Medpace Holdings, Inc.MEDP
NasdaqGS•Healthcare•Diagnostics & Research
Medpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, Asia, South America, Africa, and Australia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and 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 services. In addition, the company offers bio-analytical laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. Medpace Holdings, Inc. was founded in 1992 and is based in Cincinnati, Ohio.
Medpace Holdings, Inc. (MEDP) reported trailing twelve months revenue of $2.68B as of March 2026, a 24.2% increase year-over-year. Quarterly revenue reached $706.60M, reflecting continued top-line momentum.
Medpace Holdings, Inc. generated $460.40M in TTM net income, with quarterly EBITDA of $148.41M. The operating margin contracted from 20.3% to 20.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (20.0%) and net margin (17.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 20.5% a year ago, reflecting increased costs or interest expense.
MEDP trades at a P/E of 28.4x (in line with broad market averages) and a P/S of 4.9x. The price-to-book ratio of 21.9x indicates a significant premium over book value.
The company generated $144.97M in free cash flow over the trailing twelve months, a 25.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.13B in total assets with no in long-term debt against $598.31M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~21.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 96.3% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~31.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~21.0% — no sign of cost or pricing stress.
FCF covers net income by 1.4x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 8.2% — net buybacks are reducing shares outstanding and boosting per-share value.