EPAM Systems (EPAM) Financials

$184.28 -1.61 (-0.86%)

As of 01:34 PM Eastern

Annual Income Statements for EPAM Systems

This table shows EPAM Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	455	417	419	482	327	261	240	73	99	84
Consolidated Net Income / (Loss)	455	417	419	482	327	261	240	73	99	84
Net Income / (Loss) Continuing Operations	455	417	419	482	327	261	240	73	99	84
Total Pre-Tax Income	584	537	507	533	378	300	250	174	126	106
Total Operating Income	545	501	573	542	379	303	246	173	134	106
Total Gross Profit	1,450	1,434	1,538	1,274	927	806	656	529	423	347
Total Revenue	4,728	4,691	4,825	3,758	2,659	2,294	1,843	1,450	1,160	914
Operating Revenue	4,728	4,691	4,825	3,758	2,659	2,294	1,843	1,450	1,160	914
Total Cost of Revenue	3,277	3,257	3,287	2,484	1,733	1,488	1,187	921	737	567
Operating Cost of Revenue	3,277	3,257	3,287	2,484	1,733	1,488	1,187	921	737	567
Total Operating Expenses	906	933	965	732	548	503	410	356	289	241
Selling, General & Admin Expense	816	815	873	649	485	457	374	328	266	223
Depreciation Expense	90	92	92	83	63	45	37	29	23	17
Other Operating Expenses / (Income)	0.00	26	0.00	0.00	-	-	-	-	-	1.09
Total Other Income / (Expense), net	40	35	-66	-8.92	-0.85	-3.32	4.01	1.36	-7.23	0.10
Other Income / (Expense), net	40	35	-66	-8.92	-0.85	-3.32	4.01	1.36	-12	-4.63
Income Tax Expense	130	120	88	52	51	38	9.52	102	27	22
Basic Earnings per Share	$7.93	$7.21	$7.32	$8.52	$5.87	$4.77	$4.48	$1.40	$1.97	$1.73
Weighted Average Basic Shares Outstanding	57.29M	57.83M	57.29M	56.51M	55.73M	54.72M	53.62M	52.08M	50.31M	48.72M
Diluted Earnings per Share	$7.84	$7.06	$7.09	$8.15	$5.60	$4.53	$4.24	$1.32	$1.87	$1.62
Weighted Average Diluted Shares Outstanding	57.98M	59.09M	59.17M	59.06M	58.45M	57.67M	56.67M	54.98M	53.22M	51.99M
Weighted Average Basic & Diluted Shares Outstanding	56.89M	57.83M	57.68M	56.88M	56.18M	55.26M	53.60M	52M	50.40M	48.80M

This table shows EPAM Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	73	103	136	99	116	98	97	120	102	155	156
Consolidated Net Income / (Loss)	73	103	136	99	116	98	97	120	102	155	156
Net Income / (Loss) Continuing Operations	73	103	136	99	116	98	97	120	102	155	156
Total Pre-Tax Income	94	137	190	134	124	127	132	150	127	201	191
Total Operating Income	99	137	177	121	111	122	114	144	120	170	180
Total Gross Profit	350	380	404	336	331	360	358	361	355	399	400
Total Revenue	1,302	1,248	1,168	1,147	1,165	1,157	1,152	1,170	1,211	1,231	1,227
Operating Revenue	1,302	1,248	1,168	1,147	1,165	1,157	1,152	1,170	1,211	1,231	1,227
Total Cost of Revenue	952	868	764	811	834	798	794	809	856	833	827
Operating Cost of Revenue	952	868	764	811	834	798	794	809	856	833	827
Total Operating Expenses	250	244	227	215	221	237	244	217	235	228	220
Selling, General & Admin Expense	219	217	207	194	198	214	195	194	212	205	198
Depreciation Expense	31	27	20	21	22	23	23	23	23	23	22
Total Other Income / (Expense), net	-4.91	0.82	13	13	13	4.91	18	5.70	6.91	31	11
Other Income / (Expense), net	-4.91	0.82	13	13	13	4.91	18	5.70	6.91	31	11
Income Tax Expense	21	34	53	35	7.41	30	35	30	25	46	35
Basic Earnings per Share	$1.29	$1.81	$2.40	$1.71	$2.01	$1.69	$1.68	$2.07	$1.77	$2.69	$2.72
Weighted Average Basic Shares Outstanding	56.78M	57.29M	56.91M	57.59M	57.84M	57.83M	57.85M	57.99M	57.70M	57.29M	57.42M
Diluted Earnings per Share	$1.28	$1.80	$2.37	$1.70	$1.97	$1.65	$1.65	$2.03	$1.73	$2.62	$2.63
Weighted Average Diluted Shares Outstanding	57.26M	57.98M	57.43M	58.15M	58.93M	59.09M	58.95M	59.18M	59.30M	59.17M	59.36M
Weighted Average Basic & Diluted Shares Outstanding	56.65M	56.89M	56.72M	56.94M	57.97M	57.83M	57.70M	57.96M	57.91M	57.68M	57.51M

