Medpace Holdings Financials
This page shows Medpace Holdings (MEDP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Medpace Holdings has an operating margin of 21.1%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is down from 21.2% the prior year.
Medpace Holdings's revenue surged 20.0% year-over-year to $2.5B, reflecting rapid business expansion. This strong growth earns a score of 67/100.
Medpace Holdings has a moderate D/E ratio of 3.30. This balance of debt and equity financing earns a leverage score of 35/100.
Medpace Holdings's current ratio of 0.74 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 9/100, which could limit financial flexibility.
Medpace Holdings converts 27.0% of revenue into free cash flow ($681.9M). This strong cash generation earns a score of 92/100.
Medpace Holdings earns a strong 98.3% return on equity (ROE), meaning it generates $98 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 49.0% the prior year.
Medpace Holdings scores 7.23, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($14.1B) relative to total liabilities ($1.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Medpace Holdings passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Medpace Holdings generates $1.58 in operating cash flow ($713.2M OCF vs $451.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Medpace Holdings generated $2.5B in revenue in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Medpace Holdings's EBITDA was $563.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.3% from the prior year.
Medpace Holdings reported $451.1M in net income in fiscal year 2025. This represents an increase of 11.6% from the prior year.
Medpace Holdings earned $15.28 per diluted share (EPS) in fiscal year 2025. This represents an increase of 21.0% from the prior year.
Cash & Balance Sheet
Medpace Holdings generated $681.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 19.2% from the prior year.
Medpace Holdings held $497.0M in cash against $0 in long-term debt as of fiscal year 2025.
Medpace Holdings had 28M shares outstanding in fiscal year 2025. This represents a decrease of 6.8% from the prior year.
Margins & Returns
Medpace Holdings's operating margin was 21.1% in fiscal year 2025, reflecting core business profitability. This is down 0.1 percentage points from the prior year.
Medpace Holdings's net profit margin was 17.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
Medpace Holdings's ROE was 98.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 49.3 percentage points from the prior year.
Capital Allocation
Medpace Holdings spent $917.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 440.1% from the prior year.
Medpace Holdings invested $31.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.2% from the prior year.
MEDP Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $708.5M+7.4% | $659.9M+9.4% | $603.3M+8.0% | $558.6M+4.1% | $536.6M+0.6% | $533.3M+1.0% | $528.1M+3.3% | $511.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $44.9M-6.6% | $48.1M+3.0% | $46.7M-19.4% | $57.9M+27.4% | $45.4M-7.7% | $49.2M+18.7% | $41.5M-6.0% | $44.1M |
| Operating Income | $153.3M+8.1% | $141.8M+12.2% | $126.3M+11.3% | $113.5M-9.5% | $125.4M+11.7% | $112.3M+6.8% | $105.2M+1.0% | $104.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $21.7M-31.5% | $31.7M-7.5% | $34.3M+858.8% | $3.6M-78.8% | $16.9M-24.5% | $22.4M+1.0% | $22.1M+117.2% | $10.2M |
| Net Income | $135.1M+21.6% | $111.1M+23.1% | $90.3M-21.2% | $114.6M-2.1% | $117.0M+21.4% | $96.4M+9.1% | $88.4M-13.9% | $102.6M |
| EPS (Diluted) | N/A | $3.86+24.5% | $3.10-15.5% | $3.67 | N/A | $3.01+9.5% | $2.75-14.1% | $3.20 |
MEDP Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+12.7% | $1.8B+11.5% | $1.6B-17.2% | $1.9B-9.7% | $2.1B+0.8% | $2.1B+8.5% | $1.9B+6.9% | $1.8B |
| Current Assets | $989.6M+34.2% | $737.3M+41.6% | $520.8M-36.6% | $821.4M-20.2% | $1.0B-0.3% | $1.0B+18.3% | $872.5M+17.1% | $744.9M |
| Cash & Equivalents | $497.0M+74.2% | $285.4M+515.9% | $46.3M-89.5% | $441.4M-34.1% | $669.4M+1.9% | $656.9M+28.6% | $510.9M+25.5% | $407.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M |
| Total Liabilities | $1.5B+3.9% | $1.5B+4.3% | $1.4B+7.3% | $1.3B+2.2% | $1.3B+6.0% | $1.2B+4.0% | $1.2B+2.9% | $1.1B |
| Current Liabilities | $1.3B+4.7% | $1.3B+5.2% | $1.2B+8.7% | $1.1B+1.6% | $1.1B+6.1% | $1.0B+4.9% | $993.1M+3.8% | $956.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $459.1M+56.3% | $293.6M+70.4% | $172.4M-71.0% | $593.6M-28.1% | $825.5M-6.3% | $881.4M+15.4% | $763.6M+13.7% | $671.5M |
