Medpace Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Medpace Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	422	436	705	861	926	1,142	1,460	1,886	2,109	2,530
Selling, general and administrative	61.5	63.4	75.7	95.2	92.2	108	131	161	180	198
Operating income	52.5	64.9	101	127	167	199	279	337	447	535
Other non-operating income	-30.5	-7.91	-7.1	-2.43	1.49	3.24	4.16	-1.14	29.1	7.44
Pre-tax income	22	56.9	94	125	169	202	283	336	476	542
Income tax	8.53	17.8	20.8	24.4	23.1	20	37.5	52.9	71.5	91.3
Net income	13.4	39.1	73.2	100	145	182	245	283	404	451
EBITDA	59.9	73.4	110	136	179	215	298	361	475	562
EPS, basic	0.38	1.00	2.05	2.79	4.07	5.06	7.57	9.20	13.06	15.64
EPS, diluted	0.37	0.98	1.97	2.67	3.84	4.81	7.28	8.88	12.63	15.28
Shares, basic (weighted)	35.7	39.1	35.5	35.9	35.6	35.9	32.4	30.7	31	28.8
Shares, diluted (weighted)	36.3	39.8	36.9	37.6	37.7	37.7	33.7	31.8	32	29.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	37.1	26.5	23.3	132	278	461	28.3	245	669	497
Receivables	79.8	83.1	133	156	161	186	253	298	296	402
Other current assets	16.1	20.4	21.4	29.4	34.9	43.2	52.3	50	63.4	90.5
Total current assets	133	130	178	317	474	691	334	594	1,029	990
Property, plant and equipment	43.8	48.7	52.3	47.3	85	93.2	110	121	124	131
Lease right-of-use assets			0	52.2	114	130	139	145	129	118
Goodwill	661	661	661	662	662	662	662	662	662	662
Intangible assets	136	98.7	69.2	54.4	46.5	41.4	38	35.8	34.4	33.4
Other non-current assets	4.9	5.94	6.69	9.48	8.79	17.4	21.1	25	22.3	21.9
Total assets	979	951	968	1,143	1,391	1,660	1,352	1,657	2,101	1,975
Accounts payable	10.9	16.7	16.7	22.4	26.6	25.7	33.1	31.9	32.5	28.1
Accrued liabilities	24.4	23.7	87.5	109	134	159	210	293	308	408
Deferred revenue	65.7	73.8	148	192	256	345	463	560	711	854
Short-term debt	12.4	16.5	0			0	50	0
Total current liabilities	169	193	257	343	440	557	803	925	1,105	1,344
Long-term debt	151	205	79.7	0
Lease liabilities			0	45.2	115	131	139	142	126	114
Other non-current liabilities	7.97	10.7	16.6	15.7	16.1	17.7	22.7	28.2	42.7	57.7
Total liabilities	368	447	378	417	585	707	966	1,098	1,275	1,516
Total debt	165	222	79.7	0
Paid-in capital	624	630	639	667	696	728	771	803	844	936
Retained earnings	-9.58	-120	-41.5	68.1	115	235	-360	-222	8.17	-460
Treasury stock	0	-6.03	-6.03	-6.03	-5.58	-5.43	-12.5	-12.3	-12.2	-12.2
Other comprehensive income	-3.74	-0.73	-2.52	-2.74	-0.13	-4.85	-12.4	-10.1	-14.7	-4.91
Shareholders' equity	611	509	599	726	806	953	386	559	826	459
Total equity	611	509	599	726	806	953	386	559	826	459
Total liabilities and equity	979	951	968	1,143	1,391	1,660	1,352	1,657	2,101	1,975
Shares outstanding	40.7	35.5	35.7	36.1	35.5	36	31.1	30.8	30.6	28.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13.4	39.1	73.2	100	145	182	245	283	404	451
Depreciation and amortization	7.44	8.57	9.24	8.36	11.7	16	19	24.1	27.8	27.2
Stock-based compensation	9.82	4.46	6.5	20.7	13.8	14.5	21.4	20.5	25.5	34.8
Deferred income tax	-9.01	3.24	3.94	10.1	0.53	-37.1	-23	-25	-26.6	80.9
Change in receivables	-13.7	-2.9	-27	-21.3	-5.53	-25	-66.9	-48.3	2.24	-106
Change in payables	0.69	4.82	1.34	4.73	-2.6	1.87	6.43	1.05	-2.97	2.63
Cash from operations	91.7	97.4	157	202	259	263	388	433	609	713
Capital expenditures	-13.5	-11.7	-16	-17.9	-31.3	-28.3	-36.9	-36.6	-36.5	-31.4
Cash from investing	-13.4	-12.2	-17	-19.1	-31.2	-31.4	-38.7	-34.6	-28.3	-31.1
Debt issued	165	0	0
Debt repaid	-390	-12.4	-72.2	-80.4	0	0
Stock issued	174	0	0	6.52	16	17.6	22.1	11.4	15.9	57
Share buybacks	0	-156	0	0	-98.3	-62.1	-848	-144	-170	-917
Cash from financing	-58	-97.8	-142	-73.9	-82.3	-44.5	-776	-183	-154	-860
Exchange rate effect	-0.63	1.77	-1.24	-0.17	0.67	-3.97	-6.57	1.08	-2.51	5.92
Net change in cash	19.7	-10.9	-3.21	109	146	184	-433	217	424	-172
Free cash flow	78.2	85.7	141	184	227	235	351	397	572	682
Interest paid	16.9	6.89	7.59	1.49	0.1	0.12	2.94	3.06	0.17	0
Income taxes paid	17.7	17.2	23.3	13.2	23.1	56.2	50.2	76.4	83.6	39.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $618.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	21.0%	Operating income / revenue.
EBITDA margin	21.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.5%	Pre-tax income / revenue.
Net margin	17.7%	Net income / revenue.
FCF margin	25.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.1%	Cash from operations / revenue.
Effective tax rate	17.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	113.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	23.9%	Net income / average total assets.
SG&A / revenue	6.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	26.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	23.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	21.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	28.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	31.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	24.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-44.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-10.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.73x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	78.9%	Total liabilities / total assets.
Working capital	-$385.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$261.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.35x	Revenue / average total assets.
Fixed asset turnover	17.7x	Revenue / average property, plant and equipment.
Receivables turnover	6.30x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
FCF conversion	143.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$97.44	Revenue / diluted weighted shares.
FCF per share	$24.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$26.36	Cash from operations / diluted weighted shares.
Book value per share	$15.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.37	Tangible book value / shares outstanding.
Cash per share	$18.01	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	42.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.27B	Share price x shares outstanding.
Enterprise value	$16.77B	Market cap + total debt - cash - short-term investments.
P/E	35.1x	Market cap / net income. Only when net income is positive.
P/S	6.21x	Market cap / revenue.
P/B	39.8x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	24.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.0x	Market cap / cash from operations, when positive.
EV/Sales	6.03x	Enterprise value / revenue.
EV/EBIT	28.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.25x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Medpace Holdings, Inc.'s revenue in fiscal 2025?

Medpace Holdings, Inc. reported revenue of $2.53B for fiscal 2025, 20% higher than the year before.

Was Medpace Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $451.1M, a net margin of 17.8%.

How much free cash flow did Medpace Holdings, Inc. generate in fiscal 2025?

Cash from operations of $713.2M minus capital expenditures of $31.4M left free cash flow of $681.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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