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Medpace Holdings, Inc. (MEDP) stock

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NASDAQ: MEDP Nasdaq Life Sciences Tools & Services Next results ~February 8, 2027

A Fundamentals grade

Medpace Holdings, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$920

Cash-flow model

Base case. Range ~$700–$1200 across our lower- and higher-growth cases (13.6%–23.6% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 39% above it.

Price used: $667.31, November 3, 2026

Medpace Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Medpace Holdings files

10-Q filed October 22: Medpace

Model value −2.4%

Revenue for the twelve months to September 2026 reached $2.84bn, up 20.4% on a year earlier. That pace has eased from the 24.7% recorded a quarter earlier, though it still ranks 176 of the 934 companies we cover. Less encouraging is the free-cash-flow margin, which slipped to 23.5% from 28.7% a year ago. Working in shareholders' favour, the diluted share count is down 5.1% over the same period, lifting the claim attached to each remaining share. Taken together, these shifts pull our model value down from $933 to $911 a share. The stock currently trades at $654.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Medpace stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.78bn, up 24.7% on a year earlier, about the same pace as a quarter earlier. That growth ranks 136 of 931 among all the companies we cover. Free-cash-flow margin held at 25.4%. The diluted share count is down 7.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $1,089 a share, against a share price of $631. At that price, our model says the market is pricing in about 9.6% a year of cash-flow growth for five years, slower than the 19.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 8, 2027 (estimated)

Medpace Holdings, Inc.'s trailing-twelve-month revenue grew 20.4% year on year, with a free-cash-flow margin of 23.5%. Where it stands out: change in share count of -5.1% ranks 1 of 46 life sciences tools & services companies we cover. Where it lags: change in growth rate of -4.3pp ranks 45 of 54 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$920 per share in the base case (~$700–$1200 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1.4% while net income grew 19.6%: a 21pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $648.14 is 43% below our value per share of $920.
  • Fast growth. Revenue grew 20.4% over the last 12 months, against a median of 6.9% for life sciences tools & services companies we cover.
  • Strong cash generation. 23.5% of revenue turned into free cash flow, against a median of -1.3% for life sciences tools & services companies we cover.
  • Shrinking share count. Diluted shares fell 5.1% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.7bn.

Things to watch

  • Insiders selling. 9 insiders sold $454M of stock over the past 365 days and none bought (3% under pre-set trading plans).
  • Growth easing. The growth rate is 4.3 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -4.3pp ranks 45 of 54 life sciences tools & services companies we cover (median +0.4pp).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$4.84 against an average estimate of $4.46: beat by 8.5%
Revenue
$716m, up 8.5% on a year earlier
Share reaction
+5.1% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
2026 revenue $2.84bn to $2.86bn (2026); 2026 revenue growth growth 12% to 12.8% (2026)
Next report
October 21, 2026; average EPS estimate $4.88

Medpace Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.0%
  • 1 week-1.0%
  • 1 month+11.3%
  • This year+15.4%
  • 1 year+12.3%
  • 5 years+193.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.8B
Operating margin
21.4%
Net margin
18.2%
EPS (TTM, diluted)
$18.04

Growth

Revenue growth
+20.4%
Change in growth rate
−4.3 pts
Share count change
−5.1%

Cash

Free cash flow (TTM)
$668M
FCF margin
23.5%
Stock pay % of revenue
0.8%

Earnings

Last results
October 21, 2026
Next results (est.)
February 8, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Our research
  4. Results
  5. Guidance
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Insider trade
  14. Insider trade
  15. Insider trade
  16. Insider trade
  17. Insider trade
  18. Insider trade
  19. Insider trade
  20. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Medpace Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 9.6% a year of cash-flow growth for five years.That is slower than the 20.0% a year revenue growth Medpace Holdings has delivered.

