Medpace vs Waters
Waters reported revenue of $3.2 billion in fiscal 2025, 1.3 times Medpace's $2.5 billion in fiscal 2025. Medpace's revenue grew 20.0% in its latest year, and Waters' grew 7.0%. Medpace had an operating margin of 21.1%, against 25.4% at Waters. Free cash flow was $682 million at Medpace and $540 million at Waters.
Side by side
| Medpace | Waters | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.5B | $3.2B |
| Revenue growth | 20.0% | 7.0% |
| Revenue growth a year, last 5 years | 22.3% | 6.0% |
| Gross margin | — | 59.3% |
| Operating margin | 21.1% | 25.4% |
| Net margin | 17.8% | 20.3% |
| Free cash flow | $682M | $540M |
| Free cash flow margin | 26.9% | 17.1% |
| Return on capital | — | 21.0% |
| Net debt to EBITDA | −0.9x | 0.8x |
| Dividends and buybacks | $917M | $15M |
| Change in diluted share count | −7.8% | 0.3% |
| Last close | $676.77 | $455.98 |
| P/E at the last close | 37.6× | — |
| Insider trades, last 12 months | sold $436.7 million | bought $451,070, sold $1.4 million |
| Piotroski F-score | 4 of 8 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
MedpaceWaters
Operating margin
Percent of revenue
MedpaceWaters
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
MedpaceWaters