Medpace Holdings, Inc.
MEDP · Services-Commercial Physical & Biological Research · 28.6M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $124M (gross $144M, SBC $21M)
Reference price $450.00 · est. market cap ~$12.9B — last insider sale, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A88CRO leader — elite profitability, returns, and the strongest free cash flow conversion in the universe.
Strengths
- Elite profitability and returns — operating margin 21% (92nd), ROE 98% (93rd), ROA 23% (100th)
- Top free cash flow — FCF $682M (100th), FCF margin 27%, OCF margin 28% (100th)
- Strong growth — +20%
Risks
- Biotech-funding-cycle exposure — per 10-K
- Customer concentration — per 10-K
- Thin reported liquidity (deferred-revenue model) — current ratio 0.74
Notable findings
- Weak liquidityCurrent ratio 0.74 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $497M cash & investments
- Buying back stockNet buyback — share count -4%/yr over 4y
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$22M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
21.1%
Net margin
17.8%
Return on equity
98.3%
Return on assets
22.8%
Revenue growth (QoQ)
-0.3%
Net-income growth
11.6%
Current ratio
0.7×
Free cash flow
$682M
Tangible book value
-$237M
Cash & investments
$497M
Stock comp / revenue
1.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | EWALD STEPHEN P | Sell | 16K | $450.00 |
| 2026-05-28 | EWALD STEPHEN P | Option exercise | 16K | $138.87 |
| 2026-04-24 | Brady Kevin M. | Option exercise | 7.0K | $138.87 |
| 2026-04-24 | EWALD STEPHEN P | Option exercise | 3.5K | $138.87 |
| 2026-03-31 | Carley Brian T | Option exercise | 36 | — |
| 2026-03-31 | McCarthy Cornelius P. III | Option exercise | 29 | — |
| 2026-03-31 | Kraft Robert O. | Option exercise | 33 | — |
| 2026-03-18 | BURWIG SUSAN E | Option exercise | 12K | $166.73 |
| 2026-03-17 | GEIGER JESSE J | Option exercise | 32K | $138.87 |
| 2026-03-17 | GEIGER JESSE J | Sell | 32K | $455.30 |
| 2026-02-17 | EWALD STEPHEN P | Option exercise | 3.5K | $138.87 |
| 2026-02-13 | Carley Brian T | Option exercise | 6.5K | $54.99 |
| 2026-02-13 | BURWIG SUSAN E | Option exercise | 11K | $107.93 |
| 2025-12-31 | McCarthy Cornelius P. III | Option exercise | 49 | — |
| 2025-12-31 | Carley Brian T | Option exercise | 62 | — |
| 2025-12-31 | Kraft Robert O. | Option exercise | 56 | — |
| 2025-12-05 | BURWIG SUSAN E | Option exercise | 10K | $107.93 |
| 2025-12-03 | Troendle August J. | Sell | 668 | $590.69 |
| 2025-12-02 | BURWIG SUSAN E | Option exercise | 10K | $107.93 |
| 2025-12-02 | Troendle August J. | Sell | 5.7K | $590.47 |
| 2025-12-01 | Troendle August J. | Sell | 23K | $593.25 |
| 2025-11-28 | Troendle August J. | Sell | 15K | $593.46 |
| 2025-11-26 | Troendle August J. | Sell | 41K | $606.88 |
| 2025-11-25 | Troendle August J. | Sell | 42K | $615.52 |
| 2025-11-24 | BURWIG SUSAN E | Sell | 20K | $609.15 |
| 2025-11-24 | Troendle August J. | Sell | 59K | $607.78 |
| 2025-11-21 | Brady Kevin M. | Gift | 170 | — |
| 2025-11-21 | Brady Kevin M. | Option exercise | 3.0K | $166.73 |
| 2025-11-21 | Brady Kevin M. | Sell | 3.0K | $590.35 |
| 2025-11-21 | Troendle August J. | Sell | 22K | $592.18 |
| 2025-11-20 | Troendle August J. | Sell | 6.8K | $598.49 |
| 2025-11-19 | Troendle August J. | Sell | 24K | $592.07 |
| 2025-11-18 | Troendle August J. | Sell | 7.2K | $590.84 |
| 2025-11-17 | Troendle August J. | Sell | 6.0K | $591.00 |
| 2025-11-14 | Troendle August J. | Sell | 15K | $595.26 |
| 2025-11-14 | Kraft Robert O. | Option exercise | 6.5K | $54.99 |
| 2025-11-14 | Kraft Robert O. | Sell | 6.5K | $591.85 |
| 2025-11-13 | Troendle August J. | Sell | 5.1K | $601.37 |
| 2025-11-12 | Troendle August J. | Sell | 5.3K | $603.23 |
| 2025-11-11 | BURWIG SUSAN E | Sell | 18K | $605.00 |
| 2025-11-05 | GEIGER JESSE J | Sell | 22K | $595.66 |
| 2025-10-30 | DAVENPORT FRED B JR | Option exercise | 6.5K | $54.99 |
