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MEDP, Medpace Holdings

Life Sciences Tools & Services diversified

Medpace Holdings markets and Clinical Development Services Before a new drug can be commercialized, it often must undergo extensive pre-clinical and clinical testing and regulatory review to verify safety and efficacy.

We are one of the world's leading clinical contract research organizations, or CROs, by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries.

CROs provide a comprehensive range of product development services for Phase I-IV clinical trials.

Latest annual: FY2025 10-K

MEDP · Medpace Holdings

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$2.5B

+20.0% YoY · 22% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $2.7B 5-yr avg $1.8B

Operating margin 21.0% 5-yr avg 19.3%

Owner-earnings margin 27% 5-yr avg 25%

Free cash flow margin 27% 5-yr avg 24%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Oncology (30%) and Other (29%), with 4 more lines behind.
What moves the needle: Operating margin has run about 17% through the cycle, a solid margin the cost base and competition set as much as the price does. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 27%, above 15% in 6 of 9 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 22% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 6 lines, the largest Oncology at 30%.

Revenue by product line, FY2025

Oncology30%$748M
Other29%$745M
Other16%$409M
AVAI10%$255M
Cardiology9%$239M
Cardiology5%$135M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$422M	$436M	$705M	$861M	$926M	$1.1B	$1.5B	$1.9B	$2.1B	$2.5B	$2.7B	RevenueRevenue
15%	15%	11%	11%	10%	9%	9%	9%	9%	8%	7%	SG&A / revenueSG&A/rev
$52M	$65M	$101M	$127M	$167M	$199M	$279M	$337M	$447M	$535M	$563M	Operating incomeOp. inc.
12.5%	14.9%	14.3%	14.8%	18.0%	17.4%	19.1%	17.9%	21.2%	21.1%	21.0%	Operating marginOp. mgn
$13M	$39M	$73M	$100M	$145M	$182M	$245M	$283M	$404M	$451M	$460M	Net incomeNet inc.
39%	31%	22%	20%	14%	10%	13%	16%	15%	17%	19%	Effective tax rateTax rate
											Cash flow & returns
$92M	$97M	$157M	$202M	$259M	$263M	$388M	$433M	$609M	$713M	$739M	Operating cash flowOp. cash
$7M	$9M	$9M	$8M	$12M	$16M	$19M	$24M	$28M	$27M	$27M	DepreciationDeprec.
$61M	$45M	$68M	$72M	$88M	$51M	$102M	$106M	$151M	$200M	$229M	Working capital & otherWC & other
$14M	$12M	$16M	$18M	$31M	$28M	$37M	$37M	$37M	$31M	$28M	CapexCapex
3.2%	2.7%	2.3%	2.1%	3.4%	2.5%	2.5%	1.9%	1.7%	1.2%	1.1%	Capex / revenueCapex/rev
$84M	$89M	$147M	$194M	$247M	$247M	$369M	$409M	$581M	$682M	$711M	Owner earningsOwner earn.
