EPAM Systems, Inc. Financial Ratios — E3M Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	54.99	28.58	18.72	16.58	15.68	14.24	8.29	21.47	18.26	18.28	21.55	15.28	12.89	12.8	10.34
Return on Assets (%)	21.82	18.58	15.82	13.56	12.31	11.65	6.69	16.79	13.54	13.18	15.43	11.14	9.98	9.99	7.83
Return on Capital (%)	55.03	28.58	18.72	16.58	15.19	13.65	8.06	21.01	16.59	15.92	19.39	14.15	12.2	12.22	9.92
Return on Invested Capital (%)	52.61	27.14	17.96	15.76	14.5	13.93	7.72	19.92	16.38	15.65	19.18	15.59	11.16	11.16	9.99
Gross Margin (%)	38.62	37.68	37.37	37.46	37.98	36.46	36.48	35.6	35.12	34.85	33.91	31.88	30.57	30.68	28.83
EBITDA Margin (%)	18.7	17.72	16.5	14.2	13.5	13.54	13.89	15.32	17.61	19.12	18.29	14.78	13.52	14.21	12.57
Operating Margin (%)	16.95	15.22	13.78	12.11	11.59	11.52	11.92	13.34	13.2	14.26	14.43	11.88	11.24	11.52	9.53
Incremental Operating Margin (%)	21.22	9.37	8.64	6.82	9.53	11.27	13.52	18.55	12.66	20.91	14.84	2.87	34.14	46.59	- -
Pretax Margin (%)	15.78	15.18	13.83	11.91	11.6	10.9	12.02	13.55	13.06	14.23	14.19	10.51	11.44	12.36	9.27
Profit Margin (%)	13.26	12.56	11.17	9.54	9.24	8.56	5.02	13.04	11.38	12.3	12.82	8.69	8.89	9.61	6.92
Net Income to Common Margin (%)	13.26	12.56	11.17	9.54	9.24	8.56	5.02	13.04	11.38	12.3	12.82	8.69	8.89	9.61	6.92
Effective Tax Rate (%)	15.99	17.28	19.25	19.91	20.38	21.51	58.26	3.81	12.84	13.56	9.7	17.32	22.27	22.22	25.3
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	54.99	28.58	18.72	16.58	15.68	14.24	8.29	21.47	18.26	18.28	21.55	15.28	12.89	12.8	10.34

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	35	25	25	25	263	266	239	190	172	163	144
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	58	61	66	40	37	40	37
LT Debt	- -	- -	- -	- -	35	25	25	25	206	206	173	150	135	124	107
Total Debt/EBITDA	- -	- -	- -	- -	0.28	0.16	0.12	0.09	0.65	0.52	0.35	0.27	0.27	0.24	0.21
Net Debt/EBITDA	-1.42	-1.54	-1.85	-2.13	-1.33	-2.15	-2.77	-2.64	-2.26	-2.55	-2.04	-2.32	-3.17	-1.88	-1.85
Total Debt/EBIT	- -	- -	- -	- -	0.33	0.19	0.14	0.1	0.87	0.7	0.44	0.33	0.34	0.3	0.28
Net Debt/EBIT	-1.61	-1.79	-2.21	-2.56	-1.55	-2.52	-3.22	-3.03	-3.01	-3.42	-2.58	-2.88	-4.01	-2.32	-2.44
EBITDA to Interest Expense	1,690.43	- -	- -	- -	- -	- -	- -	- -	- -	- -	398.07	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	1,228.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	333.51	- -	- -	- -	- -
EBIT to Interest Expense	1,532.57	- -	- -	- -	- -	- -	- -	- -	- -	- -	314.02	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -
Common Equity/Total Assets	40.35	81.6	86.88	78.12	78.77	84.4	77.98	78.33	71.12	72.87	70.59	74.87	79.75	76.4	75.01
Long-Term Debt/Equity (%)	- -	- -	- -	- -	5.71	3.21	2.57	1.98	12.9	10.37	6.93	5	3.9	3.4	2.9
Long-Term Debt/Capital (%)	- -	- -	- -	- -	5.4	3.11	2.5	1.94	11.07	9.14	6.33	4.7	3.72	3.26	2.79
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	4.5	2.71	2	1.55	9.18	7.56	4.91	3.74	3.11	2.6	2.17
Total Debt/Equity (%)	- -	- -	- -	- -	5.71	3.21	2.57	1.98	16.51	13.43	9.58	6.34	4.95	4.5	3.91
Total Debt/Capital (%)	- -	- -	- -	- -	5.4	3.11	2.5	1.94	14.17	11.84	8.74	5.96	4.72	4.3	3.76
Total Debt/Total Assets (%)	- -	- -	- -	- -	4.5	2.71	2	1.55	11.74	9.79	6.79	4.75	3.95	3.44	2.93
Net Debt to Equity	-93.41	-41.26	-44.99	-47.52	-26.82	-43.12	-57.19	-59.05	-57.1	-65.41	-56.11	-54.97	-57.9	-34.73	-34.56
Net Debt/Capital (%)	-1,417.79	-70.23	-81.78	-90.56	-36.64	-75.82	-133.58	-144.18	-98.75	-139.88	-108.69	-109.18	-125.07	-50.28	-50.33
EBITDA	63	77	92	104	123	157	202	282	404	509	687	713	634	672	686
EBITDA-CapEx	45	50	76	88	105	128	172	245	305	440	576	631	606	640	644
Operating Income (Loss)	57	66	76	88	106	134	173	246	303	379	542	573	527	545	520

