Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Medpace Holdings, Inc. reported financial results for the second quarter of 2026, highlighting revenue growth, improving net bookings, and ongoing shifts in clinical trial composition and backlog management.</li><li>Revenue for the quarter reached $707.3 million, representing a 17.2% increase year-over-year, while year-to-date revenue totaled $1.41 billion, up 21.7%.</li><li>EBITDA rose 17.6% to $153.4 million in the quarter with a margin largely stable at 21.7%, and net income increased by 34.5% to $121.4 million, supported by a lower effective tax rate and higher interest income.</li></ul>

Medpace Holdings, Inc. reported financial results for the second quarter of 2026, highlighting revenue growth, improving net bookings, and ongoing shifts in clinical trial composition and backlog management.Revenue for the quarter reached $707.3 million, representing a 17.2% increase year-over-year, while year-to-date revenue totaled $1.41 billion, up 21.7%.EBITDA rose 17.6% to $153.4 million in the quarter with a margin largely stable at 21.7%, and net income increased by 34.5% to $121.4 million, supported by a lower effective tax rate and higher interest income.

Medpace Holdings’s Emerging Strength: Oncology Tops Half Of New Bookings!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Medpace is a high-growth, high-margin Contract Research Organization (CRO) that provides full-service clinical trial management, primarily for small to mid-sized biotechnology and pharmaceutical companies.</li>
 <li>The company's key differentiator is its integrated, 'high-science' operational model, which combines therapeutic expertise with end-to-end control over the clinical trial process, including in-house labs and imaging. This approach resonates with clients who require deep scientific support and reliable execution for complex trials.</li>
 <li>While Medpace has a strong track record of organic growth and profitability, recent concerns have emerged regarding a declining book-to-bill ratio, signaling a potential slowdown in new business wins and increased cancellations. This, combined with a premium valuation relative to peers, presents a key risk for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Medpace is a high-growth, high-margin Contract Research Organization (CRO) that provides full-service clinical trial management, primarily for small to mid-sized biotechnology and pharmaceutical companies.
  The company's key differentiator is its integrated, 'high-science' operational model, which combines therapeutic expertise with end-to-end control over the clinical trial process, including in-house labs and imaging. This approach resonates with clients who require deep scientific support and reliable execution for complex trials.
  While Medpace has a strong track record of organic growth and profitability, recent concerns have emerged regarding a declining book-to-bill ratio, signaling a potential slowdown in new business wins and increased cancellations. This, combined with a premium valuation relative to peers, presents a key risk for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Medpace Holdings Inc (MEDP US) - Jul 2026

<ul><li>Medpace Holdings, Inc. reported first quarter 2026 revenue of $706.6 million, marking a 26.5% year-over-year increase.</li><li>This growth was supported by net new business awards entering backlog, which rose 23.7% to $618.4 million, although the net book-to-bill ratio declined to 0.88, reflecting more cancellations than new bookings.</li><li>The ending backlog as of March 31, 2026, was approximately $2.9 billion, up 2.9% year-over-year, with an expected conversion of about $1.94 billion into revenue over the next 12 months.</li></ul>

Medpace Holdings, Inc. reported first quarter 2026 revenue of $706.6 million, marking a 26.5% year-over-year increase.This growth was supported by net new business awards entering backlog, which rose 23.7% to $618.4 million, although the net book-to-bill ratio declined to 0.88, reflecting more cancellations than new bookings.The ending backlog as of March 31, 2026, was approximately $2.9 billion, up 2.9% year-over-year, with an expected conversion of about $1.94 billion into revenue over the next 12 months.

Medpace Holdings: 26.5% Revenue Growth Masks A 0.88 Book-To-Bill Warning Signal!

<ul><li>Medpace Holdings Inc.'s third quarter 2025 earnings reflect a robust performance with record net bookings and a solid financial outlook.</li><li>The company recorded revenue of $659.9 million, marking a 23.7% increase from the previous year, and net new business awards rose 47.9% year-over-year to $789.6 million, resulting in a book-to-bill ratio of 1.20.</li><li>This growth can be attributed to strong initial award notifications and a 30% year-over-year increase in the total dollar value of awarded work not yet recognized in backlog.</li></ul>

Medpace Holdings Inc.'s third quarter 2025 earnings reflect a robust performance with record net bookings and a solid financial outlook.The company recorded revenue of $659.9 million, marking a 23.7% increase from the previous year, and net new business awards rose 47.9% year-over-year to $789.6 million, resulting in a book-to-bill ratio of 1.20.This growth can be attributed to strong initial award notifications and a 30% year-over-year increase in the total dollar value of awarded work not yet recognized in backlog.

Medpace Holdings Inc.: How Pre-Backlog Became Bigger Than Backlog—and Why That Changes the Pipeline Story!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to to get a pulse on the market. At the same time, several cyclical areas of the market have bounced off of logical support while RS has been unable to break out to new highs for defensive Sectors. Absent bearish price inflections in the cyclicals and new RS highs for defensive areas of the market, equities are likely to remain in a state of purgatory.  In today’s report we highlight attractive Groups and stocks within Consumer Staples, Health Care, and Utilities.

U.S. Equity Strategy: Market Still Susceptible

United States

Medpace Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides cardiovascular, hematology, oncology, neurology, pediatrics, nephrology, and diagnostic services. Medpace Holdings serves patients worldwide.

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Medpace Holdings Inc (MEDP US)

Medpace Holdings’s Emerging Strength: Oncology Tops Half Of New Bookings!

Medpace Holdings, Inc. reported financial results for the second quarter of 2026, highlighting revenue growth, improving net bookings, and ongoing...

Baptista Research

Primer: Medpace Holdings Inc (MEDP US) - Jul 2026

Medpace is a high-growth, high-margin Contract Research Organization (CRO) that provides full-service clinical trial management, primarily for...

αSK Primers

Medpace Holdings: 26.5% Revenue Growth Masks A 0.88 Book-To-Bill Warning Signal!

Medpace Holdings, Inc. reported first quarter 2026 revenue of $706.6 million, marking a 26.5% year-over-year increase. This growth was supported...

Baptista Research

Medpace Holdings Inc.: How Pre-Backlog Became Bigger Than Backlog—and Why That Changes the Pipeline Story!

Medpace Holdings Inc.'s third quarter 2025 earnings reflect a robust performance with record net bookings and a solid financial outlook. The...

Baptista Research

U.S. Equity Strategy: Market Still Susceptible

We remain concerned about the prospect for additional weakness for the broad market due to deterioration in several metrics that we often turn to...

Vermilion Research

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