At a glance
EPAM Systems Inc is worth $7.03B, about 20 times its fiscal 2025 earnings. Revenue grew 15.4% to $5.46B in fiscal 2025, with 6.9% kept as profit; over 5 years it has grown 15.5% a year. It pays no dividend; it spent $1.23B buying back its shares over FY2021–FY2025. The stock returned −15.9% over the past year with dividends reinvested and −27.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.3% in the 2020 crash (S&P 500: 33.7%) and 72.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
EPAM Systems sells software engineering and technology consulting to large global companies and start-ups. Its teams plan, design, build, test and maintain custom software. They also move systems to the cloud, build data platforms and artificial intelligence (AI) tools, and provide cybersecurity services. EPAM offers strategy and design consulting through EPAM Continuum and marketing work through its agency brand, Empathy Lab. Its AI offerings include a platform called EPAM AI/RUN.
EPAM earns fees from client projects. Clients generally make no long-term commitments, so they can end or scale back work early. Its clients fall mainly into five industries: financial services; consumer goods, retail and travel; software and hi-tech; business information and media; and life sciences and healthcare. In the year ended December 31, 2025, revenue was about $5.46 billion, up 15.4%. The operating margin (the share of revenue left after running costs) was 9.5%.
EPAM reports results for two regions. The Americas brought in $3.17 billion, or 58% of revenue, and Europe brought in $2.29 billion, or 42%. By country, the United States supplied 51.9% of revenue. The United Kingdom followed at 10.9%, then Switzerland at 8%, Germany at 4.3% and the Netherlands at 4.2%. EPAM's engineers work from delivery centers in many countries, including Ukraine, Belarus and other parts of Eastern Europe and Central Asia.
Price history
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EPAM -15.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Americas | $3.17B | 58% |
| Europe | $2.29B | 42% |
By geography
| United States | $2.83B | 51.9% |
| Other | $1.12B | 20.6% |
| United Kingdom | $597.3M | 10.9% |
| Switzerland | $438.5M | 8% |
| Germany | $233.4M | 4.3% |
| Netherlands | $229.8M | 4.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.41B, up 4.5% from a year earlier, and net income was $103.0M (+17.0%).
- For fiscal 2025, revenue was $5.46B (+15.4% year over year; +15.5% a year from FY2020 to FY2025) with a 6.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.5% good |
|---|---|
| Operating margin | 9.5% watch |
| Free cash flow margin | 11.2% good |
| Return on equity (FY2025) | 10.3% watch |
| Return on assets (FY2025) | 7.7% watch |
| Net cash (cash minus debt) | $764.4M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.66B | $327.2M | $475.6M |
| FY2021 | $3.76B | $481.7M | $460.8M |
| FY2022 | $4.82B | $419.4M | $382.5M |
| FY2023 | $4.69B | $417.1M | $534.2M |
| FY2024 | $4.73B | $454.5M | $527.0M |
| FY2025 | $5.46B | $377.7M | $612.7M |
Valuation snapshot
| Market value | $7.03B |
|---|---|
| P/E ratio | 20.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
EPAM Systems’s market value went from $3.28B at the end of 2016 to $7.03B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is down 38%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.03B | -37.9% |
| 2025 | $11.32B | -14.7% |
| 2024 | $13.26B | -22.7% |
| 2023 | $17.16B | -9.0% |
| 2022 | $18.85B | -50.3% |
| 2021 | $37.91B | +89.0% |
| 2020 | $20.06B | +72.0% |
| 2019 | $11.67B | +86.2% |
| 2018 | $6.27B | +10.4% |
| 2017 | $5.67B | +72.9% |
| 2016 | $3.28B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EPAM price data to Oct 28, 2026 | -33.5% | -15.9% | -13.5% | -27.3% | +7.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -33.5% |
| 2025 | -12.4% |
| 2024 | -21.4% |
| 2023 | -9.3% |
| 2022 | -51.0% |
| 2021 | +86.5% |
| 2020 | +68.9% |
| 2019 | +82.9% |
| 2018 | +8.0% |
| 2017 | +67.0% |
| 2016 | -18.2% |
| 2015 | +64.7% |
| 2014 | +36.7% |
| 2013 | +93.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30% over that stretch · deepest drop along the way 33.3%, back to its old high 3.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51% over that stretch · deepest drop along the way 72.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 6 open-market purchases ($45K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 30, 2026 | Balazs Fejes CEO, President, Director, Director | buy | $8K |
| Apr 30, 2026 | Edward Rockwell SVP/Chief Legal Officer | buy | $8K |
| Apr 30, 2026 | Gary C Abrahams VP, Corporate Controller, PAO | buy | $8K |
| Apr 30, 2026 | Jason D. Peterson Chief Financial Officer | buy | $8K |
| Apr 30, 2026 | Lawrence F Solomon SVP/Chief People Officer | buy | $8K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Jun 30, 2026 |
| Ameriprise Financial, Inc. | 10.5% | Jun 30, 2026 |
| Capital World Investors | 9.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.94% | Sep 30, 2026 |
| Vanguard Capital Management | 5.12% | Jun 30, 2026 |
| Invesco Ltd. | 4.6% | Jun 30, 2026 |
ETFs with the most weight in EPAM
| FCFY First Trust S&P 500 Diversified Free Cash Flow ETF | 1.83% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 1.69% |
| RSPT Invesco S&P 500 Equal Weight Technology ETF | 1.29% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.95% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.84% |
| FSGS First Trust SMID Growth Strength ETF | 0.8% |
| TAX Cambria Tax Aware ETF | 0.79% |
| XITK SPDR FactSet Innovative Technology ETF | 0.77% |
What could go wrong
- Staff exposed to the war in Ukraine. About 14,100 delivery, administrative and support staff were based in Ukraine and Belarus as of December 31, 2025. The war has hurt operations, and some clients block internet traffic from those countries.
