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Side-by-side financial comparison of Medpace Holdings, Inc. (MEDP) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
Medpace Holdings, Inc. is the larger business by last-quarter revenue ($708.5M vs $677.3M, roughly 1.0× WATTS WATER TECHNOLOGIES INC). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs 14.7%, a 4.4% gap on every dollar of revenue. On growth, Medpace Holdings, Inc. posted the faster year-over-year revenue change (32.0% vs 21.4%). Medpace Holdings, Inc. produced more free cash flow last quarter ($188.1M vs $6.6M). Over the past eight quarters, Medpace Holdings, Inc.'s revenue compounded faster (17.7% CAGR vs 6.5%).
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.
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
MEDP vs WTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $708.5M | $677.3M |
| Net Profit | $135.1M | $99.6M |
| Gross Margin | — | 48.1% |
| Operating Margin | 21.6% | 19.6% |
| Net Margin | 19.1% | 14.7% |
| Revenue YoY | 32.0% | 21.4% |
| Net Profit YoY | 15.5% | 34.6% |
| EPS (diluted) | $4.65 | $2.97 |
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 | — | $677.3M | ||
| Q4 25 | $708.5M | $625.1M | ||
| Q3 25 | $659.9M | $611.7M | ||
| Q2 25 | $603.3M | $643.7M | ||
| Q1 25 | $558.6M | $558.0M | ||
| Q4 24 | $536.6M | $540.4M | ||
| Q3 24 | $533.3M | $543.6M | ||
| Q2 24 | $528.1M | $597.3M |
| Q1 26 | — | $99.6M | ||
| Q4 25 | $135.1M | $83.7M | ||
| Q3 25 | $111.1M | $82.2M | ||
| Q2 25 | $90.3M | $100.9M | ||
| Q1 25 | $114.6M | $74.0M | ||
| Q4 24 | $117.0M | $67.5M | ||
| Q3 24 | $96.4M | $69.1M | ||
| Q2 24 | $88.4M | $82.0M |
| Q1 26 | — | 48.1% | ||
| Q4 25 | — | 49.5% | ||
| Q3 25 | — | 48.8% | ||
| Q2 25 | — | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% |
| Q1 26 | — | 19.6% | ||
| Q4 25 | 21.6% | 18.2% | ||
| Q3 25 | 21.5% | 18.2% | ||
| Q2 25 | 20.9% | 21.0% | ||
| Q1 25 | 20.3% | 15.7% | ||
| Q4 24 | 23.4% | 16.5% | ||
| Q3 24 | 21.1% | 17.1% | ||
| Q2 24 | 19.9% | 18.7% |
| Q1 26 | — | 14.7% | ||
| Q4 25 | 19.1% | 13.4% | ||
| Q3 25 | 16.8% | 13.4% | ||
| Q2 25 | 15.0% | 15.7% | ||
| Q1 25 | 20.5% | 13.3% | ||
| Q4 24 | 21.8% | 12.5% | ||
| Q3 24 | 18.1% | 12.7% | ||
| Q2 24 | 16.7% | 13.7% |
| Q1 26 | — | $2.97 | ||
| Q4 25 | $4.65 | $2.50 | ||
| Q3 25 | $3.86 | $2.45 | ||
| Q2 25 | $3.10 | $3.01 | ||
| Q1 25 | $3.67 | $2.21 | ||
| Q4 24 | $3.67 | $2.02 | ||
| Q3 24 | $3.01 | $2.06 | ||
| Q2 24 | $2.75 | $2.44 |
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 | $374.7M |
| Total DebtLower is stronger | — | $197.8M |
| Stockholders' EquityBook value | $459.1M | $2.1B |
| Total Assets | $2.0B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.09× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $374.7M | ||
| Q4 25 | $497.0M | $405.5M | ||
| Q3 25 | $285.4M | $457.7M | ||
| Q2 25 | $46.3M | $369.3M | ||
| Q1 25 | $441.4M | $336.8M | ||
| Q4 24 | $669.4M | $386.9M | ||
| Q3 24 | $656.9M | $303.9M | ||
| Q2 24 | $510.9M | $279.4M |
| Q1 26 | — | $197.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $459.1M | $2.0B | ||
| Q3 25 | $293.6M | $2.0B | ||
| Q2 25 | $172.4M | $1.9B | ||
| Q1 25 | $593.6M | $1.8B | ||
| Q4 24 | $825.5M | $1.7B | ||
| Q3 24 | $881.4M | $1.7B | ||
| Q2 24 | $763.6M | $1.6B |
| Q1 26 | — | $2.9B | ||
| Q4 25 | $2.0B | $2.9B | ||
| Q3 25 | $1.8B | $2.7B | ||
| Q2 25 | $1.6B | $2.6B | ||
| Q1 25 | $1.9B | $2.5B | ||
| Q4 24 | $2.1B | $2.4B | ||
| Q3 24 | $2.1B | $2.4B | ||
| Q2 24 | $1.9B | $2.4B |
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $17.9M |
| Free Cash FlowOCF − Capex | $188.1M | $6.6M |
| FCF MarginFCF / Revenue | 26.6% | 1.0% |
| Capex IntensityCapex / Revenue | 0.6% | — |
| Cash ConversionOCF / Net Profit | 1.43× | 0.18× |
| TTM Free Cash FlowTrailing 4 quarters | $681.9M | $317.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.9M | ||
| Q4 25 | $192.7M | $154.7M | ||
| Q3 25 | $246.2M | $122.4M | ||
| Q2 25 | $148.5M | $69.7M | ||
| Q1 25 | $125.8M | $55.2M | ||
| Q4 24 | $190.7M | $139.5M | ||
| Q3 24 | $149.1M | $90.7M | ||
| Q2 24 | $116.4M | $85.3M |
| Q1 26 | — | $6.6M | ||
| Q4 25 | $188.1M | $140.3M | ||
| Q3 25 | $235.5M | $110.9M | ||
| Q2 25 | $142.4M | $59.5M | ||
| Q1 25 | $115.8M | $45.6M | ||
| Q4 24 | $183.0M | $127.5M | ||
| Q3 24 | $138.5M | $84.3M | ||
| Q2 24 | $103.5M | $78.5M |
| Q1 26 | — | 1.0% | ||
| Q4 25 | 26.6% | 22.4% | ||
| Q3 25 | 35.7% | 18.1% | ||
| Q2 25 | 23.6% | 9.2% | ||
| Q1 25 | 20.7% | 8.2% | ||
| Q4 24 | 34.1% | 23.6% | ||
| Q3 24 | 26.0% | 15.5% | ||
| Q2 24 | 19.6% | 13.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 2.3% | ||
| Q3 25 | 1.6% | 1.9% | ||
| Q2 25 | 1.0% | 1.6% | ||
| Q1 25 | 1.8% | 1.7% | ||
| Q4 24 | 1.4% | 2.2% | ||
| Q3 24 | 2.0% | 1.2% | ||
| Q2 24 | 2.4% | 1.1% |
| Q1 26 | — | 0.18× | ||
| Q4 25 | 1.43× | 1.85× | ||
| Q3 25 | 2.22× | 1.49× | ||
| Q2 25 | 1.65× | 0.69× | ||
| Q1 25 | 1.10× | 0.75× | ||
| Q4 24 | 1.63× | 2.07× | ||
| Q3 24 | 1.55× | 1.31× | ||
| Q2 24 | 1.32× | 1.04× |
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% |
WTS
| segment net | $517.8M | 76% |
| Other | $159.5M | 24% |
