EPAM Systems, Inc.
EPAM · Services-Computer Programming Services · 52.2M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $17M (gross $165M, SBC $148M)
Reference price $96.71 · est. market cap ~$5.1B — last insider purchase, 2026-04-30 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74IT-services firm, profitable and growing with a debt-free balance sheet and strong free cash flow.
Strengths
- Strong FCF, debt-free — FCF $612.7M (66th), D/E 0.01
- Profitable, growing — operating margin 9.5% (62nd), revenue +15.4%
- Good returns — ROA 7.7% (70th)
Risks
- Earnings dip — net income -16.9% (45th)
- Low gross margin (services) and wage/utilization pressure — per 10-K
- Geographic-delivery and AI-disruption risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $1.3B cash & investments
- Insider buyingInsider buying — 6 open-market buy(s) by 6 insider(s) (cluster of 6 insiders, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, FMR LLC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
28.8%
Operating margin
9.5%
Net margin
6.9%
Return on equity
10.3%
Return on assets
7.7%
ROIC
11.1%
Revenue growth (QoQ)
-0.5%
Net-income growth
-16.9%
Debt / equity
0.0×
Net debt / EBITDA
-2.0×
Current ratio
2.6×
Free cash flow
$613M
EBITDA
$645M
Tangible book value
$2.1B
Cash & investments
$1.3B
Stock comp / revenue
3.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-22 | Roman Eugene | Tax withheld | 673 | $103.19 |
| 2026-05-21 | Segert Robert E. | Grant | 2.1K | — |
| 2026-05-21 | Robb Karl | Grant | 2.1K | — |
| 2026-05-21 | Smart Jill | Grant | 2.1K | — |
| 2026-05-21 | Vargo Ronald P | Grant | 2.1K | — |
| 2026-05-21 | McMahon Chandra | Grant | 2.1K | — |
| 2026-05-21 | Mayoras Richard Michael | Grant | 2.1K | — |
| 2026-05-21 | Aguirre DeAnne | Grant | 2.1K | — |
| 2026-05-21 | Roman Eugene | Grant | 2.1K | — |
| 2026-05-21 | Shan Helen L. | Grant | 2.1K | — |
| 2026-04-30 | Solomon Lawrence F | Buy | 78 | $96.71 |
| 2026-04-30 | Fejes Balazs | Buy | 78 | $96.71 |
| 2026-04-30 | Dvorkin Viktar | Buy | 78 | $96.71 |
| 2026-04-30 | Abrahams Gary C | Buy | 78 | $96.71 |
| 2026-04-30 | Peterson Jason D. | Buy | 78 | $96.71 |
| 2026-04-30 | Rockwell Edward | Buy | 78 | $96.71 |
| 2026-03-31 | Dvorkin Viktar | Grant | 22K | — |
| 2026-03-25 | Dobkin Arkadiy | Option exercise | 41K | $70.52 |
| 2026-03-25 | Dobkin Arkadiy | Tax withheld | 30K | $133.26 |
| 2026-03-15 | Peterson Jason D. | Tax withheld | 546 | $137.14 |
| 2026-03-15 | Peterson Jason D. | Tax withheld | 1.2K | $137.14 |
| 2026-03-15 | Peterson Jason D. | Grant | 17K | — |
| 2026-03-15 | Solomon Lawrence F | Tax withheld | 288 | $137.14 |
| 2026-03-15 | Solomon Lawrence F | Tax withheld | 314 | $137.14 |
| 2026-03-15 | Solomon Lawrence F | Tax withheld | 312 | $137.14 |
| 2026-03-15 | Solomon Lawrence F | Tax withheld | 667 | $137.14 |
| 2026-03-15 | Solomon Lawrence F | Grant | 11K | — |
| 2026-03-15 | Shekhter Elaina | Tax withheld | 129 | $137.14 |
| 2026-03-15 | Shekhter Elaina | Tax withheld | 153 | $137.14 |
| 2026-03-15 | Shekhter Elaina | Tax withheld | 327 | $137.14 |
| 2026-03-15 | Shekhter Elaina | Grant | 8.2K | — |
