The company maintains a conservative financial profile with a debt-to-equity ratio of 0.20 as of 2026Q1, providing significant flexibility despite a static $662.4 million goodwill balance.
| Total Current Assets | 1.14B | 989.62M | 1.03B | 593.83M | 333.96M | 690.91M | 473.65M | 317.03M | 178.11M | 129.97M | 133.25M | 94.72M | 133.32M |
| Cash & Short-Term Investments | 652.68M | 497.05M | 669.44M | 245.45M | 28.27M | 461.3M | 277.77M | 131.92M | 23.27M | 26.48M | 37.1M | 14.88M | 54.28M |
| Cash Only | 652.68M | 497.05M | 669.44M | 245.45M | 28.27M | 461.3M | 277.77M | 131.92M | 23.27M | 26.48M | 37.1M | 14.88M | 54.28M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 394.58M | 402.08M | 296.44M | 298.4M | 253.4M | 186.43M | 160.96M | 155.66M | 133.45M | 83.08M | 79.77M | 65.09M | 65.25M |
| Days Sales Outstanding | 52.73 | 58 | 51.3 | 57.75 | 63.35 | 59.57 | 63.45 | 65.99 | 69.13 | 69.53 | 69.06 | 66.16 | 82.11 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 7K | 308K | 2.86M | 1.1M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 0.01 | 0.01 | 0.45 | 5.15 | 2.58 |
| Other Current Assets | 91.79M | 90.5M | 63.35M | 49.98M | 52.29M | 0 | 0 | 0 | 7K | 7K | 308K | 2.86M | 1.1M |
| Total Non-Current Assets | 990.56M | 985.85M | 1.07B | 1.06B | 1.02B | 969.02M | 917.03M | 826.04M | 789.82M | 820.75M | 845.86M | 889.32M | 963.59M |
| Property, Plant & Equipment | 263.36M | 248.87M | 252.26M | 265.39M | 248.92M | 222.71M | 198.83M | 99.44M | 52.26M | 48.74M | 43.8M | 37.51M | 38.08M |
| Fixed Asset Turnover | 10.36x | 10.17x | 8.36x | 7.11x | 5.87x | 5.13x | 4.66x | 8.66x | 13.48x | 8.95x | 9.62x | 9.57x | 7.62x |
| Goodwill | 662.4M | 662.4M | 662.4M | 662.4M | 662.4M | 662.4M | 662.4M | 662.4M | 660.98M | 660.98M | 660.98M | 660.98M | 670.29M |
| Intangible Assets | 33.27M | 33.42M | 34.37M | 35.81M | 38.01M | 41.36M | 46.47M | 54.35M | 69.18M | 98.74M | 136.07M | 186.74M | 249.88M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 28.32M | 21.94M | 22.25M | 24.97M | 21.13M | 17.42M | 8.79M | 9.48M | 6.69M | 5.94M | 4.9M | 3.93M | 5.19M |
| Total Assets | 2.13B | 1.98B | 2.1B | 1.66B | 1.35B | 1.66B | 1.39B | 1.14B | 967.93M | 950.72M | 979.11M | 984.04M | 1.1B |
| Asset Turnover | 1.44x | 1.28x | 1.00x | 1.14x | 1.08x | 0.69x | 0.67x | 0.75x | 0.73x | 0.46x | 0.43x | 0.36x | 0.26x |
| Asset Growth % | -27.76% | -5.97% | 26.8% | 22.5% | -18.52% | 19.36% | 21.66% | 18.09% | 1.81% | -2.9% | -0.5% | -10.29% | - |
| Total Current Liabilities | 1.35B | 1.34B | 1.1B | 925.13M | 803.47M | 557.22M | 440.11M | 343M | 257.03M | 192.71M | 168.6M | 134.02M | 133.64M |
| Accounts Payable | 34.43M | 28.14M | 32.53M | 31.87M | 33.07M | 25.68M | 26.55M | 22.4M | 16.74M | 16.67M | 10.91M | 8.73M | 6.25M |
| Days Payables Outstanding | 6.36 | 5.8 | 8.17 | 8.54 | 11.75 | 11.51 | 14.97 | 13.29 | 12.49 | 23.28 | 15.96 | 15.72 | 14.6 |
| Short-Term Debt | 244.51M | 23.21M | 23.29M | 0 | 50M | 0 | 0 | 0 | 0 | 16.5M | 12.38M | 59K | 0 |
| Deferred Revenue (Current) | 2.5B | 854.39M | 710.59M | 559.86M | 462.73M | 344.64M | 255.66M | 192.36M | 147.94M | 73.76M | 65.67M | 51.05M | 58.14M |
| Other Current Liabilities | 1.07B | 357.87M | 115.27M | 116.26M | 118.74M | 85.46M | 63.73M | 53.11M | 36.2M | 81.81M | 76.69M | 71.26M | 67.16M |
| Current Ratio | 0.85x | 0.74x | 0.93x | 0.64x | 0.42x | 1.24x | 1.08x | 0.92x | 0.69x | 0.67x | 0.79x | 0.71x | 1.00x |
