# Medpace Holdings, Inc. (MEDP)

> Source: Nexqual · https://nexqual.com/MEDP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Medpace Holdings, Inc. (MEDP), nexqual.com/MEDP" · informational, not investment advice.

**Price:** USD 653.96 (-1.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 662.48 · day 645.3–684.52 · 52w 373–684.52 · market cap $18.3B · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $2.84B, net income $518M (18.2% margin), free cash flow $668M (SEC filings).
- Valuation: P/E 35.2x (avg 32.5x at the last 3 fiscal year-ends).
- 4 of 80 tracked superinvestors hold MEDP (13F, Q2 2026): 0 new, 1 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $216M; 21 not under a Rule 10b5-1 plan ($216M); 16 by opportunistic insiders (16 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.86 on a 1–5 scale) (14 analysts), mean target USD 637.31 (range 370–730).
- Total return with dividends: 1Y +9.6% vs S&P 500 +14.9%; 5Y +249.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 4.87, revenue estimate $719M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.14B | $1.46B | $1.89B | $2.11B | $2.53B | $2.84B |
| Operating income | $199M | $279M | $337M | $447M | $535M | $607M |
| Net income | $182M | $245M | $283M | $404M | $451M | $518M |
| EPS (diluted) | $4.81 | $7.28 | $8.88 | $12.63 | $15.28 | — |
| Free cash flow | $235M | $351M | $397M | $572M | $682M | $668M |
| Operating margin | 17.4% | 19.1% | 17.9% | 21.2% | 21.1% | 21.4% |
| Net margin | 15.9% | 16.8% | 15.0% | 19.2% | 17.8% | 18.2% |
| Revenue growth | +23.4% | +27.8% | +29.2% | +11.8% | +20.0% | — |
| Cash + short-term investments | $461M | $28.3M | $245M | $669M | $497M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 35.2x · P/S 6.4x · P/FCF 27.3x · P/B 31.2x · FCF yield 3.66% · Earnings yield 2.84% · Buyback yield (TTM) 1.61%
P/E at fiscal year-ends: Dec 2025 36.8x, Dec 2024 26.3x, Dec 2023 34.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold MEDP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 4.52% | $134M | Reduced -0.8% |
| Vulcan Value Partners |  | 2.28% | $75.1M | Reduced -30.2% |
| Mairs & Power | Mairs & Power Funds | 0.42% | $45.9M | Added +1.2% |
| Terry Smith | Fundsmith | 0.20% | $27.7M | Reduced -16.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-29…2026-09-30 | Troendle August J. | President & CEO | 48,667 | $30.3M | 1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-25…2026-09-28 | Troendle August J. | President & CEO | 2,564 | $1.6M | 0.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-23…2026-09-24 | Troendle August J. | President & CEO | 43,916 | $27.4M | 0.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-21…2026-09-22 | Troendle August J. | President & CEO | 70,901 | $44.4M | 1.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-17 | Troendle August J. | President & CEO | 10,880 | $6.7M | 0.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-15…2026-09-16 | Troendle August J. | President & CEO | 24,741 | $15.4M | 0.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-27 | Troendle August J. | President & CEO | 650 | $403K | 0% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-26 | Kraft Robert O. | Director | 3,858 | $2.4M | 80.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-25…2026-08-26 | Troendle August J. | President & CEO | 4,673 | $2.9M | 0.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21…2026-08-24 | Troendle August J. | President & CEO | 15,978 | $10.0M | 0.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-20 | Brady Kevin M. | CFO & Treasurer | 3,400 | $2.1M | 20.9% | No | Too little history (no open-market trades in 2024) |
| 2026-08-19…2026-08-20 | Troendle August J. | President & CEO | 42,783 | $26.3M | 0.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-19 | Carley Brian T | Director | 5,000 | $3.0M | 15.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Davenport Fred B Jr | Director | 7,283 | $4.4M | 55.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12…2026-08-13 | Troendle August J. | President & CEO | 11,824 | $7.1M | 0.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | McCarthy Cornelius P. Iii | Director | 1,140 | $690K | 8.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10…2026-08-11 | Troendle August J. | President & CEO | 23,144 | $14.0M | 0.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | McCarthy Cornelius P. Iii | Director | 795 | $465K | 5.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-27…2026-07-28 | Troendle August J. | President & CEO | 7,238 | $4.3M | 0.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-28 | Burwig Susan E | Exec. VP, Operations | 7,500 | $4.5M | 10.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 14 analysts; mean target USD 637.31 (low 370, high 730).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Mizuho | Target raised | Outperform | $665 → $700 |
| 2026-10-07 | Barclays | Target raised | Equal-Weight | $600 → $625 |
| 2026-09-30 | UBS | Upgrade | Sell → Neutral | $405 → $673 |
| 2026-07-24 | Mizuho | Target raised | Outperform | $586 → $665 |
| 2026-07-24 | BMO Capital | Target raised | Market Perform | $400 → $600 |
| 2026-07-24 | Truist Securities | Target raised | Hold | $462 → $609 |
| 2026-07-24 | TD Cowen | Target raised | Hold | $419 → $492 |
| 2026-07-24 | RBC Capital | Target raised | Outperform | $484 → $692 |
| 2026-07-24 | Baird | Target raised | Neutral | $547 → $624 |
| 2026-07-13 | Mizuho | Target raised | Outperform | $495 → $586 |
| 2026-07-08 | Baird | Downgrade | Outperform → Neutral | $477 → $547 |
| 2026-07-07 | Jefferies | Downgrade | Buy → Hold | $490 → $515 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.6% | +249.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.7% | +28.4% |
| Volatility (annualized) | 45.5% | 46.7% |
| Max drawdown | -36.6% (Jan 2026→Apr 2026) | -41.2% (Nov 2021→Apr 2022) |

