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 5,692 - -
Change - -50.28% -8.98% -22.7% -14.66% -49.71% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 4,364 3,979 3,480
Change - -52.92% -11.93% -3.78% -31.11% -56.45% -8.82% -12.54%
P/E 82x 46.2x 42.1x 29.8x 30.5x 13.2x 11.3x 10.2x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.54x 1.32x 1.15x
PEG - -3.6x -99.5x 2.7x -2.1x 0.5x 0.7x 1x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 1.01x 0.97x 0.93x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.77x 0.68x 0.57x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 4.59x 4.01x 3.29x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 4.88x 4.27x 3.51x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 8.99x 6.16x 5.03x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 11.1% 16.2% 19.9%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 8.15 7.09 7.06 7.84 6.72 8.349 9.788 10.79
Distribution rate - - - - - - - -
Net sales 1 3,758 4,825 4,691 4,728 5,457 5,657 5,858 6,144
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 1 481.7 419.4 417.1 454.5 377.7 435.8 497.1 533.5
Net Debt 1 -1,447 -1,681 -2,036 1,286 -1,296 -1,328 -1,713 -2,212
Reference price 2 668.45 327.74 297.34 233.82 204.88 110.34 110.34 110.34
Nbr of stocks (in thousands) 56,720 57,513 57,700 56,721 55,243 51,587 - -
Announcement Date 17/2/22 16/2/23 15/2/24 20/2/25 19/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.22x0.77x4.59x-.--% 5.69B
23.14x3.77x13.17x2.87% 222B
-116.79x18.57x106.98x-.--% 115B
13.73x1.52x7.97x3.49% 113B
14.91x2.72x10.28x5.51% 87.05B
20.45x5.36x13.17x2.79% 62.19B
14.69x2.13x9.06x5.31% 47.45B
20.59x1.68x10.33x1.42% 39.79B
20.4x1.55x9.86x0.92% 38.85B
17.74x2.3x10.68x4.87% 36.84B
Average 4.21x 4.04x 19.61x 2.72% 76.86B
Weighted average by Cap. -1.52x 5.25x 25.40x 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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