# EPAM Systems, Inc. (EPAM)

> Source: Nexqual · https://nexqual.com/EPAM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, EPAM Systems, Inc. (EPAM), nexqual.com/EPAM" · informational, not investment advice.

**Price:** USD 138.67 (+3.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 134 · day 132–139.14 · 52w 73.06–222.53 · market cap $7.15B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Information Technology Services)
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%

## More
Full page: https://nexqual.com/EPAM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EPAM's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1352010/000135201026000015/epam-20251231.htm):

| 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, H…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $792.3M | 56.0% | +0.6% |
| Europe | $622.5M | 44.0% | +10.0% |
| Total revenue | $1.41B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 187.1% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "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, +0.2% vs the guidance midpoint $1.42B. Source: https://www.sec.gov/Archives/edgar/data/1352010/000135201026000043/exhibit99_q2x2026.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.40 | $3.44 | -1.1% | $1.42B | 17 |
| Next quarter (ends 2026-12-31) | $3.51 | $3.61 | -2.5% | $1.42B | 17 |
| Current fiscal year (ends 2026-12-31) | $13.15 | $13.05 | +0.8% | $5.66B | 19 |
| Next fiscal year (ends 2027-12-31) | $14.02 | $14.14 | -0.9% | $5.86B | 18 |