NASDAQ : MEDP
Medpace Holdings, Inc. — Financial statements
Healthcare · Diagnostics & Research · United States
Last price 652.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 18.24B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Medpace Holdings, Inc. (MEDP) reported revenue of 2.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.84B | 2.53B | 2.11B | 1.89B | 1.46B | 1.14B |
| Cost of Revenue | 787.83M | 732.13M | 682.10M | 638.25M | 534.89M | 441.09M |
| Gross Profit | 2.05B | 1.80B | 1.43B | 1.25B | 925.11M | 701.29M |
| Selling, General & Admin | 192.70M | 197.56M | 180.18M | 161.35M | 131.40M | 108.42M |
| Amortization of Goodwill & Intangibles | 702.00K | 946.00K | 1.44M | 2.20M | 3.35M | 5.11M |
| Other Operating Expenses | 1.22B | 1.04B | 770.65M | 723.09M | 492.67M | 373.13M |
| Operating Expenses | 1.44B | 1.26B | 980.09M | 910.77M | 646.41M | 502.67M |
| Operating Income | 607.14M | 534.93M | 446.87M | 336.82M | 278.70M | 198.62M |
| Interest Expense | -488.00K | -2.90M | -105.00K | |||
| Interest & Investment Income | 19.17M | 12.78M | 25.00M | |||
| Currency Exchange Gain (Loss) | -7.73M | -7.73M | -496.00K | -1.93M | 3.86M | 2.78M |
| Other Non Operating Income (Expenses) | 8.41M | 2.39M | 4.55M | 1.27M | 3.21M | 563.00K |
| EBT Excluding Unusual Items | 626.99M | 542.38M | 475.92M | 335.68M | 282.86M | 201.85M |
| Pretax Income | 626.99M | 542.38M | 475.92M | 335.68M | 282.86M | 201.85M |
| Income Tax Expense | 109.17M | 91.25M | 71.54M | 52.87M | 37.49M | 20.00M |
| Net Income | 517.83M | 451.12M | 404.39M | 282.81M | 245.37M | 181.85M |
| Preferred Dividends & Other Adjustments | 44.00K | 191.00K | 157.00K | 458.00K | ||
| Net Income to Common | 517.83M | 451.12M | 404.34M | 282.62M | 245.21M | 181.39M |
| Shares Outstanding (Basic) | 28.21M | 28.85M | 30.96M | 30.72M | 32.39M | 35.86M |
| Shares Outstanding (Diluted) | 28.72M | 29.53M | 32.01M | 31.84M | 33.67M | 37.70M |
| EPS (Basic) | 18.36 | 15.64 | 13.06 | 9.20 | 7.57 | 5.06 |
| EPS (Diluted) | 18.03 | 15.28 | 12.63 | 8.88 | 7.28 | 4.81 |
| Free Cash Flow | 667.63M | 681.87M | 572.27M | 396.73M | 351.17M | 235.06M |
| Free Cash Flow Per Share | 23.25 | 23.09 | 17.88 | 12.46 | 10.43 | 6.24 |
| Gross Margin | 72.24% | 71.06% | 67.66% | 66.16% | 63.36% | 61.39% |
| Operating Margin | 21.39% | 21.14% | 21.19% | 17.86% | 19.09% | 17.39% |
| Profit Margin | 18.24% | 17.83% | 19.17% | 14.99% | 16.79% | 15.88% |
| Free Cash Flow Margin | 23.52% | 26.95% | 27.13% | 21.04% | 24.05% | 20.58% |
| EBITDA | 634.46M | 563.06M | 476.12M | 363.15M | 301.04M | 219.73M |
| EBITDA Margin | 22.35% | 22.25% | 22.57% | 19.26% | 20.62% | 19.23% |
| D&A For EBITDA | 27.33M | 28.12M | 29.25M | 26.33M | 22.34M | 21.12M |
