Stock EPAM EPAM SYSTEMS, INC.
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Financials EPAM Systems, Inc.

Equities

EPAM

US29414B1044

IT Services & Consulting

Real-time Estimate Cboe BZX
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 12:44:36 2024-05-08 pm EDT 		5-day change 1st Jan Change
247.9 USD -0.65% Intraday chart for EPAM Systems, Inc. +5.52% -16.61%
May. 02 JPMorgan Chase Adjusts Price Target on EPAM Systems to $311 From $331 MT
May. 02 Piper Sandler Adjusts Price Target on EPAM Systems to $317 From $369 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,666 20,064 37,914 18,849 17,157 14,455 - -
Enterprise Value (EV) 1 10,754 18,741 36,468 17,168 15,120 11,931 11,311 10,640
P/E ratio 46.8 x 64 x 82 x 46.2 x 42.1 x 33.9 x 27.6 x 23.3 x
Yield - - - - - - - -
Capitalization / Revenue 5.09 x 7.54 x 10.1 x 3.91 x 3.66 x 3 x 2.64 x 2.29 x
EV / Revenue 4.69 x 7.05 x 9.7 x 3.56 x 3.22 x 2.48 x 2.07 x 1.69 x
EV / EBITDA 25.3 x 35.8 x 47.9 x 19.3 x 18.1 x 14.9 x 11.7 x 9.43 x
EV / FCF 57.2 x 39.4 x 79.1 x 44.9 x 28.3 x 19.6 x 16 x 13.3 x
FCF Yield 1.75% 2.54% 1.26% 2.23% 3.53% 5.1% 6.27% 7.5%
Price to Book 7.7 x 10.1 x 15.3 x 6.3 x 4.95 x 3.62 x 3.08 x 2.63 x
Nbr of stocks (in thousands) 54,985 55,989 56,720 57,513 57,700 57,926 - -
Reference price 2 212.2 358.4 668.4 327.7 297.3 249.5 249.5 249.5
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,294 2,659 3,758 4,825 4,691 4,814 5,467 6,305
EBITDA 1 424.6 523.2 761.6 888.3 834.2 800.7 966.3 1,128
EBIT 1 389.2 472.7 678.2 818.2 765.1 729.7 869.7 1,032
Operating Margin 16.97% 17.77% 18.05% 16.96% 16.31% 15.16% 15.91% 16.37%
Earnings before Tax (EBT) 1 299.5 378.5 533.4 507.3 536.6 550.6 678.3 785.1
Net income 1 261.1 327.2 481.7 419.4 417.1 436.5 535.5 642.8
Net margin 11.38% 12.3% 12.82% 8.69% 8.89% 9.07% 9.8% 10.2%
EPS 2 4.530 5.600 8.150 7.090 7.060 7.362 9.033 10.70
Free Cash Flow 1 188.1 475.6 460.8 382.5 534.2 609.1 709 797.7
FCF margin 8.2% 17.88% 12.26% 7.93% 11.39% 12.65% 12.97% 12.65%
FCF Conversion (EBITDA) 44.32% 90.9% 60.51% 43.06% 64.04% 76.07% 73.37% 70.69%
FCF Conversion (Net income) 72.07% 145.38% 95.68% 91.19% 128.08% 139.54% 132.39% 124.08%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 988.5 1,107 1,172 1,195 1,227 1,231 1,211 1,170 1,152 1,157 1,161 1,177 1,215 1,254 1,284
EBITDA 1 201.2 230 212.9 194.7 248.7 237.1 195.5 208.1 213 217.6 182.7 190.5 209.9 218.1 222
EBIT 1 179.6 206.4 188.7 177.5 232.4 219.6 178.3 190.8 195.6 200.4 163.8 171.9 191.1 201.5 197.7
Operating Margin 18.17% 18.64% 16.1% 14.85% 18.94% 17.84% 14.72% 16.3% 16.98% 17.32% 14.11% 14.6% 15.73% 16.07% 15.4%
Earnings before Tax (EBT) 1 135.4 159.9 106.3 8.658 191.1 201.2 127.3 150 131.9 127.4 125.8 135.9 144.5 142.7 151.7
Net income 1 115.7 142.3 89.72 18.6 156.1 155 102.3 120 97.2 97.55 106.5 103.8 111.9 114 118.7
Net margin 11.7% 12.85% 7.66% 1.56% 12.72% 12.59% 8.45% 10.26% 8.44% 8.43% 9.17% 8.82% 9.21% 9.09% 9.24%
EPS 2 1.950 2.400 1.520 0.3200 2.630 2.610 1.730 2.030 1.650 1.660 1.782 1.751 1.877 1.917 2.000
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/4/21 2/17/22 5/5/22 8/4/22 11/3/22 2/16/23 5/5/23 8/3/23 11/2/23 2/15/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 911 1,322 1,447 1,681 2,036 2,523 3,144 3,815
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 188 476 461 382 534 609 709 798
ROE (net income / shareholders' equity) 21.9% 20.7% 21.6% 23.5% 19.3% 16% 15.7% 15.2%
ROA (Net income/ Total Assets) 16.2% 14.9% 15.4% 17.1% 15% 11.1% 11.6% 12%
Assets 1 1,610 2,192 3,122 2,449 2,787 3,934 4,612 5,364
Book Value Per Share 2 27.50 35.30 43.80 52.10 60.10 69.00 81.10 94.90
Cash Flow per Share 2 4.990 9.310 9.690 7.820 9.520 11.40 12.30 13.90
Capex 1 99.3 68.8 112 81.6 28.4 82.1 108 129
Capex / Sales 4.33% 2.59% 2.97% 1.69% 0.61% 1.71% 1.97% 2.04%
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for EPAM Systems, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
22
Last Close Price
249.5 USD
Average target price
295.6 USD
Spread / Average Target
+18.48%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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