EPAM Systems (EPAM)
Market Price (7/14/2026): $86.43 | Market Cap: $4.6 BilSector: Information Technology | Industry: IT Consulting & Other Services
EPAM Systems (EPAM)
Market Price (7/14/2026): $86.43Market Cap: $4.6 BilSector: Information TechnologyIndustry: IT Consulting & Other Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 12% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59% Stock buyback supportStock Buyback 3Y Total is 1.5 Bil Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Cybersecurity. Themes include AI Software Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -88%, 3Y Excs Rtn is -133% | Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% Key risksEPAM key risks include [1] significant operational and business challenges stemming from geopolitical instability related to the war in Ukraine and surrounding regions. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 12% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59% |
| Stock buyback supportStock Buyback 3Y Total is 1.5 Bil |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Cybersecurity. Themes include AI Software Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -88%, 3Y Excs Rtn is -133% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Key risksEPAM key risks include [1] significant operational and business challenges stemming from geopolitical instability related to the war in Ukraine and surrounding regions. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/1/2026
EPAM Systems (EPAM) stock has lost about 35% since 3/31/2026 because of the following key factors:
1. Deceleration in Revenue Growth Outlook for Fiscal Q2 2026 and Full Year.
EPAM Systems, in its fiscal Q1 2026 earnings report on May 7, 2026, provided a cautious outlook for future revenue growth, contributing to investor concern. The company projected year-over-year revenue growth for fiscal Q2 2026 to be in the range of 4.0% to 4.7% at the midpoint, with organic constant currency growth expected at 2.7% at the midpoint. This marked a material deceleration compared to the 7.6% year-over-year revenue growth reported in fiscal Q1 2026 and the 4.9% organic growth achieved in fiscal year 2025, signaling a more conservative demand environment. The full-year 2026 revenue growth guidance was also narrowed to a range of 4.0% to 6.5%, further indicating a slowdown in top-line momentum.
2. Widespread Analyst Price Target Reductions and Downgrades.
Following EPAM Systems' fiscal Q1 2026 earnings release and updated guidance, numerous Wall Street analysts lowered their price targets for the stock, and some downgraded their ratings. Firms such as Guggenheim, Susquehanna, Wells Fargo, Morgan Stanley, Needham, Jefferies, and Wedbush cited softer demand expectations for fiscal Q2 2026 as the primary reason for these adjustments. For instance, an updated fair value estimate for EPAM Systems shifted from approximately $187 to $144, representing a reduction of about 23%. Wedbush issued a notably lower price target of $99.00 on June 15, 2026, reflecting increased caution on valuation and a less attractive risk-reward balance for investors.
Show more
EPAM Systems (EPAM) stock has lost about 35% since 3/31/2026 because of the following key factors:
1. Deceleration in Revenue Growth Outlook for Fiscal Q2 2026 and Full Year.
EPAM Systems, in its fiscal Q1 2026 earnings report on May 7, 2026, provided a cautious outlook for future revenue growth, contributing to investor concern. The company projected year-over-year revenue growth for fiscal Q2 2026 to be in the range of 4.0% to 4.7% at the midpoint, with organic constant currency growth expected at 2.7% at the midpoint. This marked a material deceleration compared to the 7.6% year-over-year revenue growth reported in fiscal Q1 2026 and the 4.9% organic growth achieved in fiscal year 2025, signaling a more conservative demand environment. The full-year 2026 revenue growth guidance was also narrowed to a range of 4.0% to 6.5%, further indicating a slowdown in top-line momentum.
2. Widespread Analyst Price Target Reductions and Downgrades.
Following EPAM Systems' fiscal Q1 2026 earnings release and updated guidance, numerous Wall Street analysts lowered their price targets for the stock, and some downgraded their ratings. Firms such as Guggenheim, Susquehanna, Wells Fargo, Morgan Stanley, Needham, Jefferies, and Wedbush cited softer demand expectations for fiscal Q2 2026 as the primary reason for these adjustments. For instance, an updated fair value estimate for EPAM Systems shifted from approximately $187 to $144, representing a reduction of about 23%. Wedbush issued a notably lower price target of $99.00 on June 15, 2026, reflecting increased caution on valuation and a less attractive risk-reward balance for investors.
Show more
Updated on 7/1/2026
EPAM Systems (EPAM) stock has lost about 35% since 3/31/2026 because of the following key factors:
1. Deceleration in Revenue Growth Outlook for Fiscal Q2 2026 and Full Year.
EPAM Systems, in its fiscal Q1 2026 earnings report on May 7, 2026, provided a cautious outlook for future revenue growth, contributing to investor concern. The company projected year-over-year revenue growth for fiscal Q2 2026 to be in the range of 4.0% to 4.7% at the midpoint, with organic constant currency growth expected at 2.7% at the midpoint. This marked a material deceleration compared to the 7.6% year-over-year revenue growth reported in fiscal Q1 2026 and the 4.9% organic growth achieved in fiscal year 2025, signaling a more conservative demand environment. The full-year 2026 revenue growth guidance was also narrowed to a range of 4.0% to 6.5%, further indicating a slowdown in top-line momentum.
