Epam Systems, Inc. (EPAM) intrinsic value & 10-year financials
Epam Systems, Inc. (EPAM) has a Graham intrinsic value of $223.21 per share. At $122.19 on Oct 17, 2026, the stock trades 45% below that value. Over the last 10 fiscal years revenue grew 18.8% a year to $5.5B, with an average return on invested capital of 33.5%.
- Graham intrinsic value
- $223.21
- Share price (Oct 17, 2026)
- $122.19
- Price vs Graham value
- 45% below
- Market cap
- $6.9B
- Revenue (FY2025)
- $5.5B
- Revenue growth (10-yr CAGR)
- 18.8%
- ROIC (10-yr avg)
- 33.5%
- Free cash flow (FY2025)
- $612.7M
EPAM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.5B | $377.7M | $6.72 | $612.7M | 9.5% | 15.7% |
| FY2024 | $4.7B | $454.5M | $7.84 | $527.0M | 11.5% | 21.0% |
| FY2023 | $4.7B | $417.1M | $7.06 | $534.2M | 10.7% | 25.6% |
| FY2022 | $4.8B | $419.4M | $7.09 | $382.5M | 11.9% | 35.1% |
| FY2021 | $3.8B | $481.7M | $8.15 | $460.8M | 14.4% | 51.1% |
| FY2020 | $2.7B | $327.2M | $5.60 | $475.6M | 14.3% | 47.8% |
| FY2019 | $2.3B | $261.1M | $4.53 | $188.1M | 13.2% | 43.9% |
| FY2018 | $1.8B | $240.3M | $4.24 | $254.6M | 13.3% | 50.6% |
| FY2017 | $1.5B | $72.8M | $1.32 | $165.6M | 11.9% | 20.1% |
| FY2016 | $1.2B | $99.3M | $1.87 | $135.5M | 11.5% | 23.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EPAM Systems is a consistent compounder, expanding top-line revenue at 18.8% annually over the past decade.
EPAM Systems has earned high returns on invested capital, averaging 33.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
EPAM Systems has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EPAM Systems is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $223.21 per share.