{"schemaVersion":1,"research":true,"symbol":"medp","name":"Medpace","topic":"moat","path":"/stock/medp/moat","status":"stale","version":10,"updatedAt":"2026-10-19T20:38:50.349Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Medpace demonstrates strong operating execution, an integrated clinical platform and contractual procurement discounts. The passages do not establish that these capabilities create a durable advantage over named rivals offering overlapping services. Pricing power is mixed: negotiated fees and upfront payments coexist with realized rebates, fixed-fee exposure and broad cancellation rights. This is insufficient evidence of defensibility, rather than demonstrated competitive weakness.","advantages":[{"mechanism":"intangible_assets","claim":"ClinTrak integrated with operating procedures, therapeutic expertise and a global workforce are existing capabilities that could support differentiation. Superior customer outcomes and defensibility relative to rivals remain unestablished; management's partner-of-choice statement is an assertion.","durability":"The platform requires accumulated expertise and organizational investment, but the passages do not demonstrate a durable performance lead, exclusive access or customer dependence.","risks":"Thermo Fisher Scientific Inc. also discloses integrated Phase I–IV clinical services. IQVIA Holdings Inc. discloses extensive global resources and proprietary data, although these disclosures cover its broader company. Competition for skilled staff and customer cancellation rights constrain protection.","invalidation":"The differentiation hypothesis would be undermined by comparable rival trial outcomes at lower prices, sustained losses of repeat assignments, or deterioration in delivery quality accompanying staff losses. Comparative trial outcomes and repeat-customer evidence could establish or reject the hypothesis.","competitors":["IQVIA Holdings Inc.","ICON plc","PPD, Inc.","Thermo Fisher Scientific Inc.","Fortrea, Inc."],"evidenceIds":["q327","q325","q550","q731","q488","q489"],"counterEvidenceIds":["q2417","q2339","q2344","q39","q707","q490"]},{"mechanism":"cost_advantage","claim":"Minimum purchase commitments currently obtain preferential supplier pricing. This demonstrates a procurement benefit, but neither its magnitude nor a cost advantage over competitors is established.","durability":"Commitments extend through 2030 at varying expiration dates. Their duration does not establish exclusive discounts, renewal economics or a durable relative cost advantage.","risks":"Discounts require minimum commitments, which reached $29.4 million in June 2026. Cancellation-driven reductions in demand could weaken their economics. Competitors may obtain comparable procurement terms.","invalidation":"The relative-cost hypothesis would fail if comparable competitors receive equal or better net terms, or if unused commitments and related costs offset the discounts.","competitors":["IQVIA Holdings Inc.","ICON plc","PPD, Inc.","Thermo Fisher Scientific Inc.","Fortrea, Inc."],"evidenceIds":["q513","q514","q515","q488","q489"],"counterEvidenceIds":["q50","q490"]}],"evidence":[{"id":"q327","sourceId":"filing-1","location":"Business / Clinical Trial Management","excerpt":"Our CTMs use ClinTrak, our proprietary information management system for clinical trials, which is integrated with our standard operating procedures (SOPs), allowing the CTMs to access real-time study metrics."},{"id":"q325","sourceId":"filing-1","location":"Business / Medical Department","excerpt":"Medical Department: Our medical department consists of therapeutic leads who provide strategic direction for study design and planning, train operational staff, work with primary investigators, provide medical monitoring and meet with regulatory agencies."},{"id":"q550","sourceId":"filing-2","location":"MD&A / Business Overview / global platform","excerpt":"Our global platform includes approximately 6,500 employees across 46 countries as of June 30, 2026, providing our customers with broad access to diverse markets and patient populations as well as local regulatory expertise and market knowledge."},{"id":"q731","sourceId":"filing-2","location":"MD&A / Business Overview / claimed customer preference","excerpt":"We believe that we are a partner of choice for small- and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers."},{"id":"q488","sourceId":"filing-1","location":"Business / Competition / named CRO competitors","excerpt":"Our major CRO competitors include IQVIA Holdings Inc., ICON plc, PPD, Inc."