Forensic Analysis · Consulting & Engineering Services · as of Nov 8, 2026
Medpace Holdings, Inc. (MEDP)
A forensic read on Medpace Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.2
Distress distance
Clean
Earnings quality
2
Forensic signals
70.2%
ROE
20.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Medpace Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
135% of FCF
FY2025
Shareholder returns.Returned $917M to shareholders (buybacks + dividends) in FY2025 — 135% of free cash flow. That is $236M (35%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet's own liquid holdings covered part of it: cash fell $172M over FY2025 — $172M of the $236M; total debt is not on file on the same basis at both year ends, so whether new borrowing also covered part of it cannot be read. The FY2025 cash-flow statement filed $57M from shares issued; net cash used in investing activities of $31M; net cash used in financing activities of $860M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $35M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 140%.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+156.1M to FY2025 $-38.0M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$2.53B
Revenue Growth YoY+20.0%
Revenue CAGR (2yr)+15.8%
Net Margin17.8%
Free Cash Flow$681.9M
Return on Equity70.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Medpace Holdings, Inc.'s actual 10-K/10-Q/8-K filings?