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EPAM Systems

EPAM on NYSE. EPAM Systems sells software engineering and consulting services to businesses and start-ups. Market value $5.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
8.6%high

For every $100 of what the whole company costs, it produced $8.56 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
8.7×cheap

You pay 8.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
27.1%five-year median

Each dollar kept in the business earns 27 cents a year. Above 10 is good.

Quality score: 95 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.

$109.31 a share, 50% above its 1-year low

Over the past year the price has ranged from $73.06 to $222.53.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.5
0.4
0.5
0.5
0.6
0.5
2021202220232024202512 monthsto Jun '26
Revenue
$3.8bn$4.8bn$4.7bn$4.7bn$5.5bn
Operating margin
14.4%11.9%10.7%11.5%9.5%
Debt to equity
0.020.010.010.010.01
Shares outstanding
0.06bn0.06bn0.06bn0.06bn0.05bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.01× equity
  • Revenue growth, five yearsStrong, 15.5% a year
  • Buying back its own sharesYes, 10% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.4 billion last quarter, about the same as a year ago.
  • Profit: $103 million, up 17% on a year ago.
  • It keeps 10 cents of each $1 of sales as operating profit, down from 11 cents a year earlier.
  • Spare cash over the past 12 months: $483 million, up from $410 million.
  • 8% fewer shares than a year ago. Each share owns a bit more of the company.
  • It has $764 million more cash than debt, down from $1 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.2bn
December 2024$1.2bn
March 2025$1.3bn
June 2025$1.4bn
September 2025$1.4bn
December 2025$1.4bn
March 2026$1.4bn
June 2026$1.4bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$136m
December 2024$103m
March 2025$73m
June 2025$88m
September 2025$107m
December 2025$109m
March 2026$83m
June 2026$103m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

7 long-term investors we follow own it, up from 6 last quarter. 442 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 7 insiders bought $97,496 of shares on the open market. 4 sold $2m.

  • Rockwell Edward
    SVP/Chief Legal Officer
    Bought
    Date
    30 April 2026
    Shares
    78
    Price
    $96.71
    Value
    $7,500
  • Dvorkin Viktar
    Chief Deliv Off, EVP, Americas
    Bought
    Date
    30 April 2026
    Shares
    78
    Price
    $96.71
    Value
    $7,500
  • Abrahams Gary C
    VP, Corporate Controller, PAO
    Bought
    Date
    30 April 2026
    Shares
    78
    Price
    $96.71
    Value
    $7,500
  • Peterson Jason D.
    Chief Financial Officer
    Bought
    Date
    30 April 2026
    Shares
    78
    Price
    $96.71
    Value
    $7,500
  • Solomon Lawrence F
    SVP/Chief People Officer
    Bought
    Date
    30 April 2026
    Shares
    78
    Price
    $96.71
    Value
    $7,500
  • Fejes Balazs
    CEO, President, Director, Director
    Bought
    Date
    30 April 2026
    Shares
    78
    Price
    $96.71
    Value
    $7,500
  • Shnayder Boris
    SVP/Co-Head of Global Business
    Sold
    Date
    10 December 2025
    Shares
    5,000
    Price
    $207.00
    Value
    $1m
  • Abrahams Gary C
    VP, Corporate Controller, PAO
    Sold
    Date
    17 November 2025
    Shares
    600
    Price
    $179.29
    Value
    $107,574
  • Dvorkin Viktar
    SVP/Head of Global Delivery
    Sold
    Date
    13 November 2025
    Shares
    2,500
    Price
    $181.80
    Value
    $454,497
  • Rockwell Edward
    SVP/General Counsel
    Bought
    Date
    31 October 2025
    Shares
    56
    Price
    $134.69
    Value
    $7,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Increased Adoption of AI-Based Software Tools May Reduce Demand for Our Services

    Already happened
    Increased competition, or the perception of increased competition, from new and non-traditional market participants like AI-based task-specific tools, has negatively impacted the price of our stock. If a significant number of our existing or future clients employ AI-driven tools as a replacement for our services or the software we build, our revenues, anticipated growth and prospects, our financial condition, and our results of operations could be materially adversely affected.
    Read more

  • Increased Adoption of AI-Based Software Tools May Reduce Demand for Our Services

    Could happen
    Rapidly evolving digital technology innovations, such as AI, machine learning, hyperautomation, low-code/no-code application development, system observability, and predictive insights are creating new forms of competition to our services. These innovations may reduce the need for our services and the services of our clients that develop software and software-as-a-service for their end users. AI, large language model, and machine learning technologies enable clients and potential clients to develop, customize, and maintain software solutions internally and could reduce reliance on third-party service providers such as EPAM and our clients that are software product vendors. Industry-specific plug-ins and agentic features of existing AI software can perform tasks that may replace the need for specialized software to perform common business processes, such as financial analysis, due diligence, and software coding. Our current and prospective clients have and may continue to use AI-powered tools to create or modify software applications themselves, or elect to replace traditional software with agentic AI, rather than purchasing our services or licensing software from our clients.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.