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. In the quarter to June 2026, revenue grew 17.2%, EPS grew 36.4% and free cash flow fell 3.03%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for ten.
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Medpace Holdings, Inc. (MEDP) Altman Z-score
Medpace Holdings, Inc.'s Altman Z-score for fiscal 2025 is 8.04, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.04 | 1.54 |
| FY2024 | 6.51 | (0.02) |
| FY2023 | 6.53 | 1.29 |
| FY2022 | 5.24 | (2.76) |
| FY2021 | 8.00 | 1.71 |
| FY2020 | 6.30 | 0.78 |
| FY2019 | 5.52 | 1.62 |
| FY2018 | 3.90 | 1.57 |
| FY2017 | 2.33 | (0.32) |
| FY2016 | 2.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.18) | — | −0.22 | |
| Retained earnings / total assets | (0.23) | — | −0.33 | |
| EBIT / total assets | 0.27 | — | 0.89 | |
| Market value of equity / total liabilities | 10.68 | — | 6.41 | |
| Sales / total assets | 1.28 | — | 1.28 | |
| Altman Z-score | Safe zone | 8.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.20 | ||
Z and Z″ put Medpace Holdings, Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MEDP Medpace Holdings, Inc. | 8.0× |
| QGEN QIAGEN N.V. compare | 3.8× |
| TWST Twist Bioscience Corporation compare | 3.4× |
| DGX Quest Diagnostics Incorporated compare | 3.1× |
| LH Labcorp Holdings Inc. compare | 3.0× |
| RVTY Revvity Inc. compare | 2.5× |
| CRL Charles River Laboratories International, Inc. compare | 2.4× |
| GH Guardant Health, Inc. compare | 2.0× |
| ICLR ICON PLC compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets