Company Valuation: EPAM Systems, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 37,914 18,849 17,157 13,263 11,318 4,095 - -
Change - -50.28% -8.98% -22.7% -14.66% -63.82% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 2,799 2,395 1,829
Change - -52.92% -11.93% -3.78% -31.11% -72.07% -14.44% -23.64%
P/E 82x 46.2x 42.1x 29.8x 30.5x 9.42x 8.04x 7.35x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.08x 0.93x 0.78x
PEG - -3.6x -99.5x 2.7x -2.1x 0.4x 0.5x 0.78x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 0.71x 0.67x 0.63x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.49x 0.39x 0.28x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 2.91x 2.31x 1.64x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 3.14x 2.5x 1.77x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 4.78x 3.62x 2.62x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 20.9% 27.6% 38.2%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 8.15 7.09 7.06 7.84 6.72 8.322 9.753 10.67
Distribution rate - - - - - - - -
Net sales 1 3,758 4,825 4,691 4,728 5,457 5,730 6,075 6,459
EBITDA 1 761.6 888.3 834.2 839.3 884.9 963 1,037 1,117
EBIT 1 678.2 818.2 765.1 779.2 831.5 891.5 957.9 1,033
Net income 1 481.7 419.4 417.1 454.5 377.7 438.7 503 535
Net Debt 1 -1,447 -1,681 -2,036 1,286 -1,296 -1,296 -1,700 -2,267
Reference price 2 668.45 327.74 297.34 233.82 204.88 78.39 78.39 78.39
Nbr of stocks (in thousands) 56,720 57,513 57,700 56,721 55,243 52,244 - -
Announcement Date 2/17/22 2/16/23 2/15/24 2/20/25 2/19/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.24x0.47x2.83x-.--% 4.02B
25.76x4.19x14.62x2.55% 249B
-80.7x12.7x73.55x-.--% 79.86B
13.21x2.4x8.87x6.28% 78.66B
9.44x1.03x5.42x5.11% 77.72B
18.59x4.86x12.02x3.08% 54.6B
13.36x1.94x8.14x5.8% 43.97B
12.54x1.43x9.81x1.29% 33.96B
15.31x1.91x9.01x5.74% 31.69B
19.75x1.33x9.52x0.88% 30.24B
Average 5.65x 3.23x 15.38x 3.07% 68.37B
Weighted average by Cap. 7.15x 4.14x 18.38x 3.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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