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 5,026 - -
Change - -50.28% -8.98% -22.7% -14.66% -55.59% - -
Enterprise Value (EV) 1 36,468 17,168 15,120 14,549 10,022 3,703 3,068 2,459
Change - -52.92% -11.93% -3.78% -31.11% -63.06% -17.14% -19.86%
P/E 82x 46.2x 42.1x 29.8x 30.5x 11.7x 9.95x 8.94x
PBR 15.3x 6.3x 4.95x 3.66x 3.02x 1.37x 1.14x 0.99x
PEG - -3.6x -99.5x 2.7x -2.1x 0.5x 0.6x 0.8x
Capitalization / Revenue 10.1x 3.91x 3.66x 2.81x 2.07x 0.89x 0.85x 0.82x
EV / Revenue 9.7x 3.56x 3.22x 3.08x 1.84x 0.65x 0.52x 0.4x
EV / EBITDA 47.9x 19.3x 18.1x 17.3x 11.3x 3.89x 3.09x 2.33x
EV / EBIT 53.8x 21x 19.8x 18.7x 12.1x 4.14x 3.28x 2.47x
EV / FCF 79.1x 44.9x 28.3x 27.6x 16.4x 7.6x 4.69x 3.55x
FCF Yield 1.26% 2.23% 3.53% 3.62% 6.11% 13.2% 21.3% 28.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 8.15 7.09 7.06 7.84 6.72 8.346 9.793 10.89
Distribution rate - - - - - - - -
Net sales 1 3,758 4,825 4,691 4,728 5,457 5,658 5,886 6,152
EBITDA 1 761.6 888.3 834.2 839.3 884.9 951.8 992.4 1,056
EBIT 1 678.2 818.2 765.1 779.2 831.5 894.5 936.3 993.5
Net income 1 481.7 419.4 417.1 454.5 377.7 437.1 501.8 542
Net Debt 1 -1,447 -1,681 -2,036 1,286 -1,296 -1,324 -1,958 -2,567
Reference price 2 668.45 327.74 297.34 233.82 204.88 97.43 97.43 97.43
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.67x0.65x3.89x-.--% 5.03B
23.55x3.79x13.24x2.85% 224B
-115.86x18.44x106.47x-.--% 115B
13.01x1.44x7.55x3.69% 108B
15.89x2.91x10.99x5.17% 93.24B
20.57x5.38x13.22x2.77% 61.92B
15.39x2.25x9.54x5.07% 50B
21.69x1.61x10.15x0.88% 40.89B
20.74x1.69x10.38x1.41% 40.43B
18.48x2.37x11.38x4.68% 38.57B
Average 4.51x 4.05x 19.68x 2.65% 77.57B
Weighted average by Cap. -0.76x 5.24x 25.24x 2.86%

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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