- AI tools could reduce demand for engineers. EPAM warns that wider use of AI-based software tools may reduce demand for its services. It must also build AI into its own work quickly, or it may fall behind competitors.
- Clients can cut or cancel work quickly. Clients generally make no long-term commitments and can end or shrink projects early. When economic or political uncertainty rises, clients have cut or delayed spending on new technology and on EPAM's services.
- Heavy reliance on a few industries. Revenue depends heavily on a limited number of industries, such as financial services, consumer goods and retail, and software. If those industries spend less on outsourced technology work, EPAM's sales could fall.
- Rising pay and keeping engineers busy. EPAM must hire, train and keep skilled engineers, and keep them busy on client work. Rising pay, stock awards and hiring in costlier countries away from conflict zones can squeeze profits.
- A very volatile share price. The share price swings sharply. At its worst point it was 89.4% below its peak, and it lost 80% over the five years to October 28, 2026.
Recent events
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
EPAM pays no dividend and paid none from 2021 through 2025. That means it gives income investors no regular cash, and any gain depends on the share price. Instead, the company repurchases its own shares, which spreads future profits over fewer shares. Buybacks totaled about $1.23 billion over those five years. They rose from zero in 2021 and 2022 to $662.2 million in 2025, more than that year's $612.7 million of free cash flow (cash left after running and investing in the business). The share count fell about 9% between October 29, 2021, and July 31, 2026.
Downturns have hit the stock hard. In the 2020 COVID crash it fell 33.3%. It regained its earlier peak by June 17, 2020, about three months after its low. In the 2022 market slump it dropped 72.8% between January 3 and March 7, 2022, and it had not returned to that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does EPAM pay a dividend?
No. EPAM Systems paid no dividends from 2021 through 2025 and had no dividend yield as of October 28, 2026. Instead, it repurchases its own shares. It spent about $1.23 billion on buybacks over those five years, including $662.2 million in 2025. Holders earn a return only if the share price rises, so the stock offers no regular income to retirees who need cash payouts.
How does EPAM Systems make money?
EPAM earns fees for software engineering and technology consulting work for large companies and start-ups. Its teams build and maintain custom software, move systems to the cloud and set up data and artificial intelligence tools. They also provide cybersecurity, design and marketing services. Revenue was about $5.46 billion in the year ended December 31, 2025, up 15.4%. The Americas supplied 58% of revenue and Europe 42%, with the United States alone at 51.9%.
How does the war in Ukraine affect EPAM?
It remains a major risk. As of December 31, 2025, about 14,100 of EPAM's delivery, administrative and support staff were based in Ukraine and Belarus. The company says the war has hurt its operations and financial results, and some clients block internet traffic from those countries. Many employees from Belarus and from its former Russian operations have relocated. However, hiring in more developed countries to offset the risk has raised costs.
How has EPAM stock performed?
Poorly over five years, better over ten. As of October 28, 2026, the shares had lost 80% over five years and 33.5% year to date, but they were up 110% over ten years. They traded at about 20.3 times 2025 earnings per share. In the 2022 market slump, the stock fell 72.8% between January 3 and March 7, a period that included Russia's invasion of Ukraine.
Does EPAM have a lot of debt?
No. As of June 30, 2026, EPAM held about $789.4 million in cash and investments against $25 million of total debt. That left about $764.4 million of net cash. The company is profitable, but 2025 net income of $377.7 million was 16.9% lower than in 2024, even though revenue rose 15.4%. In the quarter ended June 30, 2026, revenue grew 4.5% and net income rose 17% from a year earlier.