MEDP

MKT CAP:$12B

Medpace Holdings, Inc.

Market Cap

$12B

Healthcare·Medical - Diagnostics & Research·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$393.42-$177.60 (-31.10%)

Apr 23, 2026

Company Details

Medpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, and Asia. It offers a suite of services supporting the clinical development process from Phase I to Phase IV in v...

CEO

August James Troendle

IPO Date

Aug 11, 2016

Website

www.medpace.com

Key Metrics TTM

Revenue

$2.7B

+24.2% YoY

Net Income

$460M

EPS (Diluted)

$15.92

Free Cash Flow

$745M

Revenue / Share

$92.48

Gross Margin

29.1%

Operating Margin

21.0%

Net Margin

17.2%

FCF Margin

27.8%

P/S

4.4x

P/E

25.6x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$707M+26.5%EPS $4.28

FY 2025

Feb 10, 2026

$2.5B+20.0%EPS $15.28

Q4 2025

Feb 10, 2026

$708M+32.0%EPS $4.67

Q3 2025

Oct 23, 2025

$660M+23.7%EPS $3.87

Q2 2025

Jul 22, 2025

$603M+14.2%EPS $3.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$351M	$99M	$60M
Q3 22	$384M	$119M	$78M
Q4 22	$394M	$116M	$76M
Q1 23	$434M	$130M	$86M
Q2 23	$461M	$124M	$78M
Q3 23	$492M	$133M	$85M
Q4 23	$498M	$137M	$87M
Q1 24	$511M	$155M	$104M
Q2 24	$528M	$154M	$105M
Q3 24	$533M	$169M	$112M
Q4 24	$537M	$178M	$125M
Q1 25	$559M	$178M	$114M
Q2 25	$603M	$180M	$126M
Q3 25	$660M	$197M	$142M
Q4 25	$708M	$205M	$153M
Q1 26	$707M	$196M	$142M

Valuation

Quarter	P/S	P/E
Q2 22	3.9x	23.9x
Q3 22	3.6x	22.1x
Q4 22	4.5x	26.6x
Q1 23	3.7x	22.6x
Q2 23	4.4x	27.3x
Q3 23	4.2x	27.3x
Q4 23	5.0x	33.2x
Q1 24	6.3x	39.5x
Q2 24	6.2x	37.2x
Q3 24	5.0x	28.2x
Q4 24	4.9x	25.5x
Q1 25	4.2x	21.6x
Q2 25	4.1x	22.1x
Q3 25	6.3x	34.1x
Q4 25	6.5x	36.7x
Q1 26	4.9x	28.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$97M	$85M
Q3 22	$108M	$101M
Q4 22	$137M	$127M
Q1 23	$80M	$71M
Q2 23	$83M	$74M
Q3 23	$114M	$106M
Q4 23	$156M	$146M
Q1 24	$153M	$147M
Q2 24	$116M	$104M
Q3 24	$149M	$139M
Q4 24	$191M	$183M
Q1 25	$126M	$116M
Q2 25	$149M	$142M
Q3 25	$246M	$262M
Q4 25	$193M	$188M
Q1 26	$152M	$152M

