Medpace Holdings (MEDP) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MEDP SEC filings page.
Medpace Holdings (MEDP) reported $2.8B in revenue over the twelve months to Jun 30, 2026, up 24.7% from the prior twelve months. This page shows its 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).
Cash-backed profit growth is paired with aggressive buybacks, making the balance sheet increasingly equity-thin.
In FY2025, operating cash flow of$713M exceeded net income of$451M , while free cash flow reached$682M after only$31M of capital expenditures. This cash conversion pattern points to an asset-light model where earnings translate into cash with limited reinvestment drag.
Revenue grew
FY2025 buybacks totaled
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Medpace Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 89/100, 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 77/100.
Medpace Holdings has elevated debt relative to equity (D/E of 3.30), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
Medpace Holdings's current ratio of 0.74 is below the typical benchmark, resulting in a score of 9/100. This tight liquidity could limit financial flexibility if cash inflows slow.
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 87/100. This is up from 49.0% the prior year.
Medpace Holdings scores 8.19, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($16.6B) relative to total liabilities ($1.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Medpace Holdings passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 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 $707.3M in revenue in Q2 2026. This represents an increase of 17.2% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.
Medpace Holdings's EBITDA was $153.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.1% from the same quarter a year earlier. Against the prior quarter it is up 3.5%.
Medpace Holdings reported $121.4M in net income in Q2 2026. This represents an increase of 34.5% from the same quarter a year earlier. Against the prior quarter it is down 2.0%.
Medpace Holdings earned $4.25 per diluted share (EPS) in Q2 2026. This represents an increase of 37.1% from the same quarter a year earlier. Against the prior quarter it is down 0.7%.
Cash & Balance Sheet
Medpace Holdings generated $138.1M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 3.0% from the same quarter a year earlier. Against the prior quarter it is down 4.7%.
Medpace Holdings held $502.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Medpace Holdings's operating margin was 20.8% in Q2 2026, reflecting core business profitability. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Medpace Holdings's net profit margin was 17.2% in Q2 2026, showing the share of revenue converted to profit. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.
Medpace Holdings's ROE was 28.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 24.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 7.3 percentage points.
Not reported for Q2 2026.
Capital Allocation
Medpace Holdings spent $294.8M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 45.5% from the same quarter a year earlier.
Medpace Holdings invested $23.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 291.2% from the same quarter a year earlier. Against the prior quarter it is up 250.9%.
Not reported for Q2 2026.
MEDP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $707.3M+17.2% | $706.6M+26.5% | $708.5M+32.0% | $659.9M+23.7% | $603.3M+14.2% | $558.6M+9.3% | $536.6M+7.7% | $533.3M+8.3% |
| SG&A Expenses | $48.1M+3.1% | $47.9M-17.2% | $44.9M-1.1% | $48.1M-2.3% | $46.7M+12.6% | $57.9M+31.3% | $45.4M+6.9% | $49.2M+18.9% |
| Operating Income | $146.8M+16.2% | $141.5M+24.6% | $153.3M+22.2% | $141.8M+26.3% | $126.3M+20.1% | $113.5M+9.1% | $125.4M+43.6% | $112.3M+32.2% |
| EBITDA | $153.5M+15.1% | $148.4M+23.2% | $160.4M+20.7% | $148.9M+24.3% | $133.3M+18.7% | $120.5M+8.5% | $132.9M+40.9% | $119.8M+30.5% |
| Income Tax | $30.3M-11.6% | $23.7M+563.5% | $21.7M+28.7% | $31.7M+41.8% | $34.3M+54.9% | $3.6M-64.9% | $16.9M+35.9% | $22.4M+76.7% |
| Net Income | $121.4M+34.5% | $123.9M+8.1% | $135.1M+15.5% | $111.1M+15.3% | $90.3M+2.2% | $114.6M+11.7% | $117.0M+49.5% | $96.4M+36.7% |
| EPS (Basic) | $4.31+36.4% | $4.35+15.4% | $4.76+25.9% | $3.95+27.0% | $3.16+10.9% | $3.77+13.6% | $3.78+48.2% | $3.11+35.2% |
| EPS (Diluted) | $4.25+37.1% | $4.28+16.6% | $4.64+26.4% | $3.86+28.2% | $3.10+12.7% | $3.67+14.7% | $3.67+49.2% | $3.01+35.6% |
| Diluted Shares (Avg) | 29M-2.0% | 29M-7.2% | N/A | 29M-10.2% | 29M-9.2% | 31M-2.5% | N/A | 32M+1.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Interest Expense.
