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Side-by-side financial comparison of IQVIA (IQV) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $4.4B, roughly 1.5× IQVIA). IQVIA runs the higher net margin — 11.8% vs 7.0%, a 4.8% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 10.3%). Over the past eight quarters, IQVIA's revenue compounded faster (8.1% CAGR vs 2.3%).
IQVIA Holdings, Inc., headquartered in Durham, North Carolina, is an American company focused on health information technology and clinical research.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
IQV vs RGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.4B | $6.6B |
| Net Profit | $514.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | 14.4% | 7.7% |
| Net Margin | 11.8% | 7.0% |
| Revenue YoY | 10.3% | 26.6% |
| Net Profit YoY | 17.6% | 212.8% |
| EPS (diluted) | $2.97 | $6.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.4B | $6.6B | ||
| Q3 25 | $4.1B | $6.2B | ||
| Q2 25 | $4.0B | $5.6B | ||
| Q1 25 | $3.8B | $5.3B | ||
| Q4 24 | $4.0B | $5.2B | ||
| Q3 24 | $3.9B | $5.7B | ||
| Q2 24 | $3.8B | $4.9B | ||
| Q1 24 | $3.7B | $6.3B |
| Q4 25 | $514.0M | $463.0M | ||
| Q3 25 | $331.0M | $253.0M | ||
| Q2 25 | $266.0M | $180.0M | ||
| Q1 25 | $249.0M | $286.0M | ||
| Q4 24 | $437.0M | $148.0M | ||
| Q3 24 | $285.0M | $156.0M | ||
| Q2 24 | $363.0M | $203.0M | ||
| Q1 24 | $288.0M | $210.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 22.6% | — | ||
| Q1 24 | 22.1% | — |
| Q4 25 | 14.4% | 7.7% | ||
| Q3 25 | 13.5% | 5.2% | ||
| Q2 25 | 12.6% | 6.1% | ||
| Q1 25 | 13.0% | 7.0% | ||
| Q4 24 | 15.8% | 4.3% | ||
| Q3 24 | 14.1% | 3.8% | ||
| Q2 24 | 13.6% | 5.5% | ||
| Q1 24 | 13.5% | 4.3% |
| Q4 25 | 11.8% | 7.0% | ||
| Q3 25 | 8.1% | 4.1% | ||
| Q2 25 | 6.6% | 3.2% | ||
| Q1 25 | 6.5% | 5.4% | ||
| Q4 24 | 11.0% | 2.8% | ||
| Q3 24 | 7.3% | 2.8% | ||
| Q2 24 | 9.5% | 4.2% | ||
| Q1 24 | 7.7% | 3.3% |
| Q4 25 | $2.97 | $6.91 | ||
| Q3 25 | $1.93 | $3.81 | ||
| Q2 25 | $1.54 | $2.70 | ||
| Q1 25 | $1.40 | $4.27 | ||
| Q4 24 | $2.41 | $2.21 | ||
| Q3 24 | $1.55 | $2.33 | ||
| Q2 24 | $1.97 | $3.03 | ||
| Q1 24 | $1.56 | $3.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.1B | $4.2B |
| Total DebtLower is stronger | — | $5.7B |
| Stockholders' EquityBook value | $6.5B | $13.5B |
| Total Assets | $29.9B | $156.6B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1B | $4.2B | ||
| Q3 25 | $2.0B | $4.6B | ||
| Q2 25 | $2.2B | $5.4B | ||
| Q1 25 | $1.9B | $5.2B | ||
| Q4 24 | $1.8B | $3.3B | ||
| Q3 24 | $1.7B | $5.2B | ||
| Q2 24 | $1.7B | $4.6B | ||
| Q1 24 | $1.6B | $5.9B |
| Q4 25 | — | $5.7B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $6.5B | $13.5B | ||
| Q3 25 | $6.2B | $13.0B | ||
| Q2 25 | $5.8B | $12.1B | ||
| Q1 25 | $6.0B | $11.4B | ||
| Q4 24 | $6.1B | $10.8B | ||
| Q3 24 | $7.0B | $11.1B | ||
| Q2 24 | $6.7B | $9.7B | ||
| Q1 24 | $6.3B | $9.5B |
| Q4 25 | $29.9B | $156.6B | ||
| Q3 25 | $28.7B | $152.0B | ||
| Q2 25 | $28.6B | $133.5B | ||
| Q1 25 | $27.3B | $128.2B | ||
| Q4 24 | $26.9B | $118.7B | ||
| Q3 24 | $27.2B | $120.3B | ||
| Q2 24 | $26.4B | $109.9B | ||
| Q1 24 | $26.6B | $106.0B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.47× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $735.0M | $7.3B |
| Free Cash FlowOCF − Capex | $561.0M | — |
| FCF MarginFCF / Revenue | 12.9% | — |
| Capex IntensityCapex / Revenue | 4.0% | — |
| Cash ConversionOCF / Net Profit | 1.43× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | $2.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $735.0M | $7.3B | ||
| Q3 25 | $908.0M | $-990.0M | ||
| Q2 25 | $443.0M | $-820.0M | ||
| Q1 25 | $568.0M | $-1.4B | ||
| Q4 24 | $885.0M | $17.1B | ||
| Q3 24 | $721.0M | $-1.1B | ||
| Q2 24 | $588.0M | $-967.0M | ||
| Q1 24 | $522.0M | $-5.7B |
| Q4 25 | $561.0M | — | ||
| Q3 25 | $772.0M | — | ||
| Q2 25 | $292.0M | — | ||
| Q1 25 | $426.0M | — | ||
| Q4 24 | $721.0M | — | ||
| Q3 24 | $571.0M | — | ||
| Q2 24 | $445.0M | — | ||
| Q1 24 | $377.0M | — |
| Q4 25 | 12.9% | — | ||
| Q3 25 | 18.8% | — | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 14.7% | — | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 10.1% | — |
| Q4 25 | 4.0% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 3.9% | — |
| Q4 25 | 1.43× | 15.83× | ||
| Q3 25 | 2.74× | -3.91× | ||
| Q2 25 | 1.67× | -4.56× | ||
| Q1 25 | 2.28× | -5.00× | ||
| Q4 24 | 2.03× | 115.81× | ||
| Q3 24 | 2.53× | -6.84× | ||
| Q2 24 | 1.62× | -4.76× | ||
| Q1 24 | 1.81× | -27.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
