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Software engineering and digital consulting services, built on a large European engineering workforce.
Software engineering and digital consulting services, built on a large European engineering workforce.
Bills clients for software engineers' time, mostly by the hour or on fixed-price projects, so growth tracks headcount and the rates it can charge. Before 2022 a large share of its engineers sat in Belarus, Ukraine and Russia. Since then it has moved delivery to Poland, India and Latin America.
Moat: narrow (switching costs, process know-how, scale). Long client engagements and codebase knowledge create switching costs, but IT services are commoditized.
Headquarters: Newtown, Pennsylvania, US · Founded: 1993 · Employees: 62,850
Size EPAM Systems (EPAM) is a United States Information Technology company (Information Technology Services) with a market value of $8.22B, the 868th largest of 3,117 United States companies the cockpit tracks. Shares closed at $159.31 on 6 Nov 2026.
Performance Over six months the shares gained 60.5%, against +13.5% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +17.9%); the operating margin is 9.8% (peer median 8.6%).
Valuation It trades at 11.3× forward earnings against a peer median of 21.8× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points above its cost of capital (11.1% WACC).
Short interest Short interest is 12.5% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.62B | $5.46B | $4.73B | $4.69B | $4.82B |
| Revenue growth | — | +15% | +1% | -3% | — |
| Gross profit | $1.51B | $1.43B | $1.35B | $1.32B | $1.43B |
| EBITDA | $718M | $669M | $681M | $637M | $694M |
| Net income | $402M | $378M | $455M | $417M | $419M |
| Free cash flow | $483M | $613M | $527M | $534M | $382M |
| Capital expenditure | $56.2M | $42.2M | $32.1M | $28.4M | $81.6M |
| Total debt | $152M | $144M | $163M | $172M | $193M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| EPAM Systems EPAM | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% |
| Globant GLOB | $2.05B | +21% | -1% | 10% | 8.0× | -1.2% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| Infosys INFY.NS | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% |
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EPAM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +39.9% | -1.6% | highest of 21 |
| 6-month return | +60.5% | +13.5% | 3rd highest of 21 |
| Distance from 52-week high | -28.4% | -22.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +10.8% | +17.9% | 9th lowest of 21 |
| Operating margin | 9.8% | 8.6% | 10th highest of 21 |
| Forward P/E | 11.3× | 21.8× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.4% | 8.5% | 8th most demanding of 17 |
| Growth delivered (Del g) | +15.5% | +10.3% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | -6.0 pp | -0.5 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | +4.0 pp | +4.3 pp | 11th highest of 21 |
| EV / EBITDA | 10.6× | 19.4× | 4th cheapest of 13 |
| Net debt / EBITDA | -0.9× | -0.3× | 6th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | n/a | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% | +8.8% |
| TISI 3626.T | Japan | $5.50B | +20% | +5% | 13% | 15.1× | -7.7% | +5.9% |
| HyundaiAutoever 307950.KS | South Korea | $5.49B | -40% | +16% | 5% | 35.7× | 27.6% | +22.2% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Pegasystems PEGA | United States | $5.30B | -10% | +1% | 12% | 13.8× | 8.8% | +11.4% |