| Retained Earnings | -$460.0M+22.9% | -$596.2M+15.2% | -$703.2M-160.7% | -$269.7M-3402.5% | $8.2M-87.6% | $65.6M+313.2% | -$30.8M+74.2% | -$119.1M |
MEDP Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $192.7M-21.8% | $246.2M+65.8% | $148.5M+18.0% | $125.8M-34.0% | $190.7M+27.9% | $149.1M+28.1% | $116.4M-23.8% | $152.7M |
| Capital Expenditures | $4.5M-57.7% | $10.7M+75.2% | $6.1M-38.8% | $10.0M+30.8% | $7.6M-27.5% | $10.5M-18.1% | $12.9M+134.1% | $5.5M |
| Free Cash Flow | $188.1M-20.1% | $235.5M+65.4% | $142.4M+22.9% | $115.8M-36.7% | $183.0M+32.1% | $138.5M+33.8% | $103.5M-29.7% | $147.2M |
| Investing Cash Flow | -$4.5M+58.0% | -$10.7M-77.1% | -$6.0M+39.7% | -$10.0M-32.1% | -$7.6M+27.9% | -$10.5M+18.0% | -$12.8M-605.5% | $2.5M |
| Financing Cash Flow | $22.7M+566.0% | $3.4M+100.6% | -$540.6M-56.2% | -$346.0M-105.2% | -$168.6M-2787.4% | $6.3M+842.0% | $666K-91.3% | $7.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $4.6M-99.2% | $540.9M+45.4% | $371.9M+118.9% | $169.9M | $0 | $0 | $0 |
MEDP Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 21.6%+0.1pp | 21.5%+0.6pp | 20.9%+0.6pp | 20.3%-3.0pp | 23.4%+2.3pp | 21.1%+1.1pp | 19.9%-0.5pp | 20.4% |
| Net Margin | 19.1%+2.2pp | 16.8%+1.9pp | 15.0%-5.6pp | 20.5%-1.3pp | 21.8%+3.7pp | 18.1%+1.3pp | 16.7%-3.3pp | 20.1% |
| Return on Equity | 29.4%-8.4pp | 37.9%-14.5pp | 52.4%+33.1pp | 19.3%+5.1pp | 14.2%+3.2pp | 10.9%-0.6pp | 11.6%-3.7pp | 15.3% |
| Return on Assets | 6.8%+0.5pp | 6.3%+0.6pp | 5.7%-0.3pp | 6.0%+0.5pp | 5.6%+0.9pp | 4.6%+0.0pp | 4.6%-1.1pp | 5.7% |
| Current Ratio | 0.74+0.2 | 0.57+0.1 | 0.43-0.3 | 0.73-0.2 | 0.93-0.1 | 0.99+0.1 | 0.88+0.1 | 0.78 |
| Debt-to-Equity | 3.30-1.7 | 4.97-3.1 | 8.12+5.9 | 2.20+0.7 | 1.54+0.2 | 1.36-0.2 | 1.51-0.2 | 1.67 |
| FCF Margin | 26.6%-9.1pp | 35.7%+12.1pp | 23.6%+2.9pp | 20.7%-13.4pp | 34.1%+8.1pp | 26.0%+6.4pp | 19.6%-9.2pp | 28.8% |
Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Medpace Holdings's annual revenue?
Medpace Holdings (MEDP) reported $2.5B in total revenue for fiscal year 2025. This represents a 20.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Medpace Holdings's revenue growing?
Medpace Holdings (MEDP) revenue grew by 20% year-over-year, from $2.1B to $2.5B in fiscal year 2025.
Is Medpace Holdings profitable?
Yes, Medpace Holdings (MEDP) reported a net income of $451.1M in fiscal year 2025, with a net profit margin of 17.8%.
What is Medpace Holdings's EBITDA?
Medpace Holdings (MEDP) had EBITDA of $563.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Medpace Holdings's operating margin?
Medpace Holdings (MEDP) had an operating margin of 21.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Medpace Holdings's net profit margin?
Medpace Holdings (MEDP) had a net profit margin of 17.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Medpace Holdings's return on equity (ROE)?
Medpace Holdings (MEDP) has a return on equity of 98.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Medpace Holdings's free cash flow?
Medpace Holdings (MEDP) generated $681.9M in free cash flow during fiscal year 2025. This represents a 19.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Medpace Holdings's operating cash flow?
Medpace Holdings (MEDP) generated $713.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Medpace Holdings's total assets?
Medpace Holdings (MEDP) had $2.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Medpace Holdings's capital expenditures?
Medpace Holdings (MEDP) invested $31.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Medpace Holdings's current ratio?
Medpace Holdings (MEDP) had a current ratio of 0.74 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Medpace Holdings's debt-to-equity ratio?
Medpace Holdings (MEDP) had a debt-to-equity ratio of 3.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Medpace Holdings's return on assets (ROA)?
Medpace Holdings (MEDP) had a return on assets of 22.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Medpace Holdings's Altman Z-Score?
Medpace Holdings (MEDP) has an Altman Z-Score of 7.23, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Medpace Holdings's Piotroski F-Score?
Medpace Holdings (MEDP) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Medpace Holdings's earnings high quality?
Medpace Holdings (MEDP) has an earnings quality ratio of 1.58x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Medpace Holdings?
Medpace Holdings (MEDP) scores 62 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.