EPAM Systems, Inc. (EPAM) Stock Price & Analysis
EPAM Systems, Inc. (EPAM) closed at USD 138.67 on Thursday, October 22, 2026, up 3.49% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 134; the Oct 22, 2026 session ranged USD 132–139.14 on volume of 1,603,606 shares. Market capitalization is $7.15B, with a 52-week range of USD 73.06–222.53 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:49 UTC.
Also available as compact Markdown for AI agents: nexqual.com/EPAM.md
Key facts (EPAM)
- Last four reported quarters (through Jun 30, 2026): revenue $5.62B, net income $402M (7.2% margin), free cash flow $483M (SEC filings).
- Valuation: P/E 17.8x (avg 34.1x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold EPAM (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 2.53 on a 1–5 scale) (19 analysts), mean target USD 123.35 (range 97–200).
- Total return with dividends: 1Y -11.5% vs S&P 500 +14.9%; 5Y -78.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 3.4, revenue estimate $1.42B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (EPAM)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.76B | $4.82B | $4.69B | $4.73B | $5.46B | $5.62B |
| Gross profit | $1.27B | $1.54B | $1.43B | $1.45B | $1.57B | — |
| Operating income | $542M | $573M | $501M | $545M | $520M | $563M |
| Net income | $482M | $419M | $417M | $455M | $378M | $402M |
| EPS (diluted) | $8.15 | $7.09 | $7.06 | $7.84 | $6.72 | — |
| Free cash flow | $461M | $382M | $534M | $527M | $613M | $483M |
| Gross margin | 33.9% | 31.9% | 30.6% | 30.7% | 28.8% | — |
| Operating margin | 14.4% | 11.9% | 10.7% | 11.5% | 9.5% | 10.0% |
| Net margin | 12.8% | 8.7% | 8.9% | 9.6% | 6.9% | 7.2% |
| Revenue growth | +41.3% | +28.4% | -2.8% | +0.8% | +15.4% | — |
| Cash + short-term investments | $1.45B | $1.74B | $2.10B | $1.29B | — | — |
| Total debt | $46.3M | $30.6M | $26.1M | $25.2M | $25.0M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (EPAM)
P/E 17.8x · P/S 1.3x · P/FCF 14.8x · P/B 2.0x · FCF yield 6.75% · Earnings yield 5.61% · Buyback yield (TTM) 9.99%
P/E at fiscal year-ends: Dec 2025 30.5x, Dec 2024 29.8x, Dec 2023 42.1x.
Superinvestors (SEC 13F-HR, Q2 2026) (EPAM)
1 of 80 tracked investors hold EPAM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Greenhaven Associates | 0.54% | $46.6M | New position |
Analysts (EPAM)
Consensus Hold (mean 2.53 on a 1–5 scale), 19 analysts; mean target USD 123.35 (low 97, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-26 | JP Morgan | Downgrade | Overweight → Neutral | $120 |
| 2026-08-10 | Guggenheim | Target lowered | Buy | $165 → $140 |
| 2026-08-07 | TD Cowen | Target lowered | Buy | $131 → $120 |
| 2026-08-07 | JP Morgan | Target lowered | Overweight | $142 → $120 |
| 2026-08-07 | Truist Securities | Target lowered | Hold | $112 → $110 |
| 2026-08-07 | Susquehanna | Target lowered | Positive | $167 → $146 |
| 2026-08-06 | Needham | Target lowered | Buy | $135 → $120 |
| 2026-08-06 | William Blair | Downgrade | Outperform → Market Perform | |
| 2026-08-04 | Morgan Stanley | Target lowered | Equal-Weight | $112 → $100 |
| 2026-07-27 | Citigroup | Target lowered | Neutral | $112 → $100 |
| 2026-07-10 | Wells Fargo | Target lowered | Overweight | $151 → $125 |
| 2026-07-09 | TD Cowen | Target lowered | Buy | $170 → $131 |
Total return (dividends reinvested) (EPAM)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -11.5% | -78.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -11.6% | -26.5% |
| Volatility (annualized) | 53.3% | 60.6% |
| Max drawdown | -65.7% (Jan 2026→Jun 2026) | -89.1% (Nov 2021→Jun 2026) |
EPAM revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Americas | $792.3M | 56.0% | +0.6% |
| Europe | $622.5M | 44.0% | +10.0% |
| Total revenue | $1.41B | 100% | — |
EPAM revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Americas | $805.4M | 56.9% | +0.5% |
| — United States (part of Americas) | $715.0M | 50.5% | +0.7% |
| — Netherlands (part of Americas) | $63.2M | 4.5% | +10.8% |
| — APAC (part of Americas) | $27.1M | 1.9% | -0.3% |
| Europe | $622.5M | 44.0% | +10.0% |