This table details how cash moves in and out of EPAM Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-753	359	234	126	386	166	203	218	165	-21
Net Cash From Operating Activities	559	563	464	572	544	287	292	193	167	76
Net Cash From Continuing Operating Activities	559	563	464	572	544	287	292	193	167	76
Net Income / (Loss) Continuing Operations	455	417	419	482	327	261	240	73	99	84
Consolidated Net Income / (Loss)	455	417	419	482	327	261	240	73	99	84
Depreciation Expense	90	92	92	83	63	45	37	29	23	17
Amortization Expense	38	41	48	62	66	56	0.00	0.00	-	-
Non-Cash Adjustments To Reconcile Net Income	185	208	-16	-84	89	-8.76	58	48	52	42
Changes in Operating Assets and Liabilities, net	-207	-195	-79	30	-0.52	-66	-43	43	-7.18	-67
Net Cash From Investing Activities	-885	-67	-183	-369	-167	-145	-112	-36	-9.32	-125
Net Cash From Continuing Investing Activities	-885	-67	-183	-369	-167	-145	-112	-36	-9.32	-125
Purchase of Property, Plant & Equipment	-32	-28	-82	-112	-69	-99	-38	-30	-29	-13
Acquisitions	-912	-25	-11	-315	-19	-39	-74	-6.81	-5.50	-77
Purchase of Investments	-8.84	-14	-62	-2.54	-141	-5.00	0.00	-	-	-30
Divestitures	4.34	0.00	0.00	0.00	-	-	-	-	-	-
Sale and/or Maturity of Investments	62	11	0.00	60	60	0.00	0.42	-	-	2.25
Other Investing Activities, net	2.31	-9.94	-29	0.08	1.02	-1.74	-0.70	0.47	25	-7.62
Net Cash From Financing Activities	-390	-166	-2.02	-60	-0.77	20	23	50	10	34
Net Cash From Continuing Financing Activities	-390	-166	-2.02	-60	-0.77	20	23	50	10	34
Repayment of Debt	-4.68	-14	-21	-33	-0.04	-0.03	-4.10	-26	-30	0.00
Repurchase of Common Equity	-398	-165	0.00	0.00	-	-	-	-	-	-
Issuance of Debt	0.01	0.83	1.76	31	0.00	0.00	-	25	20	35
Other Financing Activities, net	12	12	17	-56	-0.73	20	27	51	20	-1.24
Effect of Exchange Rate Changes	-36	-	-	-	9.36	3.53	-	-	-	-5.75
Cash Interest Paid	3.74	4.70	1.66	0.41	0.43	0.83	0.78	0.55	0.57	0.12
Cash Income Taxes Paid	196	177	113	87	55	65	40	27	37	25

This table details how cash moves in and out of EPAM Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-112	-750	249	-199	-53	163	101	27	68	194	194
Net Cash From Operating Activities	24	130	242	57	130	171	215	89	87	186	252
Net Cash From Continuing Operating Activities	24	130	242	57	130	171	215	89	87	186	252
Net Income / (Loss) Continuing Operations	73	103	136	99	116	98	97	120	102	155	156
Consolidated Net Income / (Loss)	73	103	136	99	116	98	97	120	102	155	156
Depreciation Expense	31	27	20	21	22	23	23	23	23	23	22
Amortization Expense	9.93	9.49	9.28	9.34	9.43	10	10	11	10	10	11
Non-Cash Adjustments To Reconcile Net Income	52	81	33	27	44	69	72	38	28	-203	12
Changes in Operating Assets and Liabilities, net	-143	-90	44	-99	-62	-29	12	-103	-75	200	52
Net Cash From Investing Activities	-5.31	-846	35	-23	-51	-21	-11	-18	-18	-31	-29
Net Cash From Continuing Investing Activities	-5.31	-846	35	-23	-51	-21	-11	-18	-18	-31	-29
Purchase of Property, Plant & Equipment	-9.33	-16	-4.97	-4.70	-6.75	-10.00	-3.62	-6.88	-7.91	-21	-19
Acquisitions	3.33	-855	-0.36	-13	-44	-11	-14	-	0.00	-0.11	0.09
Purchase of Investments	-2.35	-0.04	-0.68	-6.71	-1.42	-0.32	-1.38	-11	-1.91	-	-1.63
Divestitures	2.91	4.34	-	-	-	2.17	-	-	-	-	-
Sale and/or Maturity of Investments	0.00	20	40	1.20	0.31	-	11	-	0.00	-	-
Other Investing Activities, net	0.13	0.64	0.74	-0.07	1.01	-1.73	-0.26	-0.05	-7.90	-9.53	-8.46
Net Cash From Financing Activities	-150	1.26	-54	-226	-112	-22	-81	-48	-15	8.05	0.57
Net Cash From Continuing Financing Activities	-150	1.26	-54	-226	-112	-22	-81	-48	-15	8.05	0.57
Repayment of Debt	-1.60	-1.47	-2.99	0.72	-0.93	-8.47	-3.16	-0.70	-1.64	-6.70	-1.69
Repurchase of Common Equity	-160	-13	-50	-214	-121	-36	-78	-41	-8.51	-	-
Payment of Dividends	-1.36	-	-	-	-	-	-	-	-	-	-0.11
Other Financing Activities, net	13	16	-0.56	-12	9.45	21	0.47	-3.40	-5.34	15	1.48
Other Net Changes in Cash	19	-	-	-6.89	-20	-	-	3.03	14	31	-30

This table presents EPAM Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	4,750	4,352	4,009	3,523	2,721	2,244	1,612	1,250	926	779
Total Current Assets	2,426	3,091	2,760	2,269	1,913	1,474	1,199	960	647	529
Cash & Equivalents	1,286	2,036	1,681	1,447	1,322	937	771	583	362	199
Short-Term Investments	1.69	61	60	0.00	60	0.01	-	-	-	30
Accounts Receivable	1,002	897	933	769	501	498	402	352	263	270
Prepaid Expenses	136	97	85	54	30	40	26	25	18	14
Plant, Property, & Equipment, net	208	235	273	236	170	165	103	86	74	60
Total Noncurrent Assets	2,117	1,026	976	1,018	639	605	310	204	206	189
Goodwill	1,182	562	529	531	212	195	167	120	109	116
Intangible Assets	436	71	78	101	52	56	57	45	51	47
Noncurrent Deferred & Refundable Income Taxes	270	198	173	144	92	75	70	25	31	18
Other Noncurrent Operating Assets	229	194	197	242	283	278	16	15	11	4.35
Total Liabilities & Shareholders' Equity	4,750	4,352	4,009	3,523	2,721	2,244	1,612	1,250	926	779
Total Liabilities	1,119	881	1,006	1,027	738	648	349	275	144	165
Total Current Liabilities	821	645	747	763	466	387	263	181	116	128
Accounts Payable	45	32	31	25	10	7.83	7.44	44	35	29
Accrued Expenses	201	125	154	142	80	82	50	90	50	64
Current Deferred & Payable Income Tax Liabilities	50	39	46	27	21	9.06	28	41	25	29
Current Employee Benefit Liabilities	485	413	476	503	295	230	178	5.96	5.90	5.36
Other Current Liabilities	40	37	40	50	61	58	0.00	-	-	-
Total Noncurrent Liabilities	298	236	259	264	272	261	86	94	28	37
Long-Term Debt	25	26	28	30	25	25	25	25	25	35
Noncurrent Deferred & Payable Income Tax Liabilities	92	8.74	-	-	-	-	-	-	-	-
Other Noncurrent Operating Liabilities	181	201	231	234	204	190	18	9.44	3.13	2.40
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,631	3,471	3,003	2,496	1,983	1,596	1,263	975	781	613
Total Preferred & Common Equity	3,629	3,471	3,002	2,487	1,983	1,596	1,263	975	781	613
Total Common Equity	3,629	3,471	3,002	2,487	1,983	1,596	1,263	975	781	613
Common Stock	1,190	1,009	848	712	661	607	545	474	375	303
Retained Earnings	2,556	2,501	2,249	1,830	1,348	1,021	760	519	444	345
Accumulated Other Comprehensive Income / (Loss)	-117	-39	-95	-54	-26	-31	-42	-18	-38	-35
Noncontrolling Interest	1.94	0.58	1.48	8.72	0.00	-	-	-	-	-

