EPAM Systems, Inc. (EPAM) Key Metrics
EPAM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.30B
- Enterprise value
- $5.04B
- P/E (TTM)
- 16.6 10-yr median 44.2
- Forward P/E
- 8.3
- PEG ratio
- 0.59
- Price / sales
- 1.1 10-yr median 3.9
- Price / book
- 1.6 10-yr median 5.6
- EV / EBITDA
- 7.0 10-yr median 25.5
- Dividend yield
- —
- Beta
- 1.39
EPAM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEPAM valuation Price multiples at each fiscal year-end price.
EPAM returns How much profit the business earns on the capital it uses.
EPAM per-share figures Results divided by the shares outstanding at year-end.
EPAM financial health Debt, liquidity and how easily interest is covered.
EPAM efficiency & capital use Working capital cycle and where the cash goes.
EPAM valuation history
EPAM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EPAM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EPAM cash returned to shareholders
EPAM price vs earnings per share
EPAM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $11.52B | $13.56B | $17.57B | $19.39B | $39.48B | $20.94B | $12.23B | $6.57B | $5.91B | $3.42B |
| Enterprise value | $10.37B | $12.43B | $15.64B | $17.84B | $38.27B | $19.83B | $11.56B | $5.90B | $5.50B | $3.19B |
| P/E ratio | 30.5 | 29.8 | 42.1 | 46.2 | 82.0 | 64.0 | 46.9 | 27.4 | 81.2 | 34.5 |
| Price / sales | 2.1 | 2.9 | 3.7 | 4.0 | 10.5 | 7.9 | 5.3 | 3.6 | 4.1 | 2.9 |
| Price / book | 3.1 | 3.7 | 5.1 | 6.5 | 15.9 | 10.6 | 7.7 | 5.2 | 6.1 | 4.4 |
| Price / free cash flow | 18.8 | 25.7 | 32.9 | 50.7 | 85.7 | 44.0 | 65.0 | 25.8 | 35.7 | 25.3 |
| Price / operating cash flow | 17.6 | 24.2 | 31.2 | 41.8 | 69.0 | 38.5 | 42.6 | 22.5 | 30.2 | 20.8 |
| EV / sales | 1.9 | 2.6 | 3.3 | 3.7 | 10.2 | 7.5 | 5.0 | 3.2 | 3.8 | 2.8 |
| EV / EBITDA | 15.4 | 17.5 | 23.7 | 27.6 | 56.3 | 39.0 | 28.6 | 20.9 | 27.3 | 20.3 |
| EV / free cash flow | 16.9 | 23.6 | 29.3 | 46.7 | 83.1 | 41.7 | 61.5 | 23.2 | 33.2 | 23.6 |
| Earnings yield | 3.3% | 3.4% | 2.4% | 2.2% | 1.2% | 1.6% | 2.1% | 3.7% | 1.2% | 2.9% |
| Free cash flow yield | 5.3% | 3.9% | 3.0% | 2.0% | 1.2% | 2.3% | 1.5% | 3.9% | 2.8% | 4.0% |
| Dividend yield | — | — | 0.0% | — | 0.0% | 0.0% | 0.2% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 5.7% | 2.9% | 1.0% | 0.1% | 0.1% | 0.1% | 0.3% | 0.1% | 0.1% | 0.0% |
| Share price at fiscal year-end | $204.88 | $233.82 | $297.34 | $327.74 | $668.45 | $358.35 | $212.16 | $116.01 | $107.43 | $64.31 |
| Per share | ||||||||||
| Revenue per share | $97.04 | $81.54 | $79.39 | $81.54 | $63.63 | $45.50 | $39.78 | $32.52 | $26.38 | $21.80 |
| Earnings per share | $6.72 | $7.84 | $7.06 | $7.09 | $8.15 | $5.60 | $4.53 | $4.24 | $1.32 | $1.87 |
| Operating cash flow per share | $11.65 | $9.64 | $9.52 | $7.84 | $9.69 | $9.31 | $4.98 | $5.16 | $3.55 | $3.10 |
| Free cash flow per share | $10.90 | $9.09 | $9.04 | $6.46 | $7.80 | $8.14 | $3.26 | $4.49 | $3.01 | $2.55 |
| Cash per share | $23.05 | $22.21 | $35.49 | $29.44 | $24.49 | $23.65 | $16.24 | $13.60 | $10.60 | $6.81 |
| Book value per share | $65.39 | $62.59 | $58.74 | $50.73 | $42.11 | $33.93 | $27.68 | $22.28 | $17.73 | $14.68 |
| Tangible book value per share | $36.63 | $34.69 | $48.02 | $40.47 | $31.41 | $29.41 | $23.32 | $18.33 | $14.75 | $11.67 |
| Dividends per share | — | — | $0.05 | — | $0.26 | $0.11 | $0.37 | — | $0.00 | $0.00 |
| Capex per share | $0.75 | $0.55 | $0.48 | $1.38 | $1.89 | $1.18 | $1.72 | $0.66 | $0.54 | $0.55 |