| EMEA | $582.2M | 41.2% | +10.9% |
| Other | $302.3M | 21.4% | +11.8% |
| United Kingdom | $159.6M | 11.3% | +6.7% |
| Switzerland | $112.3M | 7.9% | +2.0% |
| Germany | $62.4M | 4.4% | +10.6% |
| Total revenue | $1.41B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
EPAM suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Accenture (ACN) | “We face competition from various technology services providers such as Accenture, Atos, Capgemini, Cognizant Technology Solutions, Deloitte Digital, DXC Technology, Endava, Genpact, GlobalLogic, Globant, Grid Dynamics, HCL Technologies, Infosys, Tata Consultancy Services, and Wipro, among others.” |
Quoted from the company's 10-K filed Feb 26, 2026.
EPAM company outlook (results filed Aug 6, 2026)
- “The Company now expects weighted average diluted shares outstanding for the year to be 52.2 million.”
- “Third Quarter EPAM expects the following for the third quarter: • The Company expects revenues will be in the range of $1.410 billion to $1.425 billion for the third quarter, reflecting year-over-year growth of 1.7% at the midpoint of the range.”
- “The Company expects weighted average diluted shares outstanding for the quarter to be 51.4 million.”
Analysts expect $1.42B for the current quarter, in line with the midpoint of the company's guidance ($1.42B).
Quoted word-for-word from the SEC 8-K results press release.
EPAM analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $3.40 | $3.44 | -1.1% | $1.42B | 17 |
| Next quarter (ends Dec 2026) | $3.51 | $3.61 | -2.5% | $1.42B | 17 |
| Current fiscal year (ends Dec 2026) | $13.15 | $13.05 | +0.8% | $5.66B | 19 |
| Next fiscal year (ends Dec 2027) | $14.02 | $14.14 | -0.9% | $5.86B | 18 |
EPAM options: expected move
Options price a move of about ±15.3% (±$21.15) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±11.8% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 67.5% | ±15.3% |
| Dec 18, 2026 | 56 | 56.3% | ±17.7% |
| Jan 15, 2027 | 84 | 52.1% | ±20.0% |
| Apr 16, 2027 | 175 | 51.7% | ±28.4% |
30-day implied volatility 63.3% vs 46.1% realized over the last 30 trading days. Put/call ratio (volume) 0.3. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:49 UTC)
| Price | USD 138.67 |
|---|---|
| Change | ▲ 3.49% (up) |
| Previous Close | USD 134 |
| Open | USD 133.58 |
| Day Range | USD 132 – 139.14 |
| 52-Week Range | USD 73.06 – 222.53 |
| Volume | 1,603,606 shares |
| Market Cap | $7.15B |
| Exchange | NYQ |
Technical Analysis (EPAM)
Nexqual's technical model rates EPAM "BUY" based on 5 bullish and 3 bearish signals across 127 daily candles, as of October 23, 2026 at 09:49 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 76.97 (overbought) |
| vs SMA50 | Above (USD 114.01) |
| MACD | 5.6 (positive) |
Analyst Ratings (EPAM)
Wall Street analysts rate EPAM "Hold" based on 19 analysts, with a mean price target of USD 123.35 (range USD 97–200), per Nexqual as of October 23, 2026 at 09:49 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 19 |
| Mean Target | USD 123.35 |
| High Target | USD 200 |
| Low Target | USD 97 |
| Buy / Hold / Sell | 8 / 11 / 0 |
Earnings (EPAM)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 3.4 |
| Revenue Estimate | $1.42B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 3.38 vs est 3.14 ▲ beat |
| 2026-03-31 | USD 2.86 vs est 2.75 ▲ beat |
| 2025-12-31 | USD 3.26 vs est 3.16 ▲ beat |
| 2025-09-30 | USD 3.08 vs est 3.03 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financials & Fundamentals (EPAM)
| Total Revenue | $5.62B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +4.50% |
| Gross Margin | +29.45% |
| Operating Margin | +10.94% |
| Profit Margin | +7.15% |
| ROE | +11.18% |
| Debt / Equity | 0.04 |
| Current Ratio | 2.76 |
| Total Cash | $789.40M |
| Total Debt | $152.24M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $482.64M (8.6% of revenue) |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Financial Health Score (EPAM)
Nexqual rates EPAM Systems, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:49 UTC.