This table presents EPAM Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	4,724	4,750	4,457	4,223	4,375	4,352	4,162	4,094	4,071	4,009	3,736
Total Current Assets	2,416	2,426	3,107	2,916	3,083	3,091	2,925	2,872	2,831	2,760	2,528
Cash & Equivalents	1,174	1,286	2,036	1,787	1,984	2,036	1,873	1,777	1,749	1,681	1,488
Accounts Receivable	1,090	1,002	935	961	931	897	913	918	934	933	917
Prepaid Expenses	152	136	113	106	106	97	79	106	87	85	63
Plant, Property, & Equipment, net	203	208	208	210	222	235	240	256	267	273	210
Total Noncurrent Assets	2,105	2,117	1,143	1,097	1,069	1,026	997	966	973	976	998
Goodwill	1,187	1,182	622	608	595	562	548	534	534	529	506
Intangible Assets	427	436	74	78	81	71	70	68	73	78	79
Noncurrent Deferred & Refundable Income Taxes	255	270	218	213	197	198	188	164	168	173	214
Other Noncurrent Operating Assets	236	229	228	198	196	194	192	199	199	197	199
Total Liabilities & Shareholders' Equity	4,724	4,750	4,457	4,223	4,375	4,352	4,162	4,094	4,071	4,009	3,736
Total Liabilities	1,080	1,119	903	825	899	881	862	830	941	1,006	977
Total Current Liabilities	789	821	681	602	659	645	614	584	683	747	728
Accounts Payable	44	45	31	31	27	32	25	27	29	31	28
Accrued Expenses	174	201	156	130	123	125	128	128	131	154	162
Current Deferred & Payable Income Tax Liabilities	35	50	34	37	34	39	30	31	37	46	34
Current Employee Benefit Liabilities	496	485	423	368	438	413	392	359	445	476	457
Other Current Liabilities	39	40	38	37	36	37	38	39	41	40	39
Total Noncurrent Liabilities	291	298	222	223	240	236	249	246	258	259	249
Long-Term Debt	25	25	25	26	26	26	28	26	28	28	28
Noncurrent Deferred & Payable Income Tax Liabilities	94	92	-	-	-	8.74	-	-	-	-	-
Other Noncurrent Operating Liabilities	172	181	196	197	215	201	221	220	230	231	163
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,643	3,631	3,555	3,398	3,476	3,471	3,300	3,263	3,130	3,003	2,759
Total Preferred & Common Equity	3,643	3,629	3,554	3,397	3,475	3,471	3,299	3,263	3,129	3,002	2,757
Total Common Equity	3,643	3,629	3,554	3,397	3,475	3,471	3,299	3,263	3,129	3,002	2,757
Common Stock	1,236	1,190	1,129	1,087	1,040	1,009	951	914	864	848	802
Retained Earnings	2,469	2,556	2,465	2,379	2,497	2,501	2,440	2,421	2,343	2,249	2,094
Accumulated Other Comprehensive Income / (Loss)	-62	-117	-41	-69	-61	-39	-92	-72	-78	-95	-139
Noncontrolling Interest	0.58	1.94	0.58	0.58	0.58	0.58	0.58	0.58	1.48	1.48	1.48

This table displays calculated financial ratios and metrics derived from EPAM Systems' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.80%	-2.78%	28.38%	41.31%	15.94%	24.47%	27.06%	25.02%	26.91%	25.22%
EBITDA Growth	6.31%	3.40%	-4.60%	33.64%	26.71%	39.90%	41.18%	39.90%	22.13%	19.13%
EBIT Growth	8.91%	5.78%	-4.90%	40.93%	26.36%	19.92%	43.30%	43.32%	20.01%	23.31%
NOPAT Growth	8.71%	-17.76%	-3.26%	49.35%	24.22%	11.66%	227.46%	-31.21%	24.38%	22.24%
Net Income Growth	8.98%	-0.56%	-12.92%	47.22%	25.32%	8.66%	230.20%	-26.70%	17.54%	21.27%
EPS Growth	11.05%	-0.42%	-13.01%	45.54%	23.62%	6.84%	221.21%	-29.41%	15.43%	15.71%
Operating Cash Flow Growth	-0.62%	21.23%	-18.91%	5.13%	89.39%	-1.63%	51.55%	15.31%	118.89%	-27.16%
Free Cash Flow Firm Growth	-295.75%	-0.78%	1,290.34%	-94.79%	301.24%	-29.52%	37.79%	25.45%	243.35%	-1,180.35%
Invested Capital Growth	69.10%	8.66%	17.67%	75.02%	-8.58%	32.41%	23.88%	-6.08%	6.17%	50.01%
Revenue Q/Q Growth	1.96%	-1.55%	2.63%	11.38%	3.53%	5.90%	6.08%	6.29%	4.81%	6.78%
EBITDA Q/Q Growth	1.83%	-9.95%	5.88%	10.41%	4.38%	6.50%	11.34%	12.74%	-0.93%	11.43%
EBIT Q/Q Growth	1.73%	-12.06%	8.79%	12.20%	4.77%	2.05%	11.96%	14.04%	-2.18%	11.08%
NOPAT Q/Q Growth	2.19%	-8.77%	-4.44%	12.14%	6.42%	6.04%	60.76%	-45.20%	3.60%	9.51%
Net Income Q/Q Growth	1.28%	-12.11%	3.14%	13.35%	3.48%	5.91%	60.80%	-43.33%	-2.81%	12.25%
EPS Q/Q Growth	1.95%	-12.08%	3.20%	13.04%	3.13%	5.59%	61.83%	-44.07%	-2.60%	10.20%
Operating Cash Flow Q/Q Growth	-6.85%	-2.55%	-17.51%	28.00%	6.84%	0.51%	21.59%	8.55%	35.94%	-32.55%
Free Cash Flow Firm Q/Q Growth	-289.40%	-0.62%	-19.13%	514.44%	25.59%	-20.29%	26.50%	12.53%	1,016.77%	-324.83%
Invested Capital Q/Q Growth	55.69%	0.47%	3.39%	-0.19%	-5.75%	3.13%	-3.51%	-16.00%	-1.97%	21.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.68%	30.57%	31.88%	33.91%	34.85%	35.12%	35.60%	36.48%	36.46%	37.98%
EBITDA Margin	15.05%	14.27%	13.42%	18.06%	19.09%	17.47%	15.54%	13.99%	12.50%	12.99%
Operating Margin	11.52%	10.69%	11.88%	14.43%	14.26%	13.20%	13.34%	11.92%	11.52%	11.59%
EBIT Margin	12.36%	11.44%	10.51%	14.19%	14.23%	13.06%	13.55%	12.02%	10.48%	11.09%
Profit (Net Income) Margin	9.61%	8.89%	8.69%	12.82%	12.30%	11.38%	13.04%	5.02%	8.56%	9.24%
Tax Burden Percent	77.78%	77.73%	82.68%	90.30%	86.44%	87.16%	96.19%	41.74%	78.49%	79.62%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	103.99%	104.67%
Effective Tax Rate	22.22%	22.27%	17.32%	9.70%	13.56%	12.84%	3.81%	58.26%	21.51%	20.38%
Return on Invested Capital (ROIC)	22.48%	28.97%	39.74%	56.90%	50.04%	43.93%	50.60%	16.75%	24.32%	24.19%
ROIC Less NNEP Spread (ROIC-NNEP)	20.62%	27.52%	43.22%	57.48%	50.10%	44.28%	50.00%	16.63%	26.45%	24.15%
Return on Net Nonoperating Assets (RNNOA)	-9.68%	-16.09%	-24.48%	-35.39%	-31.76%	-25.67%	-29.12%	-8.47%	-10.08%	-8.51%
Return on Equity (ROE)	12.80%	12.88%	15.25%	21.51%	18.28%	18.26%	21.48%	8.29%	14.24%	15.68%
Cash Return on Invested Capital (CROIC)	-28.88%	20.67%	23.50%	2.34%	59.00%	16.04%	29.26%	23.03%	18.33%	-15.82%
Operating Return on Assets (OROA)	12.84%	12.83%	13.47%	17.08%	15.24%	15.54%	17.45%	16.02%	14.27%	14.77%
Return on Assets (ROA)	9.99%	9.98%	11.14%	15.43%	13.18%	13.54%	16.79%	6.69%	11.65%	12.31%
Return on Common Equity (ROCE)	12.79%	12.88%	15.23%	21.47%	18.28%	18.26%	21.48%	8.29%	14.24%	15.68%
Return on Equity Simple (ROE_SIMPLE)	12.52%	12.02%	13.97%	19.37%	16.50%	16.36%	19.03%	7.46%	12.70%	13.77%
Net Operating Profit after Tax (NOPAT)	424	390	474	490	328	264	236	72	105	84
NOPAT Margin	8.96%	8.31%	9.82%	13.03%	12.33%	11.51%	12.83%	4.98%	9.05%	9.23%
Net Nonoperating Expense Percent (NNEP)	1.86%	1.45%	-3.49%	-0.58%	-0.06%	-0.35%	0.59%	0.13%	-2.14%	0.04%
Return On Investment Capital (ROIC_SIMPLE)	11.58%	11.14%	15.63%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	69.32%	69.43%	68.12%	66.09%	65.15%	64.88%	64.40%	63.52%	63.54%	62.02%
SG&A Expenses to Revenue	17.27%	17.38%	18.09%	17.26%	18.23%	19.94%	20.27%	22.59%	22.92%	24.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.16%	19.89%	20.00%	19.48%	20.59%	21.92%	22.26%	24.55%	24.93%	26.39%
Earnings before Interest and Taxes (EBIT)	584	537	507	533	378	300	250	174	122	101
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	712	669	647	679	508	401	286	203	145	119
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.65	4.94	6.28	15.24	10.12	7.31	4.96	5.82	4.20	6.41
Price to Tangible Book Value (P/TBV)	6.59	6.05	7.87	20.44	11.67	8.67	6.03	7.00	5.29	8.72
Price to Revenue (P/Rev)	2.81	3.66	3.91	10.09	7.54	5.09	3.40	3.91	2.83	4.30
Price to Earnings (P/E)	29.18	41.13	44.94	78.72	61.33	44.69	26.08	77.98	33.06	46.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.43%	2.43%	2.23%	1.27%	1.63%	2.24%	3.83%	1.28%	3.02%	2.15%
Enterprise Value to Invested Capital (EV/IC)	5.07	10.77	13.29	33.34	29.89	15.71	10.68	12.26	6.63	8.92
Enterprise Value to Revenue (EV/Rev)	2.54	3.22	3.55	9.72	7.03	4.69	3.00	3.53	2.54	4.08
Enterprise Value to EBITDA (EV/EBITDA)	16.87	22.54	26.47	53.82	36.84	26.84	19.27	25.22	20.31	31.45
Enterprise Value to EBIT (EV/EBIT)	20.54	28.12	33.78	68.47	49.43	35.90	22.10	29.35	24.22	36.85
Enterprise Value to NOPAT (EV/NOPAT)	28.34	38.72	36.17	74.58	57.05	40.74	23.35	70.87	28.06	44.26
Enterprise Value to Operating Cash Flow (EV/OCF)	21.46	26.81	36.92	63.81	34.36	37.41	18.89	26.53	17.61	48.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	54.27	61.16	1,812.32	48.38	111.60	40.37	51.56	37.23	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.01	0.01	0.02	0.01	0.02	0.02	0.03	0.03	0.06
