Medpace Holdings, Inc. MEDP
We are one of the world's leading clinical contract research organizations, or CROs, by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Our mission is to accelerate the global development of safe and effective medical therapeutics. We differentiate ourselves from our competitors by our disciplined operating model centered on providing full-service Phase I-IV clinical development services and our therapeutic expertise. We believe this combination results in timely and cost-effective delivery of clinical development services for our customers. We believe that we are a partner of choice for small and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers. Accordingly, our business strategy aims to continue to expand our market share in the growing Phase I-IV CRO market as we conduct clinical trials across all major therapeutic areas, with particular strength in Oncology, Metabolic, Cardiology, Antiviral and Anti-infective (AVAI) and Central Nervous System (CNS).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.53B | $2.11B | $1.89B | $1.46B | $1.14B | $925.9M | $861.0M | $704.6M | $436.2M | $421.6M |
| SG&A | $197.6M | $180.2M | $161.4M | $131.4M | $108.4M | $92.2M | $95.2M | $75.7M | $63.4M | $61.5M |
| Total operating expenses | $2.00B | $1.66B | $1.55B | $1.18B | $943.8M | $758.9M | $733.7M | $603.5M | $371.3M | $369.1M |
| Operating income | $534.9M | $446.9M | $336.8M | $278.7M | $198.6M | $167.0M | $127.3M | $101.0M | $64.9M | $52.5M |
| Pre-tax income | $542.4M | $475.9M | $335.7M | $282.9M | $201.9M | $168.5M | $124.8M | $94.0M | $56.9M | $22.0M |
| Income tax | $91.3M | $71.5M | $52.9M | $37.5M | $20.0M | $23.1M | $24.4M | $20.8M | $17.8M | $8.5M |
| Net income | $451.1M | $404.4M | $282.8M | $245.4M | $181.8M | $145.4M | $100.4M | $73.2M | $39.1M | $13.4M |
| EPS, basic | 15.64 | 13.06 | 9.20 | 7.57 | 5.06 | 4.07 | 2.79 | 2.05 | 1.00 | 0.38 |
| EPS, diluted | 15.28 | 12.63 | 8.88 | 7.28 | 4.81 | 3.84 | 2.67 | 1.97 | 0.98 | 0.37 |
| Shares, diluted (wtd. avg.) | $29.5M | $32.0M | $31.8M | $33.7M | $37.7M | $37.7M | $37.6M | $36.9M | $39.8M | $36.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $497.0M | $669.4M | $245.4M | $28.3M | $461.3M | $277.8M | $131.9M | $23.3M | $26.5M | $37.4M |
| Receivables | $402.1M | $296.4M | $298.4M | $253.4M | $186.4M | $161.0M | $155.7M | $133.4M | $83.1M | $79.8M |
| Total current assets | $989.6M | $1.03B | $593.8M | $334.0M | $690.9M | $473.7M | $317.0M | $177.7M | $130.0M | $133.2M |
| Property, plant and equipment | $131.1M | $123.6M | $120.6M | $109.8M | $93.2M | $85.0M | $47.3M | $37.6M | $48.7M | $43.8M |
| Goodwill | $662.4M | $662.4M | $662.4M | $662.4M | $662.4M | $662.4M | $662.4M | $661.0M | $661.0M | $661.0M |
| Other intangibles | $33.4M | $34.4M | $35.8M | $38.0M | $41.4M | $46.5M | $54.4M | $69.2M | $98.7M | $136.1M |
| Total assets | $1.98B | $2.10B | $1.66B | $1.35B | $1.66B | $1.39B | $1.14B | $1.00B | $950.7M | $979.1M |
| Accounts payable | $28.1M | $32.5M | $31.9M | $33.1M | $25.7M | $26.6M | $22.4M | $16.7M | $16.7M | $10.9M |
| Short-term debt | — | — | $0 | $50.0M | $0 | — | — | $0 | $16.5M | $12.4M |
| Total current liabilities | $1.34B | $1.10B | $925.1M | $803.5M | $557.2M | $440.1M | $343.0M | $263.1M | $192.7M | $168.6M |
| Long-term debt | — | — | — | — | — | — | $0 | $79.7M | $205.1M | $151.3M |
| Total liabilities | $1.52B | $1.28B | $1.10B | $966.1M | $707.0M | $584.9M | $416.8M | $405.9M | $447.2M | $368.4M |
| Retained earnings | -$460.0M | $8.2M | -$221.6M | -$359.8M | $235.0M | $115.2M | $68.1M | -$32.3M | -$120.4M | -$9.6M |
| Total equity | $459.1M | $825.5M | $559.0M | $386.4M | $952.9M | $805.8M | $726.3M | $598.9M | $509.3M | $610.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $713.2M | $608.8M | $433.4M | $388.1M | $263.3M | $258.7M | $201.9M | $156.6M | $97.4M | $91.7M |
| Depreciation and amortisation | $27.2M | $27.8M | $24.1M | $19.0M | $16.0M | $11.7M | $8.4M | $9.2M | $8.6M | $7.4M |
| Stock-based compensation | $34.8M | $25.5M | $20.5M | $21.4M | $14.5M | $13.8M | $20.7M | $6.5M | $4.5M | $9.8M |
| Capital expenditure | $31.4M | $36.5M | $36.6M | $36.9M | $28.3M | $31.3M | $17.9M | $16.0M | $11.7M | $13.5M |
| Investing cash flow | -$31.1M | -$28.3M | -$34.6M | -$38.7M | -$31.4M | -$31.2M | -$19.1M | -$17.0M | -$12.2M | -$13.4M |
| Financing cash flow | -$860.4M | -$154.0M | -$182.6M | -$775.8M | -$44.5M | -$82.3M | -$73.9M | -$141.6M | -$97.8M | -$58.0M |
| Buybacks | $917.4M | $169.9M | $144.0M | $847.8M | $62.1M | $98.3M | $0 | $0 | $155.6M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001668397-26-000006.
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