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Medpace

MEDP Nasdaq Life Sciences Tools & Services Financials FY2016–FY2025

Medpace's revenue rose 20.0% to $2.5 billion in fiscal 2025. Its operating margin was 21.1%, about the same as 21.2% a year earlier. Free cash flow was $682 million, up 19.1%. It paid out $917 million in dividends and buybacks, 135% of free cash flow. The diluted share count fell 7.8%.

Last close · Oct 23, 2026

$669.20

2.3%
Value it Compare
Revenue Total sales reported in the income statement.
$2.5B
20.0% vs prior year
Operating margin Operating income as a share of revenue.
21.1%
0.1 pts
Net income Profit after all expenses, interest and tax.
$451M
11.5%
Free cash flow Cash from operations minus capital spending.
$682M
19.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$19.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
37.2x
On $18.01 EPS (TTM)

About these figures. Medpace's 2025 return on capital is blank: its cash nearly matches its equity and debt, so the ratio isn't meaningful. Its interest coverage is blank from 2025, when it had no borrowings and reported no interest expense.

What Medpace does

No business description yet.

Legal name
Medpace Holdings, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001668397-26-000006
0001668397

Revenue and margins

Medpace had $2.5B of revenue in fiscal 2025, up 20.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 51.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $682M in fiscal 2025, 27.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Medpace returned $917M to shareholders in fiscal 2025, 135% of free cash flow. The diluted share count fell 7.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Medpace yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $497M and divides by 29.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 37.2x · peers 42.0x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Medpace can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $461M$28.3M$245M$669M$497M
Debt incl. finance leases $0.0M$50.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −2.1x0.1x−0.7x−1.4x−0.9x
Debt / equity 0.0x0.1x0.0x0.0x0.0x
Interest coverage 1,614.8x95.0x110.2x2,613.3x—
Current ratio 1.2x0.4x0.6x0.9x0.7x
Quick ratio 1.2x0.4x0.6x0.9x0.7x
Total assets $1.7B$1.4B$1.7B$2.1B$2.0B
Total liabilities $707M$966M$1.1B$1.3B$1.5B
Shareholders' equity $953M$386M$559M$826M$459M
Net debt (− = net cash) −$461M$21.7M−$245M−$669M−$497M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$101M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 28, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 2,410 $620.07 $1.5M Form 4
Sep 25, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 154 $620.60 $0.1M Form 4
Sep 24, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 27,833 $621.33 $17.3M Form 4
Sep 23, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 16,083 $628.64 $10.1M Form 4
Sep 22, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 49,018 $628.11 $30.8M Form 4
Sep 21, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 21,883 $623.29 $13.6M Form 4
Sep 17, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 10,880 $620.40 $6.7M Form 4
Sep 16, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 8,770 $621.29 $5.4M Form 4
Sep 15, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 15,971 $620.84 $9.9M Form 4
Aug 27, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 650 $620.27 $0.4M Form 4
Aug 26, 2026 August J. TroendlePresident & CEO, Director, 10% owner Sold 4,000 $620.03 $2.5M Form 4
Aug 26, 2026 Robert O. KraftDirector Sold 3,858 $617.81 $2.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 85 / 84 / 8
Accruals ratio −10.0%−10.9%−12.9%
Altman Z'' 0.151.890.20

