vs
Side-by-side financial comparison of Medpace Holdings, Inc. (MEDP) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $614.5M, roughly 1.2× Cloudflare, Inc.). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs -2.0%, a 21.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 32.0%). Medpace Holdings, Inc. produced more free cash flow last quarter ($188.1M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 17.7%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
MEDP vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $708.5M | $614.5M |
| Net Profit | $135.1M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 21.6% | -8.0% |
| Net Margin | 19.1% | -2.0% |
| Revenue YoY | 32.0% | 33.6% |
| Net Profit YoY | 15.5% | 6.0% |
| EPS (diluted) | $4.65 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $659.9M | $562.0M | ||
| Q2 25 | $603.3M | $512.3M | ||
| Q1 25 | $558.6M | $479.1M | ||
| Q4 24 | $536.6M | $459.9M | ||
| Q3 24 | $533.3M | $430.1M | ||
| Q2 24 | $528.1M | $401.0M | ||
| Q1 24 | $511.0M | $378.6M |
| Q4 25 | $135.1M | $-12.1M | ||
| Q3 25 | $111.1M | $-1.3M | ||
| Q2 25 | $90.3M | $-50.4M | ||
| Q1 25 | $114.6M | $-38.5M | ||
| Q4 24 | $117.0M | $-12.8M | ||
| Q3 24 | $96.4M | $-15.3M | ||
| Q2 24 | $88.4M | $-15.1M | ||
| Q1 24 | $102.6M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 21.6% | -8.0% | ||
| Q3 25 | 21.5% | -6.7% | ||
| Q2 25 | 20.9% | -13.1% | ||
| Q1 25 | 20.3% | -11.1% | ||
| Q4 24 | 23.4% | -7.5% | ||
| Q3 24 | 21.1% | -7.2% | ||
| Q2 24 | 19.9% | -8.7% | ||
| Q1 24 | 20.4% | -14.4% |
| Q4 25 | 19.1% | -2.0% | ||
| Q3 25 | 16.8% | -0.2% | ||
| Q2 25 | 15.0% | -9.8% | ||
| Q1 25 | 20.5% | -8.0% | ||
| Q4 24 | 21.8% | -2.8% | ||
| Q3 24 | 18.1% | -3.6% | ||
| Q2 24 | 16.7% | -3.8% | ||
| Q1 24 | 20.1% | -9.4% |
| Q4 25 | $4.65 | $-0.03 | ||
| Q3 25 | $3.86 | $0.00 | ||
| Q2 25 | $3.10 | $-0.15 | ||
| Q1 25 | $3.67 | $-0.11 | ||
| Q4 24 | $3.67 | $-0.05 | ||
| Q3 24 | $3.01 | $-0.04 | ||
| Q2 24 | $2.75 | $-0.04 | ||
| Q1 24 | $3.20 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $497.0M | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $459.1M | $1.5B |
| Total Assets | $2.0B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $497.0M | $943.5M | ||
| Q3 25 | $285.4M | $1.1B | ||
| Q2 25 | $46.3M | $1.5B | ||
| Q1 25 | $441.4M | $204.5M | ||
| Q4 24 | $669.4M | $147.7M | ||
| Q3 24 | $656.9M | $182.9M | ||
| Q2 24 | $510.9M | $157.0M | ||
| Q1 24 | $407.0M | $254.4M |
| Q4 25 | $459.1M | $1.5B | ||
| Q3 25 | $293.6M | $1.3B | ||
| Q2 25 | $172.4M | $1.2B | ||
| Q1 25 | $593.6M | $1.4B | ||
| Q4 24 | $825.5M | $1.0B | ||
| Q3 24 | $881.4M | $973.1M | ||
| Q2 24 | $763.6M | $881.5M | ||
| Q1 24 | $671.5M | $797.2M |
| Q4 25 | $2.0B | $6.0B | ||
| Q3 25 | $1.8B | $5.8B | ||
| Q2 25 | $1.6B | $5.6B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $2.1B | $3.3B | ||
| Q3 24 | $2.1B | $3.1B | ||
| Q2 24 | $1.9B | $2.9B | ||
| Q1 24 | $1.8B | $2.8B |
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 | $192.7M | $190.4M |
| Free Cash FlowOCF − Capex | $188.1M | $105.2M |
| FCF MarginFCF / Revenue | 26.6% | 17.1% |
| Capex IntensityCapex / Revenue | 0.6% | 13.9% |
| Cash ConversionOCF / Net Profit | 1.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $681.9M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $192.7M | $190.4M | ||
| Q3 25 | $246.2M | $167.1M | ||
| Q2 25 | $148.5M | $99.8M | ||
| Q1 25 | $125.8M | $145.8M | ||
| Q4 24 | $190.7M | $127.3M | ||
| Q3 24 | $149.1M | $104.7M | ||
| Q2 24 | $116.4M | $74.8M | ||
| Q1 24 | $152.7M | $73.6M |
| Q4 25 | $188.1M | $105.2M | ||
| Q3 25 | $235.5M | $82.5M | ||
| Q2 25 | $142.4M | $39.9M | ||
| Q1 25 | $115.8M | $59.9M | ||
| Q4 24 | $183.0M | $54.2M | ||
| Q3 24 | $138.5M | $54.5M | ||
| Q2 24 | $103.5M | $45.2M | ||
| Q1 24 | $147.2M | $41.5M |
| Q4 25 | 26.6% | 17.1% | ||
| Q3 25 | 35.7% | 14.7% | ||
| Q2 25 | 23.6% | 7.8% | ||
| Q1 25 | 20.7% | 12.5% | ||
| Q4 24 | 34.1% | 11.8% | ||
| Q3 24 | 26.0% | 12.7% | ||
| Q2 24 | 19.6% | 11.3% | ||
| Q1 24 | 28.8% | 11.0% |
| Q4 25 | 0.6% | 13.9% | ||
| Q3 25 | 1.6% | 15.1% | ||
| Q2 25 | 1.0% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | 1.4% | 15.9% | ||
| Q3 24 | 2.0% | 11.7% | ||
| Q2 24 | 2.4% | 7.4% | ||
| Q1 24 | 1.1% | 8.5% |
| Q4 25 | 1.43× | — | ||
| Q3 25 | 2.22× | — | ||
| Q2 25 | 1.65× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 1.49× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