| Quick Ratio | 0.85x | 0.74x | 0.93x | 0.64x | 0.42x | 1.24x | 1.08x | 0.92x | 0.69x | 0.67x | 0.79x | 0.69x | 0.99x |
| Cash Conversion Cycle | 46.37 | - | - | - | - | - | - | - | 56.64 | 46.26 | 53.55 | 55.59 | 70.09 |
| Total Non-Current Liabilities | 186.28M | 172.65M | 170.77M | 172.75M | 162.64M | 149.79M | 144.79M | 73.79M | 121.2M | 254.48M | 199.79M | 436.55M | 561.3M |
| Long-Term Debt | 122.26M | 113.64M | 0 | 0 | 0 | 0 | 0 | 0 | 79.72M | 205.11M | 151.27M | 377.88M | 491.52M |
| Capital Lease Obligations | 479.91M | 113.64M | 126.23M | 142.12M | 138.87M | 130.97M | 115.14M | 45.21M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 17.5M | 9.65M | 1.8M | 2.4M | 1.07M | 1.08M | 13.55M | 12.85M | 439K | 560K | 12.03M | 21.1M | 33.77M |
| Other Non-Current Liabilities | 60.1M | -64.29M | 42.73M | 28.22M | 22.7M | 17.75M | 16.09M | 15.72M | 41.04M | 48.81M | 36.49M | 37.56M | 36.02M |
| Total Liabilities | 1.53B | 1.52B | 1.28B | 1.1B | 966.11M | 707.01M | 584.9M | 416.79M | 378.23M | 447.19M | 368.39M | 570.57M | 694.94M |
| Total Debt | 122.26M | 250.5M | 149.52M | 142.12M | 188.87M | 130.97M | 115.14M | 45.21M | 79.72M | 221.61M | 163.64M | 377.94M | 491.52M |
| Net Debt | -530.42M | -246.55M | -519.91M | -103.33M | 160.6M | -330.34M | -162.62M | -86.71M | 56.45M | 195.13M | 126.54M | 363.06M | 437.23M |
| Debt / Equity | 0.20x | 0.55x | 0.18x | 0.25x | 0.49x | 0.14x | 0.14x | 0.06x | 0.14x | 0.44x | 0.27x | 0.91x | 1.22x |
| Debt / EBITDA | 0.21x | 0.44x | 0.31x | 0.39x | 0.63x | 0.60x | 0.62x | 0.30x | 0.57x | 1.99x | 1.48x | 4.20x | 5.23x |
| Net Debt / EBITDA | -0.92x | -0.44x | -1.09x | -0.28x | 0.53x | -1.50x | -0.87x | -0.58x | 0.40x | 1.75x | 1.14x | 4.03x | 4.65x |
| Interest Coverage | - | - | - | 690.22x | 95.94x | 1891.57x | - | 81.16x | 12.39x | 8.53x | 2.13x | 0.71x | 0.98x |
| Total Equity | 598.31M | 459.07M | 825.54M | 558.95M | 386.39M | 952.93M | 805.78M | 726.28M | 589.7M | 503.53M | 610.71M | 413.47M | 401.97M |
| Equity Growth % | -187.71% | -44.39% | 47.7% | 44.66% | -59.45% | 18.26% | 10.95% | 23.16% | 17.11% | -17.55% | 47.7% | 2.86% | - |
| Book Value per Share | 20.66 | 15.55 | 25.79 | 17.55 | 11.48 | 25.28 | 21.37 | 19.33 | 15.98 | 12.64 | 16.81 | 10.43 | 13.66 |
| Total Shareholders' Equity | 598.31M | 459.07M | 825.54M | 558.95M | 386.39M | 952.93M | 805.78M | 726.28M | 589.7M | 503.53M | 610.71M | 413.47M | 401.97M |
| Common Stock | 286K | 284K | 306K | 308K | 309K | 360K | 355K | 360K | 356K | 355K | 407K | 326K | 313K |
| Retained Earnings | -336.11M | -459.98M | 8.17M | -221.65M | -359.83M | 234.98M | 115.23M | 68.11M | -41.49M | -120.4M | -9.58M | -23.01M | -14.34M |
| Treasury Stock | -12.16M | -12.16M | -12.23M | -12.32M | -12.5M | -5.43M | -5.58M | -6.03M | -6.03M | -6.03M | 0 | 0 | 0 |
| Accumulated OCI | -7.12M | -4.91M | -14.74M | -10.07M | -12.39M | -4.85M | -131K | -2.74M | -2.52M | -734K | -3.74M | -2.56M | -1.56M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Biotech funding cycle sensitivity
According to recent financial statements, Medpace has grown total assets from $1.7 billion in 2023Q4 to $2.1 billion by 2026Q1, reflecting a consistent trajectory of scaling operations while maintaining a lean, centralized infrastructure that supports the company's specialized clinical research service model for biotech clients.
The steady increase in total assets appears to be driven by organic growth rather than inorganic expansion, as evidenced by the static goodwill balance. This trajectory suggests that the company is successfully reinvesting in its core service capabilities to capture market share within the SME biotech segment.