Long-Term Debt to Equity	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.03	0.03	0.06
Financial Leverage	-0.47	-0.58	-0.57	-0.62	-0.63	-0.58	-0.58	-0.51	-0.38	-0.35
Leverage Ratio	1.28	1.29	1.37	1.39	1.39	1.35	1.28	1.24	1.22	1.27
Compound Leverage Factor	1.28	1.29	1.37	1.39	1.39	1.35	1.28	1.24	1.27	1.33
Debt to Total Capital	0.69%	0.75%	0.91%	1.82%	1.25%	1.55%	1.94%	2.50%	3.11%	5.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.69%	0.75%	0.91%	1.19%	1.25%	1.55%	1.94%	2.50%	3.11%	5.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.05%	0.02%	0.05%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.26%	99.24%	99.04%	97.84%	98.75%	98.45%	98.06%	97.50%	96.89%	94.60%
Debt to EBITDA	0.04	0.04	0.04	0.07	0.05	0.06	0.09	0.12	0.17	0.29
Net Debt to EBITDA	-1.77	-3.09	-2.65	-2.06	-2.67	-2.27	-2.60	-2.75	-2.32	-1.64
Long-Term Debt to EBITDA	0.04	0.04	0.04	0.04	0.05	0.06	0.09	0.12	0.17	0.29
Debt to NOPAT	0.06	0.07	0.06	0.09	0.08	0.10	0.11	0.35	0.24	0.41
Net Debt to NOPAT	-2.98	-5.32	-3.62	-2.86	-4.14	-3.45	-3.15	-7.72	-3.21	-2.31
Long-Term Debt to NOPAT	0.06	0.07	0.06	0.06	0.08	0.10	0.11	0.35	0.24	0.41
Altman Z-Score	9.67	14.65	14.25	24.95	19.07	13.48	13.78	15.31	16.68	17.10
Noncontrolling Interest Sharing Ratio	0.04%	0.03%	0.19%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.96	4.79	3.69	2.97	4.11	3.81	4.56	5.31	5.56	4.14
Quick Ratio	2.79	4.64	3.58	2.90	4.04	3.71	4.46	5.17	5.40	3.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-544	278	280	20	387	96	137	99	79	-55
Operating Cash Flow to CapEx	1,739.46%	1,980.06%	568.55%	513.29%	791.37%	289.46%	777.71%	646.92%	570.38%	575.60%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.04	1.12	1.28	1.20	1.07	1.19	1.29	1.33	1.36	1.33
Accounts Receivable Turnover	4.98	5.13	5.67	5.92	5.33	5.10	4.89	4.71	4.35	4.06
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	21.36	18.45	18.94	18.52	15.89	17.12	19.50	18.13	17.30	15.81
Accounts Payable Turnover	85.47	103.64	118.02	141.78	192.29	194.85	45.85	23.11	22.79	19.40
Days Sales Outstanding (DSO)	73.31	71.19	64.36	61.67	68.54	71.61	74.71	77.44	83.96	89.99
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.27	3.52	3.09	2.57	1.90	1.87	7.96	15.80	16.02	18.81
Cash Conversion Cycle (CCC)	69.04	67.67	61.27	59.10	66.64	69.74	66.75	61.64	67.95	71.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,368	1,401	1,289	1,095	626	685	517	417	444	419
Invested Capital Turnover	2.51	3.49	4.05	4.37	4.06	3.82	3.94	3.37	2.69	2.62
Increase / (Decrease) in Invested Capital	968	112	194	470	-59	168	100	-27	26	140
Enterprise Value (EV)	12,002	15,086	17,137	36,523	18,707	10,754	5,520	5,116	2,945	3,734
Market Capitalization	13,263	17,157	18,849	37,914	20,064	11,666	6,266	5,674	3,282	3,929
Book Value per Share	$63.98	$60.15	$52.19	$43.85	$35.42	$29.03	$23.38	$18.46	$15.31	$12.27
Tangible Book Value per Share	$35.46	$49.17	$41.64	$32.71	$30.70	$24.46	$19.23	$15.35	$12.17	$9.01
Total Capital	3,656	3,498	3,031	2,542	2,008	1,621	1,288	1,000	806	648
Total Debt	25	26	28	46	25	25	25	25	25	35
Total Long-Term Debt	25	26	28	30	25	25	25	25	25	35
Net Debt	-1,263	-2,071	-1,714	-1,400	-1,357	-911	-746	-558	-337	-195
Capital Expenditures (CapEx)	32	28	82	112	69	99	38	30	29	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	317	349	270	75	65	151	166	196	168	171
Debt-free Net Working Capital (DFNWC)	1,605	2,446	2,012	1,522	1,447	1,087	936	779	530	401
Net Working Capital (NWC)	1,605	2,446	2,012	1,506	1,447	1,087	936	779	530	401
Net Nonoperating Expense (NNE)	-31	-27	54	8.06	0.73	2.90	-3.86	-0.57	5.67	-0.08
Net Nonoperating Obligations (NNO)	-1,263	-2,071	-1,714	-1,400	-1,357	-911	-746	-558	-337	-195
Total Depreciation and Amortization (D&A)	127	133	140	145	129	101	37	29	23	17
Debt-free, Cash-free Net Working Capital to Revenue	6.71%	7.45%	5.61%	2.01%	2.43%	6.57%	8.99%	13.55%	14.51%	18.75%
Debt-free Net Working Capital to Revenue	33.95%	52.16%	41.71%	40.50%	54.40%	47.40%	50.80%	53.71%	45.71%	43.87%
Net Working Capital to Revenue	33.95%	52.16%	41.71%	40.07%	54.40%	47.40%	50.80%	53.71%	45.71%	43.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.93	$7.21	$7.32	$8.52	$5.87	$4.77	$4.48	$1.40	$1.97	$1.73
Adjusted Weighted Average Basic Shares Outstanding	57.29M	57.83M	57.29M	56.51M	55.73M	54.72M	53.62M	52.08M	50.31M	48.72M
Adjusted Diluted Earnings per Share	$7.84	$7.06	$7.09	$8.15	$5.60	$4.53	$4.24	$1.32	$1.87	$1.62
Adjusted Weighted Average Diluted Shares Outstanding	57.98M	59.09M	59.17M	59.06M	58.45M	57.67M	56.67M	54.98M	53.22M	51.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.89M	57.83M	57.68M	56.88M	56.18M	55.26M	54.18M	53.04M	51.18M	50.37M
Normalized Net Operating Profit after Tax (NOPAT)	424	390	474	490	328	264	236	121	105	84
Normalized NOPAT Margin	8.96%	8.31%	9.82%	13.03%	12.33%	11.51%	12.83%	8.35%	9.05%	9.23%
Pre Tax Income Margin	12.36%	11.44%	10.51%	14.19%	14.23%	13.06%	13.55%	12.02%	10.90%	11.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	87.57%	39.54%	0.00%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from EPAM Systems' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.69%	7.87%	1.34%	-2.02%	-3.76%	-6.01%	-6.10%	-2.06%	3.36%	11.18%	24.11%
EBITDA Growth	-12.53%	7.94%	32.38%	-10.43%	-3.04%	-31.53%	-26.37%	327.51%	10.04%	18.09%	26.43%
EBIT Growth	-23.64%	7.79%	43.81%	-10.82%	-2.85%	-36.61%	-31.02%	1,633.03%	19.56%	25.62%	35.87%
NOPAT Growth	-25.60%	9.48%	51.38%	-23.03%	7.41%	-28.61%	-42.87%	-42.23%	-11.32%	-10.84%	19.48%