Capital Expenditures

Quarter	CapEx
Q2 22	$11M
Q3 22	$7M
Q4 22	$9M
Q1 23	$10M
Q2 23	$8M
Q3 23	$9M
Q4 23	$10M
Q1 24	$5M
Q2 24	$13M
Q3 24	$11M
Q4 24	$8M
Q1 25	$10M
Q2 25	$6M
Q3 25	$16M
Q4 25	$5M
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+26.2%	+23.4%
Q3 22	+29.8%	+26.5%
Q4 22	+27.7%	+25.2%
Q1 23	+31.2%	+30.4%
Q2 23	+31.2%	+31.4%
Q3 23	+28.3%	+33.2%
Q4 23	+26.5%	+29.4%
Q1 24	+17.7%	+17.0%
Q2 24	+14.6%	+10.6%
Q3 24	+8.3%	+3.3%
Q4 24	+7.7%	+0.0%
Q1 25	+9.3%	+9.4%
Q2 25	+14.2%	+12.8%
Q3 25	+23.7%	+23.1%
Q4 25	+32.0%	+35.0%
Q1 26	+26.5%	+27.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$6M	1.6%
Q3 22	$6M	1.5%
Q4 22	$6M	1.4%
Q1 23	$5M	1.3%
Q2 23	$5M	1.1%
Q3 23	$5M	1.0%
Q4 23	$5M	1.0%
Q1 24	$4M	0.8%
Q2 24	$4M	0.7%
Q3 24	$12M	2.2%
Q4 24	$6M	1.1%
Q1 25	$17M	3.0%
Q2 25	$6M	1.0%
Q3 25	$6M	1.0%
Q4 25	$0	0.0%
Q1 26	$5M	0.7%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 22	—	—	$33M
Q3 22	—	—	$35M
Q4 22	—	—	$33M
Q1 23	—	—	$38M
Q2 23	—	—	$39M
Q3 23	—	—	$41M
Q4 23	—	—	$43M
Q1 24	—	—	$44M
Q2 24	—	—	$41M
Q3 24	—	—	$49M
Q4 24	$44M	$2M	—
Q1 25	—	—	$58M
Q2 25	—	—	$47M
Q3 25	—	—	$48M
Q4 25	—	—	$45M
Q1 26	—	—	$48M

Revenue Segments

Quarter	Antiviral And Anti Infective	Cardiology	Central Nervous System	Metabolic	Oncology	Other	Revenue Net
Q2 22	$26M	$42M	$39M	$56M	$116M	$74M	$17M
Q1 24	$44M	$56M	$44M	$104M	$155M	$108M	—
Q2 24	$39M	$61M	$47M	$106M	$163M	$112M	—
Q3 24	$38M	$56M	$42M	$125M	$165M	$107M	—
Q4 24	$35M	$58M	$49M	$123M	$168M	$103M	—
Q1 25	$31M	$58M	$55M	$148M	$170M	$96M	—
Q2 25	$29M	$59M	$61M	$148M	$189M	$118M	—
Q3 25	$37M	$59M	$66M	$199M	$193M	$106M	—
Q4 25	$38M	$63M	$73M	$250M	$196M	$88M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$43M	$0	$43M
Q3 22	$31M	$0	$31M
Q4 22	$28M	$0	$28M
Q1 23	$47M	$0	$47M
Q2 23	$39M	$0	$39M
Q3 23	$95M	$0	$95M
Q4 23	$245M	$0	$245M
Q1 24	$407M	$0	$407M
Q2 24	$511M	$0	$511M
Q3 24	$657M	$0	$657M
Q4 24	$669M	$0	$669M
Q1 25	$441M	$0	$441M
Q2 25	$46M	$0	$46M
Q3 25	$285M	$0	$285M
Q4 25	$497M	$0	$497M
Q1 26	$653M	$0	$653M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	34M	-7.3%	-10.7%
Q3 22	32M	-4.3%	0.0%
Q4 22	32M	+0.5%	-14.1%
Q1 23	32M	-0.8%	-11.6%
Q2 23	32M	-1.8%	-6.3%
Q3 23	32M	+0.6%	-1.5%
Q4 23	32M	+0.2%	-1.8%
Q1 24	32M	+0.6%	-0.5%
Q2 24	32M	+0.3%	+1.6%
Q3 24	32M	+0.0%	+1.0%
Q4 24	32M	-0.2%	+0.6%
Q1 25	31M	-2.6%	-2.5%
Q2 25	30M	-3.3%	-6.0%
Q3 25	30M	-1.5%	-7.4%
Q4 25	29M	-2.5%	-9.5%
Q1 26	29M	-0.0%	-7.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$78.0K	5K
Q3 22	$85.3K	5K
Q4 22	$75.8K	5K
Q1 23	$83.5K	5K
Q2 23	$88.6K	5K
Q3 23	$94.7K	5K
Q4 23	$84.5K	6K
Q1 24	$86.6K	6K
Q2 24	$89.5K	6K
Q3 24	$90.4K	6K
Q4 24	$90.9K	6K
Q1 25	$94.7K	6K
Q2 25	$102.3K	6K
Q3 25	$111.8K	6K
Q4 25	$114.3K	6K
Q1 26	$114.0K	6K

Revenue / Employee