| EBIT | 607.14M | 534.93M | 446.87M | 336.82M | 278.70M | 198.62M |
| EBIT Margin | 21.39% | 21.14% | 21.19% | 17.86% | 19.09% | 17.39% |
| Effective Tax Rate | 17.41% | 16.83% | 15.03% | 15.75% | 13.26% | 9.91% |
| Advertising Expenses | 1.50M | 1.50M | 1.50M | 1.30M | 1.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 705.32M | 497.05M | 669.44M | 245.45M | 28.27M | 461.30M |
| Cash & Short-Term Investments | 705.32M | 497.05M | 669.44M | 245.45M | 28.27M | 461.30M |
| Accounts Receivable | 447.64M | 402.08M | 296.44M | 298.40M | 253.40M | 186.43M |
| Other Receivables | 24.50M | 24.10M | 9.50M | 11.30M | ||
| Receivables | 447.64M | 426.58M | 320.54M | 307.90M | 264.70M | 186.43M |
| Prepaid Expenses | 92.04M | 66.00M | 39.25M | 40.48M | 40.99M | 43.18M |
| Total Current Assets | 1.25B | 989.62M | 1.03B | 593.83M | 333.96M | 690.91M |
| Property, Plant & Equipment | 327.55M | 248.87M | 252.26M | 265.39M | 248.92M | 222.71M |
| Goodwill | 662.40M | 662.40M | 662.40M | 662.40M | 662.40M | 662.40M |
| Other Intangible Assets | 32.95M | 33.42M | 34.37M | 35.81M | 38.01M | 41.36M |
| Long-Term Deferred Tax Assets | 3.27M | 19.22M | 100.36M | 74.44M | 48.08M | 25.13M |
| Other Long-Term Assets | 31.42M | 21.94M | 22.25M | 24.97M | 21.13M | 17.42M |
| Total Assets | 2.30B | 1.98B | 2.10B | 1.66B | 1.35B | 1.66B |
| Accounts Payable | 43.68M | 28.14M | 32.53M | 31.87M | 33.07M | 25.68M |
| Accrued Expenses | 443.33M | 408.38M | 307.81M | 292.96M | 222.62M | 159.29M |
| Short-Term Debt | 50.00M | |||||
| Current Portion of Leases | 25.42M | 23.21M | 23.29M | 22.36M | 19.27M | 16.28M |
| Current Unearned Revenue | 961.86M | 854.39M | 710.59M | 559.86M | 462.73M | 344.64M |
| Other Current Liabilities | 21.81M | 29.62M | 30.34M | 18.08M | 15.78M | 11.34M |
| Total Current Liabilities | 1.50B | 1.34B | 1.10B | 925.13M | 803.47M | 557.22M |
| Long-Term Leases | 146.04M | 113.64M | 126.23M | 142.12M | 138.87M | 130.97M |
| Long-Term Deferred Tax Liabilities | 13.66M | 1.35M | 1.80M | 2.40M | 1.07M | 1.08M |
| Other Long-Term Liabilities | 61.86M | 57.66M | 42.73M | 28.22M | 22.70M | 17.75M |
| Total Liabilities | 1.72B | 1.52B | 1.28B | 1.10B | 966.11M | 707.01M |
| Common Stock | 280.00K | 284.00K | 306.00K | 308.00K | 309.00K | 360.00K |
| Additional Paid-In Capital | 978.28M | 935.83M | 844.05M | 802.68M | 770.79M | 727.86M |
| Retained Earnings | -373.57M | -459.98M | 8.17M | -221.65M | -359.83M | 234.98M |
| Treasury Stock | -12.15M | -12.16M | -12.23M | -12.32M | -12.50M | -5.43M |
| Comprehensive Income & Other | -7.90M | -4.91M | -14.74M | -10.07M | -12.39M | -4.85M |
| Shareholders' Equity | 584.94M | 459.07M | 825.54M | 558.95M | 386.39M | 952.93M |
| Total Liabilities & Equity | 2.30B | 1.98B | 2.10B | 1.66B | 1.35B | 1.66B |
