Epam Sys Inc Financials

EPAM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Epam Sys Inc (EPAM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 65/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Epam Sys Inc has an operating margin of 11.5%, meaning the company retains $12 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is up from 10.7% the prior year.

Growth

Epam Sys Inc's revenue grew a modest 0.8% year-over-year to $4.7B. This slow but positive growth earns a score of 31/100.

Leverage

100

Epam Sys Inc carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.96, Epam Sys Inc holds $2.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.

Cash Flow

Epam Sys Inc has a free cash flow margin of 11.2%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Epam Sys Inc's ROE of 12.5% shows moderate profitability relative to equity, earning a score of 50/100. This is up from 12.0% the prior year.

Piotroski F-Score Neutral

6/9

Epam Sys Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

1.23x

For every $1 of reported earnings, Epam Sys Inc generates $1.23 in operating cash flow ($559.2M OCF vs $454.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$4.7B

YoY+0.8%

5Y CAGR+15.6%

10Y CAGR+20.5%

Epam Sys Inc generated $4.7B in revenue in fiscal year 2024. This represents an increase of 0.8% from the prior year.

EBITDA

$634.1M

YoY+6.9%

5Y CAGR+12.7%

10Y CAGR+19.9%

Epam Sys Inc's EBITDA was $634.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.9% from the prior year.

Free Cash Flow

$527.0M

YoY-1.3%

5Y CAGR+22.9%

10Y CAGR+18.9%

Epam Sys Inc generated $527.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 1.3% from the prior year.

Net Income

$454.5M

YoY+9.0%

5Y CAGR+11.7%

10Y CAGR+20.6%

Epam Sys Inc reported $454.5M in net income in fiscal year 2024. This represents an increase of 9.0% from the prior year.

EPS (Diluted)

$7.84

YoY+11.0%

5Y CAGR+11.6%

10Y CAGR+18.8%

Epam Sys Inc earned $7.84 per diluted share (EPS) in fiscal year 2024. This represents an increase of 11.0% from the prior year.

Cash & Debt

$1.3B

YoY-36.8%

5Y CAGR+6.6%

10Y CAGR+19.3%

Epam Sys Inc held $1.3B in cash against $25.2M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

57M

YoY-1.6%

5Y CAGR+0.6%

10Y CAGR+1.6%

Epam Sys Inc had 57M shares outstanding in fiscal year 2024. This represents a decrease of 1.6% from the prior year.

Gross Margin

30.7%

YoY+0.1pp

5Y CAGR-4.4pp

10Y CAGR-6.8pp

Epam Sys Inc's gross margin was 30.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the prior year.

Operating Margin

11.5%

YoY+0.8pp

5Y CAGR-1.7pp

10Y CAGR-0.3pp

Epam Sys Inc's operating margin was 11.5% in fiscal year 2024, reflecting core business profitability. This is up 0.8 percentage points from the prior year.

Net Margin

9.6%

YoY+0.7pp

5Y CAGR-1.8pp

10Y CAGR+0.1pp

Epam Sys Inc's net profit margin was 9.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.7 percentage points from the prior year.

Return on Equity

12.5%

YoY+0.5pp

5Y CAGR-3.8pp

10Y CAGR-2.5pp

Epam Sys Inc's ROE was 12.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$398.0M

YoY+141.3%

Epam Sys Inc spent $398.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 141.3% from the prior year.

Capital Expenditures

$32.1M

YoY+13.1%

5Y CAGR-20.2%

10Y CAGR+10.4%

Epam Sys Inc invested $32.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 13.1% from the prior year.

EPAM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.7B+0.8%	$4.7B-2.8%	$4.8B+28.4%	$3.8B+41.3%	$2.7B+15.9%	$2.3B
Cost of Revenue	$3.3B+0.6%	$3.3B-0.9%	$3.3B+32.3%	$2.5B+43.4%	$1.7B+16.4%	$1.5B
Gross Profit	$1.5B+1.1%	$1.4B-6.8%	$1.5B+20.7%	$1.3B+37.5%	$927.0M+15.1%	$805.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$816.3M+0.2%	$815.1M-6.6%	$872.8M+34.5%	$648.7M+33.8%	$484.8M+6.0%	$457.4M
Operating Income	$544.6M+8.6%	$501.2M-12.5%	$573.0M+5.7%	$542.3M+43.0%	$379.3M+25.3%	$302.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$129.9M+8.7%	$119.5M+36.0%	$87.8M+69.8%	$51.7M+0.8%	$51.3M+33.4%	$38.5M
Net Income	$454.5M+9.0%	$417.1M-0.6%	$419.4M-12.9%	$481.7M+47.2%	$327.2M+25.3%	$261.1M
EPS (Diluted)	$7.84+11.0%	$7.06-0.4%	$7.09-13.0%	$8.15+45.5%	$5.60+23.6%	$4.53

