Medpace Holdings

MEDP

Medical - Diagnostics & Research · Healthcare

Price

$537.73

-0.19 (-0.04%)

Market Cap

$15.36B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count falling — buybacks

−21.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 37.7M (2021) → 29.5M (2025)

Medpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, and Asia. It offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. The company also provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical

Winston Score History

Politician Trades

10 trades / 12mo

4 Congressional buys and 6 sells on MEDP in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+15.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

19.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$653M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Medpace Holdings grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

27.8%

Modest — 27.8% gross margin

Operating Margin

20.0%

Excellent — 20.0% operating margin

ROCE

22.7%

Exceptional — 22.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+24.2%

Fast-growing sales (24.2% YoY)

EPS YoY

+20.2%

Earnings growing fast (20.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

161%

Turns 161% of profit into real cash

FCF Margin

26.3%

Converts sales into free cash efficiently (26.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.04

Conservative — low debt load (0.04)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

33.1x

Pricey — P/E 33.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+11.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.1 → 21.9)

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Dividends

Not applicable for this business.

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