| Total Debt | 171.46M | 136.85M | 149.52M | 164.49M | 208.14M | 147.24M |
| Net Cash (Debt) | 533.86M | 360.20M | 519.91M | 80.96M | -179.87M | 314.06M |
| Net Cash Per Share | 18.59 | 12.20 | 16.24 | 2.54 | -5.34 | 8.33 |
| Filing Date Shares Outstanding | 27.97M | 28.38M | 30.47M | 30.76M | 31.05M | 35.23M |
| Total Common Shares Outstanding | 27.97M | 28.37M | 30.63M | 30.75M | 31.09M | 36.01M |
| Working Capital | -251.10M | -354.12M | -75.32M | -331.30M | -469.51M | 133.69M |
| Book Value Per Share | 20.92 | 16.18 | 26.95 | 18.18 | 12.43 | 26.47 |
| Tangible Book Value | -110.41M | -236.75M | 128.78M | -139.25M | -314.02M | 249.17M |
| Tangible Book Value Per Share | -3.95 | -8.34 | 4.20 | -4.53 | -10.10 | 6.92 |
| Land | 5.14M | 5.03M | 4.83M | 2.41M | 2.45M | |
| Buildings | 40.45M | 15.81M | 16.42M | 13.59M | 13.77M | |
| Machinery | 195.96M | 180.47M | 171.56M | 145.44M | 117.58M | |
| Construction In Progress | 12.77M | 21.17M | 7.18M | 10.52M | 10.46M | |
| Order Backlog | 3.03B | 2.90B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 517.83M | 451.12M | 404.39M | 282.81M | 245.37M | 181.85M |
| Depreciation & Amortization | 27.33M | 28.12M | 29.25M | 26.33M | 22.34M | 21.12M |
| Stock-Based Compensation | 22.49M | 34.79M | 25.51M | 20.52M | 21.41M | 14.47M |
| Other Operating Activities | 69.60M | 102.91M | -7.52M | -2.77M | -7.13M | -20.82M |
| Change in Accounts Receivable | -74.24M | -106.22M | 2.24M | -48.28M | -66.92M | -24.98M |
| Change in Accounts Payable | 2.80M | 2.63M | -2.96M | 1.05M | 6.43M | 1.87M |
| Change in Unearned Revenue | 127.53M | 143.81M | 150.72M | 97.13M | 118.09M | 88.98M |
| Change in Other Net Operating Assets | 29.72M | 56.06M | 7.18M | 56.59M | 48.46M | 846.00K |
| Operating Cash Flow | 723.05M | 713.22M | 608.82M | 433.37M | 388.05M | 263.33M |
| Capital Expenditures | -55.42M | -31.36M | -36.55M | -36.65M | -36.88M | -28.27M |
| Other Investing Activities | 178.00K | 216.00K | 8.24M | 2.02M | -1.86M | -3.09M |
| Investing Cash Flow | -55.24M | -31.14M | -28.31M | -34.63M | -38.74M | -31.36M |
| Short-Term Debt Issued | 105.00M | 324.20M | ||||
| Total Debt Issued | 105.00M | 324.20M | ||||
| Short-Term Debt Repaid | -155.00M | -274.20M | ||||
| Total Debt Repaid | -155.00M | -274.20M | ||||
| Net Debt Issued (Repaid) | -50.00M | 50.00M | ||||
| Issuance of Common Stock | 48.32M | 57.00M | 15.86M | 11.38M | 22.07M | 17.64M |
| Repurchase of Common Stock | -294.76M | -917.39M | -169.87M | -144.02M | -847.85M | -62.10M |
| Financing Cash Flow | -246.44M | -860.39M | -154.01M | -182.64M | -775.77M | -44.45M |
| Foreign Exchange Rate Adjustments | -1.40M | 5.92M | -2.51M | 1.08M | -6.57M | -3.97M |
| Net Cash Flow | 419.96M | -172.39M | 423.99M | 217.18M | -433.04M | 183.54M |