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.67	2.01	3.12	1.76	1.8	3.12	3.22	2.93	2.42	2.97	1.89	2.33	3.25	1.57	1.33
Current Ratio	3.46	4.23	6.05	3.31	4.14	5.56	5.31	4.56	3.81	4.11	2.97	3.69	4.79	2.96	2.59
Quick Ratio	3.28	3.98	5.82	3.25	3.99	5.46	5.17	4.46	3.71	4.04	2.9	3.58	4.64	2.79	2.46
CFO/Avg Current Liab	1.23	0.86	1.02	1.16	0.6	1.37	1.3	1.32	0.88	1.28	0.93	0.61	0.81	0.76	0.73
Common Equity/Total Assets	40.35	81.6	86.88	78.12	78.77	84.4	77.98	78.33	71.12	72.87	70.59	74.87	79.75	76.4	75.01
Long-Term Debt/Equity (%)	- -	- -	- -	- -	5.71	3.21	2.57	1.98	12.9	10.37	6.93	5	3.9	3.4	2.9
Long-Term Debt/Capital (%)	- -	- -	- -	- -	5.4	3.11	2.5	1.94	11.07	9.14	6.33	4.7	3.72	3.26	2.79
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	4.5	2.71	2	1.55	9.18	7.56	4.91	3.74	3.11	2.6	2.17
Total Debt/Equity (%)	- -	- -	- -	- -	5.71	3.21	2.57	1.98	16.51	13.43	9.58	6.34	4.95	4.5	3.91
Total Debt/Capital (%)	- -	- -	- -	- -	5.4	3.11	2.5	1.94	14.17	11.84	8.74	5.96	4.72	4.3	3.76
Total Debt/Total Assets (%)	- -	- -	- -	- -	4.5	2.71	2	1.55	11.74	9.79	6.79	4.75	3.95	3.44	2.93
CFO/Total Liabilities	38.79	75.15	102.55	80.69	46.21	115.8	70.04	83.68	44.36	73.74	55.71	46.13	63.87	49.96	53.49
CFO/CapEx	3.19	1.79	3.66	6.62	4.25	5.7	6.47	7.78	2.89	7.91	5.13	5.69	19.8	17.39	15.5
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	6.63	6.27	6.37	6.64	6.11	6.19	6.23	5.52	5.1	5.33	5.92	5.67	5.13	4.98	5.17
Days Sales Outstanding	55.08	58.22	57.31	54.98	59.71	58.93	58.59	66.15	71.61	68.54	61.67	64.36	71.19	73.31	70.58
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	89	118	169	221	199	362	583	771	937	1,322	1,447	1,681	2,036	1,286	1,296
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	9	1	1	2	1
+ Total Debt	- -	- -	- -	- -	35	25	25	25	263	266	239	190	172	163	144
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	95	286	376	464	648	806	1,000	1,288	1,860	2,249	2,735	3,193	3,643	3,794	3,822
Total Debt/Capital (%)	- -	- -	- -	- -	5.4	3.11	2.5	1.94	14.17	11.84	8.74	5.96	4.72	4.3	3.76
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	335	434	555	730	914	1,160	1,450	1,843	2,294	2,659	3,758	4,825	4,691	4,728	5,457
TTM EBITDA	63	77	92	104	123	157	202	282	404	509	687	713	634	672	686
TTM Operating Income	57	66	76	88	106	134	173	246	303	379	542	573	527	545	520
TTM Cash Flow to Firm	55	48	58	105	76	167	193	292	287	544	574	464	563	559	655
TTM Free Cash Flow to Firm	37	21	42	89	58	138	163	255	188	476	462	382	534	527	613

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	41	44	47	48	50	51	53	54	55	56	57	58	58	57	54
Diluted Weighted Avg Shares	41	44	48	50	52	53	55	57	58	58	59	59	59	58	56
Basic Weighted Avg Shares	41	40	46	47	49	50	52	54	55	56	57	57	58	57	56
Revenue per Share	8.13	10.79	12.13	15.47	18.76	23.06	27.85	34.37	41.92	47.72	66.5	84.21	81.11	82.53	97.63
EBITDA per Share	1.52	1.91	2	2.2	2.53	3.12	3.87	5.27	7.38	9.13	12.17	12.45	10.96	11.72	12.27
Operating Income per Share	1.38	1.64	1.67	1.87	2.17	2.66	3.32	4.58	5.53	6.81	9.6	10	9.12	9.51	9.3
Basic EPS, GAAP	1.08	1.36	1.35	1.48	1.73	1.97	1.4	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76
Basic EPS from Cont Ops	1.08	1.36	1.35	1.48	1.73	1.97	1.4	4.48	4.77	5.87	8.52	7.32	7.21	7.93	6.76
Diluted EPS, GAAP	1.08	1.24	1.28	1.4	1.62	1.87	1.32	4.24	4.53	5.6	8.15	7.09	7.06	7.84	6.72
Diluted EPS from Cont Ops	1.08	1.24	1.28	1.4	1.62	1.87	1.32	4.24	4.53	5.6	8.15	7.09	7.06	7.84	6.72
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.33	1.21	1.27	2.22	1.57	3.32	3.7	5.45	5.25	9.77	10.13	8.1	9.73	9.76	11.72
Free Cash Flow per Basic Share	0.91	0.53	0.92	1.89	1.2	2.74	3.13	4.75	3.44	8.53	8.15	6.68	9.24	9.2	10.96
Cash & Equivalents per Share	2.16	2.68	3.66	4.57	4.58	7.09	11	14.25	16.97	24.63	25.45	30.21	36.29	22.65	23.88
Book Value per Share	2.31	6.44	8.07	9.61	12.22	15.29	18.4	23.35	28.92	35.34	43.75	52.06	60.06	63.82	67.75
Tangible Book Value per Share	2.08	5.55	7.3	7.43	8.98	12.15	15.3	19.21	24.37	30.64	32.63	41.54	49.1	35.37	37.96