Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We've spent our lives looking for businesses that sit at a toll booth on a road other people must travel. IQVIA owns one of those toll booths — the data business that was once IMS Health — welded to a very large, very competent, but fundamentally labor-based contract research organization, and financed the whole thing the way private equity people do, with a pile of debt we would never carry ourselves. The question is whether the toll booth and the operator are good enough to forgive the borrowing and the half of the business that bills by the hour. Our answer: mostly yes on quality, but at $243 — after a 14% single-day jump on the July 28 earnings report — the price has caught up with the facts. This is a business we would happily hold and would not sell, but we are not offered the margin of safety we require to buy.
Recent filings analysed: 8-K (2026-07-28), 10-Q (2026-07-28), 8-K (2026-06-11), 8-K (2026-06-04).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation