A Business at a Glance
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Medpace Holdings, Inc.
MEDP
$17.8B
Mkt Cap
$601.38
-0.73%
Medpace Holdings, Inc. (MEDP) has a current P/E ratio of 39.4, compared to its historical median P/E of 35.5. The stock is currently considered Fair based on its historical valuation range.
Medpace Holdings, Inc. (MEDP) has a 5-year average return on invested capital (ROIC) of 64.4%. This indicates strong capital allocation and a potential competitive advantage.
Medpace Holdings, Inc. (MEDP) has a market capitalization of $17.2B. It is classified as a large-cap stock.
Medpace Holdings, Inc. (MEDP) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.18%.
Based on historical P/E analysis, Medpace Holdings, Inc. (MEDP) appears fair. The current P/E of 39.4 is 11% above its historical median of 35.5. The estimated fair value CAGR (P/E method) is 32.1%.
Medpace Holdings, Inc. (MEDP) operates in the Services-Commercial Physical & Biological Research industry, within the Industrials sector.
Medpace is one of the world's leading clinical contract research organizations (CROs) by revenue, providing full-service Phase I-IV clinical development services exclusively to biotechnology, pharmaceutical, and medical device companies. The company generates revenue through a comprehensive suite of clinical trial services spanning medical department oversight, clinical trial management, feasibility analysis, study start-up, patient recruitment and retention, clinical monitoring, risk-based monitoring, regulatory affairs, medical writing, biometrics and data sciences, pharmacovigilance, and core laboratory services. The business model is characterized by high backlog conversion rates (approximately 21–24% quarterly), enabling revenue growth even with modest net book-to-bill ratios, and includes both direct service fees and reimbursable pass-through costs (typically 38–44% of revenue). Medpace differentiates itself through a disciplined operating model, therapeutic expertise across oncology, metabolic, cardiology, antiviral/anti-infective, and central nervous system areas, and a focus on serving small and mid-sized biopharmaceutical companies. The company operates globally with a matrix-structured clinical research associate workforce trained in local regulations, Good Clinical Practice, and ICH guidelines, and maintains customer concentration with top five and top ten customers representing approximately 25% and 35% of revenue, respectively.
【Elevated cancellations, cautious growth】 Management noted that backlog cancellations reached their highest levels in over a year in Q1 2026, with a net book-to-bill ratio of 0.88, though the company reconfirmed its 2026 revenue guidance despite these headwinds. The company expects pass-through revenues to decline as a percentage of total revenue throughout 2026 as metabolic studies wind down, with reimbursable costs anticipated to be 41–42% of revenue compared to higher levels in 2025. Medpace anticipates accelerated hiring in the mid-to-high single-digit range to support revenue growth, with continued productivity gains from improved employee retention offsetting wage pressures and enabling margin expansion. Management expects pre-backlog to grow and anticipates bookings will increase in future quarters, though acknowledges that timing of project progression from pre-backlog to backlog remains a key risk, and any further acceleration in cancellations could impact revenue realization.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.755 billion–$2.855 billion | FY2026 |
| EBITDA | $605 million–$635 million | FY2026 |
| Net Income | $487 million–$511 million | FY2026 |
| EPS (Earnings Per Diluted Share) | $16.68–$17.50 | FY2026 |
| Ending backlog | approximately $2.9 billion | As of March 31, 2026 |
Revenue (FY2026): “Full year 2026 total revenue is expected in the range of $2.755 billion-$2.855 billion, which represents growth of 8.9%-12.8% over 2025 total revenue of $2.53 billion.”
EBITDA (FY2026): “Our 2026 EBITDA is expected in the range of $605 million-$635 million, representing growth of 8.5%-13.9% compared to EBITDA of $557.7 million in 2025.”
Net Income (FY2026): “We forecast 2026 net income in the range of $487 million-$511 million.”
EPS (Earnings Per Diluted Share) (FY2026): “Earnings per diluted share is expected to be in the range of $16.68-$17.50.”
Ending backlog (As of March 31, 2026): “Ending backlog as of March 31, 2026, was approximately $2.9 billion, an increase of 2.9% from the prior year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.7B | 2.5B | 2.1B | 1.9B | 1.5B | 1.1B |
| Net Income | 460M | 451M | 404M | 283M | 245M | 181M |
| EPS | $16.26 | $15.28 | $12.63 | $8.88 | $7.28 | $4.81 |
| Free Cash Flow | 711M | 682M | 572M | 397M | 351M | 235M |
| ROIC | 21.3% | 450.0% | 122.7% | 60.6% | 43.6% | 30.7% |
| Gross Margin | - | 30.1% | 31.1% | 27.8% | 29.6% | 28.7% |
| Debt/Equity | 0.00 | 0.30 | 0.18 | 0.29 | 0.67 | 0.15 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 563M | 535M | 447M | 337M | 279M | 199M |
| Operating Margin | 21.0% | 21.1% | 21.2% | 17.9% | 19.1% | 17.4% |
| ROE | 76.9% | 70.2% | 58.4% | 59.8% | 36.6% | 20.6% |
| Shares Outstanding | 29M | 30M | 32M | 32M | 34M | 38M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 320M | 371M | 386M | 705M | 861M | 926M | 1.1B | 1.5B | 1.9B | 2.1B | 2.5B | 2.7B |
| Gross Margin | 48.9% | 46.4% | 45.2% | 64.2% | 28.5% | 30.1% | 28.7% | 29.6% | 27.8% | 31.1% | 30.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 57M | 62M | 63M | 76M | 95M | 92M | 108M | 131M | 161M | 180M | 198M | 188M |
| EBIT | 21M | 52M | 65M | 101M | 127M | 167M | 199M | 279M | 337M | 447M | 535M | 563M |
| Op. Margin | 6.4% | 14.2% | 16.8% | 14.3% | 14.8% | 18.0% | 17.4% | 19.1% | 17.9% | 21.2% | 21.1% | 21.0% |
| Net Income | -8.7M | 13M | 39M | 73M | 100M | 145M | 181M | 245M | 283M | 404M | 451M | 460M |
| Net Margin | -2.7% | 3.6% | 10.1% | 10.3% | 11.6% | 15.7% | 15.9% | 16.8% | 15.0% | 19.2% | 17.8% | 17.2% |
| Non-Recurring | 9.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | 3.7% | 4.2% | 6.2% | 11.6% | 15.7% | 23.0% | 30.7% | 43.6% | 60.6% | 122.7% | N/M | 21.3% |
| ROE | -2.1% | 2.6% | 7.0% | 13.2% | 15.1% | 18.9% | 20.6% | 36.6% | 59.8% | 58.4% | 70.2% | 76.9% |
| ROA | -0.9% | 1.4% | 4.0% | 7.6% | 9.5% | 11.4% | 11.9% | 16.3% | 18.8% | 21.5% | 22.1% | 21.6% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 86M | 92M | 97M | 157M | 202M | 259M | 263M | 388M | 433M | 609M | 713M | 739M |
| Free Cash Flow | 79M | 78M | 86M | 141M | 184M | 227M | 235M | 351M | 397M | 572M | 682M | 711M |
| Owner Earnings | -6.0M | 24M | 46M | 111M | 158M | 225M | 228M | 344M | 387M | 554M | 650M | 593M |
| CapEx | 6.5M | 14M | 12M | 16M | 18M | 31M | 28M | 37M | 37M | 37M | 31M | 28M |
| Maint. CapEx | 70M | 58M | 46M | 39M | 23M | 20M | 21M | 22M | 26M | 29M | 28M | 123M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 12M | 7.2M | 15M | 10M | 7.3M | 3.2M | 0 |
| D&A | 70M | 58M | 46M | 39M | 23M | 20M | 21M | 22M | 26M | 29M | 28M | 123M |
| CapEx/OCF | N/A | 14.8% | 12.0% | 10.2% | 8.9% | 12.1% | 10.7% | 9.5% | 8.5% | 6.0% | 4.4% | 3.8% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 156M | 0 | 0 | 98M | 62M | 848M | 144M | 170M | 917M | 545M |
| Buyback Yield | N/A | N/A | 10.7% | N/A | N/A | 1.9% | 0.8% | 12.1% | 1.5% | 1.6% | 5.5% | 3.2% |
| Stock-Based Comp | 22M | 9.8M | 4.5M | 6.5M | 21M | 14M | 14M | 21M | 21M | 26M | 35M | 23M |
| Debt Repayment | 116M | 390M | 12M | 72M | 80M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | 363M | 127M | 195M | 56M | -76M | -147M | -314M | 230M | -81M | -520M | -360M | -653M |
| Cash & Equiv. | 15M | 37M | 26M | 23M | 132M | 278M | 461M | 28M | 245M | 669M | 497M | 653M |
| Long-Term Debt | 378M | 151M | 205M | 80M | 0 | N/A | N/A | 50M | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.91 | 0.27 | 0.44 | 0.13 | 0.08 | 0.16 | 0.15 | 0.67 | 0.29 | 0.18 | 0.30 | 0.00 |
| Interest Coverage | 0.8 | 3.1 | 9.4 | 13.3 | 85.5 | 1606.2 | 1614.8 | 95.0 | 110.2 | 2613.3 | N/A | N/A |
| Equity | 413M | 611M | 509M | 599M | 726M | 806M | 953M | 386M | 559M | 826M | 459M | 598M |
| Total Assets | 984M | 979M | 951M | 968M | 1.1B | 1.4B | 1.7B | 1.4B | 1.7B | 2.1B | 2.0B | 2.1B |
| Total Liabilities | 571M | 368M | 447M | 378M | 417M | 585M | 707M | 966M | 1.1B | 1.3B | 1.5B | 1.5B |
| Intangibles | 187M | 136M | 99M | 69M | 54M | 46M | 41M | 38M | 36M | 34M | 33M | 33M |
| Retained Earnings | -23M | -9.6M | -120M | -41M | 68M | 115M | 235M | -360M | -222M | 8.2M | -460M | -336M |
| Working Capital | -39M | -35M | -63M | -79M | -26M | 34M | 134M | -470M | -331M | -75M | -354M | -206M |
| Current Assets | 95M | 133M | 130M | 178M | 317M | 474M | 691M | 334M | 594M | 1.0B | 990M | 1.1B |
| Current Liabilities | 134M | 169M | 193M | 257M | 343M | 440M | 557M | 803M | 925M | 1.1B | 1.3B | 1.3B |
| Per Share Data | ||||||||||||
| EPS | -0.28 | 0.37 | 0.98 | 1.97 | 2.67 | 3.84 | 4.81 | 7.28 | 8.88 | 12.63 | 15.28 | 16.26 |
| Owner EPS | -0.19 | 0.66 | 1.17 | 3.01 | 4.21 | 5.97 | 6.04 | 10.22 | 12.14 | 17.31 | 22.03 | 20.76 |
| Book Value | 13.35 | 16.87 | 12.79 | 16.18 | 19.36 | 21.35 | 25.27 | 11.47 | 17.56 | 25.79 | 15.55 | 20.95 |
| Cash Flow/Share | 2.77 | 2.53 | 2.45 | 4.23 | 5.38 | 6.85 | 6.98 | 11.52 | 13.62 | 19.02 | 24.16 | 20.44 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 31.0M | 36.2M | 39.8M | 37.0M | 37.5M | 37.7M | 37.7M | 33.7M | 31.8M | 32.0M | 29.5M | 28.6M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | 96.8 | 37.3 | 26.3 | 31.3 | 36.0 | 45.4 | 28.6 | 35.0 | 27.0 | 37.1 | 37.0 |
| P/FCF | N/A | 16.6 | 17.0 | 13.6 | 17.1 | 22.9 | 35.0 | 20.0 | 24.9 | 19.1 | 24.6 | 24.2 |
| EV/EBIT | N/A | 26.7 | 25.3 | 19.6 | 23.7 | N/A | 36.9 | 25.2 | 27.9 | N/A | N/A | 29.4 |
| Price/Book | N/A | 2.1 | 2.9 | 3.2 | 5.3 | 6.5 | 8.7 | 18.2 | 17.7 | 13.2 | 36.5 | 28.7 |
| Price/Sales | N/A | 3.1 | 2.9 | 2.5 | 2.9 | 4.2 | 5.9 | 3.9 | 4.0 | 5.6 | 4.8 | 6.4 |
| FCF Yield | N/A | 6.0% | 5.9% | 7.3% | 5.8% | 4.3% | 2.8% | 5.0% | 4.0% | 5.2% | 4.1% | 4.1% |
| Market Cap | N/A | 1.3B | 1.5B | 1.9B | 3.1B | 5.2B | 8.3B | 7.0B | 9.9B | 10.9B | 16.8B | 17.2B |
