Medpace Holdings, Inc. (MEDP) intrinsic value & 10-year financials
Medpace Holdings, Inc. (MEDP) has a Graham intrinsic value of $507.54 per share. At $618.47 on Oct 17, 2026, the stock trades 22% above that value. Over the last 10 fiscal years revenue grew 22.0% a year to $2.5B, with an average return on invested capital of 53.8%.
- Graham intrinsic value
- $507.54
- Share price (Oct 17, 2026)
- $618.47
- Price vs Graham value
- 22% above
- Market cap
- $18.3B
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 22.0%
- ROIC (10-yr avg)
- 53.8%
- Free cash flow (FY2025)
- $681.9M
MEDP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | $451.1M | $15.28 | $681.9M | 21.1% | 248.6% |
| FY2024 | $2.1B | $404.4M | $12.63 | $572.3M | 21.2% | 102.9% |
| FY2023 | $1.9B | $282.8M | $8.88 | $396.7M | 17.9% | 56.6% |
| FY2022 | $1.5B | $245.4M | $7.28 | $351.2M | 19.1% | 41.3% |
| FY2021 | $1.1B | $181.8M | $4.81 | $235.1M | 17.4% | 28.3% |
| FY2020 | $925.9M | $145.4M | $3.84 | $227.3M | 18.0% | 22.5% |
| FY2019 | $861.0M | $100.4M | $2.67 | $184.0M | 14.8% | 15.9% |
| FY2018 | $704.6M | $73.2M | $1.97 | $140.6M | 14.3% | 11.7% |
| FY2017 | $436.2M | $39.1M | $0.98 | $85.7M | 14.9% | 6.2% |
| FY2016 | $421.6M | $13.4M | $0.37 | $78.2M | 12.5% | 4.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Medpace Holdings, Inc. is a consistent compounder, expanding top-line revenue at 22.0% annually over the past decade.
Medpace Holdings, Inc. has earned high returns on invested capital, averaging 29.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Medpace Holdings, Inc. shows that management has aggressively returned capital to shareholders by retiring 18.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Medpace Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $507.54 per share.