IQV vs LH: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. IQV and LH share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined IQV and LH exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

IQVIA Holdings is a healthcare-focused data, analytics, and clinical-research company formed in 2016 from the merger of Quintiles (a large CRO) and IMS Health (a pharmaceutical-data provider). It operates in three segments: Technology & Analytics Solutions, which sells prescription and market data, real-world evidence, and commercial software to drug and device makers; Research & Development Solutions, its clinical research organization arm that designs and runs clinical trials on behalf of pharma and biotech sponsors; and Contract Sales & Medical Solutions. IQVIA makes money from long-duration trial contracts, recurring data and software subscriptions, and consulting, serving essentially all of the top 20 global pharmaceutical companies.

Full IQV guide

Labcorp Holdings is a leading US healthcare diagnostics company that runs clinical laboratory tests for physicians, hospitals, health systems, and patients, and also provides laboratory services to pharmaceutical and biotech firms running clinical trials. Its two reporting segments are Labcorp Diagnostics, the routine and specialty testing business that processes millions of patient samples, and Labcorp Biopharma Laboratory Services, which supports drug development with central-lab and early-development testing. Alongside domestic rival Quest Diagnostics, Labcorp is one of the two dominant independent lab networks in the country. The company spun off its clinical-trial contract-research organization, Fortrea, in 2023 to focus on core testing.

Full LH guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• IQV drivers: Record backlog and bookings momentum; Proprietary data and analytics moat.
• LH drivers: Recurring diagnostics volume and scale; Hospital-lab acquisitions and outreach deals.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: IQVIA's demand is tied to pharma and biotech R&D budgets, which are cyclical: biopharma funding fell about 20 percent in 2025 to roughly $82 billion as IPOs hit a decade low, and prolonged funding weakness can slow trial starts, RFP flow, and bookings. For LH, labcorp's biggest risk is reimbursement pressure, since a large share of revenue depends on rates set by Medicare, Medicaid, and commercial payers, and legislated fee cuts under frameworks like PAMA can compress pricing.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick IQV if you believe its drivers more; LH if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the IQV and LH guides.

IQV. IQVIA reported full-year 2025 revenue of about $16.3 billion with adjusted diluted EPS near $11.92, and issued 2026 revenue guidance of roughly $17.15 to $17.35 billion alongside adjusted EPS guidance of about $12.55 to $12.85. At a mid-2026 share price near $208 and a market cap around $35 billion, the stock traded at a P/E in the high teens to about 20x, a valuation that has compressed from prior years. The record backlog of about $34.2 billion provides visibility, but the pace of backlog-to-revenue conversion and biotech funding trends drive how much of that guidance is realized.

LH. As of July 2026 Labcorp traded near $296 per share for a market cap around $24 billion, close to a 52-week high. The trailing P/E near 26x compresses to roughly 16x on 2026 adjusted EPS guidance, a valuation that sits below many healthcare peers. That reflects steady mid-single-digit revenue growth rather than rapid expansion, plus a modest dividend and buyback program.

Headline figures (approximate, JULY 2026): IQV shows revenue (fy2025) ~$16.3 billion, adjusted diluted eps (fy2025) ~$11.92, adjusted ebitda (fy2025) ~$3.8 billion, backlog (q1 2026) ~$34.2 billion; LH shows revenue (fy2025) ~$13.95 billion, revenue guidance (fy2026) ~$14.6-14.8 billion, net income (fy2025) ~$877 million, adjusted eps guidance (fy2026) ~$17.70-18.35.

IQV and LH are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined IQV and LH exposure against your real portfolio. It is not an investment adviser.