},{"id":"q489","sourceId":"filing-1","location":"Business / Competition / additional competitors and parent affiliation","excerpt":"(now part of Thermo Fisher Scientific Inc.), Fortrea, Inc., and numerous specialty and regional CROs."},{"id":"q490","sourceId":"filing-1","location":"Business / Competition / competitive factors","excerpt":"We generally compete on the basis of a number of factors, including experience within specific therapeutic areas, quality of staff and services, reliability, range of provided services, ability to recruit principal investigators and patients into studies expeditiously, ability to organize and manage large-scale, global clinical trials, global presence with strategically located facilities, speed to completion, price and overall value."},{"id":"q2417","sourceId":"filing-13","location":"Business / clinical research services scope","excerpt":"Our clinical research business offers comprehensive, integrated clinical development and analytical services including all phases of development (i.e., Phases I-IV), peri- and post-approval and site and patient access services."},{"id":"q2339","sourceId":"filing-12","location":"Business / company-wide workforce and geographic presence","excerpt":"With approximately 93,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide."},{"id":"q2344","sourceId":"filing-12","location":"Business / company-wide proprietary information resources","excerpt":"Our scaled and growing information set contains approximately 68 petabytes of unique proprietary data sourced from approximately 150,000 data suppliers and covering over one million data feeds globally."},{"id":"q39","sourceId":"filing-1","location":"Human Capital / Recruitment and Retention / skilled-personnel competition","excerpt":"or equivalent degrees or training, is high."},{"id":"q513","sourceId":"filing-2","location":"Note 11 / Purchase Commitments","excerpt":"-14- Table of Contents Purchase Commitments The Company has several minimum purchase commitments for project related supplies and support services totaling $29.4 million as of June 30, 2026."},{"id":"q514","sourceId":"filing-2","location":"Note 11 / preferential procurement pricing","excerpt":"In return for the commitment, Medpace receives preferential pricing."},{"id":"q515","sourceId":"filing-2","location":"Note 11 / commitment expiration dates","excerpt":"The commitments expire at various times through 2030."},{"id":"q50","sourceId":"filing-1","location":"Risk Factors / historical cancellation and delay effects","excerpt":"Historically, cancellations and delays have negatively impacted our operating results."},{"id":"q707","sourceId":"filing-2","location":"MD&A / cancellations / termination without cause","excerpt":"The majority of our customers can terminate our contracts without cause upon 30 days’ notice."},{"id":"q554","sourceId":"filing-2","location":"MD&A / How We Generate Revenue / negotiated pricing","excerpt":"These contracts are individually priced and negotiated based on the anticipated project scope, including the complexity of the project and the performance risks inherent in the project."},{"id":"q555","sourceId":"filing-2","location":"MD&A / How We Generate Revenue / upfront fees and payment terms","excerpt":"The majority of our contracts are structured with an upfront fee that is collected at the time of contract signing, and the balance of the fee is collected over the duration of the contract either through an arranged billing schedule or upon completion of certain performance targets or defined milestones."},{"id":"q414","sourceId":"filing-1","location":"Revenue Recognition / volume rebate arrangements","excerpt":"Certain contracts contain volume rebate arrangements with our customers that provide for rebates if certain specified spending thresholds are met."},{"id":"q416","sourceId":"filing-1","location":"Revenue Recognition / realized rebates in 2023–2025","excerpt":"Total revenue is presented net of rebates of $16.8 million, $14.6 million and $12.1 million in the consolidated statements of operations during the years ended December 31, 2025, 2024 and 2023, respectively."},{"id":"q77","sourceId":"filing-1","location":"Risk Factors / majority fixed-fee Phase I–IV contracts","excerpt":"The majority of our Phase I–IV contracts are fixed-fee contracts."