| 2025-10-30 | DAVENPORT FRED B JR | Sell | 6.0K | $581.88 |
| 2025-10-29 | GEIGER JESSE J | Sell | 3.6K | $585.00 |
| 2025-10-29 | GEIGER JESSE J | Option exercise | 3.6K | $166.73 |
| 2025-10-27 | BURWIG SUSAN E | Sell | 2.0K | $605.01 |
| 2025-10-27 | GEIGER JESSE J | Option exercise | 19K | $166.73 |
| 2025-10-27 | GEIGER JESSE J | Sell | 19K | $605.12 |
| 2025-10-27 | EWALD STEPHEN P | Option exercise | 18K | $166.73 |
| 2025-10-27 | EWALD STEPHEN P | Sell | 15K | $598.85 |
| 2025-09-30 | McCarthy Cornelius P. III | Option exercise | 49 | — |
| 2025-09-30 | Carley Brian T | Option exercise | 62 | — |
| 2025-09-30 | Kraft Robert O. | Option exercise | 57 | — |
| 2025-09-26 | BURWIG SUSAN E | Option exercise | 10K | $107.93 |
| 2025-09-03 | BURWIG SUSAN E | Sell | 10K | $480.00 |
| 2025-09-02 | Troendle August J. | Sell | 1.2K | $475.11 |
| 2025-08-29 | Troendle August J. | Sell | 36K | $475.90 |
| 2025-08-27 | Troendle August J. | Sell | 620 | $475.00 |
| 2025-08-26 | BURWIG SUSAN E | Option exercise | 10K | $107.93 |
| 2025-08-19 | McCarthy Cornelius P. III | Sell | 1.7K | $465.04 |
| 2025-07-28 | EWALD STEPHEN P | Sell | 3.0K | $450.00 |
| 2025-07-28 | BURWIG SUSAN E | Sell | 7.5K | $450.14 |
| 2025-07-28 | Troendle August J. | Sell | 48K | $451.69 |
| 2025-07-24 | GEIGER JESSE J | Option exercise | 42K | $107.93 |
| 2025-07-24 | GEIGER JESSE J | Sell | 42K | $453.11 |
| 2025-07-24 | Brady Kevin M. | Option exercise | 12K | $57.94 |
| 2025-07-24 | Brady Kevin M. | Sell | 12K | $454.23 |
| 2025-07-22 | McCarthy Cornelius P. III | Option exercise | 2.0K | $54.99 |
| 2025-07-18 | McCarthy Cornelius P. III | Option exercise | 4.5K | $54.99 |
| 2025-06-30 | McCarthy Cornelius P. III | Option exercise | 50 | — |
| 2025-06-30 | Kraft Robert O. | Option exercise | 57 | — |
| 2025-06-30 | Carley Brian T | Option exercise | 62 | — |
| 2025-04-24 | DAVENPORT FRED B JR | Option exercise | 4.7K | $57.17 |
| 2025-04-24 | DAVENPORT FRED B JR | Sell | 1.7K | $301.82 |
| 2025-03-31 | McCarthy Cornelius P. III | Option exercise | 50 | — |
| 2025-03-31 | Kraft Robert O. | Option exercise | 57 | — |
| 2025-03-31 | Carley Brian T | Option exercise | 63 | — |
| 2025-03-07 | Troendle August J. | Option exercise | 37K | $54.74 |
| 2025-03-07 | Troendle August J. | Option exercise | 234K | $56.61 |
| 2025-03-07 | Troendle August J. | Option exercise | 85K | $107.93 |
| 2025-02-27 | EWALD STEPHEN P | Buy | 2 | $326.11 |
| 2025-02-24 | Carley Brian T | Option exercise | 8.1K | $42.62 |
| 2025-02-24 | Carley Brian T | Sell | 4.0K | $345.59 |
| 2024-12-31 | McCarthy Cornelius P. III | Option exercise | 62 | — |
| 2024-12-31 | Kraft Robert O. | Option exercise | 71 | — |
| 2024-12-31 | Carley Brian T | Option exercise | 78 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Exec/director change | filing ↗ |
| 2026-05-19 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-04-22 | ResultsExec/director changeExhibits | filing ↗ |
| 2026-02-09 | ResultsExhibits | filing ↗ |
| 2025-10-22 | ResultsExhibits | filing ↗ |
| 2025-07-21 | Material agreementResultsExhibits | filing ↗ |
| 2025-05-16 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-04-21 | Material agreementResultsOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-01 | 0001193125-26-257387 ↗ |
| 8-K | 2026-05-19 | 2026-05-15 | 0001193125-26-230425 ↗ |
| 10-Q | 2026-04-23 | 2026-03-31 | 0001668397-26-000019 ↗ |
| 8-K | 2026-04-22 | 2026-04-21 | 0001668397-26-000017 ↗ |
| 10-K | 2026-02-10 | 2025-12-31 | 0001668397-26-000006 ↗ |
| 8-K | 2026-02-09 | 2026-02-09 | 0001668397-26-000004 ↗ |
| 10-Q | 2025-10-23 | 2025-09-30 | 0001668397-25-000110 ↗ |
| 8-K | 2025-10-22 | 2025-10-22 | 0001668397-25-000108 ↗ |
| 10-Q | 2025-07-22 | 2025-06-30 | 0001668397-25-000087 ↗ |
| 8-K | 2025-07-21 | 2025-07-17 | 0001668397-25-000085 ↗ |
| 8-K | 2025-05-16 | 2025-05-16 | 0001193125-25-121801 ↗ |
| 10-Q | 2025-04-22 | 2025-03-31 | 0001668397-25-000059 ↗ |