EPAM Systems, Inc. (EPAM)

NYSE: EPAM · USD

$136

+2.45 (+1.8%)· Recorded snapshot

Dự phòng tiếng AnhVI

Hiển thị bản gốc tiếng Anh trong khi đang dịch

Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.

StockMarketAgent Research · Analyzed 2026-10-17

Our latest published analysis: EPAM rated Strong Buy

EPAM Systems, Inc.'s published Strong Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$188 / share

Potential value

$266 / share

Upside to FV

+54.1%

from $136

Moat

7.2/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$6.3B
Revenue (ttm)	5.6B
Net income (ttm)	401.7M
EPS (ttm)	$7.39
Shares out	51.6M
P/E (trailing)	18.4x
P/E (forward)	8.3x
Volume	301,910
Beta	1.39

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5.6B
Net income (ttm): 401.7M
EPS (ttm): $7.39
P/E (trailing): 18.4x
P/E (forward): 8.3x
Market cap: $6.3B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$3.76B	$4.82B	$4.69B	$4.73B	$5.46B	+9.8%
Gross profit	$1.27B	$1.54B	$1.43B	$1.45B	$1.45B	+3.3%
Operating income	$542.3M	$573.0M	$501.2M	$544.6M	$520.0M	-1.0%
Net income	$481.7M	$419.4M	$417.1M	$454.5M	$377.7M	-5.9%
EPS (diluted)	$8.15	$7.09	$7.06	$7.84	$6.72	-4.7%
EBITDA	$680.3M	$647.3M	$659.9M	$711.5M	$671.7M	-0.3%
R&D	—	—	—	—	—	—
SG&A	$648.7M	$872.8M	$815.1M	$816.3M	$928.7M	+9.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	Bán
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Bán
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	Mua mạnh
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	Giữ
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	Bán
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	Bán

Base and Bull scenarios

Bull20%

Price target

$266.26

+117.9% from spot

Enterprise digital transformation accelerates as clients shift from experimental pilots to multi-million dollar production deployments of AI-native platforms. Revenue growth accelerates toward 11.0% to 13.0%, while operating margins expand toward 17.5% driven by delivery automation and higher-value modernization consulting. This path yields a fair value estimate of $266.26.

Revenue growth reaches 11% to 13% YoY driven by enterprise AI deployments
Operating margins expand through automation and utilization gains
AI-native revenues surpass the $600M target and contribute over 5% incremental company growth

Base55%

Price target

$188.31

+54.1% from spot

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

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($188.31). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	1.8%	2.0%	2.3%	2.5%
9.2%	$200	$203	$206	$209	$212
9.7%	$192	$194	$196	$199	$202
10.2%	$184	$186	$188	$191	$193
10.7%	$177	$179	$181	$183	$185
11.2%	$171	$173	$174	$176	$178

