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 5,515 - -
Change - -50.28% -8.98% -22.7% -14.66% -51.27% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 4,188 3,777 3,161
Change - -52.92% -11.93% -3.78% -31.11% -58.21% -9.8% -16.31%
P/E 82x 46.2x 42.1x 29.8x 30.5x 12.7x 10.7x 9.71x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.45x 1.25x 1.05x
PEG - -3.6x -99.5x 2.7x -2.1x 0.5x 0.6x 0.9x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 0.96x 0.91x 0.86x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.73x 0.62x 0.49x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 4.41x 3.68x 2.84x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 4.7x 3.94x 3.05x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 7.31x 5.78x 4.52x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 13.7% 17.3% 22.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 8.15 7.09 7.06 7.84 6.72 8.307 9.826 10.87
Distribution rate - - - - - - - -
Net sales 1 3,758 4,825 4,691 4,728 5,457 5,724 6,055 6,443
EBITDA 1 761.6 888.3 834.2 839.3 884.9 949.7 1,027 1,114
EBIT 1 678.2 818.2 765.1 779.2 831.5 891.1 958.1 1,038
Net income 1 481.7 419.4 417.1 454.5 377.7 438 505.2 541.2
Net Debt 1 -1,447 -1,681 -2,036 1,286 -1,296 -1,327 -1,738 -2,354
Reference price 2 668.45 327.74 297.34 233.82 204.88 105.56 105.56 105.56
Nbr of stocks (in thousands) 56,720 57,513 57,700 56,721 55,243 52,244 - -
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.($)
12.71x0.73x4.41x-.--% 5.51B
22.19x3.61x12.6x3.02% 211B
-102.81x16.32x94.23x-.--% 102B
12.28x1.36x7.12x3.91% 102B
15.34x2.8x10.59x5.36% 89.66B
20.46x5.35x13.13x2.8% 61.3B
14.8x2.16x9.15x5.28% 47.94B
20.64x1.69x10.33x1.42% 39.83B
21.15x1.56x9.88x0.9% 39.45B
18.35x2.36x11.29x4.71% 38.18B
Average 5.51x 3.79x 18.27x 2.74% 73.58B
Weighted average by Cap. 1.68x 4.71x 22.30x 3.01%

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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