2. Widespread Analyst Price Target Reductions and Downgrades.
Following EPAM Systems' fiscal Q1 2026 earnings release and updated guidance, numerous Wall Street analysts lowered their price targets for the stock, and some downgraded their ratings. Firms such as Guggenheim, Susquehanna, Wells Fargo, Morgan Stanley, Needham, Jefferies, and Wedbush cited softer demand expectations for fiscal Q2 2026 as the primary reason for these adjustments. For instance, an updated fair value estimate for EPAM Systems shifted from approximately $187 to $144, representing a reduction of about 23%. Wedbush issued a notably lower price target of $99.00 on June 15, 2026, reflecting increased caution on valuation and a less attractive risk-reward balance for investors.
3. Broader Macroeconomic Uncertainty Impacting IT Services Demand.
The decline in EPAM's stock was exacerbated by an uncertain macroeconomic environment and cautious sentiment across the broader IT services sector during fiscal Q2 2026. Companies, including EPAM, continued to face slower decision-making cycles from clients and foreign exchange volatility, leading to a more subdued demand outlook for discretionary IT projects. While the IT and related services market generally entered 2026 with momentum driven by digital transformation and AI adoption, concerns emerged regarding the pace of recovery in enterprise IT spending, with analysts noting slower than expected revenue growth due to these macroeconomic factors and competitive challenges.
Show less
EPAM Systems (EPAM) stock has lost about 35% since 3/31/2026 because of the following key factors:
1. Deceleration in Revenue Growth Outlook for Fiscal Q2 2026 and Full Year.
EPAM Systems, in its fiscal Q1 2026 earnings report on May 7, 2026, provided a cautious outlook for future revenue growth, contributing to investor concern. The company projected year-over-year revenue growth for fiscal Q2 2026 to be in the range of 4.0% to 4.7% at the midpoint, with organic constant currency growth expected at 2.7% at the midpoint. This marked a material deceleration compared to the 7.6% year-over-year revenue growth reported in fiscal Q1 2026 and the 4.9% organic growth achieved in fiscal year 2025, signaling a more conservative demand environment. The full-year 2026 revenue growth guidance was also narrowed to a range of 4.0% to 6.5%, further indicating a slowdown in top-line momentum.
2. Widespread Analyst Price Target Reductions and Downgrades.
Following EPAM Systems' fiscal Q1 2026 earnings release and updated guidance, numerous Wall Street analysts lowered their price targets for the stock, and some downgraded their ratings. Firms such as Guggenheim, Susquehanna, Wells Fargo, Morgan Stanley, Needham, Jefferies, and Wedbush cited softer demand expectations for fiscal Q2 2026 as the primary reason for these adjustments. For instance, an updated fair value estimate for EPAM Systems shifted from approximately $187 to $144, representing a reduction of about 23%. Wedbush issued a notably lower price target of $99.00 on June 15, 2026, reflecting increased caution on valuation and a less attractive risk-reward balance for investors.
3. Broader Macroeconomic Uncertainty Impacting IT Services Demand.
The decline in EPAM's stock was exacerbated by an uncertain macroeconomic environment and cautious sentiment across the broader IT services sector during fiscal Q2 2026. Companies, including EPAM, continued to face slower decision-making cycles from clients and foreign exchange volatility, leading to a more subdued demand outlook for discretionary IT projects. While the IT and related services market generally entered 2026 with momentum driven by digital transformation and AI adoption, concerns emerged regarding the pace of recovery in enterprise IT spending, with analysts noting slower than expected revenue growth due to these macroeconomic factors and competitive challenges.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -36.2% change in EPAM stock from 3/31/2026 to 7/13/2026 was primarily driven by a -39.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.40 | 86.38 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,457 | 5,555 | 1.8% |
| Net Income Margin (%) | 6.9% | 7.0% | 0.6% |
| P/E Multiple | 19.7 | 12.0 | -39.0% |
| Shares Outstanding (Mil) | 55 | 54 | 2.1% |
| Cumulative Contribution | -36.2% |
Market Drivers
3/31/2026 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPAM | -36.2% | |
| Market (SPY) | 15.2% | -9.6% |
| Sector (XLK) | 36.4% | -27.1% |
Fundamental Drivers
The -57.8% change in EPAM stock from 12/31/2025 to 7/13/2026 was primarily driven by a -60.8% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 204.88 | 86.38 | -57.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,298 | 5,555 | 4.9% |
| Net Income Margin (%) | 7.0% | 7.0% | -0.8% |
| P/E Multiple | 30.6 | 12.0 | -60.8% |
| Shares Outstanding (Mil) | 56 | 54 | 3.3% |
| Cumulative Contribution | -57.8% |
Market Drivers
12/31/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPAM | -57.8% | |
| Market (SPY) | 10.2% | 9.4% |
| Sector (XLK) | 26.1% | -2.9% |
Fundamental Drivers
The -51.1% change in EPAM stock from 6/30/2025 to 7/13/2026 was primarily driven by a -50.7% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 176.82 | 86.38 | -51.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,864 | 5,555 | 14.2% |
| Net Income Margin (%) | 8.5% | 7.0% | -17.8% |
| P/E Multiple | 24.4 | 12.0 | -50.7% |
| Shares Outstanding (Mil) | 57 | 54 | 5.6% |
| Cumulative Contribution | -51.1% |
Market Drivers
6/30/2025 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPAM | -51.1% | |
