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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Medpace Holdings's Beneish M-Score or its related term are showing as below:
MEX:MEDP'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.74 Max: -2.09
Current: -2.89
During the past 13 years, the highest Beneish M-Score of Medpace Holdings was -2.09. The lowest was -3.14. And the median was -2.74.
Medpace Holdings Beneish M-Score Related Terms
Medpace Holdings Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Medpace Holdings's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:MEDP vs ICLR, RVTY, CRL: Beneish M-Score Comparison
For the Diagnostics & Research subindustry, Medpace Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Medpace Holdings Beneish M-Score vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Medpace Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Medpace Holdings's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Medpace Holdings for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9648
+
0.528 * 1.1008
+
0.404 * 0.7038
+
0.892 * 1.1229
+
0.115 * 1.1311
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.7595
+
4.679 * -0.131752
-
0.327 * 0.8833
=
-2.99
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(578.418 / (578.418 + 4989.456))
/
(499.324 / (499.324 + 4937.421))
=
0.103885
/
0.091842
=
1.1311
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(8823.204 - 3.13
-
13549.418)
/
35895.751
=
-0.131752
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Medpace Holdings has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
Medpace Holdings (MEX:MEDP) has a Beneish M-Score of -2.89 as of Jul. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Medpace Holdings and its competitors. According to the industry distribution chart, Medpace Holdings ranks #70 out of 194 companies in the Medical Diagnostics & Research industry, placing it in the top 36.1%.
Is Medpace Holdings' Beneish M-Score too high?
Medpace Holdings' current Beneish M-Score is -2.89. Based on the distribution chart, Medpace Holdings ranks #70 out of 194 companies in the Medical Diagnostics & Research industry, which is above the industry midpoint. Overall, Medpace Holdings has a GF Score™ of 93/100, reflecting its overall financial health beyond just this single metric.
How does Medpace Holdings' Beneish M-Score compare to ICLR and RVTY?
According to the Medical Diagnostics & Research industry distribution chart, Medpace Holdings ranks #70 out of 194 companies for Beneish M-Score. This puts Medpace Holdings in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Medical Diagnostics & Research company?
A good Beneish M-Score depends on the Medical Diagnostics & Research industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Medpace Holdings and its competitors. Medpace Holdings's current Beneish M-Score is -2.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Medpace Holdings stock overvalued right now?
Medpace Holdings (MEX:MEDP) has a current Beneish M-Score of -2.89. The stock's GF Value™ is MXN6,131.53, compared to a current price of MXN7,022.03 — trading 14.5% above its estimated fair value. The current Beneish M-Score is -2.89. Medpace Holdings' overall GF Score™ is 93/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Medpace Holdings (MEX:MEDP), the current Beneish M-Score is -2.89 as of Jul. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Medpace Holdings (MEX:MEDP) Overvalued in 2026?
Based on GuruFocus' analysis, Medpace Holdings stock appears to be overvalued.
The current stock price of MXN7,022.03 is trading 14.5% above its estimated GF Value™ of MXN6,131.53.
Key valuation signals for MEX:MEDP:
Beneish M-Score: -2.89
GF Value™: MXN6,131.53 vs. price of MXN7,022.03 (14.5% above fair value)
No single metric tells the full story. See the MEX:MEDP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Medpace is a late-stage contract research organization that provides full-service drug-development and clinical trial services to small and midsize biotechnology, pharmaceutical, and medical device firms. It also offers ancillary services, including bioanalytical laboratory services and imaging capabilities. The company was founded over 30 years ago and has more than 5,400 employees across 40 countries. Medpace is headquartered in Cincinnati, Ohio, and its operations are primarily based in the US, with additional presence in Europe, Asia, South America, Africa, and Australia. Cinven, a global private equity firm, acquired Medpace for $915 million in 2014 and exited its investment in 2018.
93GF Score
Get the complete analysis for MEX:MEDP
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