Medpace
MEDP · NasdaqServices-Commercial Physical & Biological Research · Fiscal year ends Dec 31
Medpace reported revenue of $2.5B in the fiscal year ended Dec 2025, up 20.0% from the year before. Operating income was $535M, an operating margin of 21.1%, and net income was $451M. Operating cash flow of $713M less capital expenditure of $31M left free cash flow of $682M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.5B | $1.9B | $2.1B | $2.5B |
| Selling, general & admin | $108M | $131M | $161M | $180M | $198M |
| Operating income | $199M | $279M | $337M | $447M | $535M |
| Pre-tax income | $202M | $283M | $336M | $476M | $542M |
| Income tax | $20M | $37M | $53M | $72M | $91M |
| Net income | $182M | $245M | $283M | $404M | $451M |
| Diluted EPS | 4.81 | 7.28 | 8.88 | 12.63 | 15.28 |
| Diluted shares | 38M | 34M | 32M | 32M | 30M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $461M | $28M | $245M | $669M | $497M |
| Receivables | $186M | $253M | $298M | $296M | $402M |
| Current assets | $691M | $334M | $594M | $1B | $990M |
| Net PP&E | $93M | $110M | $121M | $124M | $131M |
| Goodwill | $662M | $662M | $662M | $662M | $662M |
| Total assets | $1.7B | $1.4B | $1.7B | $2.1B | $2B |
| Payables | $26M | $33M | $32M | $33M | $28M |
| Deferred revenue | $345M | $463M | $560M | $711M | $854M |
| Current liabilities | $557M | $803M | $925M | $1.1B | $1.3B |
| Short-term debt | $0 | $50M | $0 | – | – |
| Total liabilities | $707M | $966M | $1.1B | $1.3B | $1.5B |
| Shareholders' equity | $953M | $386M | $559M | $826M | $459M |
| Backlog (remaining obligations) | $2.1B | $2.7B | $2.9B | $3.5B | $3.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $263M | $388M | $433M | $609M | $713M |
| Capital expenditure | $28M | $37M | $37M | $37M | $31M |
| Free cash flow | $235M | $351M | $397M | $572M | $682M |
| Depreciation & amortisation | $16M | $19M | $24M | $28M | $27M |
| Stock-based compensation | $14M | $21M | $21M | $26M | $35M |
| Share buybacks | $62M | $848M | $144M | $170M | $917M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.8% | 29.2% | 11.8% | 20.0% |
| Operating income growth (YoY) | – | 40.3% | 20.9% | 32.7% | 19.7% |
| EPS growth (YoY) | – | 51.4% | 22.0% | 42.2% | 21.0% |
| Operating margin | 17.4% | 19.1% | 17.9% | 21.2% | 21.1% |
| Net margin | 15.9% | 16.8% | 15.0% | 19.2% | 17.8% |
| Return on equityBlank when equity is negative | 19.1% | 63.5% | 50.6% | 49.0% | 98.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.0% | 50.8% | 46.0% | 44.9% | 84.7% |
| Free cash flow margin | 20.6% | 24.1% | 21.0% | 27.1% | 26.9% |
| Cash conversion (CFO ÷ net income) | 1.45x | 1.58x | 1.53x | 1.51x | 1.58x |
| Receivable days | 60 | 63 | 58 | 51 | 58 |
| Current ratio | 1.24x | 0.42x | 0.64x | 0.93x | 0.74x |
Recent filings
More in Services-Commercial Physical & Biological Research
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.