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Side-by-side financial comparison of ICON PLC (ICLR) and Medpace Holdings, Inc. (MEDP). Click either name above to swap in a different company.
ICON PLC is the larger business by last-quarter revenue ($2.0B vs $708.5M, roughly 2.9× Medpace Holdings, Inc.). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs 0.1%, a 19.0% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs 0.6%). ICON PLC produced more free cash flow last quarter ($333.9M vs $188.1M). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
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.
ICLR vs MEDP — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $708.5M |
| Net Profit | $2.4M | $135.1M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 21.6% |
| Net Margin | 0.1% | 19.1% |
| Revenue YoY | 0.6% | 32.0% |
| Net Profit YoY | -98.8% | 15.5% |
| EPS (diluted) | $0.03 | $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 | — | $708.5M | ||
| Q3 25 | $2.0B | $659.9M | ||
| Q2 25 | $2.0B | $603.3M | ||
| Q1 25 | $2.0B | $558.6M | ||
| Q4 24 | — | $536.6M | ||
| Q3 24 | $2.0B | $533.3M | ||
| Q2 24 | $2.1B | $528.1M | ||
| Q1 24 | $2.1B | $511.0M |
| Q4 25 | — | $135.1M | ||
| Q3 25 | $2.4M | $111.1M | ||
| Q2 25 | $183.0M | $90.3M | ||
| Q1 25 | $154.2M | $114.6M | ||
| Q4 24 | — | $117.0M | ||
| Q3 24 | $197.1M | $96.4M | ||
| Q2 24 | $146.9M | $88.4M | ||
| Q1 24 | $187.4M | $102.6M |
| Q4 25 | — | 21.6% | ||
| Q3 25 | 4.2% | 21.5% | ||
| Q2 25 | 10.4% | 20.9% | ||
| Q1 25 | 11.0% | 20.3% | ||
| Q4 24 | — | 23.4% | ||
| Q3 24 | 14.1% | 21.1% | ||
| Q2 24 | 10.8% | 19.9% | ||
| Q1 24 | 13.7% | 20.4% |
| Q4 25 | — | 19.1% | ||
| Q3 25 | 0.1% | 16.8% | ||
| Q2 25 | 9.1% | 15.0% | ||
| Q1 25 | 7.7% | 20.5% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | 9.7% | 18.1% | ||
| Q2 24 | 6.9% | 16.7% | ||
| Q1 24 | 9.0% | 20.1% |
| Q4 25 | — | $4.65 | ||
| Q3 25 | $0.03 | $3.86 | ||
| Q2 25 | $2.30 | $3.10 | ||
| Q1 25 | $1.90 | $3.67 | ||
| Q4 24 | — | $3.67 | ||
| Q3 24 | $2.36 | $3.01 | ||
| Q2 24 | $1.76 | $2.75 | ||
| Q1 24 | $2.25 | $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 | $468.9M | $497.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $459.1M |
| Total Assets | $16.5B | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $497.0M | ||
| Q3 25 | $468.9M | $285.4M | ||
| Q2 25 | $390.4M | $46.3M | ||
| Q1 25 | $526.7M | $441.4M | ||
| Q4 24 | — | $669.4M | ||
| Q3 24 | $695.5M | $656.9M | ||
| Q2 24 | $506.6M | $510.9M | ||
| Q1 24 | $396.1M | $407.0M |
| Q4 25 | — | $459.1M | ||
| Q3 25 | $9.3B | $293.6M | ||
| Q2 25 | $9.6B | $172.4M | ||
| Q1 25 | $9.5B | $593.6M | ||
| Q4 24 | — | $825.5M | ||
| Q3 24 | $9.8B | $881.4M | ||
| Q2 24 | $9.6B | $763.6M | ||
| Q1 24 | $9.4B | $671.5M |
| Q4 25 | — | $2.0B | ||
| Q3 25 | $16.5B | $1.8B | ||
| Q2 25 | $16.6B | $1.6B | ||
| Q1 25 | $16.7B | $1.9B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $17.2B | $2.1B | ||
| Q2 24 | $17.0B | $1.9B | ||
| Q1 24 | $17.0B | $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 | $387.6M | $192.7M |
| Free Cash FlowOCF − Capex | $333.9M | $188.1M |
| FCF MarginFCF / Revenue | 16.3% | 26.6% |
| Capex IntensityCapex / Revenue | 2.6% | 0.6% |
| Cash ConversionOCF / Net Profit | 164.59× | 1.43× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $681.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $192.7M | ||
| Q3 25 | $387.6M | $246.2M | ||
| Q2 25 | $146.2M | $148.5M | ||
| Q1 25 | $268.2M | $125.8M | ||
| Q4 24 | — | $190.7M | ||
| Q3 24 | $402.7M | $149.1M | ||
| Q2 24 | $218.6M | $116.4M | ||
| Q1 24 | $327.1M | $152.7M |
| Q4 25 | — | $188.1M | ||
| Q3 25 | $333.9M | $235.5M | ||
| Q2 25 | $113.9M | $142.4M | ||
| Q1 25 | $239.3M | $115.8M | ||
| Q4 24 | — | $183.0M | ||
| Q3 24 | $359.3M | $138.5M | ||
| Q2 24 | $182.3M | $103.5M | ||
| Q1 24 | $299.9M | $147.2M |
| Q4 25 | — | 26.6% | ||
| Q3 25 | 16.3% | 35.7% | ||
| Q2 25 | 5.6% | 23.6% | ||
| Q1 25 | 12.0% | 20.7% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | 17.7% | 26.0% | ||
| Q2 24 | 8.6% | 19.6% | ||
| Q1 24 | 14.3% | 28.8% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 2.6% | 1.6% | ||
| Q2 25 | 1.6% | 1.0% | ||
| Q1 25 | 1.4% | 1.8% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 2.1% | 2.0% | ||
| Q2 24 | 1.7% | 2.4% | ||
| Q1 24 | 1.3% | 1.1% |
| Q4 25 | — | 1.43× | ||
| Q3 25 | 164.59× | 2.22× | ||
| Q2 25 | 0.80× | 1.65× | ||
| Q1 25 | 1.74× | 1.10× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 2.04× | 1.55× | ||
| Q2 24 | 1.49× | 1.32× | ||
| Q1 24 | 1.74× | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
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% |
