Medpace Holdings, Inc. (MEDP) stock analysis
Close on Nov 12, 2026Market cap $18.37BP/E 36.4Yield –
StockData Score
Prices as of Nov 12, 2026How the score works
Mixed14 of 30 checks passed
Medpace passes 14 of the 30 checks behind our score; 7 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 4/6
- Past performance
- 5/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 118% over the last twelve months and averaged 49.2% over five years.
No debt
Medpace has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 25.4% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 20.1% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 47.0% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $656.84 is above our fair value estimate of $446.69.
Earnings growth not accelerating
Net income grew 19.6% over the last twelve months, against a 5-year average of 25.4% a year.
P/E above its 5-year median
Medpace's P/E of 36.4 is above its own 5-year median of 32.6.
Valuation0/6
P/E above its 5-year median
Medpace's P/E of 36.4 is above its own 5-year median of 32.6.
P/E above the industry
Medpace's P/E of 36.4 is above the Engineering, Accounting, Research, Management, and Related Services median of 25.8.
EV/EBITDA above its 5-year median
Medpace's EV/EBITDA of 29.1 is above its 5-year median of 26.1.
P/B above the industry
Medpace's price-to-book of 31.41 is above the Engineering, Accounting, Research, Management, and Related Services median of 3.65.
Trading above fair value
The share price of $656.84 is above our fair value estimate of $446.69.
Margin of safety under 20%
The price is 47.0% above fair value, so there is no margin of safety.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 20.1% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 28.0% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew 19.6% over the last twelve months, against a 5-year average of 25.4% a year.
Growing faster than the industry
Revenue grew 20.4% over the last twelve months; the Engineering, Accounting, Research, Management, and Related Services median is 6.6%.
Guidance raised
Medpace raised its full year 2026 GAAP net income outlook on Jul 22, 2026.
Gross margin trend
This company does not report gross profit.
Past performance5/6
Return on equity over 15%
Return on equity was 118% over the last twelve months and averaged 49.2% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Medpace's return on equity of 118% is above the Engineering, Accounting, Research, Management, and Related Services median of -10.2%.
Earnings grew over 5 years
Net income grew 25.4% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 18.2% over the last twelve months, against a 5-year average of 16.9%.
Net margin above the industry
Medpace's net margin of 18.2% is above the Engineering, Accounting, Research, Management, and Related Services median of -53.6%.
Financial health5/6
No debt
Medpace has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets don't cover short-term debts
Current assets are 0.83 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 8.16; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Medpace has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$446.69
The share price is 47% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 29.2× | 32.6× | 25.8× | $526.43 | 44% |
| EV/EBITDA | 20.8× | 26.1× | 15.4× | $476.11 | 39% |
| Earnings power | 11.9% cost of equity | – | – | $165.43 | 17% |
| Fair value | $446.69 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 32.6
- Engineering, Accounting, Research, Management, and Related Services median 25.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $189.67M
- Value traded per 1% price move
- $110.52M
Downside
High risk
- Typical loss in a bad month
- 27.9%
- Volatility (annualized)
- 44%
- Sharpe ratio, 1 year
- 0.10
- Beta to the S&P 500 (5Y)
- 1.38
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2014 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.0% | +20.1% | +22.3% | +21.6% | |
| Operating income | +19.7% | +24.3% | +26.2% | +38.5% | |
| Net income | +11.6% | +22.5% | +25.4% | – | |
| EPS, diluted | +21.0% | +28.0% | +31.8% | – | |
| Free cash flow | +19.2% | +24.8% | +24.6% | +24.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 2.6% | 19.0% | 70.2% | |
| Return on assets | 1.4% | 11.5% | 22.1% | |
| Current ratio | 0.79 | 1.08 | 0.74 | |
| Debt to equity | 0.27 | – | – | |
| Capex to revenue | 3.2% | 3.4% | 1.2% | |
| Diluted shares | 36M | 38M | 30M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Medpace generated $2.41B from operations and spent $2.31B on capital expenditure, dividends and share buybacks. 7% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.8% | 1.24× | 3.17× | 70.2% |
| FY2024 | 19.2% | 1.12× | 2.71× | 58.4% |
| FY2023 | 15.0% | 1.25× | 3.18× | 59.8% |
| FY2022 | 16.8% | 0.97× | 2.25× | 36.6% |
| FY2021 | 15.9% | 0.75× | 1.73× | 20.7% |
| FY2020 | 15.7% | 0.73× | 1.65× | 19.0% |
| FY2019 | 11.7% | 0.80× | 1.62× | 15.2% |
| FY2018 | 10.4% | 0.72× | 1.76× | 13.2% |
| FY2017 | 9.0% | 0.45× | 1.72× | 7.0% |
| FY2016 | 3.2% | 0.43× | 1.92× | 2.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$451.12M
- Cash generatingOperating cash flow above zero$713.22M
- Return on assets improvedROA up on the prior year24.4% → 21.5%
- Earnings backed by cashOperating cash flow above net income$713.22M vs $451.12M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.93 → 0.74
- No dilutionShare count did not rise32M → 30M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.27 → 1.20
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