Analyst Consensus ?
ConsensusHold17 ratings
Bullish423.5%
Neutral1376.5%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
Medpace Holdings, Inc. · MEDP · FY2025 Q1 · Calendar Q2 2025
Medpace: Pass-through growth masks booking and cancellation pressure
Medpace's near-term growth evidence is constructive but not yet broad-based: pass-through reimbursements supported revenue, while a 0.90 book-to-bill ratio, cancellations, and pricing pressure challenged the durability of demand. The thesis improves if cancellations moderate and bookings recover toward management's 1.15 target.
Reported After market closeNASDAQHealthcare
$18.72B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.05
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $527.9M
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.3%
Event window
SPY move
+2.6%
Same window
Abnormal move
-4.9%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+8.6%
Up to 20 sessions
MEDPSPY benchmark
Ask FN2 about MEDP FY2025 Q1
Transcript, numbers and history already loaded
What drove MEDP's -2.3% move after FY2025 Q1 earnings?What changed in MEDP's guidance and outlook in FY2025 Q1?Give me the bull and bear case for MEDP after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis emphasizes pass-through-driven revenue growth alongside a 0.90 book-to-bill ratio, elevated cancellations, and competitive pricing. Compared with the prior quarter, the focus remains on converting backlog and improving bookings, but the current discussion adds greater emphasis on pass-through dependence and potential FDA changes.
Guidance delta
Management maintained guidance, while targeting a 1.15 book-to-bill ratio in the back half of 2025.
Key takeaways
- Revenue growth was driven largely by higher pass-through reimbursements and reimbursable activity.
- Book-to-bill was 0.90, while elevated pre-backlog cancellations and pricing pressure weighed on the outlook.
- Management retained guidance and plans to focus on backlog conversion, cancellation management, and measured headcount growth.
- The central test is whether cancellations moderate and book-to-bill improves without relying on pass-through uplift.
Management priorities
- Convert backlog to revenue
- Manage cancellations
- Pursue a 1.15 book-to-bill ratio in the back half of 2025
- Maintain mid-single-digit headcount growth
- Monitor potential FDA guidance changes
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$674.72Current
$330Low
$581.38Average
$730High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Oct 23, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 23, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 23, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 7, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 24, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 24, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 24, 2026 |
| Jefferies | Hold | Buy | Downgrade | Jul 7, 2026 |
| Leerink Partners | Market Perform | Market Perform | Maintain | Feb 11, 2026 |
| Rothschild & Co | Neutral | Buy | Downgrade | Sep 3, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 23, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Apr 22, 2025 |
| Guggenheim | Buy | Buy | Maintain | Jul 24, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 20, 2021 |
| SunTrust Robinson Humphrey | Hold | Sell | Upgrade | Apr 30, 2020 |
| Wells Fargo | Market Perform | Market Perform | Maintain | Feb 28, 2018 |
| Keybanc | Overweight | Downgrade | Jul 10, 2017 |
Named analyst price targets
Upside is calculated against the persisted current price $674.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Jailendra Singh | $633 | $656.25 | -6.2% | Oct 23, 2026 |
| UBS | Analyst unavailable | $700 | $662.6 | +3.7% | Oct 23, 2026 |
| Mizuho Securities | Analyst unavailable | $730 | $653.96 | +8.2% | Oct 23, 2026 |
| Robert W. Baird | Analyst unavailable | $699 | $653.96 | +3.6% | Oct 23, 2026 |
| Barclays | Analyst unavailable | $675 | $653.96 | +0.0% | Oct 23, 2026 |
| Mizuho Securities | Analyst unavailable | $700 | $602.9 | +3.7% | Oct 7, 2026 |
| Barclays | Analyst unavailable | $625 | $602.9 | -7.4% | Oct 7, 2026 |
| UBS | Analyst unavailable | $673 | $622.11 | -0.3% | Sep 30, 2026 |
| RBC Capital | Ryan Halsted | $692 | $601.73 | +2.6% | Jul 24, 2026 |
| Mizuho Securities | Analyst unavailable | $665 | $605.82 | -1.4% | Jul 24, 2026 |
| BMO Capital | Analyst unavailable | $600 | $605.82 | -11.1% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $624 | $605.82 | -7.5% | Jul 24, 2026 |