| Growth | Strong — Revenue +15% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 29%, operating 11% (last 12 months) |
| Balance Sheet | Strong — $789M cash vs $152M debt, net cash position |
| Cash Flow | Solid — FCF $483M (last 4 quarters to Jun 2026, SEC), 9% margin |
| Efficiency | Mixed — ROE 11%, ROA 8.5% |
Ownership (EPAM)
| Insider Ownership | +3.28% |
|---|---|
| Institutional Ownership | +119.76% |
| Shares Outstanding | 51.59M |
| Float | 49.63M |
| Short % of Float | +17.60% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
Leadership (EPAM)
EPAM Systems, Inc. is led by Balazs Fejes, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:49 UTC.
| President, CEO & Director | Balazs Fejes |
|---|---|
| Executive Chairman | Arkadiy Dobkin |
| Senior VP, CFO & Treasurer | Jason Peterson |
| Chief Strategy & Transformation Officer and Senior VP | Elaina Shekhter |
Major Backers & Investors (EPAM)
Notable institutional backers of EPAM Systems, Inc. include Ameriprise Financial, Inc., Capital Group, Invesco, according to Nexqual as of October 23, 2026 at 09:49 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Ameriprise Financial, Inc. | 10.58% |
| Capital Group | 9.35% |
| Invesco | 4.67% |
| Citadel | 3.04% |
| NEW PERSPECTIVE FUND | 2.87% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 12.87% |
| Vanguard Group | 11.13% |
| Columbia Threadneedle | 4.86% |
| State Street | 3.79% |
| Dimensional Fund Advisors | 3.2% |
Source: Nexqual, October 23, 2026 at 09:49 UTC.
From EPAM Systems, Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be included as a leader in the IDC MarketScapes for Worldwide Experience Build Services and Worldwide Experience Design Services.
- We have developed sophisticated project management techniques and procedures facilitated through our proprietary project management tools, a web-based collaborative environment for software development, which we consider critical for visibility into project deliverables, resource management, team messaging and project-related documents.
- We turn our clients' operations into intelligent enterprise hubs with our proprietary platforms, integrated engineering practices and smart automation.
- Developing a digital experience or product from end-to-end requires input and expertise from a variety of professionals with a broad range of skills.
Partnerships
- Financial Services — We have significant experience working with global investment banks, wealth and investment management institutions, commercial and retail lending institutions, credit card and payment solution companies, trading platforms, exchanges and brokerages, capital markets, insurers and various other providers of financial services and financial technology.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to laws and regulations in the U.S. and other countries in which we operate, including export restrictions, economic sanctions, and anti-bribery and anti-corruption laws. Compliance with these laws requires significant resources and non-compliance may result in civil or criminal penalties and other remedial measures.
- Risks Related to Our Industry and Clients
- We generally do not have long-term commitments from our clients, our clients may terminate contracts before completion or choose not to renew contracts, and we are not guaranteed payment for services. Loss of business or non-payment from significant clients could materially affect our results of operations.
- Our revenues are highly dependent on a limited number of industries, and any decrease in demand for outsourced services in these industries could reduce our revenues and adversely affect our results of operations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| G | Genpact Limited | USD 41.78 | ▲ 6.23% |
| EXLS | ExlService Holdings, Inc. | USD 42.91 | ▲ 4.61% |
| INGM | Ingram Micro Holding Corporatio | USD 27.5 | ▼ 0.47% |
| SAIC | Science Applications Internatio | USD 143.54 | ▲ 4.97% |
| APLD | Applied Digital Corporation | USD 19.09 | ▼ 9.01% |
| MAAS | Maase Inc. | USD 12.49 | ▼ 5.45% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:49 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt