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Medpace Holdings, Inc.

MEDP Healthcare Diagnostics & Research

Medpace Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 20.0% from fiscal 2024.

Revenue
+8.50%
EPS
+24.6%
Free cash flow
−16.6%

Quarter to September 2026, against a year earlier

648.21 13.23 +2.08%
Market cap
$17.8B
P/E
34.6×
Fwd P/E
35.8×
Dividend yield
—
F-score
8/9
Altman Z
8.04
Beneish M
−2.92
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 245.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 1 — 1 — 2 12 6 2 —
Insider Ownership 18.68%

Capital & Financial Ratios $m

Size
Market Cap 17,760.00
Revenue ttm 2,838.38
Net income ttm 517.83
Free cash flow ttm 667.63
Net debt Q (705.31)
Valuation
P/E 34.57
Forward P/E 35.80 (above 35: high)
Price / sales 6.25
Forward P/S Powerpack
Price / FCF 26.56
Price / book 30.31 (above 6: high)
Financial health
Current ratio Q 0.83 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (30.95)
Growth
Revenue growth Q +8.50% (above 0%: growing)
Operating income growth Q +16.74% (above 0%: growing)
EPS, this year +19.38% (at or above 15%: strong)
EPS, next year A +7.98%
Revenue, next year A +12.64% (at or above 10%: strong)
EPS, past 5 yrs +31.81% (at or above 15%: strong)
EPS, next 5 yrs A +12.99%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.0×, against a ten-year median of 4.3×; over the ten years it ranged from 2.7× in 2019 to 7.1× in 2021.
P/E against its own 10 years 57.66%
10-year low 10-year high
P/S against its own 10 years 86.45%
10-year low 10-year high
P/B against its own 10 years 91.06%
10-year low 10-year high
EV/Sales against its own 10 years 86.06%
10-year low 10-year high
EV/FCF against its own 10 years 93.28%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 245 669 497 705
Receivables 298 296 402 448
Inventory — — — —
Other — — — —
594 1,029 990 1,245
2023 2024 2025 Q'26
Payables 32 33 28 44
ST’ Debt — — — —
Other 600 764 907 1,009
925 1,105 1,344 1,496

Compound Annual Growth %

10y 5y 3y
Sales 21.56% 22.27% 20.12%
Cash Flow 23.58% 22.49% 22.49%
Earnings 0.00% 25.50% 22.51%
Book Value 1.05% (10.64%) 5.91%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.45 Actual 4.84

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.18 4.67 Beat by 0.49
Q1 FY26 3.74 4.28 Beat by 0.54
Q2 FY26 4.08 4.25 Beat by 0.17
Q3 FY26 4.45 4.84 Beat by 0.39
Q4 FY26 4.82 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.28 4.25 4.84 — —
’25 3.67 3.10 3.86 4.67 15.28
’24 3.20 2.75 3.01 3.67 12.63
’23 2.27 1.93 2.22 2.46 8.88
’22 1.69 1.46 2.05 2.12 7.28
’21 1.14 1.06 1.29 1.32 4.81
’20 0.76 0.64 1.09 1.35 3.84
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 707 707 716 — —
’25 559 603 660 708 2,530
’24 511 528 533 537 2,109
’23 434 461 492 498 1,886
’22 331 351 384 394 1,460
’21 260 278 296 309 1,142
’20 231 205 230 260 926
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 152 162 217 — —
’25 126 149 246 193 713
’24 153 116 149 191 609
’23 80 83 114 156 433
’22 46 97 108 137 388
’21 57 63 72 71 263
’20 49 44 60 105 259
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 145 138 196 — —
’25 116 142 235 188 682
’24 147 104 139 183 572
’23 71 74 106 146 397
’22 37 85 101 127 351
’21 51 57 66 62 235
’20 44 35 51 98 227
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 9.8% a year for ten years. It grew 28.4% a year over the last ten.

