EPAM Systems (EPAM) Financials

$158.26 +5.66 (+3.71%)

As of 04/24/2025 03:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	84	99	73	240	261	327	482	419	417	455
Consolidated Net Income / (Loss)	84	99	73	240	261	327	482	419	417	455
Net Income / (Loss) Continuing Operations	84	99	73	240	261	327	482	419	417	455
Total Pre-Tax Income	106	126	174	250	300	378	533	507	537	584
Total Operating Income	106	134	173	246	303	379	542	573	501	545
Total Gross Profit	347	423	529	656	806	927	1,274	1,538	1,434	1,450
Total Revenue	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728
Operating Revenue	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728
Total Cost of Revenue	567	737	921	1,187	1,488	1,733	2,484	3,287	3,257	3,277
Operating Cost of Revenue	567	737	921	1,187	1,488	1,733	2,484	3,287	3,257	3,277
Total Operating Expenses	241	289	356	410	503	548	732	965	933	906
Selling, General & Admin Expense	223	266	328	374	457	485	649	873	815	816
Depreciation Expense	17	23	29	37	45	63	83	92	92	90
Other Operating Expenses / (Income)	1.09	-	-	-	-	-	0.00	0.00	26	0.00
Total Other Income / (Expense), net	0.10	-7.23	1.36	4.01	-3.32	-0.85	-8.92	-66	35	40
Other Income / (Expense), net	-4.63	-12	1.36	4.01	-3.32	-0.85	-8.92	-66	35	40
Income Tax Expense	22	27	102	9.52	38	51	52	88	120	130
Basic Earnings per Share	$1.73	$1.97	$1.40	$4.48	$4.77	$5.87	$8.52	$7.32	$7.21	$7.93
Weighted Average Basic Shares Outstanding	48.72M	50.31M	52.08M	53.62M	54.72M	55.73M	56.51M	57.29M	57.83M	57.29M
Diluted Earnings per Share	$1.62	$1.87	$1.32	$4.24	$4.53	$5.60	$8.15	$7.09	$7.06	$7.84
Weighted Average Diluted Shares Outstanding	51.99M	53.22M	54.98M	56.67M	57.67M	58.45M	59.06M	59.17M	59.09M	57.98M
Weighted Average Basic & Diluted Shares Outstanding	48.80M	50.40M	52M	53.60M	55.26M	56.18M	56.88M	57.68M	57.83M	56.89M

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	194	194	68	27	101	163	-53	-199	249	-750
Net Cash From Operating Activities	252	186	87	89	215	171	130	57	242	130
Net Cash From Continuing Operating Activities	252	186	87	89	215	171	130	57	242	130
Net Income / (Loss) Continuing Operations	156	155	102	120	97	98	116	99	136	103
Consolidated Net Income / (Loss)	156	155	102	120	97	98	116	99	136	103
Depreciation Expense	22	23	23	23	23	23	22	21	20	27
Amortization Expense	11	10	10	11	10	10	9.43	9.34	9.28	9.49
Non-Cash Adjustments To Reconcile Net Income	12	-203	28	38	72	69	44	27	33	81
Changes in Operating Assets and Liabilities, net	52	200	-75	-103	12	-29	-62	-99	44	-90
Net Cash From Investing Activities	-29	-31	-18	-18	-11	-21	-51	-23	35	-846
Net Cash From Continuing Investing Activities	-29	-31	-18	-18	-11	-21	-51	-23	35	-846
Purchase of Property, Plant & Equipment	-19	-21	-7.91	-6.88	-3.62	-10.00	-6.75	-4.70	-4.97	-16
Acquisitions	0.09	-0.11	0.00	-	-14	-11	-44	-13	-0.36	-855
Purchase of Investments	-1.63	-	-1.91	-11	-1.38	-0.32	-1.42	-6.71	-0.68	-0.04
Divestitures	-	-	-	-	-	2.17	-	-	-	4.34
Sale and/or Maturity of Investments	-	-	0.00	-	11	-	0.31	1.20	40	20
Other Investing Activities, net	-8.46	-9.53	-7.90	-0.05	-0.26	-1.73	1.01	-0.07	0.74	0.64
Net Cash From Financing Activities	0.57	8.05	-15	-48	-81	-22	-112	-226	-54	1.26
Net Cash From Continuing Financing Activities	0.57	8.05	-15	-48	-81	-22	-112	-226	-54	1.26
Repayment of Debt	-1.69	-6.70	-1.64	-0.70	-3.16	-8.47	-0.93	0.72	-2.99	-1.47
Repurchase of Common Equity	-	-	-8.51	-41	-78	-36	-121	-214	-50	-13
Issuance of Debt	0.89	-2.35	0.17	0.00	0.59	0.06	0.00	-	-	0.01
Other Financing Activities, net	1.48	15	-5.34	-3.40	0.47	21	9.45	-12	-0.56	16
Effect of Exchange Rate Changes	-	-	-	-	-	-	-	-	-	-36