| Barclays | Luke Sergott | $600 | $605.82 | -11.1% | Jul 23, 2026 |
| Leerink Partners | Analyst unavailable | $620 | $605.82 | -8.1% | Jul 23, 2026 |
| Deutsche Bank | Analyst unavailable | $535 | $603 | -20.7% | Jul 23, 2026 |
| Mizuho Securities | Analyst unavailable | $586 | $538.23 | -13.1% | Jul 13, 2026 |
| Robert W. Baird | Eric Coldwell | $547 | $546.29 | -18.9% | Jul 8, 2026 |
| Jefferies | David Windley | $515 | $565.09 | -23.7% | Jul 7, 2026 |
| BMO Capital | Analyst unavailable | $400 | $402.81 | -40.7% | Apr 24, 2026 |
| RBC Capital | Ryan Halsted | $484 | $393.42 | -28.3% | Apr 24, 2026 |
| Robert W. Baird | Eric Coldwell | $477 | $393.42 | -29.3% | Apr 24, 2026 |
| Barclays | Luke Sergott | $450 | $393.42 | -33.3% | Apr 24, 2026 |
| Barclays | Luke Sergott | $500 | $468.36 | -25.9% | Mar 6, 2026 |
| Jefferies | David Windley | $560 | $416.04 | -17.0% | Feb 13, 2026 |
| Truist Financial | Analyst unavailable | $539 | $431.16 | -20.1% | Feb 11, 2026 |
| Mizuho Securities | Analyst unavailable | $582 | $446.05 | -13.7% | Feb 11, 2026 |
| BMO Capital | Analyst unavailable | $460 | $446.05 | -31.8% | Feb 11, 2026 |
| Robert W. Baird | Analyst unavailable | $564 | $455.64 | -16.4% | Feb 10, 2026 |
| Mizuho Securities | Analyst unavailable | $660 | $600.02 | -2.2% | Jan 9, 2026 |
| Barclays | Luke Sergott | $525 | $557.78 | -22.2% | Dec 15, 2025 |
| Truist Financial | Jailendra Singh | $555 | $605.2 | -17.7% | Oct 27, 2025 |
| Robert W. Baird | Analyst unavailable | $613 | $596.61 | -9.1% | Oct 24, 2025 |
| Mizuho Securities | Analyst unavailable | $655 | $597.45 | -2.9% | Oct 24, 2025 |
| Mizuho Securities | Analyst unavailable | $575 | $521.21 | -14.8% | Oct 17, 2025 |
| Barclays | Analyst unavailable | $425 | $543.9 | -37.0% | Oct 2, 2025 |
| Leerink Partners | Michael Cherny | $330 | $330.59 | -51.1% | Mar 24, 2025 |
| Robert W. Baird | Eric Coldwell | $349 | $326.54 | -48.3% | Oct 23, 2024 |
| Jefferies | David Windley | $345 | $355.82 | -48.9% | Sep 25, 2024 |
| Truist Financial | Jailendra Singh | $415 | $382.52 | -38.5% | Aug 1, 2024 |
| Robert W. Baird | Eric Coldwell | $469 | $404.13 | -30.5% | Jul 8, 2024 |
| Robert W. Baird | Eric Coldwell | $456 | $403.74 | -32.4% | Jun 13, 2024 |
| Mizuho Securities | Ann Hynes | $435 | $390.55 | -35.5% | May 28, 2024 |
| Jefferies | David Windley | $450 | $376.26 | -33.3% | Apr 23, 2024 |
| UBS | John Sourbeer | $452 | $394.34 | -33.0% | Feb 15, 2024 |
Track every rating change on MEDP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMedpace Holdings, Inc., founded in Cincinnati, Ohio, in 1992, functions as a contract research organization (CRO) delivering clinical development and research services. The company assists pharmaceutical, biotechnology, and medical device clients throughout North America, Europe, and Asia. Its comprehensive suite of offerings covers the entire product lifecycle, from initial Phase I trials through to Phase IV post-market surveillance. Medpace's services include designing development programs, coordinating central laboratory functions, managing projects, navigating regulatory processes, overseeing clinical trials, handling data management and analytics, ensuring pharmacovigilance, aiding with new drug application submissions, and providing ongoing post-marketing clinical support. Furthermore, the company offers specialized bio-analytical laboratory testing, conducts clinical human pharmacology studies, provides imaging services, and delivers expert electrocardiography (ECG) reading for clinical research.
Historical context
All MEDP earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RDY Dr. Reddy's Laboratories Limited | FY2027 Q2 · Calendar Q4 2026 | +24.0% | -0.2% | Dr. Reddy’s: margins improve as semaglutide rollout advances |
| DGX Quest Diagnostics Incorporated | FY2026 Q3 · Calendar Q4 2026 | +4.5% | +1.8% | Quest Diagnostics: growth broadens, but PAMA remains a headwind |
| ARGX argenx SE | FY2026 Q3 · Calendar Q4 2026 | — | -1.6% | argenx: VYVGART momentum and a broader late-stage pipeline |
| MOH Molina Healthcare, Inc. | FY2026 Q3 · Calendar Q4 2026 | +12.7% | +0.8% | Molina reaffirms 2026 outlook as Florida contract scales |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the MEDP recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-07T00:03:11.082354+00:00
- Polygon adjusted daily market bars · 2026-10-26T14:40:48.337490+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T14:40:48.334691+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.