EPAM Systems, Inc. EPAM
EPAM has used its software engineering expertise to become a leading global provider of digital engineering, cloud and artificial intelligence-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious start-ups. We address our clients' transformation challenges by fusing EPAM Continuum's integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients' time to market and drive greater value from their innovations and digital investments.
We leverage AI to deliver transformative solutions that accelerate our clients' digital innovation and enhance their competitive edge. Through platforms like EPAM AI/RUN™ and initiatives like DIALX Lab™, we integrate advanced AI technologies into tailored business strategies, driving significant industry impact and fostering continuous innovation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.46B | $4.73B | $4.69B | $4.82B | $3.76B | $2.66B | $2.29B | $1.84B | $1.45B | $1.16B |
| Cost of revenue | $3.88B | $3.28B | $3.26B | $3.29B | $2.48B | $1.73B | $1.49B | $1.19B | $921.4M | $737.2M |
| Gross profit | $1.57B | $1.45B | $1.43B | $1.54B | $1.27B | $927.0M | $805.6M | $656.0M | $529.1M | $422.9M |
| SG&A | $928.7M | $816.3M | $815.1M | $872.8M | $648.7M | $484.8M | $457.4M | $373.6M | $327.6M | $265.9M |
| Operating income | $520.0M | $544.6M | $501.2M | $573.0M | $542.3M | $379.3M | $302.9M | $245.8M | $172.9M | $133.7M |
| Pre-tax income | $505.6M | $584.4M | $536.6M | $507.3M | $533.4M | $378.5M | $299.5M | $249.8M | $174.3M | $126.5M |
| Income tax | $127.9M | $129.9M | $119.5M | $87.8M | $51.7M | $51.3M | $38.5M | $9.5M | $101.5M | $27.2M |
| Net income | $377.7M | $454.5M | $417.1M | $419.4M | $481.7M | $327.2M | $261.1M | $240.3M | $72.8M | $99.3M |
| EPS, basic | 6.76 | 7.93 | 7.21 | 7.32 | 8.52 | 5.87 | 4.77 | 4.48 | 1.40 | 1.97 |
| EPS, diluted | 6.72 | 7.84 | 7.06 | 7.09 | 8.15 | 5.60 | 4.53 | 4.24 | 1.32 | 1.87 |
| Shares, diluted (wtd. avg.) | $56.2M | $58.0M | $59.1M | $59.2M | $59.1M | $58.4M | $57.7M | $56.7M | $55.0M | $53.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.30B | $1.29B | $2.04B | $1.68B | $1.45B | $1.32B | $937.7M | $771.7M | $582.9M | $364.7M |
| Short-term investments | — | $1.7M | $60.7M | $60.3M | — | — | — | — | — | — |
| Receivables | — | — | — | — | — | — | — | $0 | $265.6M | $200.0M |
| Total current assets | $2.53B | $2.43B | $3.09B | $2.76B | $2.27B | $1.91B | $1.47B | $1.20B | $960.0M | $646.6M |
| Property, plant and equipment | $202.4M | $207.7M | $235.1M | $273.3M | $236.2M | $169.5M | $165.3M | $102.6M | $86.4M | $73.6M |
| Goodwill | $1.21B | $1.18B | $562.5M | $529.1M | $530.7M | $212.0M | $195.0M | $166.8M | $119.5M | $109.3M |
| Other intangibles | $406.6M | $436.4M | $71.1M | $77.7M | $101.1M | $52.0M | $56.3M | $57.1M | $44.5M | $51.3M |
| Total assets | $4.90B | $4.75B | $4.35B | $4.01B | $3.52B | $2.72B | $2.24B | $1.61B | $1.25B | $925.8M |
| Accounts payable | $55.3M | $44.7M | $32.0M | $30.9M | $24.8M | $10.2M | $7.8M | $7.4M | $5.6M | $3.2M |
| Short-term debt | — | — | — | $2.9M | $16.0M | $0 | — | — | — | — |
| Total current liabilities | $976.9M | $821.0M | $644.9M | $747.5M | $763.4M | $465.9M | $386.9M | $262.8M | $181.0M | $116.2M |
| Long-term debt | $25.0M | $25.2M | $26.1M | $27.7M | $30.2M | $25.0M | — | — | — | — |
| Total liabilities | $1.22B | $1.12B | $880.9M | $1.01B | $1.03B | $738.3M | $648.1M | $349.2M | $275.3M | $144.4M |
| Total equity | $3.68B | $3.63B | $3.47B | $3.00B | $2.50B | $1.98B | $1.60B | $1.26B | $974.9M | $781.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $654.9M | $559.2M | $562.6M | $464.1M | $572.3M | $544.4M | $287.5M | $292.2M | $192.8M | $167.2M |
| Depreciation and amortisation | $53.1M | $59.4M | $68.2M | $69.0M | $65.5M | $50.5M | $35.4M | $28.5M | $28.6M | $23.4M |
| Stock-based compensation | $176.8M | $167.3M | $147.7M | $99.9M | $111.7M | $75.2M | $72.0M | $59.2M | $52.4M | $49.2M |
| Capital expenditure | $42.2M | $32.1M | $28.4M | $81.6M | $111.5M | $68.8M | $99.3M | $37.6M | $29.8M | $29.3M |
| Investing cash flow | -$49.0M | -$885.0M | -$66.8M | -$182.9M | -$368.9M | -$167.2M | -$145.4M | -$112.1M | -$36.2M | -$9.3M |
| Financing cash flow | -$651.2M | -$390.4M | -$165.8M | -$2.0M | -$59.6M | -$765.0K | $20.4M | $23.0M | $49.7M | $10.5M |
| Buybacks | $662.2M | $398.0M | $164.9M | $0 | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-013337.
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