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 5,948 - -
Change - -50.28% -8.98% -22.7% -14.66% -47.44% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 4,621 4,236 3,737
Change - -52.92% -11.93% -3.78% -31.11% -53.9% -8.33% -11.78%
P/E 82x 46.2x 42.1x 29.8x 30.5x 13.8x 11.8x 10.7x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.61x 1.38x 1.2x
PEG - -3.6x -99.5x 2.7x -2.1x 0.6x 0.7x 1.1x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 1.05x 1.02x 0.97x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.82x 0.72x 0.61x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 4.85x 4.27x 3.54x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 5.17x 4.54x 3.77x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 9.52x 6.55x 5.4x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 10.5% 15.3% 18.5%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 8.15 7.09 7.06 7.84 6.72 8.349 9.791 10.78
Distribution rate - - - - - - - -
Net sales 1 3,758 4,825 4,691 4,728 5,457 5,657 5,858 6,139
EBITDA 1 761.6 888.3 834.2 839.3 884.9 951.8 992.4 1,056
EBIT 1 678.2 818.2 765.1 779.2 831.5 894.6 932.3 990.4
Net income 1 481.7 419.4 417.1 454.5 377.7 435.8 497.1 532.9
Net Debt 1 -1,447 -1,681 -2,036 1,286 -1,296 -1,328 -1,713 -2,212
Reference price 2 668.45 327.74 297.34 233.82 204.88 115.31 115.31 115.31
Nbr of stocks (in thousands) 56,720 57,513 57,700 56,721 55,243 51,587 - -
Announcement Date 17/02/22 16/02/23 15/02/24 20/02/25 19/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.02x0.83x4.95x-.--% 6.04B
23.06x3.76x13.13x2.88% 221B
-131.77x18.43x100.28x-.--% 119B
13.87x1.53x8.03x3.46% 114B
14.69x2.68x10.13x5.59% 86.84B
20.14x5.29x13x2.83% 60.84B
14.25x2.07x8.77x5.47% 46.57B
21.57x1.76x10.97x1.36% 43.08B
20.29x1.53x9.83x0.93% 39.64B
17.71x2.26x10.61x4.93% 36.7B
Average 2.78x 4.01x 18.97x 2.74% 77.41B
Weighted average by Cap. -4.31x 5.26x 24.67x 2.87%

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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