| Market (SPY) | 22.3% | 18.2% |
| Sector (XLK) | 43.8% | 4.2% |
Fundamental Drivers
The -61.6% change in EPAM stock from 6/30/2023 to 7/13/2026 was primarily driven by a -60.0% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7132026 | Change |
|---|---|---|---|
| Stock Price ($) | 224.75 | 86.38 | -61.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,864 | 5,555 | 14.2% |
| Net Income Margin (%) | 8.9% | 7.0% | -21.6% |
| P/E Multiple | 30.0 | 12.0 | -60.0% |
| Shares Outstanding (Mil) | 58 | 54 | 7.3% |
| Cumulative Contribution | -61.6% |
Market Drivers
6/30/2023 to 7/13/2026| Return | Correlation | |
|---|---|---|
| EPAM | -61.6% | |
| Market (SPY) | 75.0% | 37.6% |
| Sector (XLK) | 112.5% | 27.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EPAM Return | 87% | -51% | -9% | -21% | -12% | -59% | -77% |
| Peers Return | 38% | -39% | 36% | -2% | -27% | -50% | -59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| EPAM Win Rate | 75% | 42% | 42% | 33% | 58% | 29% | |
| Peers Win Rate | 61% | 36% | 56% | 53% | 39% | 29% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| EPAM Max Drawdown | -20% | -74% | -46% | -46% | -47% | -66% | |
| Peers Max Drawdown | -19% | -44% | -19% | -28% | -48% | -57% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACN, CTSH, GLOB. See EPAM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)
How Low Can It Go
| Event | EPAM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.2% | -9.5% |
| % Gain to Breakeven | 11.4% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 49.9% | 50.9% |
| Time to Breakeven | 93 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.7% | -19.2% |
| % Gain to Breakeven | 29.3% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.2% | -3.7% |
| % Gain to Breakeven | 11.4% | 3.9% |
| Time to Breakeven | 101 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.2% | -12.2% |
| % Gain to Breakeven | 20.7% | 13.9% |
| Time to Breakeven | 18 days | 62 days |
In The Past
EPAM Systems's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | EPAM | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 49.9% | 50.9% |
| Time to Breakeven | 93 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.7% | -19.2% |
| % Gain to Breakeven | 29.3% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
In The Past
EPAM Systems's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About EPAM Systems (EPAM)
EPAM Systems is a leading global provider of digital platform engineering and software development services. The company helps clients transform and innovate by offering end-to-end solutions, ranging from initial strategy and design to complex system integration, implementation, and ongoing maintenance and support. Essentially, EPAM partners with businesses to build, enhance, and manage their digital capabilities and technological infrastructure.
EPAM's comprehensive suite of services includes custom software development, digital product engineering, and cross-platform migration. They also specialize in IT infrastructure management, quality assurance, and automation, ensuring robust and efficient operations for their clients. Furthermore, EPAM provides a range of consulting services spanning business, technology, data, and experience design, and is involved in cutting-edge physical product development leveraging artificial intelligence, robotics, and virtual reality.
EPAM serves a diverse global client base across multiple industries. Key sectors include financial services, travel and consumer, software and high-tech, business information and media, and life sciences and healthcare. This broad market reach allows EPAM to apply its deep engineering expertise to solve complex challenges for a wide array of enterprise clients seeking digital transformation and innovation.
AI Analysis | Feedback
1. Accenture, focused on digital product engineering.
2. Like IBM's tech services, but specializing in building modern software and digital platforms.
AI Analysis | Feedback
- Digital Platform & Software Engineering: Provides services including requirements analysis, platform implementation, integration, custom software development, and maintenance.
- Infrastructure Management Services: Offers management for application, database, network, server, storage, and systems operations across various infrastructures.
- Quality Assurance & Testing Services: Delivers software application testing, test management, automation, and security testing to enhance quality and protect systems.
- IT Consulting Services: Provides advisory expertise across business, experience, technology, data, and technical domains.
- Digital & Product Design Solutions: Encompasses strategy, design, creative services, and physical product development utilizing advanced technologies.
AI Analysis | Feedback
EPAM Systems primarily sells its digital platform engineering and software development services to other companies (B2B model). While EPAM's revenue is diversified across a large client base and no single customer publicly accounts for 10% or more of its annual revenue, the company serves numerous prominent global enterprises across various industries.
Among its major customers, EPAM has engaged with and provided services to large, well-known companies such as:
- Google (GOOGL)
- SAP (SAP)
- UBS (UBS)
- Expedia Group (EXPE)
AI Analysis | Feedback
null
AI Analysis | Feedback
Balazs Fejes, Chief Executive Officer & President
Balazs Fejes was appointed Chief Executive Officer and President of EPAM Systems in September 2025. Before assuming the CEO role, he served as President of EU and APAC Markets.