  • Priced in9.6%
  • Last 12 months20.4%
  • 3 years a year16.8%
  • 5 years a year20.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($666.04, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$920
Price used
$666.04close November 3, 2026
Implied change
▲ +39%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Medpace Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($702M, FY2026 Q3 TTM), growing 8.4% and 14.3% in the next two years (forecasts, guidance and its record), then back to 18.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$700–~$1200 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Medpace Holdings, Inc.'s free cash flow after stock-based pay ( $702M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Medpace Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$920 ~$700–$1200 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$450 ~$360–$580 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$160–$220 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$620 ~$180–$920 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Medpace Holdings, Inc. with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −18%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $388$517$689$915$1210$1591
8.5% $303$396$520$682$892$1163
10% $251$324$419$543$703$908

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$36.07$36.26$52.93$84.06$139.20$217.64$212.41$306.53$332.23$561.65$648.14
Market value$1.3bn$1.4bn$2.0bn$3.2bn$5.2bn$8.2bn$7.2bn$9.8bn$10.6bn$16.6bn$18.6bn
+ Net debt (− = net cash)$128m$196m−$23m−$132m−$278m−$461m$22m−$245m−$669m−$497m−$705m
Enterprise value$1.4bn$1.6bn$1.9bn$3.0bn$5.0bn$7.7bn$7.2bn$9.5bn$10.0bn$16.1bn$17.9bn
Multiples
Price / sales 3.1x3.3x2.8x3.7x5.7x7.2x4.9x5.2x5.0x6.6x6.6x
Price / earnings 97.6x36.9x26.7x31.4x36.1x45.1x29.1x34.5x26.3x36.8x35.9x
Price / free cash flow 16.8x16.9x13.9x17.2x23.1x34.9x20.4x24.6x18.6x24.3x27.9x
EV / EBITDA 24.0x22.3x17.5x22.3x27.8x36.1x24.1x26.4x21.0x28.6x28.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

89 /100

Strong moat

How hard Medpace Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 14.3% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.2%; its worst year was 13.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 23.8% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (94 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $18.36 +20% $2.8bn +13%
Next $19.85 +8% $3.0bn +6%

Next year's EPS estimate has moved +2.8% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.7% on 90 days ago. In the last 30 days, 2 analysts raised Medpace Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Medpace Holdings, Inc., last 90 days
$17.00 $18.00 $19.00 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.70 Current fiscal year, 60 days ago: $17.70 Current fiscal year, 30 days ago: $17.70 Current fiscal year, 7 days ago: $17.72 Current fiscal year, Now: $18.36 $18.36 Next fiscal year, 90 days ago: $19.31 Next fiscal year, 60 days ago: $19.31 Next fiscal year, 30 days ago: $19.31 Next fiscal year, 7 days ago: $19.32 Next fiscal year, Now: $19.85 $19.85

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.70$19.31
60 days ago $17.70$19.31
30 days ago $17.70$19.31
7 days ago $17.72$19.32
Now $18.36$19.85

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.46 $4.84 +8.5%
Jun 2026 $4.00 $4.25 +6.2%
Mar 2026 $3.96 $4.28 +8.2%
Dec 2025 $4.23 $4.67 +10.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • 2026 revenue 2026 $2.835bn to $2.855bn
    “The Company forecasts 2026 revenue in the range of $2.835 billion to $2.855 billion, representing growth of 12.0% to 12.8% over 2025 revenue of $2.530 billion.” source
  • 2026 revenue growth 2026 12% growth to 12.8% growth
    “The Company forecasts 2026 revenue in the range of $2.835 billion to $2.855 billion, representing growth of 12.0% to 12.8% over 2025 revenue of $2.530 billion.” source
  • diluted earnings per share (GAAP) 2026 $17.97 to $18.32 GAAP
    “Based on forecasted 2026 revenue of $2.835 billion to $2.855 billion and GAAP net income of $514.0 million to $524.0 million, diluted earnings per share (GAAP) is forecasted in the range of $17.97 to $18.32.” source
  • full year 2026 GAAP net income full year 2026 $514m to $524m GAAP
    “GAAP net income for full year 2026 is forecasted in the range of $514.0 million to $524.0 million.” source
  • full year 2026 EBITDA full year 2026 $638m to $652m Non-GAAP
    “Additionally, full year 2026 EBITDA is expected in the range of $638.0 million to $652.0 million.” source
  • full year 2026 tax rate full year 2026 19% to 19.5%
    “This guidance assumes a full year 2026 tax rate of 19.0% to 19.5%, interest income of $22.9 million, foreign exchange rates as of September 30, 2026, and 28.6 million diluted weighted average shares outstanding.” source
Show 1 more item
  • interest income full year 2026 about $22.9m
    “This guidance assumes a full year 2026 tax rate of 19.0% to 19.5%, interest income of $22.9 million, foreign exchange rates as of September 30, 2026, and 28.6 million diluted weighted average shares outstanding.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Medpace Holdings, Inc.'s revenue by +8.4% next year and +14.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.9%, weight 55%) , management guidance (+4.8%, weight 19%) and the company's own record (+18.6%, weight 26%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy214%
Hold1179%
Sell17%