},{"id":"q407","sourceId":"filing-1","location":"Revenue Recognition / customer approval of scope changes","excerpt":"If the Company’s customers do not agree to contract changes upon changes in the Company’s scope of work, the Company could be exposed to cost overruns and reduced contract profitability."},{"id":"q564","sourceId":"filing-2","location":"MD&A / New Business Awards / inclusion of amendments","excerpt":"New business awards also include contract amendments, or changes in scope, where the customer has provided written authorization for changes in budget and scope or has approved us to perform additional work as of the measurement date."},{"id":"q645","sourceId":"filing-2","location":"MD&A / 2026 net new business awards","excerpt":"Net new business awards were $795.7 million and $1,414.2 million for the three and six months ended June 30, 2026, respectively."},{"id":"q646","sourceId":"filing-2","location":"MD&A / comparative 2025 net new business awards","excerpt":"Net new business awards were $620.5 million and $1,120.6 million for the three and six months ended June 30, 2025, respectively."},{"id":"q438","sourceId":"filing-1","location":"Segment information / 2023–2025 revenue, costs and operating income","excerpt":"Information about the reportable segment, significant segment expenses and a reconciliation to consolidated net income is as follows (in thousands):\nRevenue, net\n2,530,234 \n2,109,054 \n1,885,842 \nOperating expenses:\nDirect service costs, excluding depreciation and amortization - Employee compensation\n588,786 \n545,417 \n499,528 \nDirect service costs, excluding depreciation and amortization - Other segment items (a)\n143,342 \n136,678 \n138,721 \nReimbursed out-of-pocket expenses\n1,037,488 \n770,654 \n723,088 \n1,769,616 \n1,452,749 \n1,361,337 \n197,559 \n180,184 \n161,352 \nTotal operating expenses\n1,995,299 \n1,662,184 \n1,549,017 \nIncome from operations\n534,935 \n446,870 \n336,825 \nOther income (expense), net:\nInterest income (expense), net\n12,780 \n24,996 \n(488)\nTotal other income (expense), net\n7,442 \n29,052 \n(1,143)\nIncome before income taxes\n542,377 \n475,922 \n335,682 \n91,254 \n71,536 \n52,872 \nSegment net income\nReconciliation of profit or loss\nAdjustments and reconciling items\nConsolidated net income\n(a) Direct service costs, excluding depreciation and amortization - Other segment items includes costs related to inventory, leases, project subcontractors and other direct service costs."},{"id":"q566","sourceId":"filing-2","location":"MD&A / second-quarter and first-half comparative operating results","excerpt":"Dollars per Euro: 1.16 1.13 1.17 1.09 Results of Operations Three Months Ended June 30, 2026 compared to Three Months Ended June 30, 2025 Three Months Ended June 30, (Amounts in thousands, except percentages) 2026 2025 Change % Change Revenue, net $ 707,331 $ 603,311 $ 104,020 17.2 % Direct service costs, excluding depreciation and amortization 202,555 185,826 16,729 9.0 % Reimbursed out-of-pocket expenses 303,139 237,472 65,667 27.7 % Total direct costs 505,694 423,298 82,396 19.5 % Selling, general and administrative 48,103 46,664 1,439 3.1 % Depreciation 6,555 6,777 (222) (3.3) % Amortization 155 237 (82) (34.6) % Total operating expenses 560,507 476,976 83,531 17.5 % Income from operations 146,824 126,335 20,489 Miscellaneous expense, net (147) (2,875) 2,728 Interest income, net 4,986 1,078 3,908 Income before income taxes 151,663 124,538 27,125 Income tax provision 30,301 34,278 (3,977) Net income $ 121,362 $ 90,260 $ 31,102 -22- Table of Contents Six Months Ended June 30, 2026 compared to Six Months Ended June 30, 2025 Six Months Ended June 30, (Amounts in thousands, except percentages) 2026 2025 Change % Change Revenue, net $ 1,413,935 $ 1,161,881 $ 252,054 21.7 % Direct service costs, excluding depreciation and amortization 400,829 363,642 37,187 10.2 % Reimbursed out-of-pocket expenses 615,143 439,876 175,267 39.8 % Total direct costs 1,015,972 803,518 212,454 26.4 % Selling, general and administrative 96,020 104,561 (8,541) (8.2) % Depreciation 13,306 13,471 (165) (1.2) % Amortization 310 473 (163) (34.5) % Total operating expenses 1,125,608 922,023 203,585 22.1 % Income from operations 288,327 239,858 48,469 Miscellaneous income (expense), net 824 (4,691) 5,515 Interest income, net 10,103 7,541 2,562 Income before income taxes 299,254 242,708 56,546 Income tax provision 54,022 37,853 16,169 Net income $ 245,232 $ 204,855 $ 40,377 Total revenue Total revenue increased by $104.0 million, to $707.3 million for the three months ended June 30, 2026, from $603.3 million for the three months ended June 30, 2025."