Medpace
Runs integrated Phase I–IV trials and laboratory services for drug and device developers.
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Profile
Provides full-service Phase I–IV clinical development, laboratory, imaging, and regulatory services to biotechnology, pharmaceutical, and medical-device sponsors. Revenue follows progress on integrated contracts, while the one-segment model centralizes systems and expertise; customers can cancel or reduce scope, and delivery depends on specialized staff.
Runs outsourced Phase I–IV clinical development for biotechnology, pharmaceutical, and medical-device sponsors, combining trial execution with scientific, regulatory, imaging, central-laboratory, bioanalytical, and early-phase services. Therapeutic expertise spans oncology, metabolic disease, cardiology, central nervous system, and infectious disease.
Operates as one reportable segment through centralized systems, customer interfaces, support functions, and shared processes. Therapeutic and regulatory specialists coordinate integrated services, while an international footprint supports sponsors across dozens of countries.
Recognizes revenue as contract services progress, with most clinical-research contracts treated as a single performance obligation because the services are integrated. Customers can cancel or reduce scope, backlog may not convert at historical rates, and delivery depends on retaining senior leaders and qualified scientific, medical, technical, and operating staff.
Company facts
Key statistics
Year to date +5.2% · Average volume (30d) 301.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | RBC Capital | Reiterate | Outperform | $484 | $692 | |
| Jul 24, 2026 | Mizuho Securities | Target | $586 | $665 | ||
| Jul 24, 2026 | BMO Capital | Reiterate | Market Perform | $400 | $600 | |
| Jul 24, 2026 | Robert W. Baird | Target | $547 | $624 | ||
| Jul 23, 2026 | Barclays | Target | $450 | $600 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $3.98 | $4.25 | +6.8% | $689.5M | $707.3M | +2.6% | +14.71% |
| Apr 22, 2026Q1 FY26 | $3.74 | $4.28 | +14.4% | $697.6M | $706.6M | +1.3% | −22.63% |
| Feb 9, 2026Q4 FY25 | $4.19 | $4.67 | +11.5% | $689.3M | $708.5M | +2.8% | −15.90% |
| Oct 22, 2025Q3 FY25 | $3.53 | $3.86 | +9.3% | $641.0M | $659.9M | +2.9% | +9.12% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $558.6M | $603.3M | $659.9M | $708.5M | $706.6M | $707.3M | |
| Gross profit | $178.4M | $180.0M | $196.9M | $205.3M | $196.3M | $201.6M | |
| Operating income | $113.5M | $126.3M | $141.8M | $153.3M | $141.5M | $146.8M | |
| Net income | $114.6M | $90.3M | $111.1M | $135.1M | $123.9M | $121.4M | |
| Diluted EPS | $3.67 | $3.10 | $3.87 | $4.67 | $4.28 | $4.25 | |
| Gross margin | 31.9% | 29.8% | 29.8% | 29.0% | 27.8% | 28.5% | |
| Operating margin | 20.3% | 20.9% | 21.5% | 21.6% | 20.0% | 20.8% |
Fiscal years (4-quarter sums)FY21 $1.14B · FY22 $1.46B · FY23 $1.89B · FY24 $2.11B · FY25 $2.53B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $502.7M · Total debt $120.1M · Total assets $2.06B · Shareholders' equity $433.9M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 27.91M · Float 22.50M · 80.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.50M | 8.95% | 13F | Aug 7, 2026 |
| T. Rowe Price Associates, Inc. | 2.07M | 7.20% | 13G | Aug 14, 2026 |
| Price T Rowe Associates Inc /MD/ | 2.07M | 7.42% | 13F | Aug 14, 2026 |
| AQR Capital Management LLC | 1.28M | 4.58% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 1.13M | 4.06% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Robert O. Kraft | director | −3,858 | $617.81 |
| Aug 26, 2026 | August J. Troendle | director, 10 percent owner, officer: President & CEO | −4,000 | $620.03 |
| Aug 25, 2026 | August J. Troendle | director, 10 percent owner, officer: President & CEO | −673 | $620.38 |
| Aug 24, 2026 | August J. Troendle | director, 10 percent owner, officer: President & CEO | −1,983 | $620.23 |
| Aug 21, 2026 | August J. Troendle | director, 10 percent owner, officer: President & CEO | −13,995 | $624.45 |
Peers
- IQVIA
Broad rival in global Phase I-IV clinical development and trial operations
- ICON
Full-service CRO rival across clinical development and biotech outsourcing
- Thermo Fisher Scientific
PPD-led rival in integrated clinical development and analytical services
- Fortrea
Focused CRO rival in trial management, clinical pharmacology, and consulting
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Medpace | $600.65 | +0.03% | $16.77B | 35.2 | 32.7 | 6.0 | +17.2% |
| IQVIA | $261.75 | +0.03% | $43.08B | 32.5 | 19.2 | 2.5 | +8.7% |
| ICON | $170.02 | +0.07% | $13.02B | 39.9 | 15.2 | 1.6 | +2.3% |
| Thermo Fisher Scientific | $620.01 | −0.32% | $231.22B | 33.5 | 23.7 | 5.0 | +10.5% |
| Fortrea | $18.89 | +0.51% | $1.79B | — | 19.5 | 0.7 | −4.5% |
| Median | 33.5 | 19.4 | 2.1 | +5.5% |