EPAM Systems (EPAM)
Market Price (5/20/2026): $100.54 | Market Cap: $5.4 BilSector: Information Technology | Industry: IT Consulting & Other Services
EPAM Systems (EPAM)
Market Price (5/20/2026): $100.54Market Cap: $5.4 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 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%, FCF Yield is 10% 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 -14% 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 -53% Stock buyback supportStock Buyback 3Y Total is 1.5 Bil Low stock price volatilityVol 12M is 43% 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 -86%, 3Y Excs Rtn is -135% Meaningful 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 14% | 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 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.1%, FCF Yield is 10% |
| 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 -14% |
| 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 -53% |
| Stock buyback supportStock Buyback 3Y Total is 1.5 Bil |
| Low stock price volatilityVol 12M is 43% |
| 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 -86%, 3Y Excs Rtn is -135% |
| Meaningful 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 14% |
| 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
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EPAM Systems (EPAM) stock has lost about 50% since 1/31/2026 because of the following key factors:
1. Significantly Lowered Full-Year 2026 Revenue Guidance: Despite reporting better-than-expected Q1 2026 earnings with revenues of $1.4 billion and non-GAAP diluted EPS of $2.86, EPAM Systems notably lowered its full-year 2026 revenue growth outlook. The company revised its projected year-over-year revenue growth rate from an initial range of 4.5%-7.5% down to 4.0%-6.5%, with organic constant currency growth adjusted to 2.5%-5.0%. This downward revision in guidance, announced on May 7, 2026, indicated a more challenging operating environment than previously anticipated.
2. Persistent Macroeconomic Headwinds and Soft Discretionary Spending: A core reason for the revised outlook and subsequent stock decline was the impact of macroeconomic pressures. EPAM cited "greater-than-expected headwinds in discretionary spending" and "macro uncertainty, delayed client decisions (especially with large customers), and exposure to energy prices and economic volatility" as factors impacting its business. These broader market conditions affected client spending on discretionary technology investments, directly impacting EPAM's custom applications and services business.
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1. Significantly Lowered Full-Year 2026 Revenue Guidance: Despite reporting better-than-expected Q1 2026 earnings with revenues of $1.4 billion and non-GAAP diluted EPS of $2.86, EPAM Systems notably lowered its full-year 2026 revenue growth outlook. The company revised its projected year-over-year revenue growth rate from an initial range of 4.5%-7.5% down to 4.0%-6.5%, with organic constant currency growth adjusted to 2.5%-5.0%. This downward revision in guidance, announced on May 7, 2026, indicated a more challenging operating environment than previously anticipated.
2. Persistent Macroeconomic Headwinds and Soft Discretionary Spending: A core reason for the revised outlook and subsequent stock decline was the impact of macroeconomic pressures. EPAM cited "greater-than-expected headwinds in discretionary spending" and "macro uncertainty, delayed client decisions (especially with large customers), and exposure to energy prices and economic volatility" as factors impacting its business. These broader market conditions affected client spending on discretionary technology investments, directly impacting EPAM's custom applications and services business.
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Stock Movement Drivers
Fundamental Drivers
The -51.8% change in EPAM stock from 1/31/2026 to 5/19/2026 was primarily driven by a -55.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.60 | 100.51 | -51.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,298 | 5,555 | 4.9% |
| Net Income Margin (%) | 7.0% | 7.0% | -0.8% |
| P/E Multiple | 31.2 | 14.0 | -55.2% |
| Shares Outstanding (Mil) | 56 | 54 | 3.3% |
| Cumulative Contribution | -51.8% |
Market Drivers
1/31/2026 to 5/19/2026| Return | Correlation | |
|---|---|---|
| EPAM | -51.8% | |
| Market (SPY) | 6.3% | 13.9% |
| Sector (XLK) | 20.6% | 13.3% |
Fundamental Drivers
The -38.5% change in EPAM stock from 10/31/2025 to 5/19/2026 was primarily driven by a -39.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.54 | 100.51 | -38.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,071 | 5,555 | 9.6% |