MEDP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B+30.9% | $2.1B+12.2% | $2.0B-6.0% | $1.8B-15.9% | $1.6B-18.1% | $1.9B+5.7% | $2.1B+26.8% | $2.1B+40.2% |
| Current Assets | $1.1B+101.7% | $1.1B+38.7% | $989.6M-3.8% | $737.3M-28.6% | $520.8M-40.3% | $821.4M+10.3% | $1.0B+73.3% | $1.0B+130.0% |
| Cash & Equivalents | $502.7M+985.0% | $652.7M+47.9% | $497.0M-25.8% | $285.4M-56.6% | $46.3M-90.9% | $441.4M+8.5% | $669.4M+172.7% | $656.9M+590.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% | $662.4M0.0% |
| Total Liabilities | $1.6B+16.0% | $1.5B+17.5% | $1.5B+18.9% | $1.5B+21.3% | $1.4B+21.0% | $1.3B+16.0% | $1.3B+16.2% | $1.2B+18.4% |
| Current Liabilities | $1.4B+17.6% | $1.3B+19.8% | $1.3B+21.7% | $1.3B+23.3% | $1.2B+22.9% | $1.1B+17.3% | $1.1B+19.4% | $1.0B+22.7% |
| Non-Current Liabilities | $187.9M+5.0% | $186.3M+2.7% | $172.7M+1.1% | $175.5M+8.8% | $178.9M+9.5% | $181.4M+8.3% | $170.8M-1.1% | $161.3M-3.6% |
| Total Equity | $433.9M+151.7% | $598.3M+0.8% | $459.1M-44.4% | $293.6M-66.7% | $172.4M-77.4% | $593.6M-11.6% | $825.5M+47.7% | $881.4M+87.2% |
| Retained Earnings | -$511.4M+27.3% | -$336.1M-24.6% | -$460.0M-5732.2% | -$596.2M-1008.4% | -$703.2M-2183.9% | -$269.7M-126.4% | $8.2M+103.7% | $65.6M+121.9% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
MEDP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $162.0M+9.1% | $151.8M+20.6% | $192.7M+1.0% | $246.2M+65.2% | $148.5M+27.6% | $125.8M-17.6% | $190.7M+21.9% | $149.1M+30.3% |
| Depreciation & Amortization | $6.7M-4.3% | $6.9M-0.3% | $7.1M-5.0% | $7.0M-6.2% | $7.0M-3.1% | $6.9M-0.9% | $7.5M+7.7% | $7.5M+9.3% |
| Stock-Based Compensation | $4.3M-26.9% | $4.9M-70.9% | N/A | $6.3M-46.1% | $6.0M+65.9% | $16.9M+291.9% | N/A | $11.7M+134.2% |
| Capital Expenditures | $23.9M+291.2% | $6.8M-31.8% | $4.5M-40.7% | $10.7M+1.7% | $6.1M-52.5% | $10.0M+81.8% | $7.6M-23.5% | $10.5M+21.1% |
| Free Cash Flow | $138.1M-3.0% | $145.0M+25.1% | $188.1M+2.8% | $235.5M+70.0% | $142.4M+37.6% | $115.8M-21.3% | $183.0M+25.0% | $138.5M+31.1% |
| Investing Cash Flow | -$23.9M-296.8% | -$6.7M+32.4% | -$4.5M+40.8% | -$10.7M-1.7% | -$6.0M+52.9% | -$10.0M-494.7% | -$7.6M+5.4% | -$10.5M-21.1% |
| Financing Cash Flow | -$288.3M+46.7% | $12.7M+103.7% | $22.7M+113.5% | $3.4M-45.6% | -$540.6M-81265.8% | -$346.0M-4616.5% | -$168.6M-11170.8% | $6.3M+112.7% |
| Share Buybacks | $294.8M-45.5% | $0-100.0% | $0-100.0% | $4.6M | $540.9M | $371.9M | $169.9M | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