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$1.4B+3.0%	$1.4B+4.0%	$1.3B+12.5%	$1.2B+0.4%	$1.2B-1.5%	$1.2B-3.4%	$1.2B-1.7%	$1.2B
Cost of Revenue	$983.2M+2.0%	$964.0M+1.3%	$952.0M+19.4%	$797.6M+0.4%	$794.3M-1.8%	$808.7M-5.5%	$855.9M+2.8%	$832.7M
Gross Profit	$411.2M+5.6%	$389.4M+11.4%	$349.7M-2.8%	$359.6M+0.5%	$357.9M-1.0%	$361.5M+1.8%	$355.0M-10.9%	$398.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$234.9M+1.4%	$231.7M+5.8%	$218.9M+2.3%	$214.0M+9.8%	$194.8M+0.2%	$194.4M-8.3%	$211.9M+3.4%	$205.0M
Operating Income	$144.9M+14.6%	$126.5M+27.3%	$99.3M-18.9%	$122.5M+7.4%	$114.0M-21.0%	$144.3M+19.9%	$120.4M-29.4%	$170.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$36.8M+3.0%	$35.7M+70.7%	$20.9M-29.9%	$29.8M-13.9%	$34.6M+15.4%	$30.0M+20.1%	$25.0M-45.8%	$46.1M
Net Income	$106.8M+21.3%	$88.0M+19.8%	$73.5M-24.7%	$97.6M+0.4%	$97.2M-19.0%	$120.0M+17.3%	$102.3M-34.0%	$155.0M
EPS (Diluted)	$1.91+22.4%	$1.56+21.9%	$1.28-22.4%	$1.650.0%	$1.65-18.7%	$2.03+17.3%	$1.73-34.0%	$2.62

EPAM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$4.8B+9.1%	$4.4B+8.6%	$4.0B+13.8%	$3.5B+29.5%	$2.7B+21.3%	$2.2B
Current Assets	$2.4B-21.5%	$3.1B+12.0%	$2.8B+21.6%	$2.3B+18.6%	$1.9B+29.7%	$1.5B
Cash & Equivalents	$1.3B-36.8%	$2.0B+21.1%	$1.7B+16.2%	$1.4B+9.4%	$1.3B+41.2%	$936.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.2B+110.1%	$562.5M+6.3%	$529.1M-0.3%	$530.7M+150.4%	$212.0M+8.7%	$195.0M
Total Liabilities	$1.1B+27.1%	$880.9M-12.4%	$1.0B-2.1%	$1.0B+39.2%	$738.3M+13.9%	$648.1M
Current Liabilities	$821.0M+27.3%	$644.9M-13.7%	$747.5M-2.1%	$763.4M+63.8%	$465.9M+20.4%	$386.9M
Long-Term Debt	$25.2M-3.6%	$26.1M-5.7%	$27.7M-8.4%	$30.2M+20.8%	$25.0M-0.1%	$25.1M
Total Equity	$3.6B+4.6%	$3.5B+15.6%	$3.0B+20.7%	$2.5B+25.4%	$2.0B+24.2%	$1.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$4.8B+2.8%	$4.7B-0.3%	$4.7B+8.5%	$4.4B+4.6%	$4.2B+1.7%	$4.1B+0.5%	$4.1B+1.6%	$4.0B
Current Assets	$2.5B+6.5%	$2.4B-1.9%	$2.4B-21.9%	$3.1B+5.7%	$2.9B+1.9%	$2.9B+1.5%	$2.8B+2.6%	$2.8B
Cash & Equivalents	$1.2B+19.0%	$1.0B-11.3%	$1.2B-42.4%	$2.0B+8.7%	$1.9B+5.4%	$1.8B+1.6%	$1.7B+4.0%	$1.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.2B0.0%	$1.2B+1.9%	$1.2B+111.0%	$562.5M+2.6%	$548.2M+2.6%	$534.5M+0.1%	$533.7M+0.9%	$529.1M
Total Liabilities	$1.1B+7.1%	$1.0B-3.5%	$1.1B+22.6%	$880.9M+2.2%	$862.3M+3.8%	$830.4M-11.7%	$940.9M-6.5%	$1.0B
Current Liabilities	$835.3M+11.8%	$747.4M-5.3%	$789.1M+22.4%	$644.9M+5.1%	$613.6M+5.1%	$584.1M-14.5%	$682.9M-8.6%	$747.5M
Long-Term Debt	$25.0M0.0%	$25.0M-0.1%	$25.1M-4.1%	$26.1M-5.0%	$27.5M+6.4%	$25.9M-8.5%	$28.3M+2.0%	$27.7M
Total Equity	$3.7B+1.6%	$3.7B+0.7%	$3.6B+4.9%	$3.5B+5.2%	$3.3B+1.1%	$3.3B+4.3%	$3.1B+4.2%	$3.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EPAM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$559.2M-0.6%	$562.6M+21.2%	$464.1M-18.9%	$572.3M+5.1%	$544.4M+89.4%	$287.5M
Capital Expenditures	$32.1M+13.1%	$28.4M-65.2%	$81.6M-26.8%	$111.5M+62.1%	$68.8M-30.7%	$99.3M
Free Cash Flow	$527.0M-1.3%	$534.2M+39.7%	$382.5M-17.0%	$460.8M-3.1%	$475.6M+152.8%	$188.1M
Investing Cash Flow	-$885.0M-1225.5%	-$66.8M+63.5%	-$182.9M+50.4%	-$368.9M-120.7%	-$167.2M-15.0%	-$145.4M
Financing Cash Flow	-$390.4M-135.5%	-$165.8M-8102.5%	-$2.0M+96.6%	-$59.6M-7685.2%	-$765K-103.8%	$20.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$398.0M+141.3%	$164.9M	$0	$0	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$294.7M+453.9%	$53.2M+120.2%	$24.2M-85.9%	$171.4M-20.2%	$214.9M+141.3%	$89.1M+2.0%	$87.3M-53.1%	$186.1M
Capital Expenditures	$8.3M-15.6%	$9.8M+5.4%	$9.3M-6.7%	$10.0M+175.8%	$3.6M-47.3%	$6.9M-13.0%	$7.9M-63.2%	$21.5M
Free Cash Flow	$286.4M+560.4%	$43.4M+192.4%	$14.8M-90.8%	$161.4M-23.6%	$211.3M+157.1%	$82.2M+3.5%	$79.4M-51.7%	$164.6M
Investing Cash Flow	-$9.3M+49.1%	-$18.2M-243.1%	-$5.3M+74.4%	-$20.7M-96.0%	-$10.6M+40.6%	-$17.8M-0.4%	-$17.7M+43.1%	-$31.1M
Financing Cash Flow	-$85.7M+58.0%	-$204.1M-36.5%	-$149.5M-568.8%	-$22.4M+72.3%	-$80.6M-69.6%	-$47.5M-210.2%	-$15.3M-290.4%	$8.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$82.1M-58.2%	$196.5M+22.8%	$160.0M+338.5%	$36.5M-53.5%	$78.5M+89.4%	$41.4M+386.9%	$8.5M	$0

