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Side-by-side financial comparison of EPAM Systems (EPAM) and Medpace Holdings, Inc. (MEDP). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $708.5M, roughly 2.0× Medpace Holdings, Inc.). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs 7.8%, a 11.3% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs 12.8%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $188.1M). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% CAGR vs 9.9%).
EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.
Medpace Holdings, Inc. is a global clinical research organization (CRO) based in Cincinnati, Ohio, employing approximately 6,000 people. Operating under a full-service model, the company also offers global central laboratory, imaging core laboratory, and bioanalytical laboratory services, as well as a Phase I unit located on its headquarters and clinical research campus in Cincinnati, Ohio.
EPAM vs MEDP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $708.5M |
| Net Profit | $109.4M | $135.1M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 21.6% |
| Net Margin | 7.8% | 19.1% |
| Revenue YoY | 12.8% | 32.0% |
| Net Profit YoY | 5.9% | 15.5% |
| EPS (diluted) | $1.97 | $4.65 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $708.5M | ||
| Q3 25 | $1.4B | $659.9M | ||
| Q2 25 | $1.4B | $603.3M | ||
| Q1 25 | $1.3B | $558.6M | ||
| Q4 24 | $1.2B | $536.6M | ||
| Q3 24 | $1.2B | $533.3M | ||
| Q2 24 | $1.1B | $528.1M | ||
| Q1 24 | $1.2B | $511.0M |
| Q4 25 | $109.4M | $135.1M | ||
| Q3 25 | $106.8M | $111.1M | ||
| Q2 25 | $88.0M | $90.3M | ||
| Q1 25 | $73.5M | $114.6M | ||
| Q4 24 | $103.3M | $117.0M | ||
| Q3 24 | $136.3M | $96.4M | ||
| Q2 24 | $98.6M | $88.4M | ||
| Q1 24 | $116.2M | $102.6M |
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 10.6% | 21.6% | ||
| Q3 25 | 10.4% | 21.5% | ||
| Q2 25 | 9.3% | 20.9% | ||
| Q1 25 | 7.6% | 20.3% | ||
| Q4 24 | 10.9% | 23.4% | ||
| Q3 24 | 15.2% | 21.1% | ||
| Q2 24 | 10.5% | 19.9% | ||
| Q1 24 | 9.5% | 20.4% |
| Q4 25 | 7.8% | 19.1% | ||
| Q3 25 | 7.7% | 16.8% | ||
| Q2 25 | 6.5% | 15.0% | ||
| Q1 25 | 5.6% | 20.5% | ||
| Q4 24 | 8.3% | 21.8% | ||
| Q3 24 | 11.7% | 18.1% | ||
| Q2 24 | 8.6% | 16.7% | ||
| Q1 24 | 10.0% | 20.1% |
| Q4 25 | $1.97 | $4.65 | ||
| Q3 25 | $1.91 | $3.86 | ||
| Q2 25 | $1.56 | $3.10 | ||
| Q1 25 | $1.28 | $3.67 | ||
| Q4 24 | $1.80 | $3.67 | ||
| Q3 24 | $2.37 | $3.01 | ||
| Q2 24 | $1.70 | $2.75 | ||
| Q1 24 | $1.97 | $3.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $497.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $459.1M |
| Total Assets | $4.9B | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $497.0M | ||
| Q3 25 | $1.2B | $285.4M | ||
| Q2 25 | $1.0B | $46.3M | ||
| Q1 25 | $1.2B | $441.4M | ||
| Q4 24 | $1.3B | $669.4M | ||
| Q3 24 | $2.1B | $656.9M | ||
| Q2 24 | $1.8B | $510.9M | ||
| Q1 24 | $2.0B | $407.0M |
| Q4 25 | $3.7B | $459.1M | ||
| Q3 25 | $3.7B | $293.6M | ||
| Q2 25 | $3.7B | $172.4M | ||
| Q1 25 | $3.6B | $593.6M | ||
| Q4 24 | $3.6B | $825.5M | ||
| Q3 24 | $3.6B | $881.4M | ||
| Q2 24 | $3.4B | $763.6M | ||
| Q1 24 | $3.5B | $671.5M |
| Q4 25 | $4.9B | $2.0B | ||
| Q3 25 | $4.8B | $1.8B | ||
| Q2 25 | $4.7B | $1.6B | ||
| Q1 25 | $4.7B | $1.9B | ||
| Q4 24 | $4.8B | $2.1B | ||
| Q3 24 | $4.5B | $2.1B | ||
| Q2 24 | $4.2B | $1.9B | ||
| Q1 24 | $4.4B | $1.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $282.9M | $192.7M |
| Free Cash FlowOCF − Capex | $268.1M | $188.1M |
| FCF MarginFCF / Revenue | 19.0% | 26.6% |
| Capex IntensityCapex / Revenue | 1.1% | 0.6% |
| Cash ConversionOCF / Net Profit | 2.59× | 1.43× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $681.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $192.7M | ||
| Q3 25 | $294.7M | $246.2M | ||
| Q2 25 | $53.2M | $148.5M | ||
| Q1 25 | $24.2M | $125.8M | ||
| Q4 24 | $130.3M | $190.7M | ||
| Q3 24 | $242.0M | $149.1M | ||
| Q2 24 | $57.0M | $116.4M | ||
| Q1 24 | $129.9M | $152.7M |
| Q4 25 | $268.1M | $188.1M | ||
| Q3 25 | $286.4M | $235.5M | ||
| Q2 25 | $43.4M | $142.4M | ||
| Q1 25 | $14.8M | $115.8M | ||
| Q4 24 | $114.5M | $183.0M | ||
| Q3 24 | $237.0M | $138.5M | ||
| Q2 24 | $52.3M | $103.5M | ||
| Q1 24 | $123.2M | $147.2M |
| Q4 25 | 19.0% | 26.6% | ||
| Q3 25 | 20.5% | 35.7% | ||
| Q2 25 | 3.2% | 23.6% | ||
| Q1 25 | 1.1% | 20.7% | ||
| Q4 24 | 9.2% | 34.1% | ||
| Q3 24 | 20.3% | 26.0% | ||
| Q2 24 | 4.6% | 19.6% | ||
| Q1 24 | 10.6% | 28.8% |
| Q4 25 | 1.1% | 0.6% | ||
| Q3 25 | 0.6% | 1.6% | ||
| Q2 25 | 0.7% | 1.0% | ||
| Q1 25 | 0.7% | 1.8% | ||
| Q4 24 | 1.3% | 1.4% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 0.4% | 2.4% | ||
| Q1 24 | 0.6% | 1.1% |
| Q4 25 | 2.59× | 1.43× | ||
| Q3 25 | 2.76× | 2.22× | ||
| Q2 25 | 0.60× | 1.65× | ||
| Q1 25 | 0.33× | 1.10× | ||
| Q4 24 | 1.26× | 1.63× | ||
| Q3 24 | 1.77× | 1.55× | ||
| Q2 24 | 0.58× | 1.32× | ||
| Q1 24 | 1.12× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
MEDP
| Metabolic | $249.8M | 35% |
| Oncology | $195.9M | 28% |
| Other | $88.3M | 12% |
| Central Nervous System | $73.2M | 10% |
| Cardiology | $63.0M | 9% |
| Antiviral And Anti Infective | $38.3M | 5% |
| Related Party | $10.3M | 1% |
