EPAM Systems, Inc. (EPAM) Financial Ratios
17 years of historical data (2009–2025) · Technology · Information Technology Services
EV/EBITDA
↓
4.41
↓-84% vs avg
5yr avg: 28.02
30Y Low10.3·High55.7
P/FCF
↓
6.54
↓-85% vs avg
5yr avg: 42.76
30Y Low18.8·High85.7
P/B Ratio
↓
1.17
↓-83% vs avg
5yr avg: 6.84
30Y Low2.8·High15.8
ROE
↓
10.3%
↑-29% vs avg
5yr avg: 14.6%
30Y Low8%·High82%
Debt/EBITDA
↓
0.22
↓-18% vs avg
5yr avg: 0.27
30Y Low0.1·High0.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EPAM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
EPAM Systems, Inc. trades at 11.4x earnings, 75% below its 5-year average of 46.1x, sitting at the 0th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a discount of 61%. On a free-cash-flow basis, the stock trades at 6.5x P/FCF, 85% below the 5-year average of 42.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $11.5B | $13.6B | $17.6B | $19.4B | $39.5B | $20.9B | $12.2B | $6.6B | $5.9B | $3.4B |
| Enterprise Value | $2.9B | $10.4B | $12.4B | $15.7B | $17.9B | $38.3B | $19.9B | $11.6B | $5.8B | $5.3B | $3.1B |
| P/E Ratio → | 11.40 | 30.49 | 29.82 | 42.12 | 46.23 | 82.02 | 63.99 | 46.83 | 27.36 | 81.39 | 34.39 |
| P/S Ratio | 0.73 | 2.11 | 2.87 | 3.75 | 4.02 | 10.51 | 7.88 | 5.33 | 3.57 | 4.07 | 2.95 |
| P/B Ratio | 1.17 | 3.13 | 3.73 | 5.06 | 6.46 | 15.82 | 10.56 | 7.67 | 5.21 | 6.06 | 4.38 |
| P/FCF | 6.54 | 18.80 | 25.72 | 32.89 | 50.70 | 85.68 | 44.04 | 65.03 | 25.82 | 35.68 | 25.26 |
| P/OCF | 6.11 | 17.59 | 24.25 | 31.23 | 41.78 | 68.98 | 38.47 | 42.56 | 22.50 | 30.24 | 20.76 |
P/E links to full P/E history page with 30-year chart
EPAM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
EPAM Systems, Inc.'s enterprise value stands at 4.4x EBITDA, 84% below its 5-year average of 28.0x. The Technology sector median is 16.7x, placing the stock at a 74% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.90 | 2.63 | 3.35 | 3.71 | 10.18 | 7.48 | 5.04 | 3.16 | 3.69 | 2.66 |
| EV / EBITDA | 4.41 | 16.05 | 18.51 | 24.77 | 25.11 | 55.67 | 39.11 | 28.62 | 20.64 | 26.55 | 19.64 |
| EV / EBIT | 5.47 | 20.51 | 22.83 | 29.79 | 31.25 | 71.52 | 52.43 | 38.18 | 23.72 | 30.93 | 23.08 |
| EV / FCF | — | 16.92 | 23.59 | 29.40 | 46.81 | 83.05 | 41.82 | 61.45 | 22.89 | 32.31 | 22.77 |
EPAM Profitability
Margins and return-on-capital ratios measuring operating efficiency
EPAM Systems, Inc. earns an operating margin of 9.6%. Operating margins have compressed from 10.7% to 9.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 10.3% is modest. ROIC of 15.5% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.5% | 26.5% | 30.7% | 30.6% | 31.9% | 33.9% | 34.9% | 35.1% | 35.6% | 36.5% | 36.5% |
| Operating Margin | 9.6% | 9.6% | 11.5% | 10.7% | 11.9% | 14.4% | 14.3% | 13.2% | 13.3% | 11.9% | 11.5% |
| Net Profit Margin | 6.9% | 6.9% | 9.6% | 8.9% | 8.7% | 12.8% | 12.3% | 11.4% | 13.0% | 5.0% | 8.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.3% | 10.3% | 12.8% | 12.9% | 15.3% | 21.5% | 18.3% | 18.3% | 21.5% | 8.3% | 14.2% |
| ROA | 7.8% | 7.8% | 10.0% | 10.0% | 11.1% | 15.4% | 13.2% | 13.5% | 16.8% | 6.7% | 11.6% |
| ROIC | 15.5% | 15.5% | 19.8% | 24.1% | 30.7% | 36.7% | 30.8% | 31.5% | 39.5% | 30.1% | 22.5% |
| ROCE | 13.3% | 13.3% | 14.3% | 14.4% | 19.0% | 21.6% | 18.4% | 18.9% | 20.3% | 18.4% | 18.3% |
EPAM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
EPAM Systems, Inc. carries a Debt/EBITDA ratio of 0.2x, which is very conservative (92% below the sector average of 2.9x). The company holds a net cash position — cash of $1.3B exceeds total debt of $144M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.05 | 0.06 | 0.10 | 0.13 | 0.17 | 0.02 | 0.03 | 0.03 |
| Debt / EBITDA | 0.22 | 0.22 | 0.24 | 0.27 | 0.27 | 0.35 | 0.52 | 0.65 | 0.09 | 0.12 | 0.16 |
