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EPAM Systems, Inc.

EPAM Systems, Inc.

NYSE•EPAM
CEO: Mr. Arkadiy Dobkin
Sector: Technology
Industry: Information Technology Services
Listing Date: 2012-02-08
EPAM Systems, Inc. provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, implementation, and integration; infrastructure management services, such as software development, testing, performance tuning, deployment, maintenance, and support services. It also provides operation solutions comprising integrated engineering practices and smart automation services. In addition, the company offers business, experience, technology, data, and technical advisory consulting services; and digital and service design solutions, which comprise strategy, design, creative, and program management services, as well as physical product development, such as artificial intelligence, robotics, and virtual reality. The company serves the financial services, travel and consumer, software and hi-tech, business information and media, life sciences and healthcare, and other industries EPAM Systems, Inc. was founded in 1993 and is headquartered in Newtown, Pennsylvania.
Contact Information
41 University Drive, Suite 202, Newtown, PA, 18940, United States
267-759-9000
www.epam.com
Market Cap
$11.13B
P/E (TTM)
30.1
35.9
Dividend Yield
--
52W High
$269.00
52W Low
$138.15
52W Range
48%
Rank29Top 12.7%
5.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$1.39B+19.43%
4-Quarter Trend

EPS

$1.92-19.89%
4-Quarter Trend

FCF

$286.38M+20.84%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Revenue Growth Strong Nine months 2025 revenues reached $4.05B USD, marking 16.4% growth over prior year period, driven by demand and acquisitions.
Acquisitions Boost Americas Americas segment revenue grew 12.2% YTD, boosted by 2024 acquisitions contributing $211.4M USD to nine-month results.
Diluted EPS Decline Noted Diluted EPS fell to $4.75 USD for nine months, down from $6.04 USD last year, primarily due to lower operating income.
New Share Repurchase Board authorized $1.00B USD share repurchase program in October 2025, demonstrating commitment to shareholder returns and flexibility.

Risk Factors

Cost of Revenue Pressure Cost of revenues as percentage of revenue increased to 71.6% YTD 2025 from 69.3% in 2024, impacting margins.
Geopolitical Cash Exposure Significant cash balances held in Ukraine ($44.7M USD) and Belarus ($24.6M USD) face periodic banking instability risks.
Operating Margin Compression Income from operations margin compressed to 9.2% YTD 2025, impacted by lower Polish R&D incentives and acquisition costs.
Contingent Consideration Risk Contingent consideration liabilities valuation involves significant judgment based on future performance estimates and market assumptions.

Outlook

Cost Optimization Program Initiated Initiated 2025 Cost Optimization Program expecting additional charges of approximately $14.0M USD to be incurred by Q1 2026.
Ukraine Commitment Remaining $12.5M USD remains to be expensed under the established $100.0M USD humanitarian commitment for Ukraine support efforts.
New Credit Facility Signed Entered 2025 Credit Agreement maturing October 2030, increasing potential borrowing capacity up to $1.20B USD.
Software Accounting Assessment Currently assessing timing and impact of pending ASU 2025-06 regarding capitalization of internal-use software costs, effective 2028.

Peer Comparison

Revenue (TTM)

Kyndryl Holdings, Inc.KD
$15.07B
-1.5%
EPAM Systems, Inc.EPAM
$5.30B
+14.3%
Genpact LimitedG
$5.01B
+7.4%

Gross Margin (Latest Quarter)

Dolby Laboratories, Inc.DLB
90.3%
+0.9pp
Match Group, Inc.MTCH
73.0%
+1.2pp
Paylocity Holding CorporationPCTY
68.5%
+0.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
TSEM$12.86B64.67.3%5.0%
EPAM$11.13B30.110.1%3.2%
AUR$8.85B-10.8-40.4%4.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.8%
Moderate Growth
4Q Net Income CAGR
1.1%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $1.39B+19.4%
    |
    EPS: $1.92-19.9%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $1.35B+18.0%
    |
    EPS: $1.56-8.8%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $1.30B+11.7%
    |
    EPS: $1.29-35.8%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 28, 2025|
    Revenue: $4.73B+0.8%
    |
    EPS: $7.93+10.0%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $1.17B+1.3%
    |
    EPS: $2.40+42.9%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $1.15B-2.0%
    |
    EPS: $1.71-17.4%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 9, 2024|
    Revenue: $1.17B-3.8%
    |
    EPS: $2.01+13.6%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 22, 2024|
    Revenue: $4.69B-2.8%
    |
    EPS: $7.21-1.5%
    Miss