Based on reported figures, Medpace's cash position fluctuated significantly, reaching $652.7 million in 2026Q1, which provides a substantial liquidity buffer against the inherent volatility of the biotech funding cycle and ensures the company can maintain trial momentum even during periods of reduced client capital availability.
While the current ratio remains below 1.0, this appears to be a structural feature of the company's business model rather than a sign of distress, given the high velocity of cash conversion in clinical research services. Investors should monitor whether this liquidity remains sufficient to support ongoing project commitments without requiring external financing.
As reported in quarterly filings, Medpace's equity base has experienced notable volatility, dropping to $172.4 million in 2025Q2 before recovering to $598.3 million in 2026Q1, a trend largely driven by the company's aggressive share repurchase strategy and the impact of accumulated retained earnings fluctuations.
The oscillation in equity highlights management's commitment to returning capital to shareholders, which may temporarily mask the underlying strength of the balance sheet. The recovery in equity levels suggests that the company's operational profitability is effectively replenishing the capital base after significant cash outflows for repurchases.
According to balance sheet data, Medpace maintains a conservative debt-to-equity ratio of 0.20 as of 2026Q1, demonstrating a disciplined approach to leverage that minimizes interest rate sensitivity and provides the company with significant financial flexibility to navigate potential downturns in the broader biotechnology research sector.
The company's reliance on minimal debt suggests that management prioritizes financial independence and operational control over the use of financial leverage to boost returns. This conservative stance appears to be a strategic choice that aligns with the company's organic growth model and avoids the risks associated with high debt service obligations.
Based on reported financial statements, Medpace carries a static goodwill balance of $662.4 million, which represents a significant portion of total assets and warrants further investigation to ensure that the carrying value remains supported by the long-term performance of the company's core clinical research service segments.
While the lack of goodwill growth is a positive indicator of organic focus, the absolute size of this intangible asset relative to equity suggests that any material decline in the performance of acquired service lines could lead to impairment risks. Investors should monitor whether the company's project-based revenue continues to justify this valuation.
Quick answers to the most common questions about buying MEDP stock.
As of 2025, Medpace Holdings, Inc. (MEDP) had total assets of $1.98B including $989.6M in current assets.
Medpace Holdings, Inc. (MEDP) carries total debt of $250.5M, offset by $497.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Medpace Holdings, Inc. (MEDP) has total shareholders' equity (book value) of $459.1M ($15.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Medpace Holdings, Inc. (MEDP) reported a current ratio of 0.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.