| Avg. Price | N/A | 31.73 | 31.51 | 46.58 | 67.46 | 103.02 | 178.55 | 167.77 | 234.72 | 366.75 | 409.77 | 601.38 |
| Year-End Price | N/A | 35.80 | 36.53 | 51.79 | 83.66 | 138.21 | 218.30 | 208.47 | 310.64 | 341.12 | 567.56 | 601.38 |
Medpace Holdings, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Medpace Holdings, Inc. trades at 39.4x trailing earnings, compared to its 15-year median P/E of 35.5x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 25.0x vs a median of 19.5x. The company's 5-year average ROIC is 64.4% with a gross margin of 29.5%. Total shareholder yield (buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +28.6%.
Medpace Holdings, Inc. (MEDP) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Medpace Holdings, Inc. (MEDP) has a net profit margin of 17.8%. This is a healthy margin.
Medpace Holdings, Inc. (MEDP) generated $682 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Medpace Holdings, Inc. (MEDP) has a debt-to-equity ratio of 0.30. This indicates a conservatively financed balance sheet.
Medpace Holdings, Inc. (MEDP) reported earnings per share (EPS) of $15.28 in its most recent fiscal year.
Medpace Holdings, Inc. (MEDP) has a return on equity (ROE) of 70.2%. This indicates the company generates strong returns for shareholders.
Medpace Holdings, Inc. (MEDP) has a 5-year average gross margin of 29.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for Medpace Holdings, Inc. (MEDP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Medpace Holdings, Inc. (MEDP) has a book value per share of $15.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management noted that backlog cancellations reached their highest levels in over a year in Q1 2026, with a net book-to-bill ratio of 0.88, though the company reconfirmed its 2026 revenue guidance despite these headwinds. The company expects pass-through revenues to decline as a percentage of total revenue throughout 2026 as metabolic studies wind down, with reimbursable costs anticipated to be 41–42% of revenue compared to higher levels in 2025. Medpace anticipates accelerated hiring in the mid-to-high single-digit range to support revenue growth, with continued productivity gains from improved employee retention offsetting wage pressures and enabling margin expansion. Management expects pre-backlog to grow and anticipates bookings will increase in future quarters, though acknowledges that timing of project progression from pre-backlog to backlog remains a key risk, and any further acceleration in cancellations could impact revenue realization.
Based on recent SEC filings and earnings calls, Medpace Holdings, Inc. (MEDP) has provided the following forward guidance: Revenue: $2.755 billion–$2.855 billion (FY2026); EBITDA: $605 million–$635 million (FY2026); Net Income: $487 million–$511 million (FY2026); EPS (Earnings Per Diluted Share): $16.68–$17.50 (FY2026); Ending backlog: approximately $2.9 billion (As of March 31, 2026).