Medpace (MEDP) · Q2 2026 results and valuation

At 20.0% growth a year (3-year revenue growth), the model's fair value is $1221.67 a share — the stock trades 46% below it. Today's price assumes 11.5% growth a year.

1. Key theme

   Year-to-date net income rose to $245.2 million from $204.9 million, helped by a lower tax rate and higher interest income.

   Source quote

   “Year to date net income was $245.2 million compared to $204.9 million in the comparable prior year period. Net income growth above EBITDA growth was primarily driven by a lower effective tax rate and higher interest income compared to the prior year period. Which represents a 19.7% increase.”

2. Guidance

   About $1.96 billion in current backlog is expected to turn into revenue over the next year.

   Source quote

   “We project that approximately $1.96 billion of backlog will convert to revenue in the next 12 months.”

3. Guidance

   Full-year 2026 net income is forecast at $494 million to $514 million, assuming an effective tax rate of 19% to 19.5%.

   Source quote

   “We forecast 2026 net income in the range of $494 million to $514 million This guidance assumes a full year 2026 effective tax rate of 19% to 19.5%...”

4. Figure

   Revenue for the six months ended June 30, 2026, was $1.41 billion, which increased 21.7% compared to the previous period.

   Source quote

   “Revenue for the 6 months ended June 30, 2026 was $1.41 billion, and increased 21.7%.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“RFPs were up sequentially and year over year, generating high quality opportunities.”

“And I think were a possible you know, influence our very strong win rate in Q1.”

“And we do expect high single digit you know, growth in employees, you know, this year.”