},{"id":"q430","sourceId":"filing-1","location":"Costs and Expenses / customer expenses reimbursed at cost","excerpt":"In addition, the Company incurs expenses on behalf of its customers for various project expenditures including, but not limited to, investigator site payments, travel, meetings, printing, and shipping and handling fees that are reimbursed by its customers at cost."},{"id":"q512","sourceId":"filing-2","location":"Note 9 / award activity and comparative stock compensation expense","excerpt":"Award Activity The following table sets forth the Company’s stock option activity: Six Months Ended June 30, 2026 Stock Options Weighted Average Exercise Price Outstanding - beginning of period 618,681 $ 211.29 Granted 93,080 $ 410.92 Exercised (136,377) $ 141.02 Cancelled/Forfeited/Expired (10,857) $ 329.77 Outstanding - end of period 564,527 $ 259.14 Exercisable - end of period 425,041 $ 216.01 The following table sets forth the Company’s RSA/RSU activity: Six Months Ended June 30, 2026 Shares/Units Outstanding and unvested - beginning of period 324,517 Granted 119,350 Vested (109,352) Forfeited (22,680) Outstanding and unvested - end of period 311,835 -13- Table of Contents Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock-based compensation awards is summarized below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Total direct costs $ 2,814 $ 3,420 $ 5,815 $ 6,447 Selling, general and administrative 1,534 2,531 3,451 16,396 Total stock-based compensation expense $ 4,348 $ 5,951 $ 9,266 $ 22,843 (10) Income Taxes The Company’s effective income tax rate was 20.0% and 27.5% for the three months ended June 30, 2026 and 2025, respectively."},{"id":"q2146","sourceId":"filing-9","location":"Full Year 2025 Financial Results / EBITDA and margin","excerpt":"EBITDA for the full year 2025 increased 16.1% to $557.7 million, or 22.0% of revenue, compared to $480.2 million, or 22.8% of revenue, for the prior year."},{"id":"q119","sourceId":"filing-1","location":"Consolidated Statements of Cash Flows / 2023–2025","excerpt":"AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) Year Ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 451,123 $ 404,386 $ 282,810 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 27,178 27,808 24,129 Amortization 946 1,443 2,199 Stock-based compensation expense 34,786 25,514 20,516 Noncash lease expense 23,014 23,124 19,646 Deferred income tax provision (benefit) 80,773 (26,632) (25,117) Other (875) (4,009) 2,705 Changes in assets and liabilities: Accounts receivable and unbilled, net (106,215) 2,242 (48,282) Prepaid expenses and other current assets (27,101) (12,090) 2,986 Accounts payable 2,629 (2,965) 1,051 Accrued expenses 97,083 16,882 82,080 Advanced billings 143,805 150,725 97,131 Lease liabilities (25,160) (21,407) (18,873) Other assets and liabilities, net 11,237 23,794 (9,607) Net cash provided by operating activities 713,223 608,815 433,374 CASH FLOWS FROM INVESTING ACTIVITIES: Property and equipment expenditures (31,356) (36,548) (36,648) Other 216 8,240 2,019 Net cash used in investing activities (31,140) (28,308) (34,629) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from stock option exercises 57,001 15,858 11,378 Repurchases of common stock (917,389) (169,867) (144,020) Proceeds from revolving loan — — 105,000 Payments on revolving loan — — (155,000) Net cash used in financing activities (860,388) (154,009) (182,642) EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 5,918 (2,511) 1,081 (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (172,387) 423,987 217,184 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period 669,436 245,449 28,265 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period $ 497,049 $ 669,436 $ 245,449 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION— Cash paid during the period for income taxes $ 39,719 $ 83,567 $ 76,353 Cash paid during the period for interest $ — $ 171 $ 3,056 Acquisition of property and equipment—non-cash $ 1,645 $ 4,984 $ 5,254 Share repurchases—non-cash $ — $ 4,347 $ — See notes to consolidated financial statements."