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Medpace MEDP $19.0B 20.0% 21.1% 27.0% — 37.2x 4
Bio-Rad Laboratories BIO $9.9B 0.7% 1.8% 14.5% 0.5% 46.3x 5 Compare →
Waters WAT $44.6B 7.0% 25.4% 17.1% 21.0% — 6 Compare →
Charles River Laboratories CRL $16.6B −0.9% 0.6% 12.9% 0.4% — 4 Compare →
Mettler Toledo MTD $33.7B 4.0% — 21.1% 50.5% 37.6x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $422M $436M $705M $861M $926M $1.1B $1.5B $1.9B $2.1B $2.5B
Operating income $52.5M $64.9M $101M $127M $167M $199M $279M $337M $447M $535M
Interest expense $16.9M $6.9M $7.6M $1.5M $0.1M $0.1M $2.9M $3.1M $0.2M $0.0M
Pretax income $22.0M $56.9M $94.0M $125M $169M $202M $283M $336M $476M $542M
Income tax $8.5M $17.8M $20.8M $24.4M $23.1M $20.0M $37.5M $52.9M $71.5M $91.3M
Net income $13.4M $39.1M $73.2M $100M $145M $182M $245M $283M $404M $451M
Diluted EPS $0.37 $0.98 $1.97 $2.67 $3.84 $4.81 $7.28 $8.88 $12.63 $15.28
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $91.7M $97.4M $157M $202M $259M $263M $388M $433M $609M $713M
Capital expenditure $13.5M $11.7M $16.0M $17.9M $31.3M $28.3M $36.9M $36.6M $36.5M $31.4M
Free cash flow $78.2M $85.7M $141M $184M $227M $235M $351M $397M $572M $682M
Depreciation and amortization $58.1M $46.5M $38.8M $23.2M $19.5M $21.1M $22.3M $26.3M $29.3M $28.1M
Stock-based compensation $9.8M $4.5M $6.5M $20.7M $13.8M $14.5M $21.4M $20.5M $25.5M $34.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $156M $0.0M $0.0M $98.3M $62.1M $848M $144M $170M $917M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $156M $0.0M $0.0M $98.3M $62.1M $848M $144M $170M $917M
Balance sheet
Cash and short-term investments $37.1M $26.5M $23.3M $132M $278M $461M $28.3M $245M $669M $497M
Total debt $165M $222M $79.7M $0.0M $0.0M $0.0M $50.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $133M $130M $178M $317M $474M $691M $334M $594M $1.0B $990M
Current liabilities $169M $193M $257M $343M $440M $557M $804M $925M $1.1B $1.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $43.8M $48.7M $52.3M $47.3M $85.0M $93.2M $110M $121M $124M $131M
Total assets $979M $951M $968M $1.1B $1.4B $1.7B $1.4B $1.7B $2.1B $2.0B
Total liabilities $368M $447M $378M $417M $585M $707M $966M $1.1B $1.3B $1.5B
Shareholders' equity $611M $509M $599M $726M $806M $953M $386M $559M $826M $459M
Margins
Operating margin 12.5% 14.9% 14.3% 14.8% 18.0% 17.4% 19.1% 17.9% 21.2% 21.1%
EBITDA margin 26.2% 25.5% 19.9% 17.5% 20.2% 19.2% 20.6% 19.3% 22.6% 22.3%
Net margin 3.2% 9.0% 10.4% 11.7% 15.7% 15.9% 16.8% 15.0% 19.2% 17.8%
FCF margin 18.6% 19.6% 20.0% 21.4% 24.6% 20.6% 24.1% 21.0% 27.1% 27.0%
Returns
Return on capital 4.2% 6.2% 11.6% 16.4% 25.7% 35.1% 53.7% 78.7% 161.7% —
Return on capital employed 6.3% 8.3% 13.8% 16.9% 19.1% 19.4% 33.8% 52.6% 51.7% 65.7%
Return on equity 2.6% 7.0% 13.2% 15.2% 19.0% 20.7% 36.6% 59.8% 58.4% 70.2%
Return on assets 1.4% 4.1% 7.6% 9.5% 11.5% 11.9% 16.3% 18.8% 21.5% 22.1%
Growth
Revenue growth 17.4% 3.5% 61.6% 22.2% 7.5% 23.4% 27.8% 29.2% 11.8% 20.0%
Net income growth — 191.4% 87.1% 37.3% 44.7% 25.1% 34.9% 15.3% 43.0% 11.6%
EPS growth — 164.9% 101.0% 35.5% 43.8% 25.3% 51.4% 22.0% 42.2% 21.0%
FCF growth −1.5% 9.6% 64.1% 30.9% 23.6% 3.4% 49.4% 13.0% 44.3% 19.2%
Share count change 15.9% 9.7% −7.4% 1.8% 0.4% −0.0% −10.7% −5.4% 0.5% −7.8%
Financial health
Net debt / EBITDA 1.2x 1.8x 0.4x −0.9x −1.5x −2.1x 0.1x −0.7x −1.4x −0.9x
Debt / equity 0.3x 0.4x 0.1x 0.0x 0.0x 0.0x 0.1x 0.0x 0.0x 0.0x
Interest coverage 3.1x 9.4x 13.3x 85.5x 1,606.2x 1,614.8x 95.0x 110.2x 2,613.3x —
Current ratio 0.8x 0.7x 0.7x 0.9x 1.1x 1.2x 0.4x 0.6x 0.9x 0.7x
Quick ratio 0.8x 0.7x 0.7x 0.9x 1.1x 1.2x 0.4x 0.6x 0.9x 0.7x
Capital allocation
Capex / revenue 3.2% 2.7% 2.3% 2.1% 3.4% 2.5% 2.5% 1.9% 1.7% 1.2%
Stock comp / revenue 2.3% 1.0% 0.9% 2.4% 1.5% 1.3% 1.5% 1.1% 1.2% 1.4%
Payouts / FCF 0.0% 181.6% 0.0% 0.0% 43.2% 26.4% 241.4% 36.3% 29.7% 134.5%
Quality scores
Piotroski F-score — 5.0 8.0 7.0 5.0 7.0 6.0 8.0 5.0 4.0
Altman Z'' 1.8 0.8 1.7 2.6 2.7 3.2 −1.3 0.2 1.9 0.2
Accruals ratio −8.0% −6.0% −8.7% −9.6% −8.9% −5.3% −9.5% −10.0% −10.9% −12.9%

Source: SEC EDGAR XBRL filings (CIK 0001668397). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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