EPAM Systems, Inc.
EPAM· NYSE· Services-Computer Programming Services
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 11.2%
- ROIC, 5 yr avg
- 28.7%
- Revenue, 5 yr CAGR
- +15.5%
We record prices for the companies we cover; EPAM is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 56.2M
- Revenue
- $5.5B
- Free cash flow
- $612.7M
- Owner earnings
- $435.9M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 9.5%
- Net
- 6.9%
- Free cash flow
- 11.2%
- Owner earnings
- 8.0%
- Stock pay
- 3.2%
Returns
- ROIC, FY2025
- 16.1%
- ROIC, 5 yr avg
- 28.7%
- ROE, FY2025
- 10.3%
- ROE, 5 yr avg
- 13.6%
Growth (CAGR)
- Revenue, 3 yr
- 4.2%
- Revenue, 5 yr
- 15.5%
- Revenue, 9 yr
- 18.8%
- Diluted EPS, 3 yr
- -1.8%
- Diluted EPS, 5 yr
- 3.7%
- Diluted EPS, 9 yr
- 15.3%
- Free cash flow, 3 yr
- 17.0%
- Free cash flow, 5 yr
- 5.2%
- Free cash flow, 9 yr
- 18.0%
Financial health · FY2025
- Cash and investments
- $1.3B
- Total debt
- $25.0M
- Net cash
- $1.3B
- Debt/Equity
- 0.0x
- Debt/FCF
- 0.0x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -0.8%
Financials: ten years from the 10-Ks
Revenue
$5.5B
+18.8% a year over 9 years
FY2016FY2025
Margins
Operating9.5%Net6.9%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$612.7MOwner earnings$435.9M
Free cash flow +18.0% a year
FY2016FY2025
Diluted shares
56.2M
+5.7% over 9 years, net dilution
FY2016FY2025
Return on invested capital
16.1%
FY2025
FY2016FY2025
Net cash
$1.3B
$1.3B more cash than debt
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $1.2B | $1.5B | $1.8B | $2.3B | $2.7B | $3.8B | $4.8B | $4.7B | $4.7B | $5.5B |
| Revenue growth | 26.9% | 25.0% | 27.1% | 24.5% | 15.9% | 41.3% | 28.4% | -2.8% | 0.8% | 15.4% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 11.5% | 11.9% | 13.3% | 13.2% | 14.3% | 14.4% | 11.9% | 10.7% | 11.5% | 9.5% |
| Net income | $99.3M | $72.8M | $240.3M | $261.1M | $327.2M | $481.7M | $419.4M | $417.1M | $454.5M | $377.7M |
| Net margin | 8.6% | 5.0% | 13.0% | 11.4% | 12.3% | 12.8% | 8.7% | 8.9% | 9.6% | 6.9% |
| Diluted EPS | $1.87 | $1.32 | $4.24 | $4.53 | $5.60 | $8.15 | $7.09 | $7.06 | $7.84 | $6.72 |
| Return on invested capital? | – | – | – | – | 47.8% | 45.1% | 36.7% | 27.8% | 17.9% | 16.1% |
| Cash | ||||||||||
| Operating cash flow | $167.2M | $192.8M | $292.2M | $287.5M | $544.4M | $572.3M | $464.1M | $562.6M | $559.2M | $654.9M |
| Capital expenditure | $29.3M | $29.8M | $37.6M | $99.3M | $68.8M | $111.5M | $81.6M | $28.4M | $32.1M | $42.2M |
| Free cash flow | $137.9M | $163.0M | $254.6M | $188.1M | $475.6M | $460.8M | $382.5M | $534.2M | $527.0M | $612.7M |
| Stock-based compensation | $49.2M | $52.4M | $59.2M | $72.0M | $75.2M | $111.7M | $99.9M | $147.7M | $167.3M | $176.8M |
| Owner earnings? | $88.7M | $110.6M | $195.5M | $116.1M | $400.4M | $349.2M | $282.6M | $386.5M | $359.7M | $435.9M |
| Free cash flow per share | $2.59 | $2.96 | $4.49 | $3.26 | $8.14 | $7.80 | $6.46 | $9.04 | $9.09 | $10.90 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | $0 | $0 | $164.9M | $398.0M | $662.2M |
| Diluted shares | 53.2M | 55.0M | 56.7M | 57.7M | 58.4M | 59.1M | 59.2M | 59.1M | 58.0M | 56.2M |
| Share count change? | 2.4% | 3.3% | 3.1% | 1.8% | 1.3% | 1.1% | 0.2% | -0.1% | -1.9% | -3.0% |
| Balance sheet | ||||||||||
| Cash and equivalents | $362.0M | $582.6M | $770.6M | $936.6M | $1.3B | $1.4B | $1.7B | $2.0B | $1.3B | $1.3B |
| Short-term investments | – | – | – | – | – | – | $60.3M | $60.7M | $1.7M | – |
| Total debt | – | – | – | – | $25.0M | $46.3M | $30.6M | $26.1M | $25.2M | $25.0M |
| Net debt | – | – | – | – | -$1.3B | -$1.4B | -$1.7B | -$2.1B | -$1.3B | -$1.3B |
| Shareholders' equity | $781.4M | $974.9M | $1.3B | $1.6B | $2.0B | $2.5B | $3.0B | $3.5B | $3.6B | $3.7B |
Latest filings
| 2026-08-06 | 10-Q | Quarterly report |
| 2026-08-06 | 8-K | Earnings release |
| 2026-05-07 | 10-Q | Quarterly report |
| 2026-05-07 | 8-K | Earnings release |
| 2026-04-06 | DEF 14A | Proxy statement |
| 2026-02-26 | 10-K | Annual report |
| 2026-02-19 | 8-K | Earnings release |
| 2025-11-06 | 10-Q | Quarterly report |
| 2025-11-06 | 8-K | Earnings release |
| 2025-08-07 | 10-Q | Quarterly report |
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