Medpace Holdings, Inc.

Listed Company

MEDPCIK 0001668397NasdaqLarge AcceleratedServices-Commercial Physical & Biological ResearchDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.53B

Net Income

$451.12M

Total Assets

$1.98B

Equity

$459.07M

Shares Out

28.56M

Op. Cash Flow

$713.22M

Business

Medpace Holdings, Inc. is a clinical contract research organization that provides scientifically-driven outsourced clinical development services to biotechnology, pharmaceutical and medical device companies. It offers full-service Phase I–IV clinical trial services including medical direction, clinical trial management, feasibility, study start-up, patient recruitment and retention, monitoring, regulatory affairs, medical writing, biometrics, pharmacovigilance, core and central laboratory, bioanalytical services, clinics and quality assurance. Key business areas include its medical department, clinical operations, laboratory services, data sciences and safety/pharmacovigilance divisions. The company conducts and supports global clinical trials across the United States, Europe, Asia and other international markets through direct operations and partnerships.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue, net (includes $53.2 million, $50.0 million and $59.6 million with related parties for the years ended December 31, 2025, 2024 and 2023, respectively)	2,530	2,109	1,886	1,460	1,142
Direct operating costs	1,770	1,453	1,361	1,028	814
Selling, general and administrative	198	180	161	131	108
Depreciation	27	28	24	19	16
Amortization	946,000	1	2	3	5
Total operating expenses	1,995	1,662	1,549	1,181	944
Income from operations	535	447	337	279	199
Miscellaneous (expense) income, net	−5	4	−655,000	7	3
Interest income (expense), net	13	25	−488,000	−3	−105,000
Total other income (expense), net	7	29	−1	4	3
Income before income taxes	542	476	336	283	202
Income tax provision	91	72	53	37	20
Net income	451	404	283	245	182
Earnings per share, basic (in dollars per share)	15.64	13.06	9.2	7.57	5.06
Earnings per share, diluted (in dollars per share)	15.28	12.63	8.88	7.28	4.81
Weighted average number of shares outstanding, basic (in shares)	29	31	31	32	36
Weighted-average shares outstanding, diluted (in shares)	30	32	32	34	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	497	669	245	28	461
Accounts receivable and unbilled, net (includes $3.5 million and $4.2 million with related parties at December 31, 2025 and 2024, respectively)	402	296	298	253	186
Prepaid expenses and other current assets	90	63	50	52	43
Total current assets	990	1,029	594	334	691
Property and equipment, net	131	124	121	110	93
Operating lease right-of-use assets	118	129	145	139	130
Goodwill	662	662	662	662	662
Intangible assets, net	33	34	36	38	41
Deferred income taxes	19	100	74	48	25
Other assets	22	22	25	21	17
Total assets	1,975	2,101	1,657	1,352	1,660
Accounts payable (includes $0.3 million and $0.2 million with related parties at December 31, 2025 and 2024, respectively)	28	33	32	33	26
Accrued expenses	408	308	293	210	159
Advanced billings (includes $12.3 million and $14.6 million with related parties at December 31, 2025 and 2024, respectively)	854	711	560	463	345
Other current liabilities	53	54	40	48	28
Total current liabilities	1,344	1,105	925	803	557
Operating lease liabilities	114	126	142	139	131
Deferred income tax liability	1	2	2	1	1
Other long-term liabilities	58	43	28	23	18
Total liabilities	1,516	1,275	1,098	966	707
Commitments and contingencies (see Note 12)	—	—	—	—	—
Preferred stock - $0.01 par-value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock - $0.01 par-value; 250,000,000 shares authorized at December 31, 2025 and 2024; 28,370,780 and 30,630,799 shares issued and outstanding at December 31, 2025 and 2024, respectively	284,000	306,000	308,000	309,000	360,000
Treasury stock - 69,623 and 70,073 shares at December 31, 2025 and 2024, respectively	−12	−12	−12	−12	—
Additional paid-in capital	936	844	803	771	728
(Accumulated deficit) retained earnings	−460	8	−222	−360	235
Accumulated other comprehensive loss	−5	−15	−10	−12	−5
Total shareholders equity	459	826	559	386	953
Total liabilities and shareholders equity	1,975	2,101	1,657	1,352	1,660

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	35	26	21	21	14
Operating Lease, Right-of-Use Asset, Periodic Reduction	23	23	20	18	—
Income tax provision (benefit), deferred	81	−27	−25	—	—
Other	−875,000	−4	3	−2	8,000
Accounts receivable and unbilled, net	−106	2	−48	−67	−25
Prepaid expenses and other current assets	−27	−12	3	−10	−9
Accounts payable	3	−3	1	6	2
Accrued expenses	97	17	82	52	26
Advanced billings	144	151	97	118	89
Lease liabilities	−25	−21	−19	−16	−16
Other assets and liabilities, net	11	24	−10	22	−544,000
Net cash provided by operating activities	713	609	433	388	263
Property and equipment expenditures	−31	−37	−37	−37	−28
Other	216,000	8	2	−2	−3
Net cash used in investing activities	−31	−28	−35	−39	−31
Proceeds from stock option exercises	57	16	11	22	18
Repurchases of common stock	−917	−170	−144	−848	−62
Proceeds from revolving loan	0	0	105	324	0
Payments on revolving loan	0	0	−155	−274	0
Net cash used in financing activities	−860	−154	−183	−776	−44
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	6	−3	1	−7	−4
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	−172	424	217	−433	184
Cash paid during the period for income taxes	40	84	76	50	56
Cash paid during the period for interest	0	171,000	3	3	123,000
Acquisition of property and equipmentnon-cash	2	5	5	8	6
Noncash or part noncash, share repurchases	0	4	0	0	—

Filings

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