Monthly trend

  1. Oct 20261111114
  2. Sep 20261111114
  3. Aug 20261110113

Counts of recommendations published by analysts covering Medpace Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.2%
of tradable shares
Days to cover
6.09
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
18.7%
of shares
Employees
6,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +10.8%

$584.91 on October 31, 2025 to $648.14

ThenNowEffect
Revenue (last 12 months) $2.2bn $2.8bn +24.7%
Net margin 18.7% 17.7% −5.7%
P/E multiple 43.5x 38.0x −12.5%
Share count 31m 29m +7.8%

Biggest factor: revenue.

Last 3 years +136.4%

$274.21 on November 3, 2023 to $648.14

ThenNowEffect
Revenue (last 12 months) $1.7bn $2.8bn +66.3%
Net margin 16.1% 17.7% +10.0%
P/E multiple 32.8x 38.0x +16.0%
Share count 32m 29m +11.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MEDP+56%−2%+44%+8%+69%+15%
Industry peers (median)+4%−53%−3%−15%−7%+16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MEDP67%58%75%33%67%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MEDP−18%−40%−27%−32%−23%−37%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since August 11, 2016: 43% from December 27, 2021 to April 27, 2022. Getting back needed a 75% gain, reached on January 13, 2023, 261 days after the low.

Price behaviour

52-week range
$393.42 – $692.68
From 52-week high
−6.4%
vs 50-day average
+4.6%
vs 200-day average
+22.4%
Volatility (1 year)
44%
Beta vs S&P 500
0.68

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±15.0%
After a week
7 up, 5 down
typical move ±13.4%
After a month
6 up, 5 down
typical move ±14.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +5.1% −0.7% +11.3% —
July 22, 2026 +13.9% −1.3% +10.0% +15.2%
April 22, 2026 −23.6% +0.6% −19.7% −16.5%
February 9, 2026 −17.7% +0.2% −21.0% −11.9%
October 22, 2025 +9.3% +0.1% +7.1% +7.4%
July 21, 2025 +53.2% +0.2% +45.3% +48.2%
April 21, 2025 −4.7% +0.2% +0.6% +3.5%
February 10, 2025 −7.4% +0.8% −3.8% −8.2%
October 21, 2024 −8.4% −0.2% −7.6% −11.6%
July 22, 2024 −15.2% +0.9% −8.6% −7.6%
April 22, 2024 +9.4% +2.1% +7.6% +6.6%
February 12, 2024 +11.6% −1.4% +17.7% +25.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Medpace Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Medpace Holdings, Inc. in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Medpace Holdings, Inc.
$1.5B $2B $2.5B $3B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.9B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.2B Revenue (TTM), FY25 Q3: $2.4B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.7B Revenue (TTM), FY26 Q2: $2.8B Revenue (TTM), FY26 Q3: $2.8B $2.8B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.9B
FY24 Q1 $2B
FY24 Q2 $2B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2.2B
FY25 Q2 $2.2B
FY25 Q3 $2.4B
FY25 Q4 $2.5B
FY26 Q1 $2.7B
FY26 Q2 $2.8B
FY26 Q3 $2.8B
Revenue growth, TTM YoY Medpace Holdings, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 29.2% Revenue growth, TTM YoY, FY24 Q1: 25.6% Revenue growth, TTM YoY, FY24 Q2: 21.4% Revenue growth, TTM YoY, FY24 Q3: 16.2% Revenue growth, TTM YoY, FY24 Q4: 11.8% Revenue growth, TTM YoY, FY25 Q1: 9.9% Revenue growth, TTM YoY, FY25 Q2: 9.9% Revenue growth, TTM YoY, FY25 Q3: 13.9% Revenue growth, TTM YoY, FY25 Q4: 20.0% Revenue growth, TTM YoY, FY26 Q1: 24.2% Revenue growth, TTM YoY, FY26 Q2: 24.7% Revenue growth, TTM YoY, FY26 Q3: 20.4% 20.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 29.2%
FY24 Q1 25.6%
FY24 Q2 21.4%
FY24 Q3 16.2%
FY24 Q4 11.8%
FY25 Q1 9.9%
FY25 Q2 9.9%
FY25 Q3 13.9%
FY25 Q4 20.0%
FY26 Q1 24.2%
FY26 Q2 24.7%
FY26 Q3 20.4%
Operating margin (TTM) Medpace Holdings, Inc.
17% 18% 19% 20% 21% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.9% Operating margin (TTM), FY24 Q1: 18.1% Operating margin (TTM), FY24 Q2: 18.8% Operating margin (TTM), FY24 Q3: 19.7% Operating margin (TTM), FY24 Q4: 21.2% Operating margin (TTM), FY25 Q1: 21.2% Operating margin (TTM), FY25 Q2: 21.4% Operating margin (TTM), FY25 Q3: 21.5% Operating margin (TTM), FY25 Q4: 21.1% Operating margin (TTM), FY26 Q1: 21.0% Operating margin (TTM), FY26 Q2: 21.0% Operating margin (TTM), FY26 Q3: 21.4% 21.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.9%
FY24 Q1 18.1%
FY24 Q2 18.8%
FY24 Q3 19.7%
FY24 Q4 21.2%
FY25 Q1 21.2%
FY25 Q2 21.4%
FY25 Q3 21.5%
FY25 Q4 21.1%
FY26 Q1 21.0%
FY26 Q2 21.0%
FY26 Q3 21.4%
FCF margin (TTM) Medpace Holdings, Inc.
20% 22% 24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.0% FCF margin (TTM), FY24 Q1: 24.1% FCF margin (TTM), FY24 Q2: 24.8% FCF margin (TTM), FY24 Q3: 25.9% FCF margin (TTM), FY24 Q4: 27.1% FCF margin (TTM), FY25 Q1: 25.1% FCF margin (TTM), FY25 Q2: 26.0% FCF margin (TTM), FY25 Q3: 28.7% FCF margin (TTM), FY25 Q4: 26.9% FCF margin (TTM), FY26 Q1: 26.5% FCF margin (TTM), FY26 Q2: 25.4% FCF margin (TTM), FY26 Q3: 23.5% 23.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.0%
FY24 Q1 24.1%
FY24 Q2 24.8%
FY24 Q3 25.9%
FY24 Q4 27.1%
FY25 Q1 25.1%
FY25 Q2 26.0%
FY25 Q3 28.7%
FY25 Q4 26.9%
FY26 Q1 26.5%
FY26 Q2 25.4%
FY26 Q3 23.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Medpace Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.5B
  2. Selling, general and admin $198M · 7.8%
  3. Other operating costs $1.8B · 71.1%
  4. Operating income $535M · 21.1%
  5. Income tax $91.3M · 3.6%
  6. Net income $451M · 17.8%