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E8.3

P25 n/aP50 n/aP75 n/a

Trailing P/E15.7

P25 n/aP50 n/aP75 n/a

ROE11.2

P25 n/aP50 n/aP75 n/a

ROIC16.5

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All EPAM indicators

Market & fundamental data

Available fields

267

Groups with data

Currency

USD

Showing 267 of 267 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001352010
Company name	EPAM Systems, Inc.
Country	United States
Country code	US
CUSIP number	29414B104
Earnings date	2026-11-05
Earnings time	bmo
Employees	62,850
Employees change	1,650
Employees growth	2.7%
Enterprise value	$6.4B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1993
Industry	Information Technology Services
IPO date	2012-02-08
Is primary listing	Yes
Is SPAC	No
ISIN number	US29414B1044
Last 10-K release date	2026-02-26
Last earnings date	2026-08-06
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$7B
Market cap category	Mid-Cap
Next earnings date	2026-11-05
Options	Yes
Price	$135.84
Price currency	USD
Sector	Technology
SIC code	7371
Stock price date	2026-10-28
Symbol	EPAM
Tags	artificial-intelligence
U.S. state	Pennsylvania
Website	https://www.epam.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	10.8x
Average P/E ratio (10Y)	41.5x
Average P/E ratio (3Y)	26.72x
Average P/E ratio (5Y)	35.91x
Earnings yield	5.44%
EV/Earnings	15.75x
EV/EBIT	10.07x
EV/EBITDA	8.4x
EV/FCF	13.1x
EV/Sales	1.13x
FCF / EV yield	7.63%
FCF yield	6.93%
Forward EV/Sales	1.1x
Forward P/E	9.97x
Forward P/S	1.21x
Graham number	106.50679
Graham upside	-21.08%
Industry forward P/E	15.25x
Industry P/E	21.36x
Lynch fair value	$36.96
Lynch upside	-72.62%
P/(FCF - SBC) ratio	23.48x
P/(OCF - SBC) ratio	19.74x
P/B ratio	1.96x
P/E ratio	18.38x
P/FCF ratio	14.42x
P/OCF ratio	12.92x
P/S ratio	1.24x
PEG ratio	1.07x
Price / tangible book value	3.58x
Price/EBITDA ratio	9.24x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	11.18%
EBITDA margin	13.41%
Effective tax rate	26.79%
FCF margin	8.59%
Gross margin	29.45%
Operating margin	11.18%
Pretax margin	9.77%
Profit margin	7.15%
Profit per employee	$6,391
Profitable quarters	34
Profitable years	18
Revenue per employee	$89,368
ROA	8.45%
ROA (5Y)	9.38%
ROCE	16.66%
ROE	11.18%
ROE (5Y)	14.56%
ROIC	16.52%
ROIC (5Y)	31.6%
SBC / revenue	3.31%
Tax / revenue	2.62%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	5.27%
EPS growth (Q)	26.28%
EPS growth (QoQ)	29.61%
EPS growth 10Y	14.69%
EPS growth 3Y	-6.32%
EPS growth 5Y	1.74%
EPS growth quarters	3
EPS growth years	0
FCF growth	17.79%
FCF growth 3Y	-4.83%
FCF growth 5Y	6.36%
Gross profit growth	8.46%
Gross profit growth (Q)	10.27%
Gross profit growth 3Y	2.43%
Gross profit growth 5Y	9.61%
Net income growth	0.13%
Net income growth (Q)	16.99%
Net income growth (QoQ)	24.79%
Net income growth 3Y	-9.02%
Net income growth 5Y	0.15%
Net income growth quarters	3
Net income growth years	0
OCF growth	19.84%
OCF growth 10Y	16.53%
OCF growth 3Y	-4.3%
OCF growth 5Y	5.28%
Operating income growth	3.37%
Operating income growth (Q)	18.4%
Operating income growth 3Y	-2.5%
Operating income growth 5Y	7.33%
Revenue growth	10.76%
Revenue growth (Q)	4.53%
Revenue growth (QoQ)	1.05%
Revenue growth 10Y	18.32%
Revenue growth 3Y	5.09%
Revenue growth 5Y	13.08%
Revenue growth quarters	8
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-56.2M
Depreciation and amortization	$125.5M
EBIT	$627.9M
EBITDA	$753.3M
EPS	$7.39
FCF per share	$9.36
Financing cash flow	$-723M
Free cash flow	$482.6M
Free cash flow minus SBC	$296.6M
Gross profit	$1.7B
Income taxes	$147M
Investing cash flow	$-57.7M
Net borrowing	$-1.6M
Net cash flow	$-252.2M
Net income	$401.7M
Operating cash flow minus SBC	$352.7M
Operating income	$627.9M
Revenue	$5.6B
Stock-based compensation	$186.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	7.52
Book value per share	$68.21
Debt / EBITDA	0.19
Debt / equity	0.04
Debt / FCF	0.32
Goodwill	$1.2B
Long-term assets	$2.4B
Long-term liabilities	$250.3M
Net cash (debt)	$637.2M
Net cash / market cap	9.15%
Net cash growth	-27.49%
Net debt / EBITDA	-0.85
Net debt / equity	-0.18
Net debt / FCF	-1.32
Piotroski F-Score	6
Property, plant and equipment	$330M
Shareholders' equity	$3.5B
Tangible book value	$1.9B
Tangible book value per share	$37.66
Total assets	$4.6B
Total cash	$789.4M
Total debt	$152.2M
Total liabilities	$1.1B
WACC	11.62%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	1.21
Current assets	$2.2B
Current liabilities	$804.4M
Current ratio	2.75
Net working capital	$661.5M
Quick ratio	2.58
Working capital	$1.4B
Working capital turnover	3.7

