Medpace vs Waters
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KIRA’s take AI analyst
I put Medpace and Waters side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Medpace
MEDP
6/9
Revenue growth5-year growthFCF marginReturn on equityNet debt / EBITDAShare count change
Waters
WAT
3/9
Operating marginNet marginPiotroski F-score
Side by side
Best in the row
| Latest fiscal year | MEDP FY25 | WAT FY25 |
|---|---|---|
| Size | ||
| Market cap | $19.2B | $44.8B |
| 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 | 37.6x | — |
| Piotroski F-score | 4 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.