EPAM Systems, Inc. (EPAM)

The modal expected path reflects steady execution through the current cyclical digestion. Revenue growth expands from 3.7% in FY2026 to 7.0% to 7.5% over the medium term, with non-GAAP operating margins normalizing from 15.8% in FY2026 toward 12.5% to 13.5% over time. Reinvestment requirements remain modest at 12% to 20% of NOPAT, supporting steady earnings growth and producing our committee fair value midpoint of $188.31.

• FY2026 revenue of $5,658.9M (3.7% growth) and FY2027 revenue of $5,862.7M (3.6% growth)
• Non-GAAP operating margin of 15.8% in FY2026 normalizing toward 12.5% by FY2030
• Effective tax rate of 24.0% and WACC of 10.07%
• AI-native revenue meets $600M FY2026 objective