Jason Peterson, Chief Financial Officer, SVP & Treasurer
Jason Peterson joined EPAM Systems in 2017 and leads Global Finance, Corporate Development, and Procurement. He has over 25 years of finance experience in the technology industry. Prior to EPAM, he held multiple leadership roles at Cognizant Technology Solutions, including financial planning and analysis, merger and acquisition diligence and integration, and financial process transformation. He also served as Chief Financial Officer for E&C Medical Intelligence, a venture-backed software and services company. His career also includes various accounting and finance roles at ATI Technologies, Philips Semiconductors, Silicon Graphics, and Hewlett-Packard.
Arkadiy Dobkin, Executive Chairman
Arkadiy Dobkin is the principal co-founder of EPAM Systems, establishing the company in 1993. He served as CEO and President from the company's inception until September 2025, when he transitioned to the role of Executive Chairman. Before co-founding EPAM, Mr. Dobkin held technical and product leadership positions at companies such as SAP, Prudential Insurance, and Colgate-Palmolive.
Elaina Shekhter, Chief Strategy & Transformation Officer, SVP
Elaina Shekhter serves as the Chief Strategy & Transformation Officer and Senior Vice President at EPAM Systems. She has held various leadership roles within EPAM, including Global Head of Business Development.
Larry Solomon, Chief People Officer, SVP
Larry Solomon is the Chief People Officer and Senior Vice President at EPAM Systems.
AI Analysis | Feedback
The key risks to EPAM Systems' business include:
- Geopolitical Tensions and Macroeconomic Volatility: EPAM Systems faces significant exposure to global economic uncertainties, trade tensions, and potential recessions, which can lead to reduced enterprise technology spending and slower decision-making for new projects. The company's operations are particularly vulnerable to geopolitical tensions, such as the war in Ukraine, which has led to operational risks, geographic repositioning of employees, and resulting financial costs and margin pressures.
- Technological Disruption and AI Integration: The intense competition within the artificial intelligence (AI) and cloud sectors requires continuous adaptation and substantial investment from EPAM. There is a risk that generative AI, while creating new demand, could also reduce the amount of billable work by increasing productivity in software engineering, potentially leading to stagnating or declining revenues if not strategically managed. EPAM's future prospects depend on its success in generating demand and achieving better pricing for AI-related projects.
- Talent Acquisition, Retention, and Rising Operational Costs: Attracting and retaining highly skilled talent, particularly in specialized areas like Generative AI and cloud architecture, is crucial for EPAM to deliver complex digital engineering solutions and maintain its capacity to innovate. The competition for such talent is intense and comes at a premium, contributing to higher operating expenses and ongoing margin pressures for the company.
AI Analysis | Feedback
null
AI Analysis | Feedback
EPAM Systems (symbol: EPAM) operates within several significant addressable markets globally. The primary markets for its main products and services include:
* Digital Transformation Market: The global digital transformation market was estimated at USD 1,070.43 billion in 2024 and is projected to reach USD 4,617.78 billion by 2030, growing at a CAGR of 28.5% from 2025 to 2030. Another report indicates the market size was USD 1.49 trillion in 2025 and is predicted to reach approximately USD 12.53 trillion by 2035, growing at a CAGR of 23.73% from 2026 to 2035. North America held over 43.0% of the revenue share in this market in 2024.
* Custom Software Development Market: The global custom software development market size was valued at USD 43.21 billion in 2024 and is predicted to increase from USD 53.02 billion in 2025 to approximately USD 334.49 billion by 2034, expanding at a CAGR of 22.71% from 2025 to 2034. Another source estimates the market at USD 44.2 billion in 2025, expected to reach USD 213.4 billion by 2035 with a CAGR of 17.3% from 2026 to 2035. North America dominated this market with a 34% share in 2024.
* Software Development Services Market: The global software development services market was valued at US$194.76 billion in 2025 and is anticipated to reach US$335.58 billion by 2032, at a CAGR of 8.2% from 2026 to 2032. Another report estimates the global market at approximately USD 340.72 billion in 2026, projected to reach USD 360.75 billion by 2035, expanding at a CAGR of 11.74% from 2026 to 2035.
* IT Consulting Services Market: The global IT consulting services market size was approximately USD 78.03 billion in 2024 and is projected to reach USD 129.15 billion by 2034, with a compound annual growth rate (CAGR) of roughly 6.50% between 2025 and 2034. Another estimate indicates the market size was USD 117.1 billion by the end of 2025 and is expected to reach USD 278.779 billion by 2033, growing at a CAGR of 11.452% from 2025 to 2033. North America holds a significant share, contributing around 35% of global consulting demand.
* Software Testing and QA Services Market: As of 2024, the global software testing and QA services market is valued at USD 38.12 billion and is projected to expand at a CAGR of 12.6% over the forecast period, reaching approximately USD 99.105 billion by 2032. Another source indicates the market size was valued at USD 55.8 billion in 2024, expected to grow to USD 112.5 billion in 2034, at a CAGR of 7.2%. North America accounted for a significant share in 2024.