},{"id":"q584","sourceId":"filing-2","location":"MD&A / first-half cash flow summary","excerpt":"Six Months Ended June 30, Cash Flows (Amounts in thousands) 2026 2025 Net cash provided by operating activities $ 313,799 $ 274,362 Net cash used in investing activities (30,633) (16,007) Net cash used in financing activities (275,670) (886,530) Effect of exchange rates on cash, cash equivalents, and restricted cash (1,857) 5,069 Increase (decrease) in cash, cash equivalents, and restricted cash $ 5,639 $ (623,106) Cash Flow from Operating Activities Cash flows from operations are driven mainly by net income, deferred income tax provision, depreciation, noncash lease expense, stock-based compensation expense and net movement in advanced billings, accrued expenses, accounts receivable and unbilled, net, prepaid expenses and other current assets, lease liabilities and other assets and liabilities, net."},{"id":"q671","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows / capital expenditures","excerpt":"Property and equipment expenditures\n(30,725)\n(16,107)\nCASH FLOWS FROM FINANCING ACTIVITIES:"},{"id":"q729","sourceId":"filing-2","location":"MD&A / Cash Flow from Financing Activities","excerpt":"Net cash used in financing activities was $275.7 million for the six months ended June 30, 2026 primarily related to $294.8 million in repurchases of common stock, partially offset by proceeds from stock option exercises of $19.1 million."},{"id":"q593","sourceId":"filing-2","location":"MD&A / Indebtedness","excerpt":"Indebtedness As of June 30, 2026, we had no indebtedness."},{"id":"q797","sourceId":"filing-3","location":"Executive Compensation / actual 2025 bonus decisions","excerpt":"The Compensation Committee affirmed corporate incentive goals and approved the payment of cash bonuses to our NEOs at a level that reflected performance against the financial guidance the Company provided in February 2025 with three of the NEOs having their short-term incentive compensation negatively impacted by performance against individual objectives."},{"id":"q834","sourceId":"filing-3","location":"Executive Compensation / NEO ownership guidelines","excerpt":"Medpace stock ownership guidelines for all NEOs require holdings to equal three times their respective base salary, as described below."},{"id":"q848","sourceId":"filing-3","location":"Executive Compensation / actual equity award vesting adjustments","excerpt":"The amounts added or deducted in calculating the equity award adjustments are as follows: 2025 2024 2023 2022 2021 Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year for PEO ($) $— $— $306,530 $10,795,139 $5,193,390 Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for PEO ($) $229,420 $25,700 $8,272,210 $411,877 $1,015,092 Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year for PEO ($) $9,999,999 $7,069,902 $— $— $— Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year for PEO ($) $— $9,084,300 $(965,449) $— $— Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year for PEO ($) $— $— $— $— $— Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation for PEO ($) $— $— $— $— $— Total Equity Award Adjustments for PEO ($) $10,229,419 $16,179,902 $7,613,291 $11,207,016 $6,208,482 46 Table of Contents EXECUTIVE COMPENSATION 2025 2024 2023 2022 2021 Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year for Other NEOs ($) $2,014,067 $2,907,013 $306,530 $2,981,049 $1,517,468 Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years for Other NEOs ($) $6,048,707 $416,629 $3,540,667 $117,240 $1,405,730 Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year for Other NEOs ($) $375,019 $— $— $— $— Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year for Other NEOs ($) $4,297,557 $1,138,634 $— $(582,016) $273,712 Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year for Other NEOs ($) $— $— $— $— $— Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation for Other NEOs ($) $— $— $— $— $— Total Equity Award Adjustments for Other NEOs ($) $12,735,350 $4,462,276 $3,847,197 $2,516,273 $3,196,910 (4)The dollar amounts reported in this column are the average amounts of total compensation reported for Other NEOs for each corresponding year in the \"Total\" column of the Summary Compensation Table."