MEDP
Medpace Holdings, Inc.558.74
-0.39-0.07%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details cancellations, metabolic normalization
Q&A drilled into Q4's elevated cancellations—highest in backlog in a year—blaming a metabolic skew and scattered compound failures, widespread without big single projects, expanding on prepared remarks' brief spike mention. Management sees normalization ahead, with metabolic mix slowing to ease pass-throughs (41-42% of revenue) that peak early 2026. Headcount ramps to mid-high single digits via retention. AI pilots efficiency tools but deliver no net 2026 productivity. Cancellations were highest in backlog in a year. Tone stays confident on adequate environment; watch metabolic durability, burn cadence.
Key Stats
Market Cap
15.74BP/E (TTM)
39.07Basic EPS (TTM)
14.30Dividend Yield
0%Recent Filings
10-K
FY2025 results
Medpace crushed FY2025 with revenue soaring 20% y/y to $2.53B, fueled by Metabolic and Oncology strength, while net income climbed to $451M. Q4 momentum shone through robust net new business awards of $2.65B (up 19% y/y) and backlog swelling 4% to $3.03B, with $1.9B eyed for 2026 conversion. Operating income hit $535M on tight cost control, yet margins held firm amid reimbursed expense spikes. Cash gushed $713M from ops; aggressive buybacks ate $913M (3M shares). No debt, $497M cash. Backlog won't convert at historic rates.
8-K
Q4 revenue up 32%
Medpace crushed Q4 2025 with revenue surging 32.0% to $708.5 million and net new awards up 39.1% to $736.6 million, driving a 1.04x book-to-bill. Full-year revenue hit $2.53 billion, up 20.0%, while GAAP net income reached $451.1 million. Cash dipped to $497.0 million after $912.9 million in buybacks. 2026 guidance calls for $2.755-$2.855 billion revenue.
10-Q
Q3 FY2025 results
Medpace crushed Q3 with revenue jumping 23.7% y/y to $659.9M, driven by Metabolic and Oncology strength, while operating income rose 26.3% y/y to $141.8M. Diluted EPS climbed to $3.86 from $3.01, matching 28.8M shares. YTD revenue grew 15.9% to $1.8B, operating income up 18.8% to $381.7M, and EPS to $10.64 from $8.96. Cash from operations hit $520.6M, less $26.8M capex for $493.8M FCF (derived), but $917M stock buybacks slashed cash to $285M; $10M revolver fully available, no debt. Backlog hit $3.0B. Share repurchases accelerate returns. Yet competition shadows biotech funding.
8-K
Q3 revenue surges 23.7%
Medpace Holdings reported third-quarter 2025 revenue of $659.9 million, up 23.7% from $533.3 million a year ago, fueled by net new business awards of $789.6 million that lifted the book-to-bill ratio to 1.20x. Backlog grew 2.5% to $3,000.6 million, while GAAP net income hit $111.1 million, or $3.86 per diluted share, with EBITDA rising 24.9% to $148.4 million. The company guides full-year revenue to $2.480-$2.530 billion and net income to $431.0-$439.0 million, yet share repurchases totaling $912.9 million year-to-date trimmed cash to $285.4 million. Strong awards signal pipeline strength.
10-Q
Q2 FY2025 results
Medpace's Q2 revenue climbed 14.2% year-over-year to $603.3 million, fueled by strong gains in metabolic and oncology areas, while operating income rose 20.1% to $126.3 million on tighter cost controls. Gross margins held steady around 70%, but SG&A jumped 12.6% amid higher personnel costs tied to expansion. Diluted EPS edged up to $3.10 from $2.75, aligning with 29.1 million weighted shares despite share repurchases. Operating cash flow for the half-year hit $274.4 million, yielding free cash flow of $258.4 million after $16.0 million in capex (derived), though cash dipped to $46.3 million following $908.4 million in buybacks under a $2.1 billion program. No debt weighs on the balance sheet, with $600 million revolver availability as of quarter-end. Backlog slipped 1.8% to $2.9 billion, signaling steady but tempered demand. Share repurchases accelerated sharply this quarter.
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