Financials EPAM Systems, Inc.

Equities

EPAM

US29414B1044

IT Services & Consulting

Market Closed - Nyse Other stock markets 16:00:02 2025-02-06 EST			5-day change	1st Jan Change
264.26 ^USD	+2.70%		+5.44%	+13.02%

02-01	EPAM and Baker Hughes Collaborate to Transform the Energy Sector Leveraging Advanced AI Implementations	CI
01-31	Morgan Stanley Adjusts Price Target on EPAM Systems to $256 From $230	MT

Projected Income Statement: EPAM Systems, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,294	2,659	3,758	4,825	4,691	4,692	5,237	5,723
Change	-	15.94%	41.31%	28.38%	-2.78%	0.02%	11.63%	9.29%
EBITDA ¹	424.6	523.2	761.6	888.3	834.2	844.1	901.5	999
Change	-	23.24%	45.56%	16.63%	-6.09%	1.19%	6.8%	10.82%
EBIT ¹	389.2	472.7	678.2	818.2	765.1	770.3	819.7	912.9
Change	-	21.47%	43.47%	20.64%	-6.49%	0.68%	6.41%	11.37%
Interest Paid	-	-	-1.727	-	-	-	-	-
Earnings before Tax (EBT) ¹	299.5	378.5	533.4	507.3	536.6	588.6	629.1	711.4
Change	-	26.36%	40.93%	-4.9%	5.78%	9.7%	6.88%	13.09%
Net income ¹	261.1	327.2	481.7	419.4	417.1	454.8	489	558.6
Change	-	25.32%	47.22%	-12.92%	-0.56%	9.05%	7.52%	14.22%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	632.8	651.4	632.4	652.2	723.5	780.8	881.4	988.5	1,107	1,172	1,195	1,227	1,231	1,211	1,170	1,152	1,157	1,165	1,147	1,168	1,212	1,261	1,279	1,313	1,335	1,366	1,404	1,475
Change	-	2.94%	-2.91%	3.14%	10.92%	7.92%	12.88%	12.16%	12.03%	5.79%	1.98%	2.68%	0.36%	-1.65%	-3.36%	-1.54%	0.44%	0.71%	-1.62%	1.83%	3.82%	4.03%	1.4%	2.68%	1.65%	2.32%	2.77%	5.08%
EBITDA ¹	118	117.1	120.4	136.2	149.5	151.6	171.7	201.2	230	212.9	194.7	248.7	237.1	195.5	208.1	213	217.6	195.7	195.6	242.7	216.6	201	212.8	237.5	227.9	215.6	230.4	269.2
Change	-	-0.73%	2.83%	13.05%	9.81%	1.37%	13.32%	17.15%	14.34%	-7.42%	-8.56%	27.71%	-4.64%	-17.56%	6.43%	2.37%	2.14%	-10.04%	-0.06%	24.04%	-10.75%	-7.21%	5.87%	11.63%	-4.04%	-5.39%	6.86%	16.84%
EBIT ¹	107.6	105.3	108.2	123.3	135.9	136.9	155.2	179.6	206.4	188.7	177.5	232.4	219.6	178.3	190.8	195.6	200.4	173.6	174.5	222.9	199.3	185.1	195.6	218.6	216	198	214.4	252.9
Change	-	-2.16%	2.74%	13.96%	10.17%	0.76%	13.41%	15.72%	14.92%	-8.6%	-5.94%	30.93%	-5.49%	-18.84%	7.03%	2.52%	2.46%	-13.39%	0.53%	27.75%	-10.61%	-7.1%	5.66%	11.76%	-1.2%	-8.32%	8.27%	17.96%
Charge d'intérêts	-	-	-	-	-	-	-	-	-4.356	-0.165	1.579	-	4.383	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	84.8	96.42	76.08	104	102	114.9	123.2	135.4	159.9	106.3	8.658	191.1	201.2	127.3	150	131.9	127.4	123.7	133.8	189.6	140.7	137.2	147.9	170.8	165.3	154.7	167.4	199.4
Change	-	13.71%	-21.1%	36.66%	-1.87%	12.65%	7.17%	9.9%	18.17%	-33.55%	-91.85%	2,107.74%	5.24%	-36.73%	17.88%	-12.13%	-3.37%	-2.94%	8.21%	41.71%	-25.77%	-2.53%	7.82%	15.48%	-3.25%	-6.39%	8.19%	19.12%