| Free Cash Flow | 667.63M | 681.87M | 572.27M | 396.73M | 351.17M | 235.06M |
| Free Cash Flow Margin | 23.52% | 26.95% | 27.13% | 21.04% | 24.05% | 20.58% |
| Free Cash Flow Per Share | 23.25 | 23.09 | 17.88 | 12.46 | 10.43 | 6.24 |
| Levered Free Cash Flow | 497.78M | 472.38M | 464.59M | 346.29M | 296.41M | 214.38M |
| Unlevered Free Cash Flow | 497.78M | 472.38M | 464.59M | 346.60M | 298.23M | 214.45M |
| Cash Interest Paid | 171.00K | 3.06M | 2.94M | 123.00K | ||
| Cash Income Tax Paid | 39.72M | 39.72M | 83.57M | 76.35M | 50.16M | 56.24M |
| Change in Working Capital | 85.80M | 96.28M | 157.18M | 106.49M | 106.06M | 66.71M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.03B | 15.82B | 10.33B | 9.41B | 6.61B | 7.82B |
| Enterprise Value | 17.50B | 15.68B | 9.82B | 9.47B | 6.87B | 7.57B |
| Last Close Price | 652.01 | 561.65 | 332.23 | 306.53 | 212.41 | 217.64 |
| PE Ratio | 35.75 | 35.07 | 25.54 | 33.28 | 26.94 | 43.12 |
| Forward PE | 33.60 | 33.86 | 27.33 | 31.74 | 27.33 | 42.23 |
| PS Ratio | 6.43 | 6.25 | 4.90 | 4.99 | 4.53 | 6.85 |
| PB Ratio | 31.17 | 34.46 | 12.51 | 16.83 | 17.10 | 8.21 |
| P/TBV Ratio | 80.18 | 31.39 | ||||
| P/FCF Ratio | 27.32 | 23.20 | 18.04 | 23.71 | 18.81 | 33.28 |
| P/OCF Ratio | 25.22 | 22.18 | 16.96 | 21.70 | 17.02 | 29.70 |
| PEG Ratio | 2.38 | 2.43 | 1.74 | 1.24 | 1.24 | 13.50 |
| EV/Sales Ratio | 6.24 | 6.20 | 4.66 | 5.02 | 4.71 | 6.62 |
| EV/EBITDA Ratio | 27.90 | 27.85 | 20.63 | 26.09 | 22.83 | 34.44 |
| EV/EBIT Ratio | 29.16 | 29.31 | 21.98 | 28.13 | 24.66 | 38.10 |
| EV/FCF Ratio | 26.52 | 23.00 | 17.16 | 23.88 | 19.57 | 32.19 |
| Debt / Equity Ratio | 0.29 | 0.30 | 0.18 | 0.29 | 0.54 | 0.15 |
| Debt / EBITDA Ratio | 0.25 | 0.23 | 0.29 | 0.41 | 0.62 | 0.59 |
| Debt / FCF Ratio | 0.26 | 0.20 | 0.26 | 0.41 | 0.59 | 0.63 |
| Net Debt / Equity Ratio | -0.91 | -0.79 | -0.63 | -0.14 | 0.47 | -0.33 |
| Net Debt / EBITDA Ratio | -0.84 | -0.64 | -1.09 | -0.22 | 0.60 | -1.43 |
| Net Debt / FCF Ratio | -0.80 | -0.53 | -0.91 | -0.20 | 0.51 | -1.34 |
| Asset Turnover | 1.40 | 1.24 | 1.12 | 1.25 | 0.97 | 0.75 |
| Quick Ratio | 0.77 | 0.69 | 0.90 | 0.60 | 0.36 | 1.16 |
| Current Ratio | 0.83 | 0.74 | 0.93 | 0.64 | 0.42 | 1.24 |
| Return on Equity (ROE) | 117.88% | 70.23% | 58.42% | 59.83% | 36.64% | 20.68% |
| Return on Assets (ROA) | 18.71% | 16.40% | 14.87% | 13.99% | 11.56% | 8.14% |
| Return on Invested Capital (ROIC) | 793.61% | 219.99% | 96.91% | 54.35% | 40.12% | 27.57% |
| Return on Capital Employed (ROCE) | 75.30% | 84.70% | 44.90% | 46.00% | 50.80% | 18.00% |
| Earnings Yield | 2.80% | 2.85% | 3.92% | 3.01% | 3.71% | 2.33% |
| FCF Yield | 3.66% | 4.31% | 5.54% | 4.22% | 5.32% | 3.00% |
| Buyback Yield / Dilution | 5.07% | 7.77% | -0.54% | 5.44% | 10.68% | 0.03% |