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Side-by-side financial comparison of Medpace Holdings, Inc. (MEDP) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $425.9M, roughly 1.7× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 19.1%, a 16.6% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs 1.7%). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% CAGR vs 12.1%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
MEDP vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.5M | $425.9M |
| Net Profit | $135.1M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | 21.6% | 81.5% |
| Net Margin | 19.1% | 35.7% |
| Revenue YoY | 32.0% | 1.7% |
| Net Profit YoY | 15.5% | — |
| EPS (diluted) | $4.65 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $708.5M | $637.9M | ||
| Q3 25 | $659.9M | $443.1M | ||
| Q2 25 | $603.3M | $527.4M | ||
| Q1 25 | $558.6M | $734.8M | ||
| Q4 24 | $536.6M | $513.8M | ||
| Q3 24 | $533.3M | $310.0M | ||
| Q2 24 | $528.1M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $135.1M | $181.6M | ||
| Q3 25 | $111.1M | $107.3M | ||
| Q2 25 | $90.3M | $149.8M | ||
| Q1 25 | $114.6M | $216.4M | ||
| Q4 24 | $117.0M | $45.0M | ||
| Q3 24 | $96.4M | $-167.6M | ||
| Q2 24 | $88.4M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 21.6% | 43.3% | ||
| Q3 25 | 21.5% | 40.6% | ||
| Q2 25 | 20.9% | 43.7% | ||
| Q1 25 | 20.3% | 43.2% | ||
| Q4 24 | 23.4% | 16.8% | ||
| Q3 24 | 21.1% | -63.4% | ||
| Q2 24 | 19.9% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 19.1% | 28.5% | ||
| Q3 25 | 16.8% | 24.2% | ||
| Q2 25 | 15.0% | 28.4% | ||
| Q1 25 | 20.5% | 29.4% | ||
| Q4 24 | 21.8% | 8.8% | ||
| Q3 24 | 18.1% | -54.1% | ||
| Q2 24 | 16.7% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $4.65 | $1.98 | ||
| Q3 25 | $3.86 | $1.18 | ||
| Q2 25 | $3.10 | $1.64 | ||
| Q1 25 | $3.67 | $2.37 | ||
| Q4 24 | $3.67 | $0.49 | ||
| Q3 24 | $3.01 | $-1.81 | ||
| Q2 24 | $2.75 | $-0.59 |
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 | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $459.1M | — |
| Total Assets | $2.0B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $497.0M | $271.4M | ||
| Q3 25 | $285.4M | $43.2M | ||
| Q2 25 | $46.3M | $39.3M | ||
| Q1 25 | $441.4M | $40.0M | ||
| Q4 24 | $669.4M | $48.7M | ||
| Q3 24 | $656.9M | $38.2M | ||
| Q2 24 | $510.9M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $459.1M | $3.6B | ||
| Q3 25 | $293.6M | $3.1B | ||
| Q2 25 | $172.4M | $3.0B | ||
| Q1 25 | $593.6M | $2.8B | ||
| Q4 24 | $825.5M | $-76.2M | ||
| Q3 24 | $881.4M | $-15.5M | ||
| Q2 24 | $763.6M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $2.0B | $9.2B | ||
| Q3 25 | $1.8B | $8.7B | ||
| Q2 25 | $1.6B | $8.4B | ||
| Q1 25 | $1.9B | $8.5B | ||
| Q4 24 | $2.1B | $8.3B | ||
| Q3 24 | $2.1B | $8.3B | ||
| Q2 24 | $1.9B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $188.1M | — |
| FCF MarginFCF / Revenue | 26.6% | — |
| Capex IntensityCapex / Revenue | 0.6% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.43× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $681.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $192.7M | $274.9M | ||
| Q3 25 | $246.2M | $237.8M | ||
| Q2 25 | $148.5M | $388.4M | ||
| Q1 25 | $125.8M | $253.8M | ||
| Q4 24 | $190.7M | $220.1M | ||
| Q3 24 | $149.1M | $197.9M | ||
| Q2 24 | $116.4M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $188.1M | $-2.7M | ||
| Q3 25 | $235.5M | $-47.8M | ||
| Q2 25 | $142.4M | $195.3M | ||
| Q1 25 | $115.8M | $59.9M | ||
| Q4 24 | $183.0M | $-20.3M | ||
| Q3 24 | $138.5M | $-49.1M | ||
| Q2 24 | $103.5M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 26.6% | -0.4% | ||
| Q3 25 | 35.7% | -10.8% | ||
| Q2 25 | 23.6% | 37.0% | ||
| Q1 25 | 20.7% | 8.2% | ||
| Q4 24 | 34.1% | -4.0% | ||
| Q3 24 | 26.0% | -15.8% | ||
| Q2 24 | 19.6% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 0.6% | 43.5% | ||
| Q3 25 | 1.6% | 64.4% | ||
| Q2 25 | 1.0% | 36.6% | ||
| Q1 25 | 1.8% | 26.4% | ||
| Q4 24 | 1.4% | 46.8% | ||
| Q3 24 | 2.0% | 79.7% | ||
| Q2 24 | 2.4% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.43× | 1.51× | ||
| Q3 25 | 2.22× | 2.21× | ||
| Q2 25 | 1.65× | 2.59× | ||
| Q1 25 | 1.10× | 1.17× | ||
| Q4 24 | 1.63× | 4.89× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.32× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
