TakeoverPE & activists

MEDPMedpace Holdings, Inc.

Services-Commercial Physical & Biological Research · $18.2B market cap · 6,200 employees

0.3×

Less likely than average to be taken private

Top 46% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    158% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Goodwill-heavyNo
    29% of assets
    Over 40% of assets
  • Shareholder dissentNo
    91% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $408K · 72nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.1 per 10K words · 71st pct
    Bottom quartile of AI mentions in 10-Ks
  • Buyout-sizedNo
    $18.2B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    3 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Sep 17, 2019SC TO-T/AMedpace Investors, LLC——
Aug 15, 2019SC TO-T/AMedpace Investors, LLC——

Key numbers

Revenue
$2.5BFY2021: $1.1BFY2022: $1.5BFY2023: $1.9BFY2024: $2.1BFY2025: $2.5B
20% YoY
Operating margin
21.1%FY2021: 17.4%FY2022: 19.1%FY2023: 17.9%FY2024: 21.2%FY2025: 21.1%
0.2% YoY
EBITDA
$562MFY2021: $215MFY2022: $298MFY2023: $361MFY2024: $475MFY2025: $562M
18% YoY
Net debt / EBITDA
-1.0×
−$543M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.1B$1.5B$1.9B$2.1B$2.5B 20% FY2021: $1.1BFY2022: $1.5BFY2023: $1.9BFY2024: $2.1BFY2025: $2.5B
Operating income$199M$279M$337M$447M$535M 20% FY2021: $199MFY2022: $279MFY2023: $337MFY2024: $447MFY2025: $535M
Net income$182M$245M$283M$404M$451M 12% FY2021: $182MFY2022: $245MFY2023: $283MFY2024: $404MFY2025: $451M
Operating cash flow$263M$388M$433M$609M$713M 17% FY2021: $263MFY2022: $388MFY2023: $433MFY2024: $609MFY2025: $713M
Capex$28M$37M$37M$37M$31M 14% FY2021: $28MFY2022: $37MFY2023: $37MFY2024: $37MFY2025: $31M
Stock-based comp$14M$21M$21M$26M$35M 36% FY2021: $14MFY2022: $21MFY2023: $21MFY2024: $26MFY2025: $35M
Buybacks$62M$848M$144M$170M$917M 440% FY2021: $62MFY2022: $848MFY2023: $144MFY2024: $170MFY2025: $917M

13D filers

FiledFilerFormStakeIntent
Sep 28, 2026Troendle August J.SCHEDULE 13D/A19.1%Passive
Dec 1, 2025Troendle August J.SCHEDULE 13D/A20.0%Passive
Mar 11, 2025Troendle August J.SCHEDULE 13D/A19.5%Passive
Mar 8, 2024Troendle August J.SC 13D/A19.4%Passive
Feb 28, 2024Troendle August J.SC 13D/A20.8%Passive
Dec 5, 2023Troendle August J.SC 13D/A21.9%Passive
Sep 22, 2023Troendle August J.SC 13D/A23.0%Passive
Sep 21, 2022Troendle August J.SC 13D/A23.9%Passive
Sep 13, 2022Troendle August J.SC 13D/A22.5%Passive
Jul 6, 2022Troendle August J.SC 13D/A21.2%Passive

Insider trading

−$453Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $453M · 55 trades

Pay vs performance

No pay-versus-performance disclosure yet.