Net Income Growth	-36.79%	5.89%	40.27%	-17.82%	13.64%	-37.08%	-37.71%	545.20%	14.01%	8.97%	34.93%
EPS Growth	-35.03%	9.09%	43.64%	-16.26%	13.87%	-37.02%	-37.26%	534.38%	13.82%	9.17%	34.87%
Operating Cash Flow Growth	-81.40%	-23.99%	12.60%	-35.96%	48.76%	-7.90%	-14.85%	14.88%	268.44%	-34.62%	22.48%
Free Cash Flow Firm Growth	-28,857.22%	-4,758.96%	100.19%	-148.48%	-105.06%	71.36%	-2,843.07%	88.16%	113.32%	80.70%	99.31%
Invested Capital Growth	71.32%	69.10%	9.12%	9.29%	7.95%	8.66%	11.81%	10.22%	2.36%	17.67%	13.60%
Revenue Q/Q Growth	4.27%	6.92%	1.83%	-1.62%	0.71%	0.44%	-1.54%	-3.36%	-1.65%	0.36%	2.68%
EBITDA Q/Q Growth	-21.69%	-20.70%	33.09%	5.82%	-3.35%	-2.75%	-9.95%	14.55%	-31.75%	4.58%	422.91%
EBIT Q/Q Growth	-31.25%	-27.57%	41.71%	8.21%	-2.94%	-3.37%	-12.13%	17.88%	-36.67%	5.15%	2,107.74%
NOPAT Q/Q Growth	-24.71%	-19.31%	43.18%	-14.46%	10.78%	11.58%	-27.20%	19.37%	-26.37%	-10.70%	-26.39%
Net Income Q/Q Growth	-28.86%	-24.24%	38.22%	-15.14%	19.16%	0.36%	-19.02%	17.34%	-34.02%	-0.65%	738.82%
EPS Q/Q Growth	-28.89%	-24.05%	39.41%	-13.71%	19.39%	0.00%	-18.72%	17.34%	-33.97%	-0.38%	721.88%
Operating Cash Flow Q/Q Growth	-81.45%	-46.17%	324.29%	-56.11%	-24.19%	-20.25%	141.30%	1.97%	-53.06%	-26.27%	225.57%
Free Cash Flow Firm Q/Q Growth	-11.11%	-725,896.22%	100.26%	-1,255.95%	81.36%	71.84%	-249.07%	-127.62%	205.49%	-2,793.74%	98.60%
Invested Capital Q/Q Growth	5.33%	55.69%	-3.40%	8.15%	3.96%	0.47%	-3.25%	6.82%	4.65%	3.39%	-4.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.86%	30.44%	34.56%	29.28%	28.41%	31.08%	31.06%	30.89%	29.32%	32.37%	32.61%
EBITDA Margin	10.43%	13.89%	18.73%	14.33%	13.32%	13.88%	14.33%	15.67%	13.22%	19.05%	18.28%
Operating Margin	7.63%	10.94%	15.16%	10.51%	9.48%	10.58%	9.90%	12.34%	9.94%	13.85%	14.69%
EBIT Margin	7.25%	11.00%	16.24%	11.67%	10.61%	11.01%	11.44%	12.82%	10.51%	16.32%	15.58%
Profit (Net Income) Margin	5.65%	8.27%	11.68%	8.60%	9.97%	8.43%	8.44%	10.26%	8.45%	12.59%	12.72%
Tax Burden Percent	77.83%	75.22%	71.91%	73.72%	94.01%	76.57%	73.72%	80.00%	80.37%	77.07%	81.64%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.08%	100.00%
Effective Tax Rate	22.17%	24.78%	28.09%	26.28%	5.99%	23.43%	26.28%	20.00%	19.63%	22.93%	18.36%
Return on Invested Capital (ROIC)	14.62%	20.64%	34.67%	23.76%	29.53%	28.27%	26.33%	34.75%	29.14%	43.18%	48.09%
ROIC Less NNEP Spread (ROIC-NNEP)	14.87%	20.60%	34.21%	23.22%	28.88%	28.07%	25.56%	34.46%	28.77%	41.66%	47.45%
Return on Net Nonoperating Assets (RNNOA)	-6.62%	-9.67%	-19.66%	-12.71%	-16.62%	-16.41%	-14.42%	-18.38%	-15.28%	-23.60%	-25.63%
Return on Equity (ROE)	8.01%	10.97%	15.01%	11.05%	12.91%	11.86%	11.91%	16.38%	13.87%	19.59%	22.47%
Cash Return on Invested Capital (CROIC)	-32.55%	-28.88%	19.71%	15.71%	20.69%	20.67%	21.19%	25.95%	32.26%	23.50%	29.56%
Operating Return on Assets (OROA)	7.76%	11.43%	17.47%	12.97%	11.67%	12.35%	13.81%	16.21%	13.49%	20.91%	20.99%
Return on Assets (ROA)	6.04%	8.60%	12.56%	9.56%	10.97%	9.46%	10.18%	12.96%	10.84%	16.13%	17.14%
Return on Common Equity (ROCE)	8.01%	10.96%	15.01%	11.05%	12.91%	11.86%	11.91%	16.37%	13.86%	19.55%	22.46%
Return on Equity Simple (ROE_SIMPLE)	11.30%	0.00%	12.63%	12.06%	12.40%	0.00%	14.38%	16.35%	13.81%	0.00%	14.75%
Net Operating Profit after Tax (NOPAT)	77	103	127	89	104	94	84	115	97	131	147
NOPAT Margin	5.94%	8.23%	10.90%	7.75%	8.92%	8.11%	7.30%	9.87%	7.99%	10.67%	11.99%
Net Nonoperating Expense Percent (NNEP)	-0.24%	0.04%	0.46%	0.54%	0.65%	0.20%	0.77%	0.29%	0.37%	1.52%	0.65%
Return On Investment Capital (ROIC_SIMPLE)	2.11%	2.81%	-	-	-	2.68%	-	-	-	4.34%	-
Cost of Revenue to Revenue	73.14%	69.56%	65.44%	70.72%	71.59%	68.92%	68.94%	69.11%	70.68%	67.63%	67.39%
SG&A Expenses to Revenue	16.82%	17.38%	17.71%	16.92%	17.03%	18.49%	16.91%	16.61%	17.50%	16.65%	16.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.23%	19.51%	19.40%	18.77%	18.93%	20.49%	21.16%	18.56%	19.38%	18.52%	17.92%
Earnings before Interest and Taxes (EBIT)	94	137	190	134	124	127	132	150	127	201	191
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	136	173	219	164	155	161	165	183	160	235	224
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.64	3.65	3.19	3.21	4.59	4.94	4.49	3.99	5.51	6.28	7.54
Price to Tangible Book Value (P/TBV)	4.73	6.59	3.97	4.02	5.69	6.05	5.53	4.89	6.84	7.87	9.56
Price to Revenue (P/Rev)	1.97	2.81	2.44	2.36	3.43	3.66	3.11	2.69	3.55	3.91	4.42
Price to Earnings (P/E)	23.33	29.18	25.25	26.62	36.97	41.13	31.23	24.40	39.92	44.94	51.09
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.29%	3.43%	3.96%	3.76%	2.71%	2.43%	3.20%	4.10%	2.50%	2.23%	1.96%
Enterprise Value to Invested Capital (EV/IC)	3.39	5.07	6.11	5.77	9.56	10.77	9.26	7.77	11.47	13.29	15.45
Enterprise Value to Revenue (EV/Rev)	1.74	2.54	2.01	1.97	3.00	3.22	2.71	2.31	3.18	3.55	4.10
Enterprise Value to EBITDA (EV/EBITDA)	12.22	16.87	13.31	14.08	20.94	22.54	17.38	13.95	23.37	26.47	31.52
Enterprise Value to EBIT (EV/EBIT)	15.23	20.54	16.19	17.58	26.11	28.12	21.17	16.72	29.29	33.78	41.32
Enterprise Value to NOPAT (EV/NOPAT)	21.38	28.34	22.44	24.50	35.01	38.72	30.24	22.83	33.53	36.17	38.87
Enterprise Value to Operating Cash Flow (EV/OCF)	18.65	21.46	15.49	15.85	22.99	26.81	22.37	18.20	25.64	36.92	34.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	32.36	38.35	47.95	54.27	46.17	31.38	35.95	61.16	55.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Long-Term Debt to Equity	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Financial Leverage	-0.45	-0.47	-0.57	-0.55	-0.58	-0.58	-0.56	-0.53	-0.53	-0.57	-0.54