Shares of revenue. Source: Medpace Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 359 422 436 705 861 926 1,142 1,460 1,886 2,109 2,530 2,838
EBITDA 27 60 73 110 136 179 215 298 361 475 562 634
Operating income 21 52 65 101 127 167 199 279 337 447 535 607
Net income −9 13 39 73 100 145 182 245 283 404 451 518
Diluted EPS −$0.28 $0.37 $0.98 $1.97 $2.67 $3.84 $4.81 $7.28 $8.88 $12.63 $15.28 $18.04
Growth (year on year)
Revenue — +17.4% +3.5% +61.5% +22.2% +7.5% +23.4% +27.8% +29.2% +11.8% +20.0% +20.4%
EBITDA — +122.5% +22.5% +50.2% +23.0% +31.8% +20.1% +38.7% +21.3% +31.5% +18.4% +18.6%
Operating income — +155.3% +23.6% +55.8% +25.9% +31.3% +18.9% +40.3% +20.9% +32.7% +19.7% +19.7%
Net income — — +191.4% +87.1% +37.2% +44.7% +25.1% +34.9% +15.3% +43.0% +11.6% +19.6%
Diluted EPS — — +164.9% +101.0% +35.5% +43.8% +25.3% +51.4% +22.0% +42.2% +21.0% +26.0%
Margins
EBITDA margin 7.5% 14.2% 16.8% 15.7% 15.8% 19.3% 18.8% 20.4% 19.1% 22.5% 22.2% 22.3%
Operating margin 5.7% 12.5% 14.9% 14.3% 14.8% 18.0% 17.4% 19.1% 17.9% 21.2% 21.1% 21.4%
Net margin −2.4% 3.2% 9.0% 10.4% 11.7% 15.7% 15.9% 16.8% 15.0% 19.2% 17.8% 18.2%
Free-cash-flow margin 22.1% 18.5% 19.6% 19.9% 21.4% 24.6% 20.6% 24.1% 21.0% 27.1% 26.9% 23.5%
Cash flow
Cash from operations 86 92 97 157 202 259 263 388 433 609 713 723
Capital spending 6 14 12 16 18 31 28 37 37 37 31 55
Free cash flow 79 78 86 141 184 227 235 351 397 572 682 668
Stock-based pay 22 10 4 6 21 14 14 21 21 26 35 22
Free cash flow after stock pay 57 68 81 134 163 214 221 330 376 547 647 645
Balance sheet
Cash 15 37 26 23 132 278 461 28 245 669 497 705
Total debt 390 165 223 — 0 0 0 50 0 0 0 0
Net debt (negative = net cash) 375 128 196 −23 −132 −278 −461 22 −245 −669 −497 −705
Diluted shares 31m 36m 40m 37m 38m 38m 38m 34m 32m 32m 30m 29m
Returned to shareholders
Buybacks 0 0 156 0 0 98 62 848 144 170 917 295
Total returned 0 0 156 0 0 98 62 848 144 170 917 295