20.0%	20.4%	20.9%	22.5%	26.7%	21.6%	25.3%	21.7%	27.5%	26.9%	26.5%	Owner earnings marginOE mgn
$78M	$86M	$141M	$184M	$227M	$235M	$351M	$397M	$572M	$682M	$711M	Free cash flowFCF
18.5%	19.6%	19.9%	21.4%	24.6%	20.6%	24.1%	21.0%	27.1%	26.9%	26.5%	Free cash flow marginFCF mgn
$0	$156M	$0	$0	$98M	$62M	$848M	$144M	$170M	$917M	—	BuybacksBuybacks
4%	6%	12%	17%	27%	36%	68%	91%	243%	—	—	ROICROIC
2%	8%	12%	14%	18%	19%	64%	51%	49%	98%	77%	Return on equityROE
2%	8%	12%	14%	18%	19%	64%	51%	49%	98%	77%	Retained to equityRetained/eq
											Balance sheet
$37M	$26M	$23M	$132M	$278M	$461M	$28M	$245M	$669M	$497M	$653M	Cash & investmentsCash+inv
$80M	$83M	$133M	$156M	$161M	$186M	$253M	$298M	$296M	$402M	$395M	ReceivablesReceiv.
$11M	$17M	$17M	$22M	$27M	$26M	$33M	$32M	$33M	$28M	$34M	Accounts payablePayables
$69M	$66M	$117M	$133M	$134M	$161M	$220M	$267M	$264M	$374M	$360M	Operating working capitalOper. WC
$133M	$130M	$178M	$178M	$474M	$691M	$334M	$594M	$1.0B	$990M	$1.1B	Current assetsCur. assets
$169M	$193M	$257M	$263M	$440M	$557M	$803M	$925M	$1.1B	$1.3B	$1.3B	Current liabilitiesCur. liab.
0.8×	0.7×	0.7×	0.7×	1.1×	1.2×	0.4×	0.6×	0.9×	0.7×	0.8×	Current ratioCurr. ratio
$661M	$661M	$661M	$662M	$662M	$662M	$662M	$662M	$662M	$662M	$662M	GoodwillGoodwill
$979M	$951M	$968M	$1.0B	$1.4B	$1.7B	$1.4B	$1.7B	$2.1B	$2.0B	$2.1B	Total assetsAssets
$164M	$222M	$80M	$0	—	—	—	—	—	—	$0	Total debtDebt
$127M	$195M	$56M	($132M)	—	—	—	—	—	—	($653M)	Net debt / (cash)Net debt
$611M	$509M	$599M	$726M	$806M	$953M	$386M	$559M	$826M	$459M	$598M	Shareholders’ equityEquity
2.3%	1.0%	0.9%	2.4%	1.5%	1.3%	1.5%	1.1%	1.2%	1.4%	0.9%	Stock comp / revenueSBC/rev
											Per share
36.3M	39.8M	36.9M	37.6M	37.7M	37.7M	33.7M	31.8M	32.0M	29.5M	29.0M	Shares out (diluted)Shares
$11.60	$10.95	$19.09	$22.91	$24.56	$30.30	$43.36	$59.23	$65.88	$85.69	$92.48	Revenue / shareRev/sh
$0.37	$0.98	$1.98	$2.67	$3.86	$4.82	$7.29	$8.88	$12.63	$15.28	$15.90	EPS (diluted)EPS
$2.32	$2.23	$3.99	$5.15	$6.55	$6.56	$10.96	$12.85	$18.15	$23.09	$24.55	Owner earnings / shareOE/sh
$2.15	$2.15	$3.81	$4.90	$6.03	$6.24	$10.43	$12.46	$17.88	$23.09	$24.55	Free cash flow / shareFCF/sh
$0.37	$0.29	$0.43	$0.48	$0.83	$0.75	$1.10	$1.15	$1.14	$1.06	$0.97	Cap. spending / shareCapex/sh
$16.81	$12.78	$16.22	$19.33	$21.37	$25.28	$11.48	$17.55	$25.79	$15.55	$20.66	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+24.9%/yr	+28.4%/yr
Owner earnings / share	+29.1%/yr	+28.7%/yr
EPS	+51.2%/yr	+31.7%/yr
Capital spending / share	+12.3%/yr	+5.0%/yr
Book value / share	−0.9%/yr	−6.2%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