## Peers (Diagnostics & Research)
RVTY (Revvity, Inc.) USD 157.36 +0.48% · CRL (Charles River Laboratories Inte) USD 339.66 -1.51% · GH (Guardant Health, Inc.) USD 162.94 -2.23% · ICLR (ICON plc) USD 185.43 +0.10% · LH (Labcorp Holdings Inc.) USD 329.93 +1.91% · DGX (Quest Diagnostics Incorporated) USD 243.28 +1.82%

## More
Full page: https://nexqual.com/MEDP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MEDP in their own reports (relationship from MEDP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AGENUS INC (AGEN) | 10-K 2026-03-16 | "On January 10, 2025, we entered into a Payment Agreement with the Medpace, Inc. ("Medpace"), pursuant to which we agreed with Medpace to certain matters related to payments due to Medpace by us under …" |
| supplier | Fortrea Holdings Inc. (FTRE) | 10-K 2026-02-26 | "The Peer Group consists of Charles River Laboratories Inc., ICON plc, Medpace Holdings, Inc., IQVIA Holdings Inc. and Thermo Fisher Scientific Inc. The companies in our Peer Group are publicly traded …" |
| supplier | IQVIA HOLDINGS INC. (IQV) | 10-K 2026-02-17 | "The peer group consists of Charles River Laboratories, Inc., Fortrea Holdings Inc., ICON plc, Medpace Holdings Inc., S&P Global Inc., Danaher Corporation and Thermo Fisher Scientific Inc. The companie…" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Metabolic | $229.9M | 32.1% | +19.4% |
| Other | $209.2M | 29.2% | +5.0% |
| Oncology | $100.0M | 14.0% | -6.1% |
| Cardiology | $83.6M | 11.7% | +27.5% |
| Central Nervous System | $61.4M | 8.6% | +3.3% |
| AVAI | $31.8M | 4.4% | -12.9% |
| Total revenue | $716.0M | 100% | — |

## Company outlook (8-K filed 2026-10-21)

- "The Company forecasts 2026 revenue in the range of $2.835 billion to $2.855 billion, representing growth of 12.0% to 12.8% over 2025 revenue of $2.530 billion."
- "GAAP net income for full year 2026 is forecasted in the range of $514.0 million to $524.0 million."
- "Additionally, full year 2026 EBITDA is expected in the range of $638.0 million to $652.0 million."
- "Based on forecasted 2026 revenue of $2.835 billion to $2.855 billion and GAAP net income of $514.0 million to $524.0 million, diluted earnings per share (GAAP) is forecasted in the range of $17.97 to $18.32."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $4.87 | $4.70 | +3.8% | $718.7M | 9 |
| Next quarter (ends 2027-03-31) | $4.66 | $4.61 | +1.0% | $726.9M | 7 |
| Current fiscal year (ends 2026-12-31) | $18.17 | $17.64 | +3.0% | $2.85B | 11 |
| Next fiscal year (ends 2027-12-31) | $19.71 | $19.45 | +1.4% | $3.05B | 11 |