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · September 30, 2026
What it owns · $2.3bn
Short-term assets $1.2bnLonger-term assets $1.1bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $1.5bnLonger-term liabilities $222mShareholders' equity $585m
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $222m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Medpace Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$295M
Returned to shareholders
44%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−5.1%
year over year
Total shareholder yield
1.6%
dividends 0.0% + buybacks 1.6% of market value
Sales & admin spending
6.8%
of revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated MEDP FTRE BIO BRKR QGEN CRL Median
Revenue, last 12 months $2.8bn $2.7bn $2.6bn $3.5bn $2.1bn $4.0bn $229m
Revenue growth, last 12 months 20.4% −3.4% 1.4% 1.6% 5.7% −0.7% 6.9%
Revenue growth, 3-year average 16.8% 0.4% −2.2% 8.8% 17.1% −1.5% 2.9%
Revenue growth, latest quarter 8.5% −1.4% −0.1% 5.2% — −2.7% 8.5%
Gross margin — — 51.9% 46.4% 62.2% 36.7% 51.9%
Operating margin 21.4% 0.5% 2.1% −0.9% 22.3% 2.3% −14.3%
Operating margin, 3-year average 20.9% −12.5% 7.9% 5.1% 20.4% 6.4% −22.4%
Net margin 18.2% −2.6% 8.6% −2.0% 20.3% −6.0% −16.1%
Cash from operations / revenue 25.5% 7.6% 19.0% 5.4% 31.3% 14.6% 1.3%
Free-cash-flow margin 23.5% 6.3% 13.6% 2.7% 21.7% 9.3% −2.2%
Free-cash-flow margin, 3-year average 26.0% 4.7% 11.7% 3.2% 18.5% 11.9% 0.6%
Stock pay / revenue 0.8% 1.9% 2.3% 0.6% 2.4% 2.1% 4.4%
Change in share count −5.1% 1.3% −3.1% −2.0% −2.6% −3.9% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 20.4% 6.9% 10 of 54
Change in growth rate Growth -4.3pp +0.4pp 45 of 54
Operating margin Profitability 21.4% -14.3% 3 of 52
Net margin Profitability 18.2% -12.2% 6 of 54
Free-cash-flow margin Cash generation 23.5% -1.3% 2 of 54
Stock pay as % of revenue Cash generation 0.8% 4.4% 5 of 53
Change in share count Balance sheet -5.1% 1.0% 1 of 46

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Oncology $748M 29.5% ▲ 14.8%
Metabolic $745M 29.4% ▲ 62.8%
Other $409M 16.1% ▼ 5.3%
Central Nervous System $255M 10.1% ▲ 40.0%
Cardiology $239M 9.5% ▲ 3.9%
Antiviral and Anti Infective $135M 5.3% ▼ 13.8%

From Medpace Holdings, Inc.'s 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13B
Institutions reporting
691
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
66 / 99