30Mpeak FY2017

ROIC

243%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$682Mowner earningsvs.$451Mnet incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $451M of profit into $682M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$451M

Owner earnings$682M · 27% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$451M	$404M	$283M	$245M	$182M
Depreciation & amortizationnon-cash charge added back	+$27M	+$28M	+$24M	+$19M	+$16M
Stock-based compensationreal costnon-cash, but a real cost	+$35M	+$26M	+$21M	+$21M	+$14M
Working capital & othertiming of cash in and out, other non-cash items	+$200M	+$151M	+$106M	+$102M	+$51M
Cash from operations	$713M	$609M	$433M	$388M	$263M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$31M	−$28M	−$24M	−$19M	−$16M
Owner earnings	$682M	$581M	$409M	$369M	$247M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$9M	−$13M	−$18M	−$12M
Free cash flow	$682M	$572M	$397M	$351M	$235M
Owner-earnings marginowner earnings ÷ revenue	27%	28%	22%	25%	22%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $35M), owner earnings is nearer $647M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$497M

Net cash, debt-free

Cash $497M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $497M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital ($38M) = debt $0 + equity $459M − cash

Industry peers: median 8%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin 22%

High through the cycle

10-yr median margin, range 20%–28%; latest $682M = operating cash $713M − maintenance capex $31M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 27% of revenue this year, a 22% median across 10 years. Treating stock comp as the real expense it is (less $35M of SBC) leaves $647M.
Are earnings backed by cash? 1.58×

Cash-backed

Cash from ops $713M ÷ net income $451M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 135%

Returned more than it generated

Dividends + buybacks $917M ÷ Owner Earnings $682M

What this means
The company returned more than it generated: against $682M of Owner Earnings, $917M (135%) went back to shareholders, $0 dividends, $917M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $35M stock comp, the real buyback was about $883M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 1.15×

Maintaining

Capex $31M ÷ depreciation $27M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $2.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.74×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $0 vs ($354M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +805%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $13.29/share (latest year $15.80), the averaged base the calculator's gate runs on, and book value is $16.07/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 1 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 14% → 20% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 14% early to 20% lately, median 17% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +25%/yr

What this means
Owner earnings grew about 25% a year over the record.
Worst year 2016 · 12.5% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −2.3%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Continued evolution and use of machine learning and generative artificial intelligence ("AI"), including risks arising from insufficient human oversight of AI or a lack of controls and procedures monitoring the use of AI in day-to-day operations as well as from potential future competitive disadvantages related to a la…”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.1B

Cash & short-term investments$653M
Receivables$395M
Other current assets$92M

Current liabilities$1.3B

Accounts payable$34M
Other current liabilities$1.3B

Current ratio0.85×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.85×stricter: inventory excluded

Cash ratio0.49×strictest: cash alone against what's due

Working capital($206M)the cushion left after near-term bills

Its current ratio is below 1, which usually reads as strain; here it is likely structural strength. What it owes in the near term is money to suppliers and customers (payables and deferred revenue), not to lenders, so the balance sheet is funded by operating float, the way Costco's and Amazon's are. The low ratio can be the edge, not the risk; the cash-conversion cycle and the debt due above say which.

Revenue, latest quarter vs. a year ago+26.5%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 0.8×

Deeper floors

Tangible book value($97M)equity stripped of goodwill & intangibles

Net current asset value($392M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$146M$146M of it operating leases

Deferred revenue$860Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $3.2B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$260M · 8%
Buybacks$2.4B · 75%
Retained (debt / cash)$558M · 17%

Returned to owners$2.4B
79% of the owner earnings the business produced over the span, $0 as dividends and $2.4B as buybacks.
Average price paid for buybacks—
Buybacks ran $2.4B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−20.3%
The diluted count fell from 36M to 29M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$696M35% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$0over 10 years buying other businesses, against $260M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	August J. Troendle	$5.9M	$7.7M	$247M
2022	August J. Troendle	$1.9M	$12.9M	$369M
2023	August J. Troendle	$1.6M	$9.3M	$409M
2024	August J. Troendle	$8.6M	$17.7M	$581M
2025	August J. Troendle	$11.4M	$11.7M	$682M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership20.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$35M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Medpace Holdings is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 5 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Life Sciences Tools & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
IQVIQVIA Holdings Inc.	$16.3B	—	9.2%	5%	11%
VVXV2X Inc.	$4.5B	9%	3.6%	11%	3%
FCNFTI Consulting	$3.8B	32%	10.5%	16%	9%
ULSUL Solutions Inc.	$3.1B	48%	16.2%	27%	10%
MEDPMedpace Holdings	$2.5B	—	17.6%	27%	22%
EVHEvolent Health	$1.9B	23%	-12.2%	-6%	-11%
ICFIICF International	$1.9B	36%	6.9%	8%	7%
NEONeoGenomics Inc.	$727M	42%	-8.5%	-7%	-4%
Group median	—	—	8.1%	10%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Medpace Holdings has delivered.

Medpace Holdings’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Medpace Holdings earns about $559M on its 22.1% median owner-earnings margin. This year’s 26.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($559M) Net of stock comp (−$23M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+20%/yr

Owner-earnings growth · ’16→’25+25%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $711M on 29M shares outstanding, per the 10-Q cover, as of 2026-04-17; net cash $653M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MEDP against another business →

Cite: Owner Scorecard, "Medpace Holdings (MEDP), the owner's record," https://ownerscorecard.com/c/MEDP, data as of 2026-07-09.

Manual order: ← MEC its page in the Manual MEI →

Industry order: ← MDXH the Life Sciences Tools & Services chapter MTD →