Implied
9.8%
10 years, reported
28.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 422 436 705 861 926 1,142 1,460 1,886 2,109 2,530 2,838 +22.0% 2,850 3,021 3,279 +9.0%
Gross margin, % 52.91 51.45 64.19 62.72 61.72 61.39 63.36 66.16 67.66 71.06 72.24 +18.2 pt
EBT 22 57 94 125 169 202 283 336 476 542 627 +42.8%
EBT margin, % 5.21 13.06 13.33 14.50 18.20 17.67 19.37 17.80 22.57 21.44 22.09 +16.2 pt
Net income 13 39 73 100 145 182 245 283 404 451 518 +47.8%
Per share, $
Per share, $ Revenue 11.81 11.17 19.82 24.00 25.98 31.85 45.08 61.38 68.13 87.72 101.59 +25.0%
Earnings 0.38 1.00 2.05 2.79 4.07 5.06 7.57 9.20 13.06 15.64 18.36 +51.1%
Cash flow 2.57 2.49 4.41 5.63 7.26 7.34 11.98 14.11 19.67 24.73 25.88 +28.6%
Capex (0.38) (0.31) (0.45) (0.50) (0.88) (0.79) (1.14) (1.19) (1.18) (1.09) (1.98) +12.4%
Free cash flow 2.19 2.18 3.95 5.13 6.38 6.55 10.84 12.91 18.49 23.64 23.90 +30.2%
Book value 17.11 12.89 16.59 20.24 22.61 26.57 11.93 18.19 26.67 15.91 20.94 (0.8%)
Shares, m 36 39 36 36 36 36 32 31 31 29 28 (2.3%)
Valuation, ×
Valuation, × P/E 90.29 37.14 25.20 30.13 34.20 43.01 27.37 33.22 25.44 35.87 34.57 38.2
P/S 3.04 3.33 2.67 3.50 5.36 6.83 4.62 4.98 4.88 6.40 6.25 4.6
P/B 2.10 2.88 3.19 4.15 6.16 8.19 17.46 16.80 12.46 35.29 30.31 10.9
EV/Sales 3.41 3.83 2.81 3.43 5.13 6.49 4.67 4.91 4.61 6.25 6.04 4.6
EV/FCF 18.37 19.52 14.08 16.04 20.91 31.55 19.43 23.33 17.00 23.19 25.67 20.3
Cash, $m
Cash, $m Operating cash flow 92 97 157 202 259 263 388 433 609 713 723 +25.6%
Capex (14) (12) (16) (18) (31) (28) (37) (37) (37) (31) (55) +9.8%
Free cash flow 78 85 141 184 227 235 351 397 572 682 668 +27.2%
Balance, $m
Balance, $m Working capital (35) (63) (79) (26) 34 134 (470) (331) (75) (354) (251) +29.2%
Net debt 155 222 83 (121) (262) (445) 22 (245) (669) (497) (705) n/m
Shareholders’ equity 611 504 590 726 806 953 386 559 826 459 585 (3.1%)
Returns, %
Returns, % ROA 1.37 4.05 7.60 9.49 11.44 11.92 16.29 18.80 21.52 22.13 25.54 +20.8 pt
ROIC 4.29 5.59 9.39 13.14 19.19 24.45 42.68 67.15 178.91 0.00 0.00 (4.3) pt
ROE 2.62 7.02 13.34 15.22 18.92 20.68 36.64 59.83 58.42 70.23 117.88 +67.6 pt
People
People Employees 2,500 2,500 2,900 3,500 3,600 4,500 5,200 5,900 5,900 6,200 — +10.6%
Revenue/emp, $m 0.17 0.17 0.24 0.25 0.26 0.25 0.28 0.32 0.36 0.41 — +10.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Medpace is a clinical contract research organization, or CRO. It sells outsourced clinical development services to biotechnology, pharmaceutical and medical device companies. Its customers hire it to help design and conduct studies that test potential treatments in people, as well as to prepare information for regulators.