* IT Infrastructure Management Services Market: The global IT infrastructure management tools market size was calculated at USD 25.46 billion in 2024 and is predicted to increase from USD 27.91 billion in 2025 to approximately USD 63.91 billion by 2034, expanding at a CAGR of 9.64% from 2025 to 2034. The managed IT infrastructure services market size is forecast to increase by USD 84.1 billion, at a CAGR of 6.4% between 2024 and 2029. Global IT Infrastructure Services Market size was valued at USD 120.15 million in 2025 and is poised to grow from USD 132.77 million in 2026 to USD 326.1 million by 2035, growing at a CAGR of 10.5% during the forecast period. North America leads this market.
* Platform Engineering Services Market: The global platform engineering services market size was estimated at USD 5,541.1 million in 2023 and is projected to reach USD 23,908.0 million by 2030, growing at a CAGR of 23.7% from 2024 to 2030. Another report anticipates the market to exceed USD 44.56 billion by 2033, growing at a CAGR of 23.50% from 2023 to 2033. North America dominated with a revenue share of over 40.0% in 2023.
* Product Design and Development Services Market: The global product design and development services market size was valued at USD 17.06 billion in 2023 and is projected to reach USD 32.93 billion by 2030, growing at a CAGR of 10.08% from 2024 to 2030. The market is expected to reach US$ 29.23 billion by 2034 from US$ 12.60 billion in 2025, registering a CAGR of 9.8% during 2026–2034. Asia Pacific dominated this market with the largest revenue share of 41.9% in 2023.
AI Analysis | Feedback
EPAM Systems (EPAM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion of AI-Native and Generative AI Services: EPAM is heavily focused on leveraging Artificial Intelligence, particularly in AI-native enterprise transformation and Generative AI integration. The company anticipates substantial growth in revenues from its AI-native services, projecting to scale these beyond $600 million in 2026, a significant increase from $105 million in Q4 2025. This focus positions EPAM to benefit from the accelerating deployment of AI by large organizations.
- Continued Digital Transformation and Legacy Modernization: The company expects a rebound in demand for services related to digital transformation and legacy system modernization. This ongoing need among clients for advanced customer-centric solutions and updating existing IT infrastructure will continue to be a core driver, capitalizing on EPAM's established engineering expertise.
- Optimization and Diversification of Global Delivery Model: EPAM's strategy includes optimizing its global delivery capabilities, which involves expanding into new geographic regions such as India and Mexico. This diversification enhances the company's ability to serve a broader client base and deliver services efficiently.
- Strategic Partnerships and Targeted Acquisitions: EPAM plans to engage in disciplined M&A activities and continue leveraging strategic partnerships to expand its offerings and market reach. For example, the acquisition of NEORIS contributed to revenue growth in 2025. The company also highlights partnerships with major technology providers like Microsoft, AWS, and Google Cloud to integrate advanced AI technologies and deliver transformative solutions.
AI Analysis | Feedback
Share Repurchases
- In March 2026, EPAM Systems initiated a $300 million accelerated share repurchase (ASR) agreement, part of an existing $1.0 billion authorization, leaving $452.5 million remaining under the authorization.
- EPAM repurchased $662.159 million in shares in 2025.
- The company executed share buybacks totaling $398.028 million in 2024 and $164.9 million in 2023.
Share Issuance
- Cash provided by financing activities primarily includes proceeds from shares purchased under the Employee Stock Purchase Plan (ESPP).
- As of December 31, 2023, 607 thousand shares of common stock were available for issuance under the ESPP.
Outbound Investments
- In late 2024, EPAM acquired First Derivative for $290 million and NEORIS for $630 million. The First Derivative acquisition strengthened financial services consulting, while NEORIS expanded capabilities in Latin America and Europe.
- In 2022, EPAM completed two acquisitions with a total purchase price of $13.6 million to expand its commerce platform capabilities and geographic reach.
- During 2021, the company made seven acquisitions, which contributed 4.3% to its revenue growth for the year.
Capital Expenditures
- Capital expenditures were $28.42 million in 2023, $81.63 million in 2022, and $111.5 million in 2021.
- Anticipated capital expenditures are $32.15 million for 2024 and $42.24 million for 2025.
