Medpace Holdings MEDP
United StatesHealthcare · Diagnostics & ResearchUSD
591.85 USD (−2.1%)
13 analysts
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Medpace Holdings is a contract research organization (CRO) that provides comprehensive clinical development services for the pharmaceutical, biotechnology, and medical device industries, from study design to regulatory approval.
Key points
from its scores- ✓High-quality business9.5
- ✓Strong growth8.2
- ✓Very solid balance sheet7.0
- ✕Little or no dividend1.5
- ✕Demanding valuation3.2
AI analysis
bottom line, main risk, context and newsQuality and growth justify a premium, but the P/E of 35.48 already prices in much of the good prospects; wait for a better entry point or a clear catalyst.
Medpace shows exceptional quality (ROIC of 99.92%, gross margin of 72.35%) and solid growth (revenue +17.2%, earnings +37.1%), with a healthy net-cash balance sheet (ND/EBITDA of -0.59). However, its valuation is demanding (P/E of 35.48, EV/EBITDA of 27.01), which limits the upside potential in the short term.
The main risk is the demanding valuation (P/E of 35.48) in a rising-rate environment that pressures growth multiples, along with dependence on its biotech clients' funding, which could weaken if the cost of capital continues to rise.
Context and risks
Medpace has no material exposure to current macro factors: its clinical research services business for the pharmaceutical and biotech industry does not depend on commodities, shipping routes, or interest rates significantly. Its balance sheet is solid with net cash, insulating it from tighter financial conditions. The main risk is operational and specific to its business model, not macroeconomic.
Is Medpace Holdings stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 60% above the Healthcare median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 35.5 | 26.7 | +33% |
| EV / EBITDA | 27.0 | 14.5 | +87% |
| Price / book | 38.9 | 4.1 | +846% |
| Price / sales | 6.1 | 3.4 | +77% |
Sector: median of the 217 Healthcare companies analysed. In bold, the multiples used for the comparison.
Valuation score: 3.2 out of 10 (median for Healthcare: 4.7).
Average analyst target: 591.85 USD, −2.1% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 9.5 (sector 5.5), Growth 8.2 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Healthcare medianValuation
- P/E
- 35.5
- Forward P/E
- 31.3
- EV / EBITDA
- 27.0
- Price / book
- 38.9
- Price / sales
- 6.1
- PEG
- 2.87
- Market cap
- 16.9B USD
- Enterprise value
- 16.5B USD
Profitability
- ROE
- 162.2%
- ROA
- 20.1%
- ROIC (approx.)
- 99.9%
- Gross margin
- 72.4%
- Operating margin
- 20.8%
- Net margin
- 17.7%
- Free cash flow
- 510.4M USD
- FCF yield
- 3.0%
- Cash conversion
- 84%
Solvency
- Total debt
- 144.1M USD
- Net debt
- −358.6M USD
- Cash
- 502.7M USD
- EBITDA
- 611.2M USD
- Net debt / EBITDA
- −0.59
- Debt / equity
- 33.22
- Current ratio
- 0.73
- Quick ratio
- 0.66
Growth
- Revenue growth
- +17.2%
- Earnings growth
- +37.1%
- EPS (TTM)
- 17.03 USD
- EPS (forward)
- 19.32 USD
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 1.18
- Analyst consensus
- Hold (13)
- Target price
- 591.85 USD
- 52-week range
- 373.00 – 677.90
Recent news
All MEDP news →Compare it with its sector
All 217 in Healthcare →Frequently asked questions about Medpace Holdings
Is Medpace Holdings stock cheap or expensive?
On P/E and EV / EBITDA, it trades 60% above the Healthcare median on average. Valuation score: 3.2 out of 10 (median for Healthcare: 4.7). Average analyst target: 591.85 USD, −2.1% versus the price. This is not investment advice.
What score does Medpace Holdings get on MeridIAn Screener?
It scores 6.3 out of 10, rank 744 of 2,130 (better than 63% of the companies analysed). Its strongest category is Quality / Moat (9.5) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is Medpace Holdings's P/E ratio?
Its P/E is 35.5: the share price equals 35.5 times earnings per share over the last 12 months. The Healthcare median is 26.7. Based on the earnings analysts expect, the forward P/E is 31.3.
How much is Medpace Holdings worth on the stock market?
Its market capitalisation is 16.9B USD and its enterprise value, debt included, is 16.5B USD.
How much debt does Medpace Holdings have?
It has more cash than debt: net cash of 358.6M USD.
Does Medpace Holdings pay a dividend?
It pays no dividend, or almost none.
How has Medpace Holdings stock performed over the last year?
It has risen 20.6% over the last year, excluding dividends. Over the last 52 weeks it has traded between 373.00 and 677.90 USD. Past performance does not guarantee future results.
What do analysts think of Medpace Holdings?
13 analysts cover it; their average recommendation is “Hold” and their average target is 591.85 USD (−2.1% versus the price). It is an estimate, not market data.