EPAM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	30.7%+0.1pp	30.6%-1.3pp	31.9%-2.0pp	33.9%-0.9pp	34.8%-0.3pp	35.1%
Operating Margin	11.5%+0.8pp	10.7%-1.2pp	11.9%-2.6pp	14.4%+0.2pp	14.3%+1.1pp	13.2%
Net Margin	9.6%+0.7pp	8.9%+0.2pp	8.7%-4.1pp	12.8%+0.5pp	12.3%+0.9pp	11.4%
Return on Equity	12.5%+0.5pp	12.0%-1.9pp	14.0%-5.4pp	19.4%+2.9pp	16.5%+0.1pp	16.4%
Return on Assets	9.6%-0.0pp	9.6%-0.9pp	10.5%-3.2pp	13.7%+1.6pp	12.0%+0.4pp	11.6%
Current Ratio	2.96-1.8	4.79+1.1	3.69+0.7	2.97-1.1	4.11+0.3	3.81
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.02
FCF Margin	11.2%-0.2pp	11.4%+3.5pp	7.9%-4.3pp	12.3%-5.6pp	17.9%+9.7pp	8.2%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	29.5%+0.7pp	28.8%+1.9pp	26.9%-4.2pp	31.1%+0.0pp	31.1%+0.2pp	30.9%+1.6pp	29.3%-3.0pp	32.4%
Operating Margin	10.4%+1.1pp	9.3%+1.7pp	7.6%-2.9pp	10.6%+0.7pp	9.9%-2.4pp	12.3%+2.4pp	9.9%-3.9pp	13.9%
Net Margin	7.7%+1.2pp	6.5%+0.9pp	5.7%-2.8pp	8.4%-0.0pp	8.4%-1.8pp	10.3%+1.8pp	8.5%-4.1pp	12.6%
Return on Equity	2.9%+0.5pp	2.4%+0.4pp	2.0%-0.8pp	2.8%-0.1pp	2.9%-0.7pp	3.7%+0.4pp	3.3%-1.9pp	5.2%
Return on Assets	2.2%+0.3pp	1.9%+0.3pp	1.6%-0.7pp	2.2%-0.1pp	2.3%-0.6pp	2.9%+0.4pp	2.5%-1.4pp	3.9%
Current Ratio	3.02-0.1	3.17+0.1	3.06-1.7	4.79+0.0	4.77-0.1	4.92+0.8	4.15+0.5	3.69
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	20.5%+17.3pp	3.2%+2.1pp	1.1%-12.8pp	13.9%-4.4pp	18.3%+11.3pp	7.0%+0.5pp	6.6%-6.8pp	13.4%

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Frequently Asked Questions

What is Epam Sys Inc's annual revenue?

Epam Sys Inc (EPAM) reported $4.7B in total revenue for fiscal year 2024. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Epam Sys Inc's revenue growing?

Epam Sys Inc (EPAM) revenue grew by 0.8% year-over-year, from $4.7B to $4.7B in fiscal year 2024.

Is Epam Sys Inc profitable?

Yes, Epam Sys Inc (EPAM) reported a net income of $454.5M in fiscal year 2024, with a net profit margin of 9.6%.

What is Epam Sys Inc's earnings per share (EPS)?

Epam Sys Inc (EPAM) reported diluted earnings per share of $7.84 for fiscal year 2024. This represents a 11.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Epam Sys Inc's EBITDA?

Epam Sys Inc (EPAM) had EBITDA of $634.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Epam Sys Inc have?

As of fiscal year 2024, Epam Sys Inc (EPAM) had $1.3B in cash and equivalents against $25.2M in long-term debt.

What is Epam Sys Inc's gross margin?

Epam Sys Inc (EPAM) had a gross margin of 30.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Epam Sys Inc's operating margin?

Epam Sys Inc (EPAM) had an operating margin of 11.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Epam Sys Inc's net profit margin?

Epam Sys Inc (EPAM) had a net profit margin of 9.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Epam Sys Inc's return on equity (ROE)?

Epam Sys Inc (EPAM) has a return on equity of 12.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Epam Sys Inc's free cash flow?

Epam Sys Inc (EPAM) generated $527.0M in free cash flow during fiscal year 2024. This represents a -1.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Epam Sys Inc's operating cash flow?

Epam Sys Inc (EPAM) generated $559.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Epam Sys Inc's total assets?

Epam Sys Inc (EPAM) had $4.8B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Epam Sys Inc's capital expenditures?

Epam Sys Inc (EPAM) invested $32.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Epam Sys Inc buy back shares?

Yes, Epam Sys Inc (EPAM) spent $398.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Epam Sys Inc have outstanding?

Epam Sys Inc (EPAM) had 57M shares outstanding as of fiscal year 2024.

What is Epam Sys Inc's current ratio?

Epam Sys Inc (EPAM) had a current ratio of 2.96 as of fiscal year 2024, which is generally considered healthy.

What is Epam Sys Inc's debt-to-equity ratio?

Epam Sys Inc (EPAM) had a debt-to-equity ratio of 0.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Epam Sys Inc's return on assets (ROA)?

Epam Sys Inc (EPAM) had a return on assets of 9.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Epam Sys Inc's Piotroski F-Score?

Epam Sys Inc (EPAM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Epam Sys Inc's earnings high quality?

Epam Sys Inc (EPAM) has an earnings quality ratio of 1.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Epam Sys Inc?

Epam Sys Inc (EPAM) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.