Medpace Holdings, Inc.

MEDP · Healthcare · Diagnostics & Research · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

4.75B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.78B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.54B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

3.03B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

16.71B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.18×

the ratio the screener ranks by

Margin of Safety

-452.1%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 4.75B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)3.75B USD
+②Net Cash Today382.97M USD
+③Growth Value617.03M USD
=Value4.75B USD

EPV of the Operations (NOPAT over WACC)

3.75B USD

Net cash today

+382.97M USD

Growth Value

+617.03M USD

Value

4.75B USD

①EPV (earnings power value)

3.75B USD

②Net Cash Today

382.97M USD

③Growth Value

617.03M USD

Market value

Market Cap16.71B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-251.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.78B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE2.64B USD
+②Equity at Year 15, Today142.81M USD
=Value2.78B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

2.64B USD

②Equity at Year 15, Today

142.81M USD

Market value

Market Cap16.71B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-500.4%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.54B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF1.20B USD
+②Invested Capital at Year 15, Today-42.75M USD
+③Net Cash Today382.97M USD
=Value1.54B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

1.20B USD

②Invested Capital at Year 15, Today

-42.75M USD

③Net Cash Today

382.97M USD

Market value

Market Cap16.71B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-982.1%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 11.34%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.15×Market Risk Premium 6.00%= 11.39%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 91.35M USDPretax Income 542.92M USD= 16.82%

The tax the interest saves.

Interest Expense =EBIT 535.47M USD−Pretax Income 542.92M USD= —

The interest the company paid: EBIT is the profit before tax plus the interest.

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 120.22M USDMarket Cap + Total Debt 16.71B USD + 120.22M USD= 0.71%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 99.29%×Cost of Equity 11.39%+Debt Weight 0.71%×Cost of Debt 4.00%= 11.34%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 2.06B USD − Total Liabilities 1.62B USD = Book Value Today 434.29M USD

Total Debt 120.22M USD − Cash and Short-Term Investments 503.19M USD = Net Debt Today -382.97M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-9.2%at most 5%passes27,910,605 / 30,752,292
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets12.7%at least -10.0%passes(713.94M USD − 451.57M USD) ÷ 2.06B USD
Price to bookMarket Cap ÷ Book Value Today38.48×at most 3×does not pass16.71B USD ÷ 434.29M USD
Operating marginOperating Income ÷ Revenue21.1%above 10.0%passes535.47M USD ÷ 2.53B USD
Revenue growthRevenue ÷ Revenue a Year Before − 120.0%above 10.0%passes2.53B USD / 2.11B USD
Net cash(Cash − Total Debt) ÷ Market Cap2.3%above -30%passes(503.19M USD − 120.22M USD) ÷ 16.71B USD
Operating efficiencyOperating Income ÷ Gross Profit70.3%above 25.0%passes535.47M USD ÷ 761.38M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

598.68 USD

Enterprise value

16.35B USD

the provider's own figure

EV / EBITDA

26.73×

Price / book

38.47×

the provider's book

Price / earnings

35.10×

Return on equity

162.2%

the provider's figure, not this page's

Profit margin

17.7%

Revenue growth

17.2%

Analyst target, mean

590.51 USD

Analysts

13

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

1.46B1.89B2.11B2.53B

Gross profit

432.87M525.03M656.96M761.38M

Operating income

278.98M337.16M447.32M535.47M

EBITDA

operating income before depreciation and amortisation

301.34M363.52M476.60M563.62M

Pretax income

283.14M336.02M476.40M542.92M

Net income

245.61M283.09M404.79M451.57M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

242.26M284.72M405.21M458.01M

R&D

————
Balance sheet, year end

Total assets

1.35B1.66B2.10B1.98B

Total liabilities

967.07M1.10B1.28B1.52B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

386.77M559.51M826.37M459.53M

Total debt

189.06M142.26M126.36M113.76M

Cash and equivalents

28.29M245.69M670.11M497.55M

Net PP&E

fixed assets after depreciation

249.17M265.66M252.52M249.12M

Working capital

current assets less current liabilities

-469.98M-331.63M-75.40M-354.48M
Cash flow

Operating cash flow

388.44M433.81M609.42M713.94M

Capital expenditure

paid out, so below zero

-36.92M-36.68M-36.58M-31.39M

Depreciation and amortisation

22.36M26.35M29.28M28.15M

Free cash flow

operating cash flow plus capital expenditure

351.52M397.12M572.84M682.55M