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Side-by-side financial comparison of Medpace Holdings, Inc. (MEDP) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $387.0M, roughly 1.8× Paylocity Holding Corp). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs 13.0%, a 6.1% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs 11.3%). Medpace Holdings, Inc. produced more free cash flow last quarter ($188.1M vs $113.6M). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% CAGR vs 2.7%).
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.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
MEDP vs PCTY — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.5M | $387.0M |
| Net Profit | $135.1M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | 21.6% | 18.2% |
| Net Margin | 19.1% | 13.0% |
| Revenue YoY | 32.0% | 11.3% |
| Net Profit YoY | 15.5% | 34.0% |
| EPS (diluted) | $4.65 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $659.9M | $378.9M | ||
| Q2 25 | $603.3M | $369.9M | ||
| Q1 25 | $558.6M | $421.1M | ||
| Q4 24 | $536.6M | $347.7M | ||
| Q3 24 | $533.3M | $333.1M | ||
| Q2 24 | $528.1M | $324.7M | ||
| Q1 24 | $511.0M | $366.8M |
| Q4 25 | $135.1M | $50.2M | ||
| Q3 25 | $111.1M | $48.0M | ||
| Q2 25 | $90.3M | $48.6M | ||
| Q1 25 | $114.6M | $91.5M | ||
| Q4 24 | $117.0M | $37.5M | ||
| Q3 24 | $96.4M | $49.6M | ||
| Q2 24 | $88.4M | $48.8M | ||
| Q1 24 | $102.6M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | 21.6% | 18.2% | ||
| Q3 25 | 21.5% | 19.6% | ||
| Q2 25 | 20.9% | 17.9% | ||
| Q1 25 | 20.3% | 30.2% | ||
| Q4 24 | 23.4% | 13.4% | ||
| Q3 24 | 21.1% | 19.3% | ||
| Q2 24 | 19.9% | 19.4% | ||
| Q1 24 | 20.4% | 29.0% |
| Q4 25 | 19.1% | 13.0% | ||
| Q3 25 | 16.8% | 12.7% | ||
| Q2 25 | 15.0% | 13.1% | ||
| Q1 25 | 20.5% | 21.7% | ||
| Q4 24 | 21.8% | 10.8% | ||
| Q3 24 | 18.1% | 14.9% | ||
| Q2 24 | 16.7% | 15.0% | ||
| Q1 24 | 20.1% | 23.3% |
| Q4 25 | $4.65 | $0.92 | ||
| Q3 25 | $3.86 | $0.86 | ||
| Q2 25 | $3.10 | $0.87 | ||
| Q1 25 | $3.67 | $1.61 | ||
| Q4 24 | $3.67 | $0.66 | ||
| Q3 24 | $3.01 | $0.88 | ||
| Q2 24 | $2.75 | $0.85 | ||
| Q1 24 | $3.20 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | — | $81.3M |
| Stockholders' EquityBook value | $459.1M | $1.1B |
| Total Assets | $2.0B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $497.0M | $162.5M | ||
| Q3 25 | $285.4M | $165.2M | ||
| Q2 25 | $46.3M | $398.1M | ||
| Q1 25 | $441.4M | $477.8M | ||
| Q4 24 | $669.4M | $482.4M | ||
| Q3 24 | $656.9M | $778.5M | ||
| Q2 24 | $510.9M | $401.8M | ||
| Q1 24 | $407.0M | $492.7M |
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $459.1M | $1.1B | ||
| Q3 25 | $293.6M | $1.1B | ||
| Q2 25 | $172.4M | $1.2B | ||
| Q1 25 | $593.6M | $1.2B | ||
| Q4 24 | $825.5M | $1.2B | ||
| Q3 24 | $881.4M | $1.1B | ||
| Q2 24 | $763.6M | $1.0B | ||
| Q1 24 | $671.5M | $1.1B |
| Q4 25 | $2.0B | $7.0B | ||
| Q3 25 | $1.8B | $4.2B | ||
| Q2 25 | $1.6B | $4.4B | ||
| Q1 25 | $1.9B | $5.2B | ||
| Q4 24 | $2.1B | $5.3B | ||
| Q3 24 | $2.1B | $4.0B | ||
| Q2 24 | $1.9B | $4.2B | ||
| Q1 24 | $1.8B | $5.0B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | — |
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 | $117.0M |
| Free Cash FlowOCF − Capex | $188.1M | $113.6M |
| FCF MarginFCF / Revenue | 26.6% | 29.4% |
| Capex IntensityCapex / Revenue | 0.6% | 0.9% |
| Cash ConversionOCF / Net Profit | 1.43× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $681.9M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $192.7M | $117.0M | ||
| Q3 25 | $246.2M | $86.5M | ||
| Q2 25 | $148.5M | $86.6M | ||
| Q1 25 | $125.8M | $186.0M | ||
| Q4 24 | $190.7M | $54.2M | ||
| Q3 24 | $149.1M | $91.5M | ||
| Q2 24 | $116.4M | $79.9M | ||
| Q1 24 | $152.7M | $167.5M |
| Q4 25 | $188.1M | $113.6M | ||
| Q3 25 | $235.5M | $82.7M | ||
| Q2 25 | $142.4M | $81.1M | ||
| Q1 25 | $115.8M | $183.7M | ||
| Q4 24 | $183.0M | $51.2M | ||
| Q3 24 | $138.5M | $89.1M | ||
| Q2 24 | $103.5M | $73.6M | ||
| Q1 24 | $147.2M | $162.0M |
| Q4 25 | 26.6% | 29.4% | ||
| Q3 25 | 35.7% | 21.8% | ||
| Q2 25 | 23.6% | 21.9% | ||
| Q1 25 | 20.7% | 43.6% | ||
| Q4 24 | 34.1% | 14.7% | ||
| Q3 24 | 26.0% | 26.8% | ||
| Q2 24 | 19.6% | 22.7% | ||
| Q1 24 | 28.8% | 44.2% |
| Q4 25 | 0.6% | 0.9% | ||
| Q3 25 | 1.6% | 1.0% | ||
| Q2 25 | 1.0% | 1.5% | ||
| Q1 25 | 1.8% | 0.5% | ||
| Q4 24 | 1.4% | 0.9% | ||
| Q3 24 | 2.0% | 0.7% | ||
| Q2 24 | 2.4% | 1.9% | ||
| Q1 24 | 1.1% | 1.5% |
| Q4 25 | 1.43× | 2.33× | ||
| Q3 25 | 2.22× | 1.80× | ||
| Q2 25 | 1.65× | 1.78× | ||
| Q1 25 | 1.10× | 2.03× | ||
| Q4 24 | 1.63× | 1.45× | ||
| Q3 24 | 1.55× | 1.84× | ||
| Q2 24 | 1.32× | 1.64× | ||
| Q1 24 | 1.49× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