- A primary focus of capital allocation includes significant investments in training and development programs for its engineering talent, including targeted training, innovation labs, and internal production projects. The company is also making investments in AI capabilities to drive growth in AI-native and foundational services.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.27 |
| Mkt Cap | 12.9 |
| Rev LTM | 13,481 |
| Op Inc LTM | 1,958 |
| FCF LTM | 1,507 |
| FCF 3Y Avg | 1,257 |
| CFO LTM | 1,676 |
| CFO 3Y Avg | 1,423 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 5.7% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 4.5% |
| Op Inc Chg 3Y Avg | 4.0% |
| Op Mgn LTM | 12.7% |
| Op Mgn 3Y Avg | 13.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 13.4% |
| CFO/Rev 3Y Avg | 12.2% |
| FCF/Rev LTM | 10.9% |
| FCF/Rev 3Y Avg | 10.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.9 |
| P/S | 0.9 |
| P/Op Inc | 6.8 |
| P/EBIT | 7.6 |
| P/E | 11.5 |
| P/CFO | 7.0 |
| Total Yield | 9.8% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 5.9% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -14.8% |
| 3M Rtn | -28.9% |
| 6M Rtn | -50.9% |
| 12M Rtn | -49.1% |
| 3Y Rtn | -58.7% |
| 1M Excs Rtn | -17.2% |
| 3M Excs Rtn | -34.7% |
| 6M Excs Rtn | -60.1% |
| 12M Excs Rtn | -70.5% |
| 3Y Excs Rtn | -127.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Professional services | 5,428 | 4,698 | 4,662 | 4,800 | 3,739 |
| Licensing and other revenues | 29 | 30 | 29 | 25 | 19 |
| Total | 5,457 | 4,728 | 4,691 | 4,825 | 3,758 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2010 |
|---|---|---|---|---|---|
| North America | 112 | 91 | 67 | 39 | 28 |
| Europe | 69 | 50 | 35 | 33 | 15 |
| Russia | 5 | 7 | 7 | 9 | 3 |
| Other | -0 | -3 | 1 | 7 | 1 |
| Unallocated | -80 | -58 | -33 | -21 | |
| Corporate | -15 | ||||
| Total | 106 | 86 | 76 | 66 | 33 |
Price Behavior
Price Behavior
| Market Price | $86.38 | |
| Market Cap ($ Bil) | 4.6 | |
| First Trading Date | 02/08/2012 | |
| Distance from 52W High | -61.0% | |
| 50 Days | 200 Days | |
| DMA Price | $95.96 | $149.82 |
| DMA Trend | down | down |
| Distance from DMA | -10.0% | -42.3% |
| 3M | 1YR | |
| Volatility | 54.2% | 47.8% |
| Downside Capture | -12.44 | 116.93 |
| Upside Capture | -155.78 | 10.73 |
| Correlation (SPY) | -5.4% | 18.8% |
EPAM Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.26 | -0.48 | -0.17 | 0.46 | 0.75 | 1.09 |
| Up Beta | -0.74 | -0.59 | -0.08 | 0.21 | 0.50 | 0.92 |
| Down Beta | 0.47 | 0.82 | 0.40 | 0.48 | 1.04 | 1.28 |
| Up Capture | -181% | -166% | -95% | -41% | 9% | 49% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 14 | 22 | 52 | 126 | 375 |
| Down Capture | 89% | 13% | 83% | 159% | 125% | 108% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 27 | 41 | 73 | 125 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPAM | |
|---|---|---|---|---|
| EPAM | -51.5% | 47.8% | -1.35 | - |
| Sector ETF (XLK) | 41.9% | 24.4% | 1.38 | 4.2% |
| Equity (SPY) | 20.8% | 12.6% | 1.23 | 18.6% |
| Gold (GLD) | 20.0% | 27.9% | 0.64 | -3.2% |
| Commodities (DBC) | 27.6% | 18.9% | 1.16 | -3.5% |
| Real Estate (VNQ) | 13.3% | 13.9% | 0.66 | 19.9% |
| Bitcoin (BTCUSD) | -44.8% | 42.7% | -1.28 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPAM | |
|---|---|---|---|---|
| EPAM | -30.1% | 54.9% | -0.42 | - |
| Sector ETF (XLK) | 20.2% | 25.5% | 0.71 | 38.5% |
| Equity (SPY) | 13.0% | 17.1% | 0.59 | 42.8% |
| Gold (GLD) | 17.0% | 18.3% | 0.75 | 0.8% |
| Commodities (DBC) | 7.8% | 19.5% | 0.29 | 1.8% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.06 | 35.5% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 20.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPAM | |
|---|---|---|---|---|
| EPAM | 3.0% | 45.9% | 0.24 | - |
| Sector ETF (XLK) | 25.0% | 24.8% | 0.91 | 50.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 51.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 3.3% |
| Commodities (DBC) | 6.3% | 18.0% | 0.28 | 9.6% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 40.3% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.8% | -14.0% | -7.2% |
| 2/19/2026 | -0.2% | -0.4% | -1.2% |
| 11/6/2025 | 4.3% | 7.4% | 23.8% |
| 8/7/2025 | 0.2% | 1.0% | 4.3% |