Top buyers and sellers, Q2 2026: 270 institutions bought and 404 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.8M shares) and the biggest seller D. E. Shaw & Co., Inc (−198K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.3B 2.5M 10.2% ▲ 1.1%
Price T Rowe Associates Inc $1.1B 2.1M 8.4% ▲ 614.9%
AQR Capital Management LLC $677M 1.3M 5.2% ▼ 5.5%
Vanguard Portfolio Management LLC $600M 1.1M 4.6% ▲ 1.0%
Vanguard Capital Management LLC $544M 1.0M 4.2% ▲ 1.6%
State Street Corp $376M 711K 2.9% ▲ 4.2%
Geode Capital Management, LLC $376M 710K 2.9% ▼ 4.6%
Wasatch Advisors LP $337M 637K 2.6% ▼ 17.7%
Invesco Ltd. $307M 579K 2.4% ▲ 0.3%
Baillie Gifford & Co $251M 473K 1.9% ▼ 6.0%
Arrowstreet Capital, Limited Partnership $227M 429K 1.7% ▲ 8.4%
Renaissance Technologies LLC $220M 416K 1.7% ▼ 17.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Medpace Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $454M 56 trades by 9 insiders · 3% under pre-set plans
Net ▼ $454M net selling
Insider Date Trade Shares Price Value
Ewald Stephen P General Counsel & Corp. Secy. October 29, 2026 Sell 1,245 $690.00 $859,050
Burwig Susan E Exec. VP, Operations October 27, 2026 Sell 3,940 $677.00 $2.7M
Burwig Susan E Exec. VP, Operations October 26, 2026 Sell 16,060 $677.00 $10.9M
Troendle August J. President & CEO September 30, 2026 Sell 21,966 $625.47 $13.7M
Troendle August J. President & CEO September 29, 2026 Sell 26,701 $621.02 $16.6M
Troendle August J. President & CEO September 28, 2026 Sell 2,410 $620.07 $1.5M
Troendle August J. President & CEO September 25, 2026 Sell 154 $620.60 $95,572
Troendle August J. President & CEO September 24, 2026 Sell 27,833 $621.33 $17.3M
Troendle August J. President & CEO September 23, 2026 Sell 16,083 $628.64 $10.1M
Troendle August J. President & CEO September 22, 2026 Sell 49,018 $628.11 $30.8M
Troendle August J. President & CEO September 21, 2026 Sell 21,883 $623.29 $13.6M
Troendle August J. President & CEO September 17, 2026 Sell 10,880 $620.40 $6.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 2 sales of Medpace Holdings, Inc. shares.

  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded May 15, 2026, filed May 28, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded May 15, 2026, filed May 28, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded February 26, 2026, filed March 6, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 8, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • February 9, 2026
  • October 22, 2025
  • July 21, 2025

Recent SEC filings

Data status

When each part of this page on Medpace Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Medpace Holdings, Inc. in brief

What does Medpace Holdings, Inc. do?
Medpace Holdings, Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Medpace Holdings, Inc.'s stock ticker?
Medpace Holdings, Inc. trades under the ticker MEDP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Medpace Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Medpace Holdings, Inc. reported revenue of $2.8B, 20.4% higher than a year earlier, according to its SEC filings.
What is Medpace Holdings, Inc.'s free cash flow?
Medpace Holdings, Inc.'s free-cash-flow margin is 23.5% of revenue over the trailing twelve months, ranking 2 of the 54 life sciences tools & services companies we cover.
What is Medpace Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Medpace Holdings, Inc.'s free cash flow after stock-based pay gives ~$920 per share in the base case, and ~$700–$1200 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Medpace Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Medpace Holdings, Inc. buying back stock, and does it pay a dividend?
Medpace Holdings, Inc. spent $295M on share repurchases over the trailing twelve months, and its diluted share count fell 5.1% over the year.
What is Medpace Holdings, Inc.'s market cap?
On November 2, 2026, Medpace Holdings, Inc.'s market capitalisation was about $18.6B, with a price-to-earnings ratio of 35.9 and net debt of -$705M. Market figures come from third-party market data and may be delayed.
Who are Medpace Holdings, Inc.'s competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Medpace Holdings, Inc. are Fortrea Holdings Inc., Bio-rad Laboratories, Inc., Bruker Corp, Qiagen N.V. and Charles River Laboratories. The side-by-side comparison below sets their revenue, margins and growth against Medpace Holdings, Inc.'s.
Are insiders buying or selling Medpace Holdings, Inc. stock?
Over the last 12 months, Medpace Holdings, Inc.'s directors and officers reported 0 open-market purchases and 56 sales on Form 4. The insider trading page charts every trade.
When is Medpace Holdings, Inc.'s next earnings date?
Around February 8, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Medpace Holdings, Inc. announces its own schedule.