| Debt per share | $2.56 | $2.82 | $2.91 | $3.27 | $4.05 | $4.56 | $4.57 | $1.64 | $3.23 | $2.48 |
| Shares outstanding | 56.2M | 58.0M | 59.1M | 59.2M | 59.1M | 58.4M | 57.7M | 56.7M | 55.0M | 53.2M |
| Change in shares outstanding | −3.0% | −1.9% | −0.1% | +0.2% | +1.1% | +1.3% | +1.8% | +3.1% | +3.3% | +2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.3% | 12.8% | 12.9% | 15.3% | 21.5% | 18.3% | 18.3% | 21.5% | 8.3% | 14.2% |
| Return on invested capital (ROIC) | 15.5% | 20.9% | 26.0% | 34.7% | 45.6% | 36.6% | 35.0% | 40.9% | 15.4% | 19.3% |
| Return on assets (ROA) | 7.8% | 10.0% | 10.0% | 11.1% | 15.4% | 13.2% | 13.5% | 16.8% | 6.7% | 11.6% |
| Return on tangible assets | 11.5% | 14.5% | 11.2% | 12.3% | 16.7% | 13.3% | 13.1% | 17.3% | 6.7% | 13.0% |
| Free cash flow margin | 11.2% | 11.1% | 11.4% | 7.9% | 12.3% | 17.9% | 8.2% | 13.8% | 11.4% | 11.7% |
| Income quality (OCF / net income) | 1.73 | 1.23 | 1.35 | 1.11 | 1.19 | 1.66 | 1.10 | 1.22 | 2.69 | 1.66 |
| Financial health | ||||||||||
| Total debt | $143.7M | $163.3M | $171.9M | $193.2M | $239.2M | $266.4M | $263.5M | $92.9M | $177.6M | $132.2M |
| Cash & short-term investments | $1.30B | $1.29B | $2.10B | $1.74B | $1.45B | $1.38B | $936.6M | $770.6M | $582.6M | $362.4M |
| Net debt | −$1.15B | −$1.12B | −$1.93B | −$1.55B | −$1.21B | −$1.12B | −$673.1M | −$677.7M | −$404.9M | −$230.3M |
| Debt / equity | 0.04 | 0.04 | 0.05 | 0.06 | 0.10 | 0.13 | 0.17 | 0.07 | 0.18 | 0.17 |
| Debt / assets | 0.03 | 0.03 | 0.04 | 0.05 | 0.07 | 0.10 | 0.12 | 0.06 | 0.14 | 0.14 |
| Net debt / EBITDA | −1.72 | −1.58 | −2.92 | −2.39 | −1.77 | −2.19 | −1.67 | −2.40 | −2.01 | −1.47 |
| Current ratio | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 | 4.11 | 3.81 | 4.56 | 5.31 | 5.56 |
| Quick ratio | 2.59 | 2.96 | 4.79 | 3.69 | 2.97 | 4.11 | 3.81 | 4.56 | 5.31 | 5.54 |
| Interest coverage | — | — | 177.9 | 57.2 | 314.0 | 68.8 | 19.7 | — | — | — |
| Working capital | $1.56B | $1.61B | $2.45B | $2.01B | $1.51B | $1.45B | $1.09B | $936.2M | $779.1M | $530.3M |
| Invested capital | $2.52B | $2.50B | $1.55B | $1.45B | $1.28B | $867.3M | $923.0M | $584.9M | $570.0M | $551.2M |
| Tangible asset value | $2.06B | $2.01B | $2.84B | $2.40B | $1.86B | $1.72B | $1.34B | $1.04B | $810.9M | $620.9M |
| Net current asset value | $1.31B | $1.31B | $2.21B | $1.75B | $1.24B | $1.17B | $826.1M | $849.9M | $684.7M | $502.2M |
| Graham number | $99.41 | $105.07 | $96.59 | $89.95 | $87.90 | $65.37 | $53.10 | $46.10 | $22.98 | $24.83 |
| Graham net-net per share | $16.06 | $15.87 | $31.97 | $24.25 | $16.86 | $17.45 | $11.48 | $12.76 | $10.42 | $7.87 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $3.0M | — | $15.3M | $6.3M | $21.5M | — | $0 | $0 |
| Share buybacks (net) | $662.2M | $398.0M | $164.9M | $26.6M | $41.6M | $20.1M | $15.5M | $7.7M | $3.2M | $539,000 |
| Dividend payout ratio | — | — | 0.7% | — | 3.2% | 1.9% | 8.2% | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 108.1% | 75.5% | 31.4% | 6.9% | 12.3% | 5.6% | 19.7% | 3.0% | 1.9% | 0.4% |
| Capex / revenue | 0.8% | 0.7% | 0.6% | 1.7% | 3.0% | 2.6% | 4.3% | 2.0% | 2.1% | 2.5% |
| Capex / operating cash flow | 6.4% | 5.7% | 5.1% | 17.6% | 19.5% | 12.6% | 34.5% | 12.9% | 15.3% | 17.8% |
| Capex / depreciation | 0.25 | 0.25 | 0.21 | 0.58 | 0.77 | 0.53 | 0.98 | 1.03 | 1.04 | 1.25 |
| Stock-based compensation / revenue | 3.2% | 3.5% | 3.1% | 2.1% | 3.0% | 2.8% | 3.1% | 3.2% | 3.6% | 4.2% |
