ~94,000 employees in 100+ countries; no prohibited lines
Interest-bearing debt: gross debt $15,999M at Jun 30, 2026 ($13,705M long-term + $2,294M current portion) — debt ÷ market cap ≈ 36.2%, over the ~33% ceiling; net debt $14,090M (3.59x TTM Adjusted EBITDA)
Market cap: ~$44.2B ($260.72 close, Oct 1, 2026, Finnhub); cash $1,909M ≈ 4.3% of market cap; investments in debt/equity/other securities total $253M (~0.6%)
Interest income: $17M (H1 2026) ÷ $8,519M revenue ≈ 0.20%, far under the 5% non-compliant income ceiling; FY2025 10-K: $45M ÷ $16,310M = 0.28% (on cash/deposit balances, not lending)
H1 2026: revenue $8,519M (+8.6%); GAAP net income $530M; Adjusted EBITDA $1,926M; Q2 2026 interest expense $197M; FY2026 revenue guidance raised to $17,275–17,475M
Zoya covers IQV and rates it not Shariah-compliant (Sep 2026); no Musaffa or ShariaPortfolio rating found — reported as absent, not invented

Frequently asked questions

What does IQVIA do?

IQVIA (NYSE: IQV) is a global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries, headquartered in Durham, North Carolina. Formed through the 2016 merger of IMS Health and Quintiles, it runs contract clinical trials for pharmaceutical, biotechnology, medical device and consumer health companies, and sells healthcare data, analytics and AI-driven commercialisation services. Since January 2026 it reports two segments: Commercial Solutions and Research & Development Solutions. It employs about 94,000 people in more than 100 countries. None of the disclosed lines are prohibited lines, so the business gate passes.

Why does IQVIA fail this Shariah stock screen?

IQVIA fails this Shariah stock screen on the debt gate alone. Gross debt of $15,999 million at June 30, 2026 (per the Q2 2026 earnings release) is about 36.2% of its market capitalisation of roughly $44.2 billion ($260.72 closing price, October 1, 2026) — above the ~33% ceiling. Its business (clinical research services plus healthcare data and analytics) has no prohibited lines, and interest income of $17 million is only about 0.20% of first-half 2026 revenue ($8,519 million), well under the 5% non-compliant income ceiling. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What is IQVIA's interest-bearing debt ratio?

At June 30, 2026 IQVIA carried gross debt of $15,999 million — $13,705 million of long-term debt less current portion plus a $2,294 million current portion, per the Q2 2026 financial tables. Against a market capitalisation of about $44.2 billion ($260.72 close, October 1, 2026), debt divided by market cap is about 36.2%, above the ~33% ceiling. Net debt was $14,090 million (3.59x trailing twelve-month Adjusted EBITDA). Cash and cash equivalents of $1,909 million are about 4.3% of market cap, within the guideline. The financial-structure gate fails on leverage, not liquidity.

What is IQVIA's non-compliant income ratio?

IQVIA discloses interest income as a separate income-statement line. For the first six months of 2026 it reported interest income of $17 million ($7 million in Q2 2026) against revenue of $8,519 million — about 0.20% of revenue, well below the 5% non-compliant income limit. The audited full year 2025 10-K shows interest income of $45 million against revenue of $16,310 million, about 0.28%. The interest is earned on cash and deposit balances, not from lending. The income gate passes comfortably.

Do Zoya, Musaffa, or ShariaPortfolio cover IQVIA?

Zoya covers IQV (zoya.finance/stocks/iqv) and as of September 2026 rates it not Shariah-compliant, citing the same FY2025 figures — interest income of $45 million against revenue of $16,310 million (0.28%). No rating or coverage of IQV was found on Musaffa or ShariaPortfolio — honestly reported as absent, not invented. This page applies the screen directly from the company's filings: the Q2 2026 earnings release (financial tables for the quarter ended June 30, 2026, issued July 28, 2026) and the FY2025 Form 10-K (filed February 2026).

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).