CoverageForm 410-K10-Q8-K13D13G13F

EPAM · Epam Systems, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · EPAM

Income Statement

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenue$5.46B$4.73B$4.69B$4.82B$3.76B$2.66B
Cost of Revenue$3.88B$3.28B$3.26B$3.29B$2.48B$1.73B
Gross Profit$1.57B$1.45B$1.43B$1.54B$1.27B$926.96M
R&D------
SG&A$928.71M$816.30M$815.07M$872.78M$648.74M$484.76M
Total Operating Expenses------
D&A$124.81M$89.56M$91.80M$92.27M$83.39M$62.87M
Operating Income$520.00M$544.58M$501.24M$572.97M$542.32M$379.32M
Interest Expense------
Income Tax$127.95M$129.88M$119.50M$87.84M$51.74M$51.32M
Net Income$377.68M$454.53M$417.08M$419.42M$481.65M$327.16M
EPS - Basic$6.76$7.93$7.21$7.32$8.52$5.87
EPS - Diluted$6.72$7.84$7.06$7.09$8.15$5.60

Balance Sheet

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash & Equivalents$1.30B$1.29B$2.04B$1.68B$1.45B$1.32B
Accounts Receivable------
Inventory------
Accounts Payable$55.33M$44.70M$31.99M$30.85M$24.85M$10.19M
Current Assets$2.53B$2.43B$3.09B$2.76B$2.27B$1.91B
Total Assets$4.90B$4.75B$4.35B$4.01B$3.52B$2.72B
Current Liabilities$976.94M$821.04M$644.93M$747.48M$763.42M$465.95M
Long-term Debt$25.03M$25.19M$26.13M$27.69M$30.23M-
Total Liabilities$1.22B$1.12B$880.89M$1.01B$1.03B$738.31M
Stockholders' Equity$3.68B$3.63B$3.47B$3.00B$2.49B$1.98B
Retained Earnings------

Cash Flow

Line itemFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Operating Cash Flow$654.93M$559.17M$562.63M$464.10M$572.33M$544.41M
Investing Cash Flow($49.05M)($884.98M)($66.77M)($182.93M)($368.92M)($167.15M)
Financing Cash Flow($651.20M)($390.41M)($165.77M)($2.02M)($59.56M)($765.0K)
CapEx$42.24M$32.15M$28.41M$81.63M$111.50M$68.79M
Free Cash Flow$612.69M$527.02M$534.22M$382.48M$460.83M$475.61M

Ratios

MetricFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Profitability
Gross margin28.8%30.7%30.6%31.9%33.9%34.9%
Operating margin9.5%11.5%10.7%11.9%14.4%14.3%
EBITDA margin11.8%13.4%12.6%13.8%16.6%16.6%
Net margin6.9%9.6%8.9%8.7%12.8%12.3%
Free cash flow margin11.2%11.1%11.4%7.9%12.3%17.9%
FCF / Net income1.621.161.280.910.961.45
R&D / Revenue------
SG&A / Revenue17.0%17.3%17.4%18.1%17.3%18.2%
Effective tax rate25.3%22.2%22.3%17.3%9.7%13.6%
Return on assets7.7%9.6%9.6%10.5%13.7%12.0%
Return on equity10.3%12.5%12.0%14.0%19.4%16.5%
Return on invested capital10.5%11.6%11.1%15.6%19.5%-
Liquidity
Current ratio2.592.964.793.692.974.11
Quick ratio2.592.964.793.692.974.11
Cash ratio1.331.573.162.251.892.84
Leverage
Debt / Equity0.010.010.010.010.01-
Debt / Assets0.010.010.010.010.01-
Debt / EBITDA0.040.040.040.040.05-
Interest coverage------
Equity multiplier1.331.311.251.341.421.37
Liabilities / Assets0.250.240.200.250.290.27
Efficiency
Asset turnover1.111.001.081.201.070.98
Inventory turnover------
Days sales outstanding------
Days inventory outstanding------
Days payable outstanding5d5d4d3d4d2d
Cash conversion cycle------
Valuation
P / E30.5x29.8x42.1x46.2x82.0x64.0x
P / B3.1x3.7x5.1x6.5x15.9x10.6x
P / S2.1x2.9x3.7x4.0x10.5x7.9x
EV / EBITDA15.9x19.4x26.2x26.7x60.8x44.4x
Growth
Revenue growth (YoY)15.4%0.8%-2.8%28.4%41.3%15.9%
Revenue CAGR (3y)4.2%8.0%20.8%28.1%48.0%22.4%
Revenue CAGR (5y)15.5%15.6%32.2%27.2%26.5%23.8%
Gross profit growth (YoY)8.5%1.1%-6.8%20.7%37.5%15.1%
Operating income growth (YoY)-4.5%8.6%-12.5%5.7%43.0%25.3%
Net income growth (YoY)-16.9%9.0%-0.6%-12.9%47.2%25.3%
EPS growth (YoY)-14.3%11.0%-0.4%-13.0%45.5%23.6%
EPS CAGR (3y)-1.8%-1.3%8.0%16.1%24.3%61.9%
EPS CAGR (5y)3.7%11.6%10.7%40.0%34.2%28.2%
FCF growth (YoY)16.3%-1.3%39.7%-17.0%-3.1%152.8%
FCF CAGR (5y)5.2%22.9%16.0%18.2%27.7%49.8%
Book value growth (YoY)1.3%4.6%15.6%20.7%25.4%24.2%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$5.46B total
Americas Segment$3.17B · 58.0%
Europe Segment$2.29B · 42.0%

Geographic

$14.08B total
North America$3.17B · 22.5%
Americas$3.01B · 21.4%
US$2.83B · 20.1%
Europe$2.29B · 16.3%
Other Countries$1.12B · 8.0%
GB$597.32M · 4.2%
CH$438.50M · 3.1%
DE$233.43M · 1.7%
NL$229.78M · 1.6%
EMEA$152.56M · 1.1%
Asia Pacific$1.91M · 0.0%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

6/9
Neutral
  • Net income positive
  • Operating cash flow positive
  • ROA improved YoY
  • Cash flow > net income
  • Long-term debt decreased
  • Current ratio improved
  • No share dilution
  • Gross margin improved
  • Asset turnover improved

Peer comparison

Same SIC group: Services-Computer Programming Services

CompanyRevenue (last FY)Net marginROE
CTSH$21.11B10.6%14.9%
VRSN$1.66B49.8%-38.3%
HCP$583.14M-32.7%-15.7%
ZS---
CPSI$346.84M1.3%2.4%

Comparing EPAM Systems against the 5 most active filers in the same SIC group.