The company offers services across Phase I through Phase IV clinical trials. Its medical specialists help plan studies, train operational staff, monitor medical issues and work with investigators and regulators. Clinical trial managers oversee execution, while other teams select countries and sites, help recruit and retain patients, and monitor research sites.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 2,530 100.00%
Gross margin 71.06%
Operating margin 21.14%
Pre-tax margin 21.44%

Revenue by segment since 2016

Medpace Holdings, Inc. vs peers in Diagnostics & Research (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
LH Labcorp Holdings Inc. $29.5B 29.5× 26.7× +6.92% (above 0%: growing) +3.18% (above 0%: growing) +44.73% (above 0%: growing) 29.08% 10.55% Compare
DGX Quest Diagnostics Incorporated $28.0B 25.0× 24.4× +9.98% (above 0%: growing) +29.36% (above 0%: growing) +6.21% (above 0%: growing) 33.65% 15.47% Compare
GH Guardant Health, Inc. $20.6B — (loss-making) — (loss-making) +36.12% (above 0%: growing) n/m +18.74% (above 0%: growing) 65.42% (36.78%) Compare
MEDP Medpace Holdings, Inc. $17.8B 34.6× 35.8× +8.50% (above 0%: growing) +24.56% (above 0%: growing) −16.59% (below 0%: shrinking) 71.39% 23.12%
RVTY Revvity Inc. $16.8B 71.9× 66.2× +4.29% (above 0%: growing) +2.17% (above 0%: growing) +26.97% (above 0%: growing) 57.43% 13.05% Compare
ICLR ICON PLC $15.1B 34.5× 34.6× −2.86% (below 0%: shrinking) n/m −8.01% (below 0%: shrinking) 24.29% 9.82% Compare
CRL Charles River Laboratories International, Inc. $14.9B 300× 89.2× −2.20% (below 0%: shrinking) +530.30% (above 0%: growing) +16.29% (above 0%: growing) 36.42% 20.62% Compare
QGEN QIAGEN N.V. $10.5B 26.1× 26.0× +0.28% (above 0%: growing) +7.94% (above 0%: growing) +30.45% (above 0%: growing) 63.62% 24.75% Compare
Median of peers $18.7B 34.5× 34.6× +4.22% +18.65% +22.86% 46.93% 14.26%

All 49 Diagnostics & Research stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 87.53%
Held by the ten largest 42.02%
Holder Shares Stake Change
BlackRock 2.50m 8.95% +27.81k
Vanguard 2.35m 8.41% +31.74k
T. Rowe Price 2.07m 7.42% +1.78m
AQR Capital Management 1.27m 4.56% −72.72k
State Street 710.90k 2.55% +28.67k
Geode Capital Management 710.47k 2.55% −34.64k
WASATCH ADVISORS LP 636.60k 2.28% −137.34k
Invesco 579.24k 2.08% +1.67k
Baillie Gifford 473.21k 1.70% −29.98k
Arrowstreet Capital 429.01k 1.54% +33.24k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.44m 11.67m 403.48
2024 8.60m 17.71m 238.67
2023 1.65m 9.26m 220.21
2022 1.89m 12.89m 152.59
2021 5.95m 7.75m 156.35

Ownership

Directors and executive officers, together 20.50%
August J. Troendle 19.60%
Medpace Investors, LLC 16.60%
BlackRock, Inc. 8.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Medpace Holdings, Inc. (MEDP) Latest News

29 Oct

Impact 4 · · Zacks

26 Oct

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23 Oct

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21 Oct

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29 Sep

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21 Sep

Impact 3 · · Simply Wall St.
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27 Aug

Impact 4 ·

17 Aug

Impact 4 ·
Impact 3 ·

14 Aug

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13 Aug

Impact 3 ·

MEDP metrics, ten years each

stockrow.com/MEDP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com