企業概要
EPAM Systems, Inc. is a global provider of digital platform engineering and software development services, offering comprehensive engineering solutions that encompass requirements analysis, platform selection, customization, cross-platform migration, implementation, and integration alongside cloud services. The company operates within the Technology sector, specifically focusing on the Information Technology Services industry, where it delivers specialized technical capabilities to enterprise clients worldwide. EPAM holds a market capitalization of $6.71B and reported annual revenue of $5.46B over the trailing twelve months, employing a workforce of 62,850 individuals. These financial metrics indicate that the company occupies a significant position in the global IT services market, supported by a substantial revenue base that reflects its scale and operational reach across multiple international regions. The combination of a large employee count and multi-billion dollar revenue stream underscores the company's established footprint and capacity to execute large-scale digital transformation projects for its clientele.
財務健全性
EPAM Systems reported revenue of $5.46B, net income of $377.68M, and EBITDA of $707.23M for the trailing twelve months, illustrating a clear distinction between top-line generation and bottom-line profitability. The gap between the $5.46B revenue and $377.68M net income reveals a cost structure where significant expenses, including cost of goods sold and operating expenditures, consume a substantial portion of gross revenue before arriving at net profit. The company generated $725.31M in free cash flow, which provides a robust foundation for financial flexibility, enabling capital allocation decisions without relying heavily on external financing. Analyzing the margin structure, the gross margin stands at 28.9%, indicating the percentage of revenue remaining after direct costs, while the operating margin of 11.9% reflects efficiency in managing overhead and administrative functions. The profit margin is 6.9%, showing the final percentage of revenue that converts into actual net earnings for shareholders. On the balance sheet, EPAM holds $1.30B in cash against $143.70M in debt, resulting in a debt-to-equity ratio of 3.91, which suggests a leveraged position where equity is significantly smaller than the combined liabilities and cash reserves. The current ratio of 2.59 indicates that the company possesses $2.59 in current assets for every $1 of current liabilities, signaling strong short-term liquidity and the ability to meet obligations without distress. Return on Equity is 10.3% and Return on Assets is 7.5%, metrics that reveal management's effectiveness in generating profits from both shareholder capital and the total asset base utilized to operate the business.
バリュエーション評価
The valuation of EPAM is characterized by a P/E Ratio (TTM) of 18.40 and a Forward P/E of 8.89, implying that the market expects earnings to grow significantly faster in the coming periods to justify the higher trailing multiple. The substantial difference between the trailing and forward P/E ratios suggests that analysts anticipate a sharp acceleration in earnings per share, potentially driven by operational leverage or margin expansion, which would compress the valuation multiple over time. The price-to-book ratio is 1.83, indicating that the market values the company at a 83% premium over its tangible book value, reflecting intangible assets, brand equity, or growth prospects not captured in asset totals. Alternative valuation metrics include a price-to-sales ratio of 1.23 and an EV/EBITDA of 7.85, which provide context on how much investors are paying for each dollar of sales and operating earnings relative to enterprise value. The stock has traded between a 52-week low of $122.70 and a 52-week high of $222.53, and without the current specific share price provided in the source data, the position relative to this range cannot be mathematically calculated from the available facts alone. The beta of 1.73 indicates that the stock exhibits high price volatility relative to the broader market, moving approximately 73% more than the market index during periods of fluctuation.
Growth & Income
EPAM Systems demonstrates robust expansion with revenue growth of 12.8% year-over-year and earnings growth of 9.9% year-over-year, indicating that earnings are growing slightly slower than revenue, which may suggest margin pressure or one-time gains in the prior period affecting the base. The company does not pay a dividend, evidenced by a dividend yield of N/A and a payout ratio of 0.0%, meaning all net income is retained within the business to fund organic growth, acquisitions, or debt reduction rather than being distributed to shareholders. This retention strategy aligns with the growth profile of a technology services firm that prioritizes reinvestment in its engineering talent and digital platforms to sustain long-term expansion. Overall, EPAM presents a growth-oriented income profile where shareholder returns are derived primarily through capital appreciation and potential stock buybacks rather than current cash distributions.