Medpace Holdings, Inc.
investor.medpace.comWhat Do They Do?
Provides outsourced clinical-trial services, including trial planning, monitoring and laboratory testing, to biotechnology, pharmaceutical and medical-device companies.
10-K for FY2025, filed Feb 10, 2026We are one of the world’s leading clinical contract research organizations, or CROs, by revenue, solely focused on providing…View ↗
Before a new drug can be commercialized, it often must undergo extensive pre-clinical and clinical testing and regulatory review to verify…View ↗
Study Start-Up: Our global Study Start-Up staff conducts trial start up activities, including study documentation submission processes to…View ↗
Clinical Monitoring: Our clinical research associates, or CRAs, provide site management services including in-house, onsite and virtual…View ↗
Central Laboratory: Our Central Laboratory operates in four locations, including Cincinnati, Ohio; Leuven, Belgium; Shanghai, China; and…View ↗
How Do They Make Money?
Customers pay a fixed price or per-service rate under contracts lasting months to years. Most pay part when signing and the rest over the contract; Medpace earns the fee as it performs the services.
10-K for FY2025, filed Feb 10, 2026We earn fees through the performance of services detailed in our customer contracts. Contract scope and pricing is typically based on…View ↗
Revenue, which is distinct from billing and cash receipt, is recognized based on the satisfaction of the individual performance obligations…View ↗
The Company generally enters into contracts with customers to provide services ranging in duration from a few months to several years. The…View ↗
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10-K for FY2025, filed Feb 10, 2026
FY2025 revenue by product or service ↗
$2.5B
-
10-K for FY2025, filed Feb 10, 2026
$2.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Oncology
Recurring
10-K for FY2025, filed Feb 10, 2026 |
30%
FY2022: 32%
|
Oncology, FY2025
$747.6M Sources
|
Recurring |
|
Metabolic
Recurring
10-K for FY2025, filed Feb 10, 2026 |
16%
FY2022: 20%
|
Metabolic, FY2025
$408.5M Sources
|
Recurring |
|
Other
Recurring
10-K for FY2025, filed Feb 10, 2026 |
29%
FY2022: 17%
|
Other, FY2025
$745M Sources
|
Recurring |
|
Central Nervous System
Recurring
|
9.5%
FY2022: 12%
|
Central Nervous System, FY2025
$239.4M Sources
|
Recurring |
|
Cardiology
Recurring
|
5.3%
FY2022: 8.1%
|
Cardiology, FY2025
$134.9M Sources
|
Recurring |
|
AVAI
Recurring
10-K for FY2025, filed Feb 10, 2026 |
10%
FY2022: 11%
|
AVAI, FY2025
$254.8M Sources
|
Recurring |
Who Are Their Customers?
Medpace sells directly to biotechnology, pharmaceutical and medical-device companies, including small and mid-sized biopharmaceutical firms and large pharmaceutical companies, through its business-development team.
10-K for FY2025, filed Feb 10, 2026We have a well-diversified, attractively-positioned customer base that includes small biopharmaceutical companies, mid-sized…View ↗
We employ an integrated sales and marketing team to sell our services to biotechnology, pharmaceutical and medical device companies. The…View ↗
We consult collaboratively with our customers and help optimize timely completion of their clinical trials and programs, in part, because…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 27 cents into free cash flow.
10-K for FY2025, filed Feb 10, 2026
$534.9MView ↗
10-K for FY2025, filed Feb 10, 2026
$451.1MView ↗
10-K for FY2025, filed Feb 10, 2026
$681.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 22, 2026
$137.5MView ↗
- ▲ +24%
- vs $111.1M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 22, 2026
Open tableView ↗
Growing. Revenue grew 2.2x in 4 years, from $1.1B in FY2021 to $2.5B in FY2025, about 22% a year.
Who Do They Compete With?
Competes with IQVIA Holdings, ICON, PPD, and Fortrea
10-K for FY2025, filed Feb 10, 2026We compete primarily against other full-service CROs as well as services provided by in-house research and development (R&D) departments of…View ↗
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