MEDP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 20.8%-0.2pp | 20.0%-0.3pp | 21.6%-1.7pp | 21.5%+0.4pp | 20.9%+1.0pp | 20.3%0.0pp | 23.4%+5.8pp | 21.1%+3.8pp |
| Net Margin | 17.2%+2.2pp | 17.5%-3.0pp | 19.1%-2.7pp | 16.8%-1.2pp | 15.0%-1.8pp | 20.5%+0.5pp | 21.8%+6.1pp | 18.1%+3.8pp |
| Return on Equity | 28.0%-24.4pp | 20.7%+1.4pp | 29.4%+15.3pp | 37.9%+26.9pp | 52.4%+40.8pp | 19.3%+4.0pp | 14.2%+0.2pp | 10.9%-4.0pp |
| Return on Assets | 5.9%+0.2pp | 5.8%-0.2pp | 6.8%+1.3pp | 6.3%+1.7pp | 5.7%+1.1pp | 6.0%+0.3pp | 5.6%+0.8pp | 4.6%-0.1pp |
| Current Ratio | 0.73+0.3x | 0.85+0.1x | 0.74-0.2x | 0.57-0.4x | 0.43-0.5x | 0.730.0x | 0.93+0.3x | 0.99+0.5x |
| Debt-to-Equity | 3.74-4.4x | 2.56+0.4x | 3.30+1.8x | 4.97+3.6x | 8.12+6.6x | 2.20+0.5x | 1.54-0.4x | 1.36-0.8x |
| Asset Turnover | 0.340.0x | 0.330.0x | 0.36+0.1x | 0.38+0.1x | 0.38+0.1x | 0.290.0x | 0.260.0x | 0.26-0.1x |
| FCF Margin | 19.5%-4.1pp | 20.5%-0.2pp | 26.6%-7.6pp | 35.7%+9.7pp | 23.6%+4.0pp | 20.7%-8.1pp | 34.1%+4.7pp | 26.0%+4.5pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.74), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Medpace Holdings MEDP | FY2025 | $2.5B | $451.1M | 17.8% | $16.6B | 62/100 |
| ICON plc ICLR | FY2025 | $8.3B | $229.3M | 2.8% | $12.3B | 45/100 |
| Illumina Inc ILMN | FY2025 | $4.3B | $850.0M | 19.6% | $32.2B | 44/100 |
| Waters WAT | FY2025 | $3.2B | $642.6M | 20.3% | $40.5B | 71/100 |
| Exact Sciences Corp EXAS | FY2025 | $3.2B | -$207.9M | -6.4% | $20.0B | 47/100 |
Where Medpace Holdings Ranks
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 20.0% 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 P/E ratio?
Medpace Holdings (MEDP) trades at 33.7x earnings, its market capitalization divided by net income of $491.5M net income, trailing 12 months to June 30, 2026. The market capitalization is $16.6B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Medpace Holdings's price-to-sales ratio?
Medpace Holdings (MEDP) trades at 6.0x sales, its market capitalization divided by revenue of $2.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $16.6B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Medpace Holdings's Altman Z-Score?
Medpace Holdings (MEDP) has an Altman Z-Score of 8.19, 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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.