Medpace Holdings Inc
- 取引所
- 米国株
- 国 / 地域
- USA
- 上場日
- 2016年8月11日
- 従業員数
- 6,500
- 公式サイト
- www.medpace.com
総合バリュエーションレンジ · 保守的 $290–$360 / 妥当 $380–$460 / 楽観的 $520–$600。$589.37 時点で 楽観的な本源的価値レンジ内 · 多くの期待を織り込み済み。
レポート公開時 $454.25（2026年6月6日）
データ提供：EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。
Medpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, Asia, South America, Africa, and Australia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services. In addition, the company offers bio-analytical laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. Medpace Holdings, Inc. was founded in 1992 and is based in Cincinnati, Ohio.
沿革
Medpace Holdings was founded in 1992 by August J. Troendle, M.D., in Cincinnati, Ohio, starting with a focus on cardiovascular and metabolic studies, and grew almost entirely through organic growth with no major acquisitions. Private equity held control in two rounds: CCMP Capital acquired a majority stake in 2011 for about $485M, and Cinven took over in February 2014 for $915M (roughly 80%), with Troendle retaining a significant minority stake and continuing as CEO. The company priced its IPO at $23.00 per share on August 10, 2016 and began trading on NASDAQ as MEDP on August 11; the offering totaled about 8.05 million shares including the overallotment for roughly $173.6M in net proceeds, all newly issued primary shares used to repay debt, meaning Cinven did not cash out at the IPO and fully exited by August 27, 2018. Total revenue (including pass-through) grew from $421.6M in FY2016 to $2,530.2M in FY2025, a compound annual growth rate of about 22% over nine years (roughly 6x), while the company paid no dividends, never split its stock, and used aggressive buybacks to reduce its share count from a peak of about 40-41 million to 28.56 million (about -30%). As of March 31, 2026 it employed about 6,300 people across 46 countries.
業界での地位
Medpace is one of the leading pure full-service outsourcing (FSO) clinical contract research organizations, covering the Phase I-IV clinical development process including trial design, project management, regulatory affairs, clinical monitoring, data management and statistics, pharmacovigilance, NDA submissions, and post-marketing studies. It is vertically integrated, operating its own central laboratory, bio-analytical laboratory, imaging core lab, and Phase I clinical pharmacology unit, with facilities concentrated on a single Cincinnati research campus plus locations in Leuven (Belgium), Shanghai, and Singapore. Its client base is distinctive: in FY2025 about 82% of revenue came from small biopharma and about 13% from mid-sized companies (95% combined), with the top ten clients at roughly 35.1% and no single client at 10% or more; this FSO model fits small and mid-sized biotech clients, whereas larger CROs such as IQVIA and ICON are oriented toward serving big pharma through functional service (FSP) models. Morningstar assigns Medpace a Narrow Moat, attributed to intangible assets and high customer switching costs. The factual sources of its competitive position include trial-level switching costs (changing CRO mid-trial disrupts data integrity, regulatory continuity, and site relationships), full-service integration combined with high scientific content where a Medical Directors Committee of KOLs acts as a study-selection gatekeeper, and capital efficiency (ROIC of about 47%+, zero debt, negative working capital) rather than pricing power; it is the only global-scale CRO focused on pure FSO. The pool of listed CRO peers has narrowed as Syneos, Parexel, and PPD exited, leaving MEDP, IQVIA, and ICON alongside Charles River and Fortrea. The global CRO market was about $71B in 2024, of which the small and mid-sized biotech segment was about $28-29B, and Medpace holds roughly 5-7% of that segment.
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