},{"id":"q509","sourceId":"filing-2","location":"Notes 8–9 / lease commitments and actual 2026 employee awards","excerpt":"The components of lease expense were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating lease cost $ 8,041 $ 7,688 $ 15,783 $ 15,753 Variable lease cost $ 3,430 $ 2,819 $ 6,820 $ 5,831 Supplemental cash flow information related to the leases was as follows (in thousands): Six Months Ended June 30, 2026 2025 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,820 $ 13,023 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 20,892 $ 8,202 Supplemental balance sheet information related to the leases was as follows (in thousands): As of June 30, 2026 December 31, 2025 Operating lease right-of-use assets - related parties $ 65,371 $ 68,416 Operating lease right-of-use assets - non-related parties 60,478 49,399 Operating lease right-of-use assets $ 125,849 $ 117,815 Other current liabilities - related parties 7,232 6,915 Other current liabilities - non-related parties 16,780 16,294 Other current liabilities $ 24,012 $ 23,209 Operating lease liabilities - related parties 73,625 77,344 Operating lease liabilities - non-related parties 46,475 36,299 Operating lease liabilities 120,100 113,643 Total operating lease liabilities $ 144,112 $ 136,852 Weighted Average Remaining Lease Term (years) Operating leases 9.0 9.1 Weighted Average Discount Rate Operating leases 5.7 % 5.7 % -12- Table of Contents Lease payments due related to lease liabilities as of June 30, 2026 were as follows (in thousands): Related Party Operating Leases Non-Related Parties Operating Leases Total Operating Leases Remainder of 2026 $ 5,928 $ 9,223 $ 15,151 2027 10,839 18,469 29,308 2028 8,609 13,549 22,158 2029 8,824 10,258 19,082 2030 9,045 6,827 15,872 Later years 73,800 14,141 87,941 Total lease payments 117,045 72,467 189,512 Less: imputed interest (36,188) (9,212) (45,400) Total $ 80,857 $ 63,255 $ 144,112 (9) Shareholders’ Equity and Stock-Based Compensation The Company granted 205,770 awards to employees under the 2016 Amended and Restated Incentive Award Plan during the six months ended June 30, 2026, consisting of 104,350 RSU and 56,420 stock options having five year vesting schedules and 15,000 RSU and 30,000 stock options having two year vesting schedules."},{"id":"q778","sourceId":"filing-3","location":"Corporate Governance / standing committee independence","excerpt":"All of the members of each of the Board’s three standing committees are independent as defined under the NASDAQ rules."},{"id":"q998","sourceId":"filing-3","location":"Corporate Governance / Audit Committee attendance","excerpt":"The Audit Committee met four times in 2025 and each member of the Audit Committee attended 100% of the meetings."},{"id":"q522","sourceId":"filing-2","location":"Related Party Transactions / CEO-owned headquarters property","excerpt":"Leased Real Estate Campus Headquarters Leases The Company entered into an operating lease for the occupancy of office space in a building in Cincinnati, Ohio with an entity that is wholly owned by the chief executive officer of the Company."},{"id":"q518","sourceId":"filing-2","location":"Related Party Transactions / executive positions at LIB","excerpt":"Service Agreement LIB Therapeutics LLC and subsidiaries (“LIB”) Certain executives and employees of the Company, including the chief executive officer, are members of LIB’s board of managers."},{"id":"q2192","sourceId":"filing-11","location":"Item 5.07 / approval of supermajority elimination amendment","excerpt":"The proposal to amend the Company’s Certificate of Incorporation to remove supermajority voting requirements was approved based upon the following votes: \n \n Votes\n For\n \n Votes\n Against\n \n Votes\n Abstained\n \n Broker\n Non-Votes\n 24,311,938\n \n 95,085\n \n 15,205\n \n 1,545,538\n Proposal 6 — Amendment to the Company’s Certificate of Incorporation to Remove the Limitation on Stockholders Calling Special Meetings of Stockholders."},{"id":"q2177","sourceId":"filing-11","location":"Bylaw Amendments / adopted special-meeting right","excerpt":"In connection with the Amendments, the Board approved amendments to the Second Amended and Restated Bylaws of the Company to remove the limitation on stockholders calling special meetings of stockholders, to provide one or more stockholders as a group owning at least 25% of the voting power of the Company’s outstanding shares the right to call a special meeting, and to implement other conforming and clarifying changes (the “Bylaw Amendments”)."},{"id":"q2178","sourceId":"filing-11","location":"Bylaw Amendments / special-meeting ownership and holding requirements","excerpt":"The right of stockholders to request that the Company call special meetings is also subject to notice, information, and other requirements and limitations set forth in the Third Amended and Restated Bylaws of the Company, including a requirement that the requesting stockholders must have continuously owned at least 25% of the voting power of our outstanding shares for one year."