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	4.84%
Dividend yield	0%
Shareholder yield	4.84%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	106.76%
10Y return CAGR	7.54%
10Y total return	106.76%
150-day SMA	$107.65
1D price change	1.84%
1M price change	24.8%
1M total return	24.8%
1W price change	0.8%
1W total return	0.8%
1Y price change	-16.85%
1Y return CAGR	-16.86%
1Y total return	-16.85%
20-day SMA	$121.90
200-day SMA	$122.73
3M price change	43.44%
3M total return	43.44%
3Y price change	-35.81%
3Y return CAGR	-13.74%
3Y total return	-35.81%
50-day SMA	$116.83
50-day SMA vs 200-day SMA	50under200
52-week high	$222.53
52-week high date	2026-01-15
52-week low	$73.06
52-week low date	2026-06-22
5Y price change	-79.29%
5Y return CAGR	-27.02%
5Y total return	-79.29%
6M price change	16.13%
6M total return	16.13%
All-time high	$725.40
All-time high date	2021-11-05
All-time low	$13.25
All-time low date	2012-02-08
Average true range (ATR)	$5.41
Average volume	926.5K
Beta (1Y)	-0.51
Beta (2Y)	1.04
Beta (5Y)	1.39
Change from 52-week high	-38.96%
Change from 52-week low	85.94%
Change from all-time high	-81.38%
Change from all-time low	919.43%
Change from open	1.21%
Day's gap	0.61%
Dollar volume	$41M
High price	$135.85
Low price	$133.69
Monthly RSI	44.84
Open price	$134.21
Position in 52-week range	99.54%
Premarket change	-0.44%
Premarket close	$133.39
Premarket price	$132.80
Previous close	$133.39
Price vs 150-day SMA	25.48%
Price vs 20-day SMA	10.81%
Price vs 200-day SMA	10.06%
Price vs 50-day SMA	15.62%
Relative volume	0.33
RSI	67.77
Sharpe ratio	-0.17
Sharpe ratio (3Y)	-0.21
Sharpe ratio (5Y)	-0.32
Sortino ratio	-0.11
Sortino ratio (3Y)	-0.16
Sortino ratio (5Y)	-0.33
Volume	301.9K
Weekly RSI	59.79
YTD price change	-34.07%
YTD total return	-34.07%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	49.6M
Float percentage	96.22%
Shares change (QoQ)	-3.54%
Shares change (YoY)	-4.84%
Shares held by insiders	3.68%
Shares held by institutions	116.26%
Shares outstanding	51.6M
Short % of float	12.96%
Short % of shares	12.47%
Short ratio	5.8 days

Deeper analysis on EPAM

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this EPAM report

What is the latest published EPAM stock rating?

EPAM Systems, Inc. is shown with Strong Buy in the latest published report, analyzed 2026-10-17. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full EPAM analysis?

The full latest published report, analyzed 2026-10-17, lives at /stocks/EPAM/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for EPAM?

The latest published report analyzed 2026-10-17 gives EPAM a fair value of USD 188 and a potential value of USD 266. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the EPAM page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-17). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

Strong BuyEPAM · Fair value $188+54.1%

Read full analysis →

EPAM Systems, Inc. (EPAM)

Our latest published analysis: EPAM rated Strong Buy

Price

Financial snapshot

Fair-value bridge

Latest news · EPAM

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All EPAM indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on EPAM

Frequently asked questions

Lịch sử xếp hạng

Category	Score	Reading
Valuation	8.5
Management	8.5
Balance Sheet	8.5
Profitability	5.0
Revenue Growth	4.5
Risk Assessment	8.0
Competitive Moat	7.2
Earnings Quality	9.0
Capital Efficiency	6.5