| Net Income Margin (%) | 7.9% | 7.0% | -12.0% |
| P/E Multiple | 23.0 | 14.0 | -39.1% |
| Shares Outstanding (Mil) | 56 | 54 | 4.7% |
| Cumulative Contribution | -38.5% |
Market Drivers
10/31/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| EPAM | -38.5% | |
| Market (SPY) | 8.2% | 17.7% |
| Sector (XLK) | 15.5% | 14.4% |
Fundamental Drivers
The -35.9% change in EPAM stock from 4/30/2025 to 5/19/2026 was primarily driven by a -28.7% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 156.91 | 100.51 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,728 | 5,555 | 17.5% |
| Net Income Margin (%) | 9.6% | 7.0% | -27.6% |
| P/E Multiple | 19.6 | 14.0 | -28.7% |
| Shares Outstanding (Mil) | 57 | 54 | 5.6% |
| Cumulative Contribution | -35.9% |
Market Drivers
4/30/2025 to 5/19/2026| Return | Correlation | |
|---|---|---|
| EPAM | -35.9% | |
| Market (SPY) | 33.8% | 29.6% |
| Sector (XLK) | 66.0% | 22.2% |
Fundamental Drivers
The -64.4% change in EPAM stock from 4/30/2023 to 5/19/2026 was primarily driven by a -63.9% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5192026 | Change |
|---|---|---|---|
| Stock Price ($) | 282.44 | 100.51 | -64.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,825 | 5,555 | 15.1% |
| Net Income Margin (%) | 8.7% | 7.0% | -19.9% |
| P/E Multiple | 38.8 | 14.0 | -63.9% |
| Shares Outstanding (Mil) | 58 | 54 | 7.0% |
| Cumulative Contribution | -64.4% |
Market Drivers
4/30/2023 to 5/19/2026| Return | Correlation | |
|---|---|---|
| EPAM | -64.4% | |
| Market (SPY) | 83.3% | 38.1% |
| Sector (XLK) | 134.5% | 32.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| EPAM Return | 87% | -51% | -9% | -21% | -12% | -51% | -72% |
| Peers Return | 38% | -39% | 36% | -2% | -27% | -36% | -47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| EPAM Win Rate | 75% | 42% | 42% | 33% | 58% | 20% | |
| Peers Win Rate | 61% | 36% | 56% | 53% | 39% | 7% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| EPAM Max Drawdown | -20% | -74% | -46% | -46% | -47% | -59% | |
| Peers Max Drawdown | -19% | -44% | -19% | -28% | -48% | -48% | |
| 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 5/19/2026 (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.
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| 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, Inc. provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, implementation, and integration; infrastructure management services, such as software development, testing, and maintenance with private, public, and mobile infrastructures for application, database, network, server, storage, and systems operations management, as well as monitoring, incident notification, and resolution services; and maintenance and support services. It also provides operation solutions comprising integrated engineering practices and smart automation; and optimization solutions that include software application testing, test management, automation, and consulting services to enable customers enhance their existing software testing and quality assurance practices, as well as other testing services that identify threats and close loopholes to protect its customers' business systems from information loss. In addition, the company offers business, experience, technology, data, and technical advisory consulting services; and digital and service design solutions, which comprise strategy, design, creative, and program management services, as well as physical product development, such as artificial intelligence, robotics, and virtual reality. It serves the financial services, travel and consumer, software and hi-tech, business information and media, life sciences and healthcare, and other industries. The company was founded in 1993 and is headquartered in Newtown, Pennsylvania.
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1. Accenture, focused on digital product engineering.
2. Like IBM's tech services, but specializing in building modern software and digital platforms.
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- 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.
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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)
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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.
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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.
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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.