| SG&A / revenue | 17.0% | 17.3% | 17.2% | 18.1% | 17.3% | 18.2% | 19.9% | 20.3% | 22.4% | 22.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 70.6 | 73.3 | 71.2 | 64.4 | 61.7 | 68.5 | 71.6 | 74.9 | 78.0 | 84.8 |
| Days of inventory on hand | — | — | 0.0 | 0.0 | — | 0.0 | 0.0 | — | 0.5 | 3.5 |
| Days payables outstanding | 4.6 | 4.3 | 3.5 | 3.1 | 2.6 | 1.9 | 1.9 | 2.0 | 1.7 | 1.4 |
| Cash conversion cycle (days) | 66.0 | 69.0 | 67.7 | 61.3 | 59.1 | 66.6 | 69.7 | 72.9 | 76.8 | 86.9 |
| Receivables turnover | 5.17 | 4.98 | 5.13 | 5.67 | 5.92 | 5.33 | 5.10 | 4.87 | 4.68 | 4.30 |
| Payables turnover | 80.14 | 85.47 | 103.64 | 118.02 | 141.78 | 192.29 | 194.85 | 182.35 | 209.71 | 254.69 |
| Inventory turnover | — | — | 3,256,514,000.00 | 3,286,683,000.00 | — | 1,732,522,000.00 | 1,488,198,000.00 | — | 767.79 | 103.49 |
| Asset turnover | 1.13 | 1.04 | 1.12 | 1.28 | 1.20 | 1.07 | 1.19 | 1.29 | 1.33 | 1.36 |
| Average receivables | $1.06B | $949.6M | $914.8M | $850.8M | $635.0M | $499.4M | $450.0M | $378.3M | $310.1M | $269.6M |
| Average payables | $50.0M | $38.3M | $31.4M | $27.8M | $17.5M | $9.0M | $7.6M | $6.5M | $4.4M | $2.9M |
| Average inventory | — | — | $1 | $1 | — | $1 | $1 | — | $1.2M | $7.1M |
| Intangibles / total assets | 33.0% | 34.1% | 14.6% | 15.1% | 17.9% | 9.7% | 11.2% | 13.9% | 13.1% | 17.3% |
Computed from EPAM's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EPAM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), EPAM Systems traded at 30.5 times earnings, against a 10-year median of 44.2. Based on the latest twelve months, the trailing P/E is 16.6 and the forward P/E is 8.3. EPAM Systems earned a return on equity of 10.3% and a return on invested capital of 15.5% in fiscal 2025. It ended the year with $143.7 million of debt and $1.3 billion in cash and short-term investments, a net cash position of $1.2 billion. It returned $662.2 million to shareholders: $0 in dividends and $662.2 million in share buybacks, 108% of free cash flow. The share count rose 5.7% from 53.2M to 56.2M over 9 years.
See the EPAM income statement, the EPAM chart for price history, or the EPAM stock overview for the latest quote and news.
EPAM key metrics FAQ
What is EPAM Systems's P/E ratio?
EPAM Systems's trailing P/E ratio is 16.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.3. At the end of fiscal 2025 it was 30.5, compared with a 10-year median of 44.2.
What is EPAM Systems's EV/EBITDA?
EPAM Systems's enterprise value was 15.4 times EBITDA at the end of fiscal 2025 (enterprise value $10.4 billion, EBITDA $671.7 million); the current EV/EBITDA is 7.0.
What is EPAM Systems's return on equity?
EPAM Systems's return on equity (ROE) was 10.3% in fiscal 2025: net income of $377.7 million on average shareholders' equity of $3.7 billion.
What is EPAM Systems's ROIC?
EPAM Systems's return on invested capital was 15.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does EPAM Systems have?
EPAM Systems had total debt of $143.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.04 and more cash than debt.
Does EPAM Systems buy back its shares?
Yes. EPAM Systems spent $662.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.0% over the year, to 56.2M..
What is EPAM Systems's free cash flow yield?
EPAM Systems generated $612.7 million of free cash flow in fiscal 2025, a free cash flow yield of 5.3% on its market value at year-end ($11.5 billion).
What is EPAM Systems's current ratio?
EPAM Systems's current ratio was 2.59 at the end of fiscal 2025: current assets were 2.59 times current liabilities.