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 4,415 - -
Change - -50.28% -8.98% -22.7% -14.66% -60.99% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 3,088 2,677 2,061
Change - -52.92% -11.93% -3.78% -31.11% -69.19% -13.29% -23.02%
P/E 82x 46.2x 42.1x 29.8x 30.5x 10.2x 8.59x 7.78x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.16x 1x 0.84x
PEG - -3.6x -99.5x 2.7x -2.1x 0.4x 0.5x 0.7x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 0.77x 0.73x 0.69x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.54x 0.44x 0.32x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 3.25x 2.6x 1.85x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 3.46x 2.79x 1.99x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 5.39x 4.1x 2.95x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 18.5% 24.4% 33.9%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 8.15 7.09 7.06 7.84 6.72 8.313 9.842 10.87
Distribution rate - - - - - - - -
Net sales 1 3,758 4,825 4,691 4,728 5,457 5,727 6,060 6,443
EBITDA 1 761.6 888.3 834.2 839.3 884.9 950.3 1,029 1,114
EBIT 1 678.2 818.2 765.1 779.2 831.5 891.4 959.2 1,038
Net income 1 481.7 419.4 417.1 454.5 377.7 438.3 505.9 541.2
Net Debt 1 -1,447 -1,681 -2,036 1,286 -1,296 -1,327 -1,738 -2,354
Reference price 2 668.45 327.74 297.34 233.82 204.88 84.50 84.50 84.50
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.39x0.56x3.35x-.--% 4.51B
28.2x4.52x15.79x2.33% 273B
-94.09x14.88x86.13x-.--% 93.11B
10.29x1.13x5.93x4.69% 84.77B
14.14x2.58x9.73x5.81% 82.46B
19.48x5.11x12.62x2.92% 58.41B
14.32x2.09x8.77x5.44% 46.62B
20.03x1.48x9.4x0.99% 35.45B
18.9x1.52x9.57x1.57% 35.35B
16.64x2.14x9.95x5.2% 34.52B
Average 5.83x 3.60x 17.12x 2.89% 74.8B
Weighted average by Cap. 6.38x 4.69x 21.13x 2.95%

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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