Net income ¹	74.52	85.56	66.62	89.43	85.54	109	114.7	115.7	142.3	89.72	18.6	156.1	155	102.3	120	97.2	97.55	116.2	98.64	136.3	103.3	105.3	113.2	130.1	125.6	117.8	128.5	151.1
Change	-	14.82%	-22.14%	34.23%	-4.35%	27.48%	5.16%	0.86%	23.02%	-36.94%	-79.26%	738.82%	-0.65%	-34.02%	17.34%	-19.02%	0.36%	19.16%	-15.14%	38.22%	-24.22%	1.96%	7.48%	14.85%	-3.42%	-6.2%	9.03%	17.64%
Announcement Date	2/20/20	5/7/20	8/6/20	11/5/20	2/18/21	5/6/21	8/5/21	11/4/21	2/17/22	5/5/22	8/4/22	11/3/22	2/16/23	5/5/23	8/3/23	11/2/23	2/15/24	5/9/24	8/8/24	11/7/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: EPAM Systems, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-911	-1,322	-1,447	-1,681	-2,036	-1,824	-2,392	-3,092
Change	-	-245.12%	-209.46%	-216.17%	-221.12%	-189.58%	-231.14%	-229.26%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: EPAM Systems, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	99.31	68.79	111.5	81.63	28.42	31.75	65.74	71.75
Change	-	-30.73%	62.08%	-26.79%	-65.19%	11.75%	107.02%	9.15%
Free Cash Flow (FCF) ¹	188.1	475.6	460.8	382.5	534.2	548.4	649.2	743
Change	-	152.79%	-3.11%	-17%	39.67%	2.65%	18.39%	14.45%
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: EPAM Systems, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	18.51%	19.67%	20.27%	18.41%	17.78%	17.99%	17.21%	17.46%
EBIT Margin (%)	16.97%	17.77%	18.05%	16.96%	16.31%	16.42%	15.65%	15.95%
EBT Margin (%)	13.06%	14.23%	14.19%	10.51%	11.44%	12.55%	12.01%	12.43%
Net margin (%)	11.38%	12.3%	12.82%	8.69%	8.89%	9.69%	9.34%	9.76%
FCF margin (%)	8.2%	17.88%	12.26%	7.93%	11.39%	11.69%	12.4%	12.98%
FCF / Net Income (%)	72.07%	145.38%	95.68%	91.19%	128.08%	120.56%	132.75%	133.02%
Profitability
ROA	16.22%	14.93%	15.43%	17.12%	14.96%	11.59%	11.7%	11.62%
ROE	21.88%	20.71%	21.55%	23.5%	19.33%	17.92%	17.18%	15.93%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.33%	2.59%	2.97%	1.69%	0.61%	0.68%	1.26%	1.25%
CAPEX / EBITDA (%)	23.39%	13.15%	14.64%	9.19%	3.41%	3.76%	7.29%	7.18%
CAPEX / FCF (%)	52.78%	14.46%	24.2%	21.34%	5.32%	5.79%	10.13%	9.66%
Items per share
Cash flow per share ¹	4.985	9.315	9.69	7.82	9.522	9.863	11.71	13.18
Change	-	86.84%	4.03%	-19.3%	21.76%	3.59%	18.67%	12.56%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	27.54	35.34	43.75	52.06	60.06	60.47	72.34	86.21
Change	-	28.35%	23.79%	18.99%	15.37%	0.67%	19.64%	19.17%
EPS ¹	4.53	5.6	8.15	7.09	7.06	7.866	8.645	10.01
Change	-	23.62%	45.54%	-13.01%	-0.42%	11.42%	9.9%	15.81%
Nbr of stocks (in thousands)	54,985	55,989	56,720	57,513	57,700	56,721	56,721	56,721
Announcement Date	2/20/20	2/18/21	2/17/22	2/16/23	2/15/24	-	-	-