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Side-by-side financial comparison of Medpace Holdings, Inc. (MEDP) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $430.0M, roughly 1.6× PEGASYSTEMS INC). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs 7.6%, a 11.5% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $188.1M). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% CAGR vs 10.7%).
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.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
MEDP vs PEGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.5M | $430.0M |
| Net Profit | $135.1M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 21.6% | 8.6% |
| Net Margin | 19.1% | 7.6% |
| Revenue YoY | 32.0% | -9.6% |
| Net Profit YoY | 15.5% | — |
| EPS (diluted) | $4.65 | $0.18 |
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 | — | $430.0M | ||
| Q4 25 | $708.5M | $504.3M | ||
| Q3 25 | $659.9M | $381.4M | ||
| Q2 25 | $603.3M | $384.5M | ||
| Q1 25 | $558.6M | $475.6M | ||
| Q4 24 | $536.6M | $490.8M | ||
| Q3 24 | $533.3M | $325.1M | ||
| Q2 24 | $528.1M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $135.1M | $234.6M | ||
| Q3 25 | $111.1M | $43.4M | ||
| Q2 25 | $90.3M | $30.1M | ||
| Q1 25 | $114.6M | $85.4M | ||
| Q4 24 | $117.0M | $119.1M | ||
| Q3 24 | $96.4M | $-14.4M | ||
| Q2 24 | $88.4M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 21.6% | 20.7% | ||
| Q3 25 | 21.5% | 3.8% | ||
| Q2 25 | 20.9% | 4.5% | ||
| Q1 25 | 20.3% | 26.7% | ||
| Q4 24 | 23.4% | 29.1% | ||
| Q3 24 | 21.1% | -3.6% | ||
| Q2 24 | 19.9% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 19.1% | 46.5% | ||
| Q3 25 | 16.8% | 11.4% | ||
| Q2 25 | 15.0% | 7.8% | ||
| Q1 25 | 20.5% | 18.0% | ||
| Q4 24 | 21.8% | 24.3% | ||
| Q3 24 | 18.1% | -4.4% | ||
| Q2 24 | 16.7% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $4.65 | $0.81 | ||
| Q3 25 | $3.86 | $0.24 | ||
| Q2 25 | $3.10 | $0.17 | ||
| Q1 25 | $3.67 | $0.91 | ||
| Q4 24 | $3.67 | $1.35 | ||
| Q3 24 | $3.01 | $-0.17 | ||
| Q2 24 | $2.75 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $459.1M | $705.9M |
| Total Assets | $2.0B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $497.0M | $425.8M | ||
| Q3 25 | $285.4M | $351.4M | ||
| Q2 25 | $46.3M | $411.6M | ||
| Q1 25 | $441.4M | $371.7M | ||
| Q4 24 | $669.4M | $740.0M | ||
| Q3 24 | $656.9M | $703.0M | ||
| Q2 24 | $510.9M | $665.1M |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $459.1M | $787.4M | ||
| Q3 25 | $293.6M | $596.8M | ||
| Q2 25 | $172.4M | $624.5M | ||
| Q1 25 | $593.6M | $611.3M | ||
| Q4 24 | $825.5M | $585.5M | ||
| Q3 24 | $881.4M | $473.0M | ||
| Q2 24 | $763.6M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.0B | $1.6B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $1.9B | $1.5B |
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 | — |
| Free Cash FlowOCF − Capex | $188.1M | $206.5M |
| FCF MarginFCF / Revenue | 26.6% | 48.0% |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 1.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | $681.9M | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $192.7M | $158.4M | ||
| Q3 25 | $246.2M | $56.3M | ||
| Q2 25 | $148.5M | $86.3M | ||
| Q1 25 | $125.8M | $204.2M | ||
| Q4 24 | $190.7M | $95.2M | ||
| Q3 24 | $149.1M | $30.5M | ||
| Q2 24 | $116.4M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $188.1M | $152.4M | ||
| Q3 25 | $235.5M | $51.8M | ||
| Q2 25 | $142.4M | $84.1M | ||
| Q1 25 | $115.8M | $202.3M | ||
| Q4 24 | $183.0M | $92.4M | ||
| Q3 24 | $138.5M | $27.4M | ||
| Q2 24 | $103.5M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 26.6% | 30.2% | ||
| Q3 25 | 35.7% | 13.6% | ||
| Q2 25 | 23.6% | 21.9% | ||
| Q1 25 | 20.7% | 42.5% | ||
| Q4 24 | 34.1% | 18.8% | ||
| Q3 24 | 26.0% | 8.4% | ||
| Q2 24 | 19.6% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 1.2% | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 1.0% | 0.6% | ||
| Q1 25 | 1.8% | 0.4% | ||
| Q4 24 | 1.4% | 0.6% | ||
| Q3 24 | 2.0% | 0.9% | ||
| Q2 24 | 2.4% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.43× | 0.68× | ||
| Q3 25 | 2.22× | 1.30× | ||
| Q2 25 | 1.65× | 2.87× | ||
| Q1 25 | 1.10× | 2.39× | ||
| Q4 24 | 1.63× | 0.80× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.32× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
