# Medpace Holdings, Inc. (MEDP) — Stock CV

Medpace Holdings, Inc. is a $17.1B healthcare company. Revenue grew 24.7% over the last year, and it keeps 18¢ of every dollar of sales as profit. It trades at 34.8× earnings — in the most expensive third of its own history.

> Medpace is a late-stage contract research organization that provides full-service drug-development and clinical trial services to small and midsize biotechnology, pharmaceutical, and medical device firms. It also offers ancillary services, including bioanalytical laboratory services and imaging capabilities.

## Identity

- **Ticker**: MEDP
- **Sector**: Healthcare
- **Industry**: Diagnostics & Research
- **Headquarters**: CINCINNATI, OH
- **Employees**: 6 500
- **Website**: https://www.medpace.com
- **Market cap**: $17.1B
- **Last price**: $612.05
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $2.78B
- **Net income**: $492M
- **Free cash flow**: $707M
- **P/E**: 34.8
- **Revenue growth (YoY)**: 24.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 34 |
| Growth | 80 |
| Profitability | 65 |
| Health | 31 |
| Quality | 97 |
| Moat | 57 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +24.7% YoY
- [x] Profitable — $492M TTM
- [x] Profit growing — +28.0% YoY
- [x] Generates cash — $707M TTM
- [ ] Debt under control — current ratio 0.73
- [x] Established company — $17.1B market cap
- [x] Not printing shares — -21.7% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 31/100
- [x] Valuation not extreme — P/E 34.8

## Experience (career milestones)

- **FY2025** — Best year on record: $451M net income
- **FY2021** — Revenue crossed $1B: $1.14B for the year
- **FY2019** — Became debt-free: cash now exceeds total debt
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2012** — They acquired MediTech BV, a medical device consultancy based in the Netherlands
- **2010** — Medpace acquired the Minneapolis medical-device consultancy Symbios and Germany's Medical Consulting Dr
- **2007** — It acquired the Czech Republic contract research organization Monax in 2007, followed by Switzerland-based…

## Strengths

- Revenue growing 24.7% year over year
- Strong cash conversion — FCF is 25.4% of revenue
- Interest covered 139.9× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.14B | $182M | $235M |
| FY2022 | $1.46B | $245M | $351M |
| FY2023 | $1.89B | $283M | $397M |
| FY2024 | $2.11B | $404M | $572M |
| FY2025 | $2.53B | $451M | $682M |

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Source: https://stockcv.com/MEDP — derived from company filings; may be delayed or incomplete. Information, not investment advice.