Medpace vs Bio-Techne
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The short version
- Medpace is the larger business, with $2.5B of revenue in fiscal 2025 against $1.2B for Bio-Techne, about 2.1 times as much.
- Medpace grew revenue faster (20.0%, against −0.4%).
- Medpace turned more of its sales into free cash flow (27.0% FCF margin, against 21.7%).
| Latest fiscal year | MEDP · FY25 | TECH · FY26 |
|---|---|---|
| Size | ||
| Market cap | $19.0B | $11.4B |
| Revenue | $2.5B | $1.2B |
| Free cash flow | $682M | $263M |
| Net income | $451M | $182M |
| Growth | ||
| Revenue growth | 20.0% | −0.4% |
| 5-year growth | 22.3% | 5.5% |
| Share count change | −7.8% | −1.7% |
| Profitability | ||
| Gross margin | — | 65.8% |
| Operating margin | 21.1% | 20.7% |
| Net margin | 17.8% | 15.0% |
| FCF margin | 27.0% | 21.7% |
| Return on capital | — | 9.2% |
| Return on equity | 70.2% | 9.0% |
| Balance sheet | ||
| Net debt | −$497M | −$64.7M |
| Net debt / EBITDA | −0.9x | −0.2x |
| Dividends and buybacks | $917M | $91.6M |
| Valuation & quality | ||
| P/E | 37.2x | — |
| Piotroski F-score | 4 | 9 |
Revenue
FY17
MEDP $436M
TECH $563M
FY18
MEDP $705M
TECH $643M
FY19
MEDP $861M
TECH $714M
FY20
MEDP $926M
TECH $739M
FY21
MEDP $1.1B
TECH $931M
FY22
MEDP $1.5B
TECH $1.1B
FY23
MEDP $1.9B
TECH $1.1B
FY24
MEDP $2.1B
TECH $1.2B
FY25
MEDP $2.5B
TECH $1.2B
FY26
MEDP —
TECH $1.2B
MEDP
TECH
Operating margin
FY17
MEDP 14.9%
TECH 21.4%
FY18
MEDP 14.3%
TECH 21.2%
FY19
MEDP 14.8%
TECH 20.6%
FY20
MEDP 18.0%
TECH 21.3%
FY21
MEDP 17.4%
TECH 25.5%
FY22
MEDP 19.1%
TECH 26.8%
FY23
MEDP 17.9%
TECH 26.3%
FY24
MEDP 21.2%
TECH 17.8%
FY25
MEDP 21.1%
TECH 8.4%
FY26
MEDP —
TECH 20.7%
MEDP
TECH
Free cash flow
FY17
MEDP $85.7M
TECH $129M
FY18
MEDP $141M
TECH $149M
FY19
MEDP $184M
TECH $156M
FY20
MEDP $227M
TECH $153M
FY21
MEDP $235M
TECH $308M
FY22
MEDP $351M
TECH $280M
FY23
MEDP $397M
TECH $216M
FY24
MEDP $572M
TECH $236M
FY25
MEDP $682M
TECH $257M
FY26
MEDP —
TECH $263M
MEDP
TECH
Return on capital
FY17
MEDP 6.2%
TECH 7.8%
FY18
MEDP 11.6%
TECH 10.9%
FY19
MEDP 16.4%
TECH 8.8%
FY20
MEDP 25.7%
TECH 8.3%
FY21
MEDP 35.1%
TECH 13.7%
FY22
MEDP 53.7%
TECH 15.3%
FY23
MEDP 78.7%
TECH 13.2%
FY24
MEDP 161.7%
TECH 8.6%
FY25
MEDP —
TECH 3.5%
FY26
MEDP —
TECH 9.2%
MEDP
TECH
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.