},{"id":"q71","sourceId":"filing-1","location":"Risk Factors / 2025 customer concentration","excerpt":"Although we did not have any customer that represented 10% or more of our net revenue during the year ended December 31, 2025, we derive approximately 35.1% of our net revenue from our top ten customers."},{"id":"q1382","sourceId":"filing-4","location":"Risk Factors / 2024 customer concentration","excerpt":"Although we did not have any customer that represented 10% or more of our net revenue during the year ended December 31, 2024, we derive approximately 28.9% of our net revenue from our top ten customers."}],"changes":["Retain uncertain: the current catalog establishes capabilities and procurement benefits, but not durable relative superiority.","Replace the prior limitation concerning unidentified rivals with the current named competitor disclosures. Thermo Fisher's overlapping integrated clinical services and IQVIA's broader resources weaken an inference that integration or global presence alone differentiates Medpace.","Update governance for the May 2026 filing: supermajority elimination was approved and a special-meeting right was adopted. These are no longer treated solely as proposals; the governance grade remains mixed because material conflicts and ownership restrictions remain.","Retain pricing and management grades after reassessing current catalog evidence. Omit the previous analysis's unsupported implication that missing competitor identification was itself the decisive evidence gap.","Flag increased customer concentration: the top ten customers represented 35.1% of 2025 revenue versus 28.9% in 2024. This increases exposure without establishing realized erosion of customer loyalty."],"limitations":["All supplied business descriptions are issuer disclosures. Actual operating results and contractual terms support numerical assessments, while claims of preferred status, superior quality and efficiency do not independently demonstrate superiority.","Competitor coverage is partial. Medpace names major rivals, but detailed comparison passages cover only IQVIA and Thermo Fisher; no comparable win rates, trial outcomes, fees or customer switching costs are supplied.","IQVIA's company-wide workforce and data resources are not isolated CRO measures. Its technology subscription terms are not used as comparable clinical-service terms or attributed to Medpace.","No comparable net fee trend, price-volume decomposition, customer renewal rate, repeat-customer share or quantified procurement discount is disclosed. Retention is assessed indirectly from demand and contractual evidence.","Actual executive ownership and compliance with ownership guidelines are not supplied. Multiyear employee awards are not assumed to describe every executive's compensation.","Dates are filing dates with dateKind filed. The latest supplied operating results cover June 30, 2026; later performance is not inferred."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Integrated systems, expertise and procurement discounts exist, but their relative defensibility is unestablished. Rival integrated clinical services prevent treating service breadth alone as a structural advantage.","evidenceIds":["q327","q325","q514","q2417"]},{"criterion":"durability","grade":null,"rationale":"Supplier commitments extend through 2030, but discount exclusivity, renewal economics and sustained competitive superiority are absent. Contract duration does not establish durable customer dependence.","evidenceIds":["q513","q515","q707"]},{"criterion":"customer_dependency","grade":null,"rationale":"Growing awards including amendments demonstrate engagement indirectly, while broad termination rights limit contractual protection. Neither quantified transfer friction nor persistent repeat-customer dependence is established.","evidenceIds":["q564","q645","q646","q707"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Operating resilience is demonstrated, but preservation of a structural competitive advantage is not. Historical cancellation effects and rising customer concentration identify exposures without proving competitive erosion.","evidenceIds":["q438","q566","q50","q71","q1382"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Actual volume rebates reduced revenue by $12.1 million, $14.6 million and $16.8 million in 2023–2025. 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