| 5/8/2025 | -1.5% | 2.8% | -1.7% |
| 2/20/2025 | -7.2% | -7.4% | -22.1% |
| 11/7/2024 | 14.9% | 22.7% | 21.1% |
| 8/8/2024 | 1.1% | 4.6% | 7.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 13 | 13 |
| # Negative | 8 | 11 | 11 |
| Median Positive | 3.7% | 4.0% | 9.1% |
| Median Negative | -4.1% | -5.7% | -7.2% |
| Max Positive | 14.9% | 22.7% | 23.8% |
| Max Negative | -10.3% | -14.9% | -35.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.8% | -14.0% | -7.2% |
| 2/19/2026 | -0.2% | -0.4% | -1.2% |
| 11/6/2025 | 4.3% | 7.4% | 23.8% |
| 8/7/2025 | 0.2% | 1.0% | 4.3% |
| 5/8/2025 | -1.5% | 2.8% | -1.7% |
| 2/20/2025 | -7.2% | -7.4% | -22.1% |
| 11/7/2024 | 14.9% | 22.7% | 21.1% |
| 8/8/2024 | 1.1% | 4.6% | 7.8% |
| 5/9/2024 | 0.8% | 4.0% | -2.7% |
| 2/15/2024 | 8.3% | 9.5% | 7.5% |
| 11/2/2023 | 3.6% | 2.0% | 12.5% |
| 8/3/2023 | 3.4% | 1.1% | 9.3% |
| 5/5/2023 | -10.3% | -14.0% | -24.8% |
| 2/16/2023 | -5.6% | -14.9% | -23.7% |
| 11/3/2022 | 3.8% | 16.4% | 15.5% |
| 8/4/2022 | 12.3% | 19.2% | 11.4% |
| 5/5/2022 | 10.7% | -5.3% | 6.3% |
| 2/17/2022 | 0.5% | -13.3% | -35.6% |
| 11/4/2021 | 5.3% | -0.8% | -12.2% |
| 8/5/2021 | 1.4% | 2.1% | 9.1% |
| 5/6/2021 | -0.6% | -4.4% | 4.6% |
| 2/18/2021 | -3.4% | -5.7% | -5.8% |
| 11/5/2020 | 5.4% | -0.6% | -1.2% |
| 8/6/2020 | 0.2% | 3.8% | 6.3% |
| SUMMARY STATS | |||
| # Positive | 16 | 13 | 13 |
| # Negative | 8 | 11 | 11 |
| Median Positive | 3.7% | 4.0% | 9.1% |
| Median Negative | -4.1% | -5.7% | -7.2% |
| Max Positive | 14.9% | 22.7% | 23.8% |
| Max Negative | -10.3% | -14.9% | -35.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.40 Bil | 1.41 Bil | 1.42 Bil | 1.1% | Higher New | Guidance: 1.39 Bil for Q1 2026 | |
| Q2 2026 GAAP Diluted EPS | 1.79 | 1.83 | 1.87 | 34.6% | Higher New | Guidance: 1.36 for Q1 2026 | |
| Q2 2026 Non-GAAP Diluted EPS | 3.1 | 3.14 | 3.18 | 14.6% | Higher New | Guidance: 2.74 for Q1 2026 | |
| 2026 Revenue Growth | 4.0% | 5.25% | 6.5% | -0.8% | Lowered | Guidance: 6.0% for 2026 | |
| 2026 GAAP Diluted EPS | 8.29 | 8.44 | 8.59 | 4.2% | Raised | Guidance: 8.1 for 2026 | |
| 2026 Non-GAAP Diluted EPS | 13 | 13.1 | 13.3 | 3.0% | Raised | Guidance: 12.8 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.39 Bil | 1.39 Bil | 1.40 Bil | 0.4% | Higher New | Guidance: 1.39 Bil for Q4 2025 | |
| Q1 2026 GAAP Diluted EPS | 1.32 | 1.36 | 1.4 | -33.3% | Lower New | Guidance: 2.04 for Q4 2025 | |
| Q1 2026 Non-GAAP Diluted EPS | 2.7 | 2.74 | 2.78 | -12.7% | Lower New | Guidance: 3.14 for Q4 2025 | |
| 2026 Revenue Growth | 4.5% | 6.0% | 7.5% | ||||
| 2026 GAAP Diluted EPS | 7.95 | 8.1 | 8.25 | 19.3% | Higher New | Guidance: 6.79 for 2025 | |
| 2026 Non-GAAP Diluted EPS | 12.6 | 12.8 | 12.9 | 11.8% | Higher New | Guidance: 11.4 for 2025 | |
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 1.38 Bil | 1.39 Bil | 1.40 Bil | 1.1% | Higher New | Guidance: 1.37 Bil for Q3 2025 | |
| Q4 2025 GAAP Diluted EPS | 2 | 2.04 | 2.08 | 5.7% | Higher New | Guidance: 1.93 for Q3 2025 | |
| Q4 2025 Non-GAAP Diluted EPS | 3.1 | 3.14 | 3.18 | 4.0% | Higher New | Guidance: 3.02 for Q3 2025 | |
| 2025 Revenue | 5.43 Bil | 5.44 Bil | 5.45 Bil | ||||
| 2025 GAAP Diluted EPS | 6.75 | 6.79 | 6.83 | 3.5% | Raised | Guidance: 6.56 for 2025 | |
| 2025 Non-GAAP Diluted EPS | 11.4 | 11.4 | 11.4 | 3.3% | Raised | Guidance: 11 for 2025 | |
Insider Activity
Updated 5/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fejes, Balazs | CEO, President, Director | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 4,708,969 | Form |
| 2 | Rockwell, Edward | SVP/Chief Legal Officer | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 1,462,511 | Form |
| 3 | Abrahams, Gary C | VP, Corporate Controller, PAO | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 365,916 | Form |
| 4 | Peterson, Jason D | Chief Financial Officer | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 4,292,439 | Form |
| 5 | Solomon, Lawrence F | SVP/Chief People Officer | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 2,931,439 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fejes, Balazs | CEO, President, Director | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 4,708,969 | Form |
| 2 | Rockwell, Edward | SVP/Chief Legal Officer | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 1,462,511 | Form |
