EPAM Systems, Inc. key statistics and ratios

In fiscal 2025, EPAM Systems, Inc. had return on equity of 10.3%, an operating margin of 9.5%, debt equal to 0.7% of equity and a current ratio of 2.59. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

EPAM Systems, Inc.: financial ratios, annual
Fiscal year	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	40.3%	38.6%	37.7%	37.4%	37.5%	38.0%	36.5%	36.5%	35.6%	35.1%	34.9%	33.9%	31.9%	30.6%	30.7%	28.8%	29.4%
Operating margin	14.8%	16.4%	15.2%	13.8%	11.8%	11.6%	11.5%	11.9%	13.3%	13.2%	14.3%	14.4%	11.9%	10.7%	11.5%	9.5%	10.0%
Net margin	12.8%	13.3%	12.6%	11.2%	9.5%	9.2%	8.6%	5.0%	13.0%	11.4%	12.3%	12.8%	8.7%	8.9%	9.6%	6.9%	7.2%
Free-cash-flow margin	5.5%	11.6%	8.1%	8.1%	12.7%	6.9%	11.9%	11.2%	13.8%	8.2%	17.9%	12.3%	7.9%	11.4%	11.1%	11.2%	8.6%
Return on equity	42.7%	55.0%	28.6%	18.7%	16.6%	15.7%	14.2%	8.3%	21.5%	18.3%	18.3%	21.5%	15.3%	12.9%	12.8%	10.3%	11.2%
Return on assets	—	18.8%	18.6%	15.8%	13.6%	12.3%	11.6%	6.7%	16.8%	13.5%	13.2%	15.4%	11.1%	10.0%	10.0%	7.8%	8.5%
Asset turnover	—	1.42	1.48	1.42	1.42	1.33	1.36	1.33	1.29	1.19	1.07	1.20	1.28	1.12	1.04	1.13	1.19
Current ratio	—	3.46	4.23	6.05	3.31	4.14	5.56	5.30	4.56	3.81	4.11	2.97	3.69	4.79	2.96	2.59	2.75
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	5.7%	3.2%	2.6%	2.0%	1.6%	1.3%	1.9%	1.0%	0.8%	0.7%	0.7%	0.7%
Effective tax rate	9.0%	16.0%	17.3%	19.2%	19.9%	20.4%	21.5%	58.3%	3.8%	12.8%	13.6%	9.7%	17.3%	22.3%	22.2%	25.3%	26.8%
SG&A as % of revenue	21.5%	19.4%	19.8%	21.0%	22.4%	24.4%	22.9%	22.6%	20.3%	19.9%	18.2%	17.3%	18.1%	17.4%	17.3%	17.0%	17.1%
Capital spending as % of revenue	3.8%	4.6%	3.1%	2.4%	1.6%	1.5%	2.5%	2.1%	2.0%	4.3%	2.6%	3.0%	1.7%	0.6%	0.7%	0.8%	1.0%
Free cash flow ÷ net income	42.8%	87.9%	64.5%	72.4%	133.5%	74.7%	138.9%	224.0%	106.0%	72.1%	145.4%	95.7%	91.2%	128.1%	115.9%	162.2%	120.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	30.9%	75.5%	108.1%	148.1%

US$ thousands unless shown otherwise. Fiscal quarters.

EPAM Systems, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	34.6%	30.4%	26.9%	28.8%	29.5%	30.1%	27.7%	30.4%
Operating margin	15.2%	10.9%	7.6%	9.3%	10.4%	10.6%	8.3%	10.8%
Net margin	11.7%	8.3%	5.6%	6.5%	7.7%	7.8%	5.9%	7.3%
Free-cash-flow margin	20.3%	9.2%	1.1%	3.2%	20.5%	19.0%	−3.9%	−1.2%
Current ratio	4.56	2.96	3.06	3.17	3.02	2.59	2.67	2.75
Debt to equity	0.7%	0.7%	0.7%	0.7%	0.7%	0.7%	4.8%	0.7%
SG&A as % of revenue	17.7%	17.4%	16.8%	17.1%	16.8%	17.3%	17.1%	17.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · June 30, 2026

What it owns · $4.6bn

Short-term assets $2.2bnLonger-term assets $2.4bn

What it owes, and who funded it · $4.6bn

Short-term liabilities $804mLonger-term liabilities $250mShareholders' equity $3.5bn

Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $804m of liabilities due within a year.
Short-term assets cover long-term liabilities $2.2bn short-term assets against $250m of longer-dated liabilities.
More cash than debt $789m of cash against $25m of debt.
Debt below 40% of shareholders' equity Debt is 1% of equity.
Debt burden no higher than five years ago Debt to equity moved from 1% to 1% over five years.
A year's operating cash flow covers at least 20% of debt $539m of operating cash flow against $25m of debt.
Operating profit covers interest at least five times over No material interest expense reported.

From EPAM Systems, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

63 /100

Moderate moat

How hard EPAM Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 15.5% of total assets over 7 years.
Pricing power 12 / 20

Gross margin has been a median 33.5%, moving by 2.5 percentage points (standard deviation) across 10 years.
Durability 13 / 20

Operating margin has been a median 12.2%; its worst year was 10.0%.
Cash conversion 16 / 20

Free cash flow was positive in 10 of 10 years, at a median 11.3% of revenue.
Discipline 18 / 20

The diluted share count fell 7.5% over five years; stock-based pay has been a median 3.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (78 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: EPAM vs G EPAM vs IT EPAM vs SAIC

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Figures from EPAM Systems, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to EPAM Systems, Inc.