Forensic Analysis · Professional & Commercial Services · as of Aug 10, 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.

A · High-quality compounder

Forensic grade

Safe

Financial health

11.5

Distress distance

Clean

Earnings quality

Forensic signals

33.2

P / E (ttm)

98.3%

ROE

$16.8B

Market cap

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 (red flags, auditor quality, say on pay, board independence). 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 an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 11.5, placing it in the Safe 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. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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.

Key fundamentals

Latest Revenue$2.53B

Revenue Growth YoY+20.0%

Revenue CAGR (3yr)+20.1%

Net Margin17.8%

Free Cash Flow$681.9M

Return on Equity98.3%

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.