| Net Debt / Equity | — | -0.31 | -0.31 | -0.54 | -0.50 | -0.48 | -0.53 | -0.42 | -0.59 | -0.57 | -0.43 |
| Net Debt / EBITDA | -1.78 | -1.78 | -1.67 | -2.94 | -2.09 | -1.76 | -2.08 | -1.67 | -2.64 | -2.77 | -2.15 |
| Debt / FCF | — | -1.88 | -2.13 | -3.49 | -3.89 | -2.62 | -2.22 | -3.58 | -2.93 | -3.37 | -2.49 |
| Interest Coverage | — | — | — | — | — | 309.85 | — | — | — | — | — |
Net cash position: cash ($1.3B) exceeds total debt ($144M)
EPAM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
EPAM Systems, Inc.'s current ratio of 2.59x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 4.79x to 2.59x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.59 | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 | 4.11 | 3.81 | 4.56 | 5.31 | 5.56 |
| Quick Ratio | 2.59 | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 | 4.11 | 3.81 | 4.56 | 5.31 | 5.54 |
| Cash Ratio | 1.33 | 1.33 | 1.57 | 3.25 | 2.33 | 1.89 | 2.97 | 2.42 | 2.93 | 3.22 | 3.12 |
| Asset Turnover | — | 1.11 | 1.00 | 1.08 | 1.20 | 1.07 | 0.98 | 1.02 | 1.14 | 1.16 | 1.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 307.16 |
| Days Sales Outstanding | — | 74.12 | 77.37 | 69.80 | 70.56 | 74.68 | 68.77 | 79.20 | 79.69 | 88.61 | 82.84 |
EPAM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
EPAM Systems, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 8.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 3.3% | 3.4% | 2.4% | 2.2% | 1.2% | 1.6% | 2.1% | 3.7% | 1.2% | 2.9% |
| FCF Yield | 15.3% | 5.3% | 3.9% | 3.0% | 2.0% | 1.2% | 2.3% | 1.5% | 3.9% | 2.8% | 4.0% |
| Buyback Yield | 0.0% | 0.0% | 2.9% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 2.9% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $56M | $58M | $59M | $59M | $59M | $58M | $58M | $57M | $55M | $53M |
Peer Comparison
Compare EPAM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EPAMYou | $4B | 11.4 | 4.4 | 6.5 | 26.5% | 9.6% | 10.3% | 15.5% | 0.2 |
 GLOB | $1B | 13.4 | 4.7 | 5.1 | 35.0% | 7.0% | 4.9% | 5.5% | 1.4 |
 CTSH | $21B | 9.6 | 5.0 | 8.0 | 33.7% | 16.7% | 15.2% | 18.7% | 0.4 |
 INFY | $43B | 13.9 | 8.8 | 10.5 | 30.5% | 21.1% | 28.9% | 31.8% | 0.2 |
 WIT | $25B | 18.1 | 13.4 | 15.4 | 30.7% | 17.0% | 16.8% | 13.4% | 1.1 |
 KFRC | $830M | 23.2 | 16.1 | 17.7 | 26.8% | 3.8% | 24.9% | 19.1% | 1.3 |
 EXLS | $4B | 16.8 | 11.6 | 13.6 | 38.4% | 15.0% | 27.2% | 20.4% | 1.1 |
 ACN | $80B | 10.7 | 6.1 | 7.4 | 31.9% | 14.7% | 25.0% | 26.8% | 0.6 |
 IBM | $234B | 22.3 | 18.7 | 20.2 | 59.5% | 15.3% | 35.2% | 9.8% | 4.4 |
 LDOS | $13B | 9.6 | 7.6 | 8.3 | 17.7% | 12.3% | 30.9% | 17.1% | 2.5 |
 SAIC | $4B | 13.3 | 10.2 | 7.5 | 12.1% | 7.2% | 23.3% | 9.9% | 4.0 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 17 years · Updated daily
Consensus-Based Analysis Tools
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
EPAM — Frequently Asked Questions
Quick answers to the most common questions about buying EPAM stock.
What is EPAM Systems, Inc.'s P/E ratio?
EPAM Systems, Inc.'s current P/E ratio is 11.4x. The historical average is 43.6x.
What is EPAM Systems, Inc.'s EV/EBITDA?
EPAM Systems, Inc.'s current EV/EBITDA is 4.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.3x.
What is EPAM Systems, Inc.'s ROE?
EPAM Systems, Inc.'s return on equity (ROE) is 10.3%. The historical average is 25.8%.
Is EPAM stock overvalued?
Based on historical data, EPAM Systems, Inc. is trading at a P/E of 11.4x. Compare with industry peers and growth rates for a complete picture.
What are EPAM Systems, Inc.'s profit margins?
EPAM Systems, Inc. has 26.5% gross margin and 9.6% operating margin.
How much debt does EPAM Systems, Inc. have?
EPAM Systems, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.