Leverage Ratio	1.28	1.28	1.26	1.25	1.28	1.29	1.30	1.30	1.33	1.37	1.37
Compound Leverage Factor	1.28	1.28	1.26	1.25	1.28	1.29	1.30	1.30	1.33	1.37	1.37
Debt to Total Capital	0.68%	0.69%	0.71%	0.74%	0.74%	0.75%	0.83%	0.79%	0.89%	0.91%	1.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.28%
Long-Term Debt to Total Capital	0.68%	0.69%	0.71%	0.74%	0.74%	0.75%	0.83%	0.79%	0.89%	0.91%	1.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.05%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.05%	0.05%	0.05%
Common Equity to Total Capital	99.30%	99.26%	99.28%	99.24%	99.25%	99.24%	99.16%	99.20%	99.06%	99.04%	98.66%
Debt to EBITDA	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.04	0.04	0.06
Net Debt to EBITDA	-1.66	-1.77	-2.91	-2.83	-3.04	-3.09	-2.56	-2.27	-2.69	-2.65	-2.47
Long-Term Debt to EBITDA	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.04	0.04	0.05
Debt to NOPAT	0.06	0.06	0.06	0.07	0.06	0.07	0.06	0.05	0.06	0.06	0.07
Net Debt to NOPAT	-2.90	-2.98	-4.91	-4.92	-5.08	-5.32	-4.46	-3.72	-3.86	-3.62	-3.05
Long-Term Debt to NOPAT	0.06	0.06	0.06	0.07	0.06	0.07	0.06	0.05	0.06	0.06	0.06
Altman Z-Score	7.57	9.36	10.14	10.57	13.26	14.34	13.05	12.21	13.73	14.00	15.55
Noncontrolling Interest Sharing Ratio	0.02%	0.04%	0.02%	0.02%	0.03%	0.03%	0.03%	0.04%	0.06%	0.19%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.06	2.96	4.56	4.84	4.68	4.79	4.77	4.92	4.15	3.69	3.47
Quick Ratio	2.87	2.79	4.40	4.66	4.52	4.64	4.64	4.74	4.02	3.58	3.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-961	-865	0.12	-45	-3.32	-18	-63	-18	66	-62	-2.15
Operating Cash Flow to CapEx	259.00%	828.25%	4,872.37%	1,212.31%	1,925.03%	1,714.55%	5,929.33%	1,293.80%	1,103.68%	865.64%	1,348.98%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.04	1.08	1.11	1.10	1.12	1.21	1.26	1.28	1.28	1.35
Accounts Receivable Turnover	4.81	4.98	5.02	4.92	4.98	5.13	5.21	5.24	0.00	5.67	5.62
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.86	21.36	20.74	19.83	18.99	18.45	21.21	20.73	19.99	18.94	24.32
Accounts Payable Turnover	94.70	85.47	114.14	111.16	115.32	103.64	122.59	133.56	139.31	118.02	174.92
Days Sales Outstanding (DSO)	75.84	73.31	72.74	74.18	73.30	71.19	70.10	69.64	0.00	64.36	64.94
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3.85	4.27	3.20	3.28	3.17	3.52	2.98	2.73	2.62	3.09	2.09
Cash Conversion Cycle (CCC)	71.99	69.04	69.54	70.89	70.13	67.67	67.12	66.91	-2.62	61.27	62.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,495	2,368	1,521	1,575	1,456	1,401	1,394	1,441	1,349	1,289	1,247
Invested Capital Turnover	2.46	2.51	3.18	3.06	3.31	3.49	3.61	3.52	3.65	4.05	4.01
Increase / (Decrease) in Invested Capital	1,039	968	127	134	107	112	147	134	31	194	149
Enterprise Value (EV)	8,457	12,002	9,299	9,083	13,916	15,086	12,915	11,192	15,466	17,137	19,268
Market Capitalization	9,605	13,263	11,332	10,906	15,935	17,157	14,820	13,014	17,246	18,849	20,778
Book Value per Share	$64.03	$63.98	$62.42	$58.60	$60.08	$60.15	$56.93	$56.35	$54.25	$52.19	$48.06
Tangible Book Value per Share	$35.67	$35.46	$50.19	$46.76	$48.40	$49.17	$46.26	$45.94	$43.73	$41.64	$37.87
Total Capital	3,668	3,656	3,580	3,423	3,501	3,498	3,328	3,289	3,159	3,031	2,795
Total Debt	25	25	25	26	26	26	28	26	28	28	36
Total Long-Term Debt	25	25	25	26	26	26	28	26	28	28	28
Net Debt	-1,149	-1,263	-2,033	-1,823	-2,020	-2,071	-1,906	-1,822	-1,782	-1,714	-1,512
Capital Expenditures (CapEx)	9.33	16	4.97	4.70	6.75	10.00	3.62	6.88	7.91	21	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	453	317	367	465	379	349	378	440	338	270	260
Debt-free Net Working Capital (DFNWC)	1,627	1,605	2,426	2,313	2,425	2,446	2,312	2,288	2,148	2,012	1,808
Net Working Capital (NWC)	1,627	1,605	2,426	2,313	2,425	2,446	2,312	2,288	2,148	2,012	1,800
Net Nonoperating Expense (NNE)	3.82	-0.62	-9.09	-9.77	-12	-3.76	-13	-4.56	-5.56	-24	-8.91
Net Nonoperating Obligations (NNO)	-1,149	-1,263	-2,033	-1,823	-2,020	-2,071	-1,906	-1,822	-1,782	-1,714	-1,512
Total Depreciation and Amortization (D&A)	41	36	29	30	32	33	33	33	33	34	33
Debt-free, Cash-free Net Working Capital to Revenue	9.31%	6.71%	7.92%	10.05%	8.17%	7.45%	7.94%	9.08%	6.95%	5.61%	5.53%
Debt-free Net Working Capital to Revenue	33.44%	33.95%	52.32%	50.05%	52.20%	52.16%	48.52%	47.28%	44.16%	41.71%	38.46%
Net Working Capital to Revenue	33.44%	33.95%	52.32%	50.05%	52.20%	52.16%	48.52%	47.28%	44.16%	41.71%	38.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.29	$1.81	$2.40	$1.71	$2.01	$1.69	$1.68	$2.07	$1.77	$2.69	$2.72
Adjusted Weighted Average Basic Shares Outstanding	56.78M	57.29M	56.91M	57.59M	57.84M	57.83M	57.85M	57.99M	57.70M	57.29M	57.42M
Adjusted Diluted Earnings per Share	$1.28	$1.80	$2.37	$1.70	$1.97	$1.65	$1.65	$2.03	$1.73	$2.62	$2.63
Adjusted Weighted Average Diluted Shares Outstanding	57.26M	57.98M	57.43M	58.15M	58.93M	59.09M	58.95M	59.18M	59.30M	59.17M	59.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.65M	56.89M	56.72M	56.94M	57.97M	57.83M	57.70M	57.96M	57.91M	57.68M	57.51M
Normalized Net Operating Profit after Tax (NOPAT)	77	103	127	89	104	94	84	115	97	131	147
Normalized NOPAT Margin	5.94%	8.23%	10.90%	7.75%	8.92%	8.11%	7.30%	9.87%	7.99%	10.67%	11.99%
Pre Tax Income Margin	7.25%	11.00%	16.24%	11.67%	10.61%	11.01%	11.44%	12.82%	10.51%	16.34%	15.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.42%	0.39%	0.00%	0.00%	0.98%
Augmented Payout Ratio	106.23%	87.57%	93.92%	109.86%	64.27%	39.54%	27.48%	9.75%	1.97%	0.00%	0.98%

