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Contract research organization (CRO) providing outsourced clinical trial management services to small and mid-size biotech/pharma companies.
Contract research organization (CRO) providing outsourced clinical trial management services to small and mid-size biotech/pharma companies.
Is paid per trial, under contracts that run for years and bill in stages as work is completed, so booked-but-unfinished work (backlog) shows what revenue is coming. Its customers are mostly small and mid-sized biotechs, and it runs trials with its own staff rather than subcontracting parts. Founder August Troendle still leads it.
Moat: narrow (process know-how, switching costs, scale). Deep therapeutic-area expertise and an integrated full-service model create switching costs once a trial is underway.
Headquarters: Cincinnati, Ohio, USA · Founded: 1992 · Employees: 6,200
Size Medpace (MEDP) is a United States Health Care company (Miscellaneous Commercial Services) with a market value of $18.3B, the 522nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $653.11 on 6 Nov 2026.
Performance Over six months the shares gained 54.0%, against +25.9% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 15 in its peer set.
Growth Revenue grew 20.4% over the last twelve months (peer median -1.2%); the operating margin is 21.4% (peer median 3.4%).
Valuation It trades at 33.9× forward earnings against a peer median of 22.7× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is -0 pp: the price already allows for a slowdown.
Backlog Backlog (remaining performance obligations) was $3.80B at 30 Sep 2026, up 9% on a year earlier — 1.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.84B | $2.53B | $2.11B | $1.89B | $1.46B |
| Revenue growth | — | +20% | +12% | +29% | — |
| Gross profit | $800M | $732M | $627M | $498M | $410M |
| EBITDA | $634M | $563M | $476M | $363M | $319M |
| Net income | $518M | $451M | $404M | $283M | $245M |
| Free cash flow | $668M | $682M | $572M | $397M | $351M |
| Capital expenditure | $55.4M | $31.4M | $36.5M | $36.6M | $36.9M |
| Total debt | $171M | $137M | $150M | $164M | $208M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Medpace MEDP | $18.3B | +54% | +20% | 21% | 33.9× | 22.1% |
| ICON ICLR | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% |
| Iqvia IQV | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% |
| Labcorp LH | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MEDP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.4% | +5.8% | 7th highest of 15 |
| 6-month return | +54.0% | +25.9% | 5th highest of 15 |
| Distance from 52-week high | -5.9% | -16.8% | 3rd highest of 15 |
| Revenue growth (TTM) | +20.4% | -1.2% | 3rd highest of 12 |
| Operating margin | 21.4% | 3.4% | 3rd highest of 13 |
| Forward P/E | 33.9× | 22.7× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 22.0% | 5th most demanding of 10 |
| Growth delivered (Del g) | +22.3% | +6.6% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -0.2 pp | +6.8 pp | 5th least demanding of 10 |
| EV / EBITDA | 28.0× | 18.6× | 2nd most expensive of 7 |
| Net debt / EBITDA | -0.8× | 0.9× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Medpace MEDP | United States | $18.3B | +54% | +20% | 21% | 33.9× | 22.1% | +22.3% |
| Charles River Laboratories CRL | United States | $16.1B | +90% | -1% | 15% | 26.6× | 25.3% | +6.6% |
| ICON ICLR | United States | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% | +24.2% |
| WuXi XDC Cayman 2268.HK | Hong Kong | $11.4B | +23% | +42% | 28% | 39.5× | 22.0% | +126.4% |
| Eisai 4523.T | Japan | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% | +5.0% |
| Progyny PGNY | United States | $2.67B | +47% | +6% | 9% | 22.7× | 10.4% | +30.2% |
| Fortrea FTRE | United States | $2.12B | +42% | -3% | 2% | 22.8× | 32.9% | +1.1% |
| Silence Therapeutics PLC Sponsored ADR SLN | United States | $1.23B | +184% | -97% | -10,478% | n/a | n/a | n/a |
| OmniAb OABI | United States | $734M | +29% | +91% | -116% | n/a | 59.6% | -31.9% |
| Evotec EVT.DE | Germany | $630M | -33% | -8% | -19% | n/a | n/a | n/a |
| Adlai Nortye Ltd. Sponsored ADR ANL | United States | $619M | -23% | n/a | -134% | n/a | n/a | n/a |
| SBC Medical SBC | United States | $518M | +58% | -7% | 37% | 10.3× | -16.1% | -6.9% |
| Evolent Health EVH | United States | $518M | +10% | -4% | -1% | 12.1× | 22.6% | +15.2% |
| Oculis OCS | United States | $462M | -77% | n/a | n/a | n/a | n/a | n/a |
| Tectonic Therapeutic TECX | United States | $403M | -29% | n/a | n/a | n/a | n/a | n/a |
Medpace reported $3.80B of remaining performance obligations at 30 Sep 2026, up 9% from a year earlier and up 9% from the previous quarter. That is 1.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.42.