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Medpace Holdings, Inc. key statistics and ratios

In fiscal 2025, Medpace Holdings, Inc. had return on equity of 70.2%, an operating margin of 21.1%, debt equal to 0.0% of equity and a current ratio of 0.74. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin5.7%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 margin22.1%18.5%19.6%19.9%21.4%24.6%20.6%24.1%21.0%27.1%26.9%23.5%
Return on equity−2.1%2.6%7.0%13.2%15.2%19.0%20.7%36.6%59.8%58.4%70.2%99.2%
Return on assets−0.9%1.4%4.1%7.5%9.4%11.5%11.9%16.3%18.8%21.5%22.1%24.2%
Asset turnover0.360.430.450.720.800.730.750.971.251.121.241.33
Current ratio0.710.790.670.680.921.081.240.420.640.930.740.83
Debt to equity94.3%27.0%43.7%13.3%0.0%0.0%0.0%12.9%0.0%0.0%0.0%0.0%
Effective tax rate—38.9%31.3%22.1%19.5%13.7%9.9%13.3%15.8%15.0%16.8%17.4%
SG&A as % of revenue15.9%14.6%14.5%10.7%11.1%10.0%9.5%9.0%8.6%8.5%7.8%6.8%
Capital spending as % of revenue1.8%3.2%2.7%2.3%2.1%3.4%2.5%2.5%1.9%1.7%1.2%2.0%
Free cash flow ÷ net income—582.5%219.0%192.1%183.1%156.4%129.3%143.1%140.3%141.5%151.1%128.9%
Dividends and buybacks ÷ free cash flow0.0%0.0%181.6%0.0%0.0%43.2%26.4%241.4%36.3%29.7%134.5%44.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: FTRE vs MEDPBIO vs MEDPBRKR vs MEDPMEDP vs QGEN

More: Life Sciences Tools & Services stocks compared, Health Care sector, rankings of US companies

Figures from Medpace Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Medpace Holdings, Inc.