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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.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 02132026 | EPAM | EPAM Systems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -31.6% | -31.6% | -32.1% |
| 03312025 | EPAM | EPAM Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -8.5% | -19.8% | -23.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 75.70 |
| Mkt Cap | 14.8 |
| 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 | 6.9% |
| Rev Chg 3Y Avg | 4.7% |
| Rev Chg Q | 6.7% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 4.9% |
| Op Inc Chg 3Y Avg | 4.0% |
| Op Mgn LTM | 12.7% |
| Op Mgn 3Y Avg | 13.0% |
| QoQ Delta Op Mgn LTM | 0.0% |
| 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 | 14.8 |
| P/S | 1.1 |
| P/Op Inc | 8.6 |
| P/EBIT | 9.6 |
| P/E | 14.1 |
| P/CFO | 8.6 |
| Total Yield | 8.5% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -17.9% |
| 3M Rtn | -20.0% |
| 6M Rtn | -30.8% |
| 12M Rtn | -44.3% |
| 3Y Rtn | -47.4% |
| 1M Excs Rtn | -21.2% |
| 3M Excs Rtn | -28.6% |
| 6M Excs Rtn | -40.6% |
| 12M Excs Rtn | -67.5% |
| 3Y Excs Rtn | -122.6% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $100.51 | |
| Market Cap ($ Bil) | 5.5 | |
| First Trading Date | 02/08/2012 | |
| Distance from 52W High | -54.6% | |
| 50 Days | 200 Days | |
| DMA Price | $122.84 | $161.94 |
| DMA Trend | down | down |
| Distance from DMA | -18.2% | -37.9% |
| 3M | 1YR | |
| Volatility | 52.4% | 43.5% |
| Downside Capture | 124.59 | 161.28 |
| Upside Capture | -87.81 | 45.97 |
| Correlation (SPY) | -3.1% | 26.8% |
EPAM Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.29 | -0.08 | 0.86 | 0.89 | 1.20 | 1.15 |
| Up Beta | -0.01 | 0.01 | 0.30 | 0.43 | 1.15 | 0.90 |
| Down Beta | 0.52 | -0.40 | -0.17 | 0.41 | 1.18 | 1.26 |
| Up Capture | -56% | -53% | 1% | 73% | 76% | 84% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 8 | 19 | 29 | 65 | 133 | 386 |
| Down Capture | 534% | 61% | 247% | 155% | 143% | 110% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 14 | 24 | 35 | 60 | 118 | 364 |
[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 | -45.5% | 43.5% | -1.27 | - |
| Sector ETF (XLK) | 48.6% | 20.5% | 1.82 | 19.8% |
| Equity (SPY) | 25.0% | 12.1% | 1.55 | 27.2% |
| Gold (GLD) | 40.0% | 26.8% | 1.23 | -7.7% |
| Commodities (DBC) | 49.4% | 18.5% | 2.03 | -6.8% |
| Real Estate (VNQ) | 9.7% | 13.4% | 0.45 | 18.5% |
| Bitcoin (BTCUSD) | -25.6% | 41.9% | -0.59 | 21.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPAM | |
|---|---|---|---|---|
| EPAM | -25.7% | 54.1% | -0.32 | - |
| Sector ETF (XLK) | 22.4% | 24.8% | 0.79 | 42.1% |
| Equity (SPY) | 14.2% | 17.0% | 0.65 | 44.2% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 0.4% |
| Commodities (DBC) | 11.0% | 19.4% | 0.45 | 1.9% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 35.8% |
| Bitcoin (BTCUSD) | 9.4% | 55.6% | 0.38 | 19.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with EPAM | |
|---|---|---|---|---|
| EPAM | 3.5% | 45.7% | 0.26 | - |
| Sector ETF (XLK) | 24.6% | 24.4% | 0.91 | 52.9% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 52.8% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 2.0% |
| Commodities (DBC) | 8.4% | 17.9% | 0.38 | 10.3% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 40.5% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 15.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -4.8% | -14.0% | |
| 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 | 17 | 13 | 14 |
| # Negative | 8 | 12 | 10 |
| Median Positive | 3.6% | 4.0% | 8.5% |
| Median Negative | -4.1% | -5.5% | -9.0% |
| 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 |
Recent Forward Guidance [BETA]
Latest: 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 | Actual: 1.39 Bil for Q1 2026 | |
| Q2 2026 GAAP Diluted EPS | 1.79 | 1.83 | 1.87 | 34.6% | Higher New | Actual: 1.36 for Q1 2026 | |
| Q2 2026 Non-GAAP Diluted EPS | 3.1 | 3.14 | 3.18 | 14.6% | Higher New | Actual: 2.74 for Q1 2026 | |
| 2026 Revenue Growth | 4.0% | 5.25% | 6.5% | -12.5% | -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% | Raised | Guidance: 1.39 Bil for Q4 2025 | |
| Q1 2026 GAAP Diluted EPS | 1.32 | 1.36 | 1.4 | -33.3% | Lowered | Guidance: 2.04 for Q4 2025 | |
| Q1 2026 Non-GAAP Diluted EPS | 2.7 | 2.74 | 2.78 | -12.7% | Lowered | 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% | Raised | Guidance: 6.79 for 2025 | |
| 2026 Non-GAAP Diluted EPS | 12.6 | 12.8 | 12.9 | 11.8% | Raised | Guidance: 11.4 for 2025 | |
Insider Activity
Expand for More| # | 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 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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