Frequently Asked Questions About EPAM Systems' Financials

When does EPAM Systems's financial year end?

According to the most recent income statement we have on file, EPAM Systems' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has EPAM Systems' net income changed over the last 9 years?

EPAM Systems' net income appears to be on an upward trend, with a most recent value of $454.53 million in 2024, rising from $84.46 million in 2015. The previous period was $417.08 million in 2023. Check out EPAM Systems' forecast to explore projected trends and price targets.

What is EPAM Systems's operating income?

EPAM Systems's total operating income in 2024 was $544.58 million, based on the following breakdown:

Total Gross Profit: $1.45 billion
Total Operating Expenses: $905.86 million

How has EPAM Systems revenue changed over the last 9 years?

Over the last 9 years, EPAM Systems' total revenue changed from $914.13 million in 2015 to $4.73 billion in 2024, a change of 417.2%.

How much debt does EPAM Systems have?

EPAM Systems' total liabilities were at $1.12 billion at the end of 2024, a 27.1% increase from 2023, and a 577.1% increase since 2015.

How much cash does EPAM Systems have?

In the past 9 years, EPAM Systems' cash and equivalents has ranged from $199.45 million in 2015 to $2.04 billion in 2023, and is currently $1.29 billion as of their latest financial filing in 2024.

How has EPAM Systems' book value per share changed over the last 9 years?

Over the last 9 years, EPAM Systems' book value per share changed from 12.27 in 2015 to 63.98 in 2024, a change of 421.4%.

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This page (NYSE:EPAM) was last updated on 5/21/2025 by MarketBeat.com Staff

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EPAM Systems (EPAM) Financials

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