Medpace vs Waters
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The short version
- Waters is the larger business, with $3.2B of revenue in fiscal 2025 against $2.5B for Medpace.
- Medpace grew revenue faster (20.0%, against 7.0%).
- Waters kept more of each dollar of sales as operating profit (25.4% operating margin, against 21.1%).
- Medpace turned more of its sales into free cash flow (27.0% FCF margin, against 17.1%).
| Latest fiscal year | MEDP · FY25 | WAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $19.0B | $44.6B |
| Revenue | $2.5B | $3.2B |
| Free cash flow | $682M | $540M |
| Net income | $451M | $643M |
| Growth | ||
| Revenue growth | 20.0% | 7.0% |
| 5-year growth | 22.3% | 6.0% |
| Share count change | −7.8% | 0.3% |
| Profitability | ||
| Gross margin | — | 59.3% |
| Operating margin | 21.1% | 25.4% |
| Net margin | 17.8% | 20.3% |
| FCF margin | 27.0% | 17.1% |
| Return on capital | — | 21.0% |
| Return on equity | 70.2% | 29.3% |
| Balance sheet | ||
| Net debt | −$497M | $822M |
| Net debt / EBITDA | −0.9x | 0.8x |
| Dividends and buybacks | $917M | $14.7M |
| Valuation & quality | ||
| P/E | 37.2x | — |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
MEDP $422M
WAT $2.2B
FY17
MEDP $436M
WAT $2.3B
FY18
MEDP $705M
WAT $2.4B
FY19
MEDP $861M
WAT $2.4B
FY20
MEDP $926M
WAT $2.4B
FY21
MEDP $1.1B
WAT $2.8B
FY22
MEDP $1.5B
WAT $3.0B
FY23
MEDP $1.9B
WAT $3.0B
FY24
MEDP $2.1B
WAT $3.0B
FY25
MEDP $2.5B
WAT $3.2B
MEDP
WAT
Operating margin
FY16
MEDP 12.5%
WAT 28.8%
FY17
MEDP 14.9%
WAT 28.7%
FY18
MEDP 14.3%
WAT 30.6%
FY19
MEDP 14.8%
WAT 29.4%
FY20
MEDP 18.0%
WAT 27.3%
FY21
MEDP 17.4%
WAT 29.5%
FY22
MEDP 19.1%
WAT 29.4%
FY23
MEDP 17.9%
WAT 27.7%
FY24
MEDP 21.2%
WAT 27.9%
FY25
MEDP 21.1%
WAT 25.4%
MEDP
WAT
Free cash flow
FY16
MEDP $78.2M
WAT $610M
FY17
MEDP $85.7M
WAT $663M
FY18
MEDP $141M
WAT $570M
FY19
MEDP $184M
WAT $603M
FY20
MEDP $227M
WAT $738M
FY21
MEDP $235M
WAT $711M
FY22
MEDP $351M
WAT $566M
FY23
MEDP $397M
WAT $442M
FY24
MEDP $572M
WAT $620M
FY25
MEDP $682M
WAT $540M
MEDP
WAT
Return on capital
FY16
MEDP 4.2%
WAT 43.9%
FY17
MEDP 6.2%
WAT 30.7%
FY18
MEDP 11.6%
WAT 70.7%
FY19
MEDP 16.4%
WAT 58.5%
FY20
MEDP 25.7%
WAT 48.3%
FY21
MEDP 35.1%
WAT 55.3%
FY22
MEDP 53.7%
WAT 49.0%
FY23
MEDP 78.7%
WAT 30.2%
FY24
MEDP 161.7%
WAT 22.4%
FY25
MEDP —
WAT 21.0%
MEDP
WAT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.