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	3,736	4,009	4,071	4,094	4,162	4,352	4,375	4,223	4,457	4,750
Total Current Assets	2,528	2,760	2,831	2,872	2,925	3,091	3,083	2,916	3,107	2,426
Cash & Equivalents	1,488	1,681	1,749	1,777	1,873	2,036	1,984	1,787	2,036	1,286
Short-Term Investments	60	60	60	71	60	61	62	61	22	1.69
Accounts Receivable	917	933	934	918	913	897	931	961	935	1,002
Prepaid Expenses	63	85	87	106	79	97	106	106	113	136
Plant, Property, & Equipment, net	210	273	267	256	240	235	222	210	208	208
Total Noncurrent Assets	998	976	973	966	997	1,026	1,069	1,097	1,143	2,117
Goodwill	506	529	534	534	548	562	595	608	622	1,182
Intangible Assets	79	78	73	68	70	71	81	78	74	436
Noncurrent Deferred & Refundable Income Taxes	214	173	168	164	188	198	197	213	218	270
Other Noncurrent Operating Assets	199	197	199	199	192	194	196	198	228	229
Total Liabilities & Shareholders' Equity	3,736	4,009	4,071	4,094	4,162	4,352	4,375	4,223	4,457	4,750
Total Liabilities	977	1,006	941	830	862	881	899	825	903	1,119
Total Current Liabilities	728	747	683	584	614	645	659	602	681	821
Accounts Payable	28	31	29	27	25	32	27	31	31	45
Accrued Expenses	162	154	131	128	128	125	123	130	156	201
Current Deferred & Payable Income Tax Liabilities	34	46	37	31	30	39	34	37	34	50
Current Employee Benefit Liabilities	457	476	445	359	392	413	438	368	423	485
Other Current Liabilities	39	40	41	39	38	37	36	37	38	40
Total Noncurrent Liabilities	249	259	258	246	249	236	240	223	222	298
Long-Term Debt	28	28	28	26	28	26	26	26	25	25
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	8.74	-	-	-	92
Other Noncurrent Operating Liabilities	163	231	230	220	221	201	215	197	196	181
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	2,759	3,003	3,130	3,263	3,300	3,471	3,476	3,398	3,555	3,631
Total Preferred & Common Equity	2,757	3,002	3,129	3,263	3,299	3,471	3,475	3,397	3,554	3,629
Total Common Equity	2,757	3,002	3,129	3,263	3,299	3,471	3,475	3,397	3,554	3,629
Common Stock	802	848	864	914	951	1,009	1,040	1,087	1,129	1,190
Retained Earnings	2,094	2,249	2,343	2,421	2,440	2,501	2,497	2,379	2,465	2,556
Accumulated Other Comprehensive Income / (Loss)	-139	-95	-78	-72	-92	-39	-61	-69	-41	-117
Noncontrolling Interest	1.48	1.48	1.48	0.58	0.58	0.58	0.58	0.58	0.58	1.94

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

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

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

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

Frequently Asked Questions About EPAM Systems' Financials

When does EPAM Systems's fiscal year end?

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

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 4/25/2025 by MarketBeat.com Staff

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EPAM Systems (EPAM) Financials

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EPAM Systems (EPAM) Financials

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