| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 24 | 34.2x | 17.8x | Bottom tier | |
Growth | 74 | 24.7% | 7.1% | Top tier | |
Quality | 89 | 102.9% | 4.5% | Top tier | |
Safety | 80 | — | 2.6x | Top tier | |
Capital Return | 54 | — | 2.12% | Around median | |
Momentum | 82 | 24.7% | 2.9% | Top tier | |
Sentiment | 35 | 9 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Medpace Holdings provides clinical research services to biotechnology companies, with operations spanning Phase 1, 2, and 3 studies and the management of therapeutic programs in areas such as oncology, metabolic diseases, and cardiometabolic diseases. Its revenue is generated from executing these programs and the associated reimbursable direct costs; management indicated that these costs represented a high percentage of revenue, with an expected range of 41% to 42% during the second half of fiscal year 2026.
In Q2 of fiscal year 2026, revenue increased 17.2% year over year to $707.3 million, and net income rose 34.5% to $121.4 million, implying a calculated net income margin of approximately 17.2%. Diluted earnings per share reached $4.25 versus $3.10 in the comparable period, while earnings before interest, taxes, depreciation, and amortization increased 17.6% to $153.4 million, with its margin remaining broadly stable at 21.7% versus 21.6%.
Revenue for the six months ended June 30, 2026, reached approximately $1.41 billion, an increase of 21.7%, while net income was $245.2 million and diluted earnings per share were $8.53. In terms of business mix, large metabolic programs for some of the largest clients contributed strongly to revenue growth, but oncology represented more than half of bookings and award notifications in Q2 of fiscal year 2026, indicating that the mix is gradually shifting back toward oncology.
The average analyst price target is $606.38, with a neutral consensus and a wide range between $515 and $692, reflecting meaningful disagreement about the sustainability of bookings growth, the impact of cancellations, and the shift in mix from metabolic programs to oncology. The average target is below the 52-week range high of $677.9 and above its low of $373, while the highest target is slightly above the range high; the available data do not include a valid earnings multiple that could be used as an additional valuation anchor.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Medpace's revenue reached approximately $707.3 million in Q2 of fiscal year 2026, an increase of 17.2% year over year. Net income increased 34.5% to $121.4 million, while diluted earnings per share rose from $3.10 to $4.25. The company attributed net income growth outpacing growth in earnings before interest, taxes, depreciation, and amortization to a lower effective tax rate and higher interest income.
Backlog stood at approximately $3 billion on June 30, 2026, an increase of 4.9% from the comparable period. The company expects to convert approximately $1.96 billion of it into revenue during the twelve months following that date, after the conversion rate reached 24.1% in Q2 of fiscal year 2026. However, management expects the conversion rate to trend gradually downward toward its historical level, without specifying the precise timing or rate of that decline.
Net new business awards added to backlog reached $795.7 million in Q2 of fiscal year 2026, an increase of 28.2% year over year. This resulted in a net book-to-bill ratio of 1.13 times, supported by lower cancellations and increased requests for proposals. Management also said on July 23, 2026, that total bookings were expected to increase during the second half of fiscal year 2026, but emphasized that cancellations remain unpredictable.
Automated analysis for informational purposes only — not investment advice.
Large metabolic programs for some of the top five clients were an important driver of revenue growth, but new opportunities in metabolic and cardiometabolic diseases declined compared with the prior year. In contrast, oncology represented more than half of bookings and award notifications in Q2 of fiscal year 2026. Management expects oncology's share to move toward historical averages over approximately one year, potentially adding several percentage points to the business mix.
The top five clients represented approximately 31% of twelve-month revenue, and the percentage increased to approximately 40% for the top ten clients. A significant portion of this concentration is tied to large metabolic programs, increasing the impact of any reduction or termination of an individual program. Management also explained that lower cancellations accounted for more than half of the improvement in net bookings compared with Q1 of fiscal year 2026, and that it cannot predict whether cancellations will spike again.
Medpace expects revenue of between $2.805 billion and $2.885 billion in fiscal year 2026, representing growth of between 10.9% and 14% from fiscal year 2025 revenue of $2.53 billion. It expects earnings before interest, taxes, depreciation, and amortization of between $618 million and $642 million and net income of between $494 million and $514 million. The diluted earnings per share range is between $17.25 and $17.95, based on exchange rates recorded on June 30, 2026, and without assuming additional share repurchases.
