Medpace Holdings, Inc. MEDP

Health CareBiotechnology & Medical ResearchUnited States of America

Last close 648.14 USD on Nov 2, 2026, +15.4% year to date

Quant rating

Quant rating A Rank 31 of 565 in Health Care

Growth B 156 of 565
Valuation B 212 of 565
Quality A 45 of 565
Revisions A 79 of 565
Momentum B 108 of 565

Wall Street consensus Hold (2.86)Average target 651.91 USD +0.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 18.1B
Enterprise value: 17.4B
52-week range: 373.00 – 693.72
3-year range: 264.64 – 693.72
Dividend yield: –
Beta (5 years): 1.11
Shares outstanding: 28.0M
Next earnings: Feb 8, 2027

About the company

Medpace Holdings, Inc. is a scientifically driven, global, full-service clinical contract research organization (CRO) providing phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. The Company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials. The Company's drug development services focus on full-service Phase I-IV clinical development services and include development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support. The Company also provides bio-analytical laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. The Company's operations are principally based in North America, Europe, and Asia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,530	2,109	1,886	1,460	1,142	–
Revenue growth	20.0%	11.8%	29.2%	27.8%	23.4%	22.3%
EPS (basic, normalized)	15.28	12.63	8.88	7.28	4.81	–
EPS growth	21.0%	42.2%	22.0%	51.4%	–	–
Gross margin	30.1%	31.1%	27.8%	29.6%	28.7%	29.5%
Net margin	17.8%	19.2%	15.0%	16.8%	15.9%	16.9%
ROE	70.2%	58.4%	59.8%	36.6%	20.7%	49.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	705
Current ratio	0.83x
Long-term debt (mil)	0
Net debt (mil)	−705
Total equity (mil)	585
Net debt / equity	−1.21x
Net debt / EBITDA	−1.26x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,530	+20.0%	6.9x	558	+20.9%	31.2x	15.28	+21.0%	42.4x
2026	2,850	+12.6%	6.1x	648	+16.1%	26.9x	18.23	+19.3%	35.6x
2027	3,023	+6.1%	5.8x	687	+6.1%	25.3x	19.66	+7.8%	33.0x
2028	3,285	+8.7%	5.3x	756	+9.9%	23.1x	21.97	+11.8%	29.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,850	0.0%	0.0%	+2.7%	18.23	+3.6%	+3.6%	+7.4%
2027	3,023	−0.3%	−0.1%	+3.7%	19.66	+2.1%	+2.1%	+6.9%
2028	3,285	−1.2%	−1.0%	+2.1%	21.97	+2.5%	+2.6%	+4.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	511	528	533	537	559	603	660	708	707	707
Sales mean (mil)	513	529	541	535	526	539	641	689	698	688
Surprise	−0.3%	−0.1%	−1.4%	+0.3%	+6.1%	+12.0%	+2.9%	+2.8%	+1.3%	+2.9%
EPS reported	3.20	2.75	3.01	3.67	3.67	3.10	3.86	4.67	4.28	4.25
EPS mean	2.46	2.54	2.78	2.96	3.05	2.96	3.52	4.18	3.88	3.97
Surprise	+29.8%	+8.4%	+8.3%	+24.0%	+20.2%	+4.6%	+9.7%	+11.8%	+10.3%	+7.0%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MEDP Medpace Holdings, Inc.	18.1B	−1.26x	17.8%	30.91x	35.6x	33.0x	26.9x	25.3x
IQV IQVIA Holdings Inc	42.6B	3.64x	8.3%	6.40x	19.9x	18.2x	13.9x	13.0x
CRL Charles River Laboratories International, Inc.	16.2B	2.07x	−3.6%	5.69x	29.8x	26.6x	18.5x	16.9x
ICLR ICON PLC	15.4B	1.68x	2.8%	1.68x	19.4x	17.7x	13.6x	12.7x
QGEN QIAGEN N.V.	10.4B	1.05x	20.3%	3.10x	20.5x	19.0x	14.4x	13.5x
FTRE Fortrea Holdings Inc	1.9B	4.40x	−36.2%	3.63x	23.6x	18.0x	13.0x	11.5x
Mean		1.93x	1.6%	8.57x	24.8x	22.1x	16.7x	15.5x
Median		1.88x	5.6%	4.66x	22.0x	18.6x	14.1x	13.2x

