Medpace Holdings, Inc. (MEDP) Stock

Medpace Holdings, Inc. (MEDP) is a Technology stock trading at $613.32 (as of 2026-08-25), with a market capitalization of $17.12B and a trailing P/E of 35.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Medpace Holdings, Inc. provides clinical research services for drug and medical device development across North America, Europe, and Asia, supporting clinical development through multiple trial phases and therapeutic areas. Its offerings include clinical development and regulatory-related services, plus supporting laboratory and specialty services such as bioanalytical testing and clinical human pharmacology, for pharmaceutical, biotechnology, and medical device organizations.

Understand Medpace Holdings, Inc.: how it makes money

Medpace runs clinical trials (Phase I through IV) for pharmaceutical, biotech, and medical-device companies, billing fees for the full suite of trial design, monitoring, regulatory, and data-analysis services. Revenue scales with the number and complexity of active trials, and the high switching costs of mid-program work keep clients locked in for years.

Medpace's profit engine is human-capital: it bills pharma and biotech clients for the scientists, statisticians, and regulatory specialists who run multi-year trials, where switching a mid-Phase III vendor is prohibitively disruptive and locks in recurring, contract-spanning revenue.

Business quality (Strong): Strong quality: 17% revenue growth sustained at a 21% operating margin, with low employee turnover protecting the delivery model that underpins client retention.

Valuation: Trades at 36× trailing earnings · $17.3B market cap.

Bull case

  • Bookings set to accelerate: Management guided that both gross and net bookings will ramp through the second half, pointing to accelerating top-line momentum into the back end of the fiscal year.
  • Stable workforce underpins delivery: Employee turnover remained low in the quarter, which matters in a services model where trial continuity depends on retaining the scientists and statisticians running multi-year programs.
  • Growth without margin dilution: Quarterly revenue grew 17% year over year to $700M while the operating margin held at 21%, showing the full-service trial model scales without eroding profitability.

Bear case

  • Cancellations can shock revenue: Management acknowledged that trial cancellations remain unpredictable and can spike, creating lumpy revenue shocks that are difficult to manage in a project-based, contract-spanning model.
  • Backlog conversion is resetting: The backlog conversion rate is running above historical norms and management expects it to normalize, implying the current revenue run-rate is partly flattered by a temporary step-up in drawdown.
  • Pass-through costs squeeze the margin: Pass-through costs came in slightly above 42% of revenue, exceeding prior expectations, which compresses the margin on each billed trial budget before operating leverage can kick in.
Valuation — source: SEC EDGAR (first-party)
Price$613.32
Market Cap$17.12B
P/E Ratio35.6
EV / EBITDA27.8
Price / Book39.46
Price / Sales6.16
FCF Yield6.2%
DCF Value (model)$614.50
DCF Upside vs Price0.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.53B
Net Margin17.8%
Revenue Growth (YoY)20.0%
EPS Growth (YoY)19.8%
FCF Growth (YoY)19.2%
Financial Health — source: SEC EDGAR
Altman Z-Score8.52 (safe)
Valuation vs Sector & Industry
Stock P/E35.6
Sector P/E (Technology)34.1
Industry P/E (Business Services)30.0
vs Sector4.4%
vs Industry19.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.27B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorTechnology
IndustryBusiness Services
CEOAugust James Troendle
Employees5,900
CountryUS
IPO Date2016-08-11

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MEDP earnings history · MEDP institutional & insider holders · MEDP KPIs & operating metrics · MEDP financials · MEDP investor presentations & press releases · MEDP SEC filings · MEDP peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.