EPAMNYSEServices-Computer Programming ServicesFiscal year ends December 31
EPAM Systems, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$127.38+5.19 (+4.25%)
Close on Oct 19, 2026
- Market cap
- $6.66B
- P/E (TTM)
- 17.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
28.8%−6.0 pts over 5 years
Operating margin
9.5%−4.7 pts over 5 years
Net margin
6.9%−5.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.4% | +4.2% | +15.5% | +19.6% | |
| Gross profit | +8.5% | +0.8% | +11.2% | +16.3% | |
| Operating income | -4.5% | -3.2% | +6.5% | +17.2% | |
| Net income | -16.9% | -3.4% | +2.9% | +16.2% | |
| EPS, diluted | -14.3% | -1.8% | +3.7% | +15.3% | |
| Free cash flow | +16.3% | +17.0% | +5.2% | +25.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.2% | 18.3% | 10.3% | |
| Return on assets | 11.6% | 13.2% | 7.8% | |
| Current ratio | 5.56 | 4.11 | 2.59 | |
| Debt to equity | 0.03 | 0.01 | 0.01 | |
| Net debt to EBITDA | -2.16× | -2.94× | -1.97× | |
| Capex to revenue | 2.5% | 2.6% | 0.8% | |
| Diluted shares | 53M | 58M | 56M |
Where the cash went
Fiscal 2021 to 2025, five years combined
EPAM Systems generated $2.81B from operations and spent $1.52B on capital expenditure, dividends and share buybacks. 19% of that went back into the business.
Generated
$2.81B
Used
$1.52B
Capital expenditure$295.93M19%Dividends$00%Share buybacks$1.23B81%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.9%
×Asset turnover1.13×
×Equity multiplier1.32×
=Return on equity, FY202510.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.9% | 1.13× | 1.32× | 10.3% |
| FY2024 | 9.6% | 1.04× | 1.28× | 12.8% |
| FY2023 | 8.9% | 1.12× | 1.29× | 12.9% |
| FY2022 | 8.7% | 1.28× | 1.37× | 15.3% |
| FY2021 | 12.8% | 1.20× | 1.40× | 21.5% |
| FY2020 | 12.3% | 1.07× | 1.39× | 18.3% |
| FY2019 | 11.4% | 1.19× | 1.35× | 18.3% |
| FY2018 | 13.0% | 1.29× | 1.28× | 21.5% |
| FY2017 | 5.0% | 1.33× | 1.24× | 8.3% |
| FY2016 | 8.6% | 1.36× | 1.22× | 14.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$377.68M
- Cash generatingOperating cash flow above zero$654.93M
- Return on assets improvedROA up on the prior year10.4% → 8.0%
- Earnings backed by cashOperating cash flow above net income$654.93M vs $377.68M
- Less leverageLong-term debt to assets fell0.5% → 0.5%
- Better liquidityCurrent ratio rose2.96 → 2.59
- No dilutionShare count did not rise58M → 56M
- Gross margin improvedGross margin up on the prior year30.68% → 28.83%
- More efficientAsset turnover rose1.09 → 1.15