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MEDP

Medpace Holdings, Inc.

MEDP

Medpace Holdings, Inc. • NASDAQ
$592.46 ▼ -2.33% (-14.14)
Market Cap $16.69 B
52w High $626.25
52w Low $250.05
Dividend Yield 0%
P/E 41.32
Volume 150.17K
Outstanding Shares 28.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $659.903M ▲ $55.131M ▲ $111.135M ▲ 16.841% ▲ $3.95 ▲ $149.885M ▲
Q2-2025 $603.311M ▲ $53.678M ▼ $90.26M ▼ 14.961% ▼ $3.16 ▼ $117.608M ▼
Q1-2025 $558.57M ▲ $64.827M ▲ $114.595M ▼ 20.516% ▼ $3.77 ▼ $120.453M ▼
Q4-2024 $536.589M ▲ $52.939M ▼ $117.018M ▲ 21.808% ▲ $3.78 ▲ $132.884M ▲
Q3-2024 $533.317M $56.735M $96.426M 18.08% $3.11 $119.791M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $285.351M ▲ $1.753B ▲ $1.459B ▲ $293.641M ▲
Q2-2025 $46.33M ▼ $1.572B ▼ $1.399B ▲ $172.351M ▼
Q1-2025 $441.436M ▼ $1.897B ▼ $1.304B ▲ $593.609M ▼
Q4-2024 $669.436M ▲ $2.101B ▲ $1.275B ▲ $825.545M ▼
Q3-2024 $656.9M $2.084B $1.203B $881.439M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $111.135M ▲ $246.209M ▲ $-10.66M ▼ $3.413M ▲ $239.021M ▲ $262.316M ▲
Q2-2025 $90.26M ▼ $148.526M ▲ $-6.02M ▲ $-540.564M ▼ $-395.106M ▼ $142.413M ▲
Q1-2025 $114.595M ▼ $125.836M ▼ $-9.987M ▼ $-345.966M ▼ $-228M ▼ $115.842M ▼
Q4-2024 $117.018M ▲ $190.666M ▲ $-7.562M ▲ $-168.609M ▼ $12.536M ▼ $183.023M ▲
Q3-2024 $96.426M $149.075M $-10.486M $6.274M $146.006M $138.538M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Antiviral And Anti Infective
Antiviral And Anti Infective
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Cardiology
Cardiology
 $60.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲
Central Nervous System
Central Nervous System
 $50.00M ▲$50.00M ▲$60.00M ▲$70.00M ▲
Metabolic
Metabolic
 $120.00M ▲$150.00M ▲$150.00M ▲$200.00M ▲
Oncology
Oncology
 $170.00M ▲$170.00M ▲$190.00M ▲$190.00M ▲
Other
Other
 $100.00M ▲$100.00M ▲$120.00M ▲$110.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Medpace’s income statement shows a business that has grown steadily and become more profitable over the last several years. Revenue has climbed each year, and profits have grown even faster, which suggests strong operating discipline and good pricing power. Margins have improved as the company has scaled, meaning more of each dollar of sales is dropping to the bottom line. Earnings per share have increased sharply as well, reflecting both rising profits and likely some share count discipline. The main watchpoint is that this is a project‑driven, biotech‑exposed business, so if biotech funding slows or trial activity softens, this strong profit trend could become more volatile.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets have grown, with a notable build‑up of cash in the most recent year, giving the company a comfortable liquidity cushion. Debt levels are modest relative to the size of the business, so leverage risk appears low. Shareholders’ equity has expanded over time, indicating cumulative value creation despite some fluctuations, which may reflect capital returns or accounting for share‑based compensation. Overall, Medpace appears to be operating from a position of financial strength rather than relying heavily on borrowing.

Cash Flow

Cash Flow Cash flow is a clear bright spot. Cash generated from operations has risen alongside earnings, and the company invests relatively lightly in physical assets compared with the cash it brings in. As a result, free cash flow is strong and has been trending upward. This profile—solid cash generation with moderate capital spending—gives Medpace flexibility to fund technology, hire talent, expand capabilities, or return cash to shareholders, all without straining the balance sheet. The key risk is that cash flow will remain tied to the health of the biotech and pharma funding cycle.

Competitive Edge

Competitive Edge Medpace occupies a well‑defined, attractive niche in the contract research space. It focuses on full‑service, end‑to‑end management of clinical trials, primarily for small and mid‑sized biopharma companies that often lack in‑house capabilities. Its vertical integration—owning central labs, imaging, and related services—gives it tighter control over quality, timelines, and data. Combined with a high‑touch, medically oriented culture, this creates a differentiated offering versus larger, more generic CROs. The flip side is concentration risk: dependence on smaller biotech clients and on a single, full‑service model exposes Medpace to competitive pressure from both big global CROs and more specialized or tech‑driven rivals.

Innovation and R&D

Innovation and R&D Innovation at Medpace is centered on technology platforms, process integration, and scientific depth rather than developing its own drugs. The in‑house ClinTrak system is a core asset, tying together clinical operations, labs, imaging, and patient‑reported data in one environment. The company is proactively using AI and machine learning, especially in imaging and radiopharmaceutical dosimetry, while also acknowledging the risks and governance challenges these tools bring. It is building out capabilities for decentralized and hybrid trials, including mobile apps and wearable‑enabled solutions, which align with industry shifts toward patient‑centric research. Continued progress here, plus deeper expertise in complex areas like oncology and rare diseases, will be critical to sustaining its edge as rivals also invest heavily in tech and data analytics.

Summary

Overall, Medpace combines strong growth, improving profitability, and a conservative financial structure with a clearly defined competitive niche. The business throws off healthy free cash flow, carries relatively low debt, and appears well equipped to keep investing in technology and scientific capabilities. Its vertically integrated, full‑service model and focus on emerging biopharma clients have created a meaningful moat, but also tie its fortunes to a segment that can be cyclical and sensitive to capital market conditions. Execution on AI, decentralized trials, and specialized therapeutic areas—while managing regulatory, data, and competition risks—will likely be central in determining how durable its recent financial and strategic momentum proves to be.

NEWS

October 22, 2025 · 4:15 PM UTC

Medpace Holdings, Inc. Reports Third Quarter 2025 Results

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September 23, 2025 · 4:05 PM UTC

Medpace Holdings, Inc. to Report Third Quarter 2025 Financial Results on October 22, 2025

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