Technical analysis

1M+8.1%
3M+12.3%
1Y+10.8%
3Y+144.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Medpace Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,530	2,109	1,886	1,460	1,142	926
Cost of revenue	1,770	1,453	1,361	1,028	814	647
Gross profit	761	656	525	432	328	279
Selling, general & administrative expenses	198	180	161	131	108	92.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	28.1	29.3	26.3	22.3	21.1	19.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	535	447	337	279	199	167
Net interest income (expense)	5.0	24.5	−2.4	1.0	2.7	0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.4	4.6	1.3	3.2	0.6	1.2
Net income before taxes	542	476	336	283	202	169
Provision for taxes	91.3	71.5	52.9	37.5	20.0	23.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	451	404	283	245	182	145
Extraordinary items	–	–	–	–	–	–
Net income	451	404	283	245	182	145
EBIT, normalized	535	447	337	279	199	167
EBITDA, normalized	563	476	363	301	220	187
Basic EPS, normalized	15.28	12.63	8.88	7.28	4.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Medpace Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	497	669	245	28.3	461	278
Receivables	402	296	298	253	186	161
Total inventory	–	–	–	–	–	–
Prepaid expenses	90.5	63.4	50.0	52.3	43.2	34.9
Other current assets	0	0	0	0	0	0
Total current assets	990	1,029	594	334	691	474
Property, plant & equipment	249	252	265	249	223	199
Goodwill	662	662	662	662	662	662
Intangibles	33.4	34.4	35.8	38.0	41.4	46.5
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	41.2	123	99.4	69.2	42.6	9.3
Total assets	1,975	2,101	1,657	1,352	1,660	1,391
Liabilities
Accounts payable	28.1	32.5	31.9	33.1	25.7	26.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	432	331	315	229	176	150
Short-term debt	0	0	0	50.0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	884	741	578	491	356	263
Total current liabilities	1,344	1,105	925	803	557	440
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	173	171	173	163	150	145
Total liabilities	1,516	1,275	1,098	966	707	585
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.3	0.3	0.3	0.3	0.4	0.4
Additional paid-in capital	936	844	803	771	728	696
Retained earnings (accumulated deficit)	−460	8.2	−222	−360	235	115
Treasury stock	−12.2	−12.2	−12.3	−12.5	−5.4	−5.6
Other equity	−4.9	−14.7	−10.1	−12.4	−4.8	−0.1
Total equity	459	826	559	386	953	806
Total liabilities & shareholders' equity	1,975	2,101	1,657	1,352	1,660	1,391

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Medpace Holdings, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	451	404	283	245	182	145
Depreciation, depletion & amortization	28.1	29.3	26.3	22.3	21.1	19.5
Deferred taxes	80.8	−26.6	−25.1	−23.0	−37.1	0.5
Non-cash items	56.9	44.6	42.9	37.3	30.8	27.0
Changes in working capital	96.3	157	106	106	66.7	66.3
Cash from operations	713	609	433	388	263	259
Investing activities
Capital expenditures	−31.4	−36.5	−36.6	−36.9	−28.3	−31.3
Other investing cash flows	0.2	8.2	2.0	−1.9	−3.1	0.1
Cash from investing	−31.1	−28.3	−34.6	−38.7	−31.4	−31.2
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−860	−154	−183	−776	−44.5	−82.3
Cash from financing	−860	−154	−183	−776	−44.5	−82.3
Foreign exchange effects	5.9	−2.5	1.1	−6.6	−4.0	0.7
Net change in cash	−172	424	217	−433	184	146
Free cash flow	682	572	397	351	235	227

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.