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 5,678 - -
Change - -50.28% -8.98% -22.7% -14.66% -49.84% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 4,350 3,965 3,466
Change - -52.92% -11.93% -3.78% -31.11% -56.6% -8.85% -12.59%
P/E 82x 46.2x 42.1x 29.8x 30.5x 13.2x 11.2x 10.2x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.53x 1.31x 1.14x
PEG - -3.6x -99.5x 2.7x -2.1x 0.5x 0.6x 1x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 1x 0.97x 0.92x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.77x 0.68x 0.56x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 4.57x 4x 3.28x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 4.86x 4.25x 3.5x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 8.96x 6.1x 5.06x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 11.2% 16.4% 19.8%
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 2 668.45 327.74 297.34 233.82 204.88 110.06 110.06 110.06
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.($)
13.18x0.77x4.57x-.--% 5.68B
22.86x3.73x13.03x2.91% 219B
-131.28x18.31x101.52x-.--% 118B
13.6x1.5x7.89x3.52% 112B
13.53x2.46x9.28x6.07% 78.93B
19.6x5.17x12.71x2.9% 57.91B
22.36x1.83x11.42x1.31% 43.59B
13.38x1.93x8.18x5.83% 43.14B
21.06x1.6x10.17x0.89% 40.31B
17.12x2.18x10.46x5.05% 35.5B
Average 2.54x 3.95x 18.92x 2.85% 75.47B
Weighted average by Cap. -4.86x 5.24x 24.98x 2.92%

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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