| 3 | Abrahams, Gary C | VP, Corporate Controller, PAO | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 365,916 | Form |
| 4 | Peterson, Jason D | Chief Financial Officer | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 4,292,439 | Form |
| 5 | Solomon, Lawrence F | SVP/Chief People Officer | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 2,931,439 | Form |
| 6 | Dvorkin, Viktar | Chief Deliv Off, EVP, Americas | Direct | Buy | 5022026 | 96.71 | 78 | 7,500 | 4,278,126 | Form |
| 7 | Shnayder, Boris | SVP/Co-Head of Global Business | Direct | Sell | 12102025 | 207.00 | 5,000 | 1,035,000 | 3,238,534 | Form |
| 8 | Abrahams, Gary C | VP, Corporate Controller, PAO | Direct | Sell | 11172025 | 179.29 | 600 | 107,574 | 487,685 | Form |
| 9 | Dvorkin, Viktar | SVP/Head of Global Delivery | Dvorkin Family Trust | Sell | 11142025 | 181.80 | 2,500 | 454,497 | 6,930,901 | Form |
| 10 | Abrahams, Gary C | VP, Corporate Controller, PAO | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 447,183 | Form |
| 11 | Rockwell, Edward | SVP/General Counsel | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 1,303,003 | Form |
| 12 | Fejes, Balazs | CEO, President, Director | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 3,348,810 | Form |
| 13 | Peterson, Jason D | Chief Financial Officer | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 4,233,454 | Form |
| 14 | Shnayder, Boris | SVP/Co-Head of Global Business | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 2,107,237 | Form |
| 15 | Solomon, Lawrence F | SVP & Chief People Officer | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 2,753,749 | Form |
| 16 | Dvorkin, Viktar | SVP/Head of Global Delivery | Direct | Buy | 11102025 | 134.69 | 56 | 7,500 | 1,658,181 | Form |
| 17 | Abrahams, Gary C | VP, Corporate Controller, PAO | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 435,484 | Form |
| 18 | Rockwell, Edward | SVP/General Counsel | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 1,282,917 | Form |
| 19 | Fejes, Balazs | CEO, President, Director | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 3,308,674 | Form |
| 20 | Peterson, Jason D | Chief Financial Officer | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 4,184,648 | Form |
| 21 | Shnayder, Boris | SVP/Co-Head of Global Business | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 2,079,270 | Form |
| 22 | Solomon, Lawrence F | SVP & Chief People Officer | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 2,719,446 | Form |
| 23 | Dvorkin, Viktar | SVP/Head of Global Delivery | Direct | Buy | 11102025 | 133.37 | 56 | 7,500 | 1,634,614 | Form |
| 24 | Yezhkov, Sergey | SVP/Co-Head of Global Business | Direct | Sell | 10222025 | 150.27 | 1,511 | 227,058 | 21,974 | Form |
| 25 | Yezhkov, Sergey | SVP/Co-Head of Global Business | Direct | Sell | 10032025 | 150.86 | 10,079 | 1,520,518 | 958,297 | Form |
| 26 | Yezhkov, Sergey | SVP/Co-Head of Global Business | Direct | Buy | 9022025 | 133.37 | 56 | 7,499 | 2,348,543 | Form |
| 27 | Shnayder, Boris | SVP/Co-Head of Global Business | Direct | Sell | 5222025 | 183.97 | 10,500 | 1,931,685 | 2,857,790 | Form |
Investor Activity (13F)
Updated Jul 14, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Aikya Investment Management Ltd | $123.3 Mil | 35.8% | 4 | ADD +19.2% | 13F |
EPAM Systems — Investor Video Playlist
Products & Services
From Pilot to Production: AI Leadership in Regulated Financial Services
Products & Services
Scaling AI-Native Capabilities at EPAM India
Products & Services
From Data to Decisions: AI-Enabled MedTech and the Future of Diagnostics
Products & Services
The Future of Fashion is Here: Introducing Digital Product Passports (DPPs)
Products & Services
EPAM’s Integrated Onboarding & Servicing for Financial Services
Products & Services
GDC 2025 AI Executive Panel: Exploring What’s Next in AI for Gaming (Presented by EPAM)
Products & Services
EPAM & Google Cloud Unveil AI-Powered One Data Foundation
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| IT Consulting & Other Services Resources |
| IDC |
| Forrester |
| Consultancy.org |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 7/13/2026