| 2026-03-15 | Dobkin Arkadiy | Tax withheld | 883 | $137.14 |
| 2026-03-15 | Dobkin Arkadiy | Tax withheld | 1.1K | $137.14 |
| 2026-03-15 | Dobkin Arkadiy | Tax withheld | 1.1K | $137.14 |
| 2026-03-15 | Dobkin Arkadiy | Tax withheld | 2.4K | $137.14 |
| 2026-03-15 | Dobkin Arkadiy | Grant | 16K | — |
| 2026-03-15 | Fejes Balazs | Tax withheld | 406 | $137.14 |
| 2026-03-15 | Fejes Balazs | Tax withheld | 505 | $137.14 |
| 2026-03-15 | Fejes Balazs | Tax withheld | 502 | $137.14 |
| 2026-03-15 | Fejes Balazs | Tax withheld | 1.1K | $137.14 |
| 2026-03-15 | Fejes Balazs | Grant | 26K | — |
| 2026-03-15 | Shekhter Elaina | Tax withheld | 154 | $137.14 |
| 2026-03-15 | Rockwell Edward | Tax withheld | 81 | $137.14 |
| 2026-03-15 | Rockwell Edward | Tax withheld | 120 | $137.14 |
| 2026-03-15 | Rockwell Edward | Tax withheld | 120 | $137.14 |
| 2026-03-15 | Rockwell Edward | Tax withheld | 255 | $137.14 |
| 2026-03-15 | Rockwell Edward | Grant | 5.9K | — |
| 2026-03-15 | Dvorkin Viktar | Tax withheld | 228 | $137.14 |
| 2026-03-15 | Dvorkin Viktar | Tax withheld | 240 | $137.14 |
| 2026-03-15 | Dvorkin Viktar | Tax withheld | 239 | $137.14 |
| 2026-03-15 | Dvorkin Viktar | Tax withheld | 510 | $137.14 |
| 2026-03-15 | Dvorkin Viktar | Grant | 11K | — |
| 2026-03-15 | Abrahams Gary C | Tax withheld | 34 | $137.14 |
| 2026-03-15 | Abrahams Gary C | Tax withheld | 41 | $137.14 |
| 2026-03-15 | Abrahams Gary C | Tax withheld | 41 | $137.14 |
| 2026-03-15 | Abrahams Gary C | Tax withheld | 52 | $137.14 |
| 2026-03-15 | Abrahams Gary C | Grant | 1.2K | — |
| 2026-03-15 | Peterson Jason D. | Tax withheld | 442 | $137.14 |
| 2026-03-15 | Peterson Jason D. | Tax withheld | 1.0K | $137.14 |
| 2026-03-15 | Peterson Jason D. | Tax withheld | 549 | $137.14 |
| 2025-12-15 | Segert Robert E. | Gift | 72 | — |
| 2025-12-15 | Segert Robert E. | Gift | 240 | — |
| 2025-12-10 | Shnayder Boris | Option exercise | 5.0K | $70.52 |
| 2025-12-10 | Shnayder Boris | Sell | 5.0K | $207.00 |
| 2025-11-17 | Abrahams Gary C | Sell | 600 | $179.29 |
| 2025-11-13 | Dvorkin Viktar | Sell | 35 | $181.72 |
| 2025-11-13 | Dvorkin Viktar | Sell | 2.5K | $181.80 |
| 2025-10-31 | Peterson Jason D. | Buy | 56 | $134.69 |
| 2025-10-31 | Rockwell Edward | Buy | 56 | $134.69 |
| 2025-10-31 | Fejes Balazs | Buy | 56 | $134.69 |
| 2025-10-31 | Dvorkin Viktar | Buy | 56 | $134.69 |
| 2025-10-31 | Shnayder Boris | Buy | 56 | $134.69 |
| 2025-10-31 | Abrahams Gary C | Buy | 56 | $134.69 |
| 2025-10-31 | Solomon Lawrence F | Buy | 56 | $134.69 |
| 2025-10-21 | Yezhkov Sergey | Sell | 1.5K | $150.27 |
| 2025-10-02 | Yezhkov Sergey | Sell | 10K | $150.86 |
| 2025-10-02 | Yezhkov Sergey | Sell | 10K | $150.86 |
| 2025-09-01 | Fejes Balazs | Grant | 4.1K | — |
| 2025-08-29 | Yezhkov Sergey | Other | 4.7K | — |
| 2025-08-29 | Yezhkov Sergey | Tax withheld | 1.2K | $174.18 |
| 2025-08-29 | Yezhkov Sergey | Tax withheld | 1.2K | $174.18 |
| 2025-05-31 | Roman Eugene | Tax withheld | 515 | $174.49 |
| 2025-05-22 | Shnayder Boris | Sell | 10K | $183.97 |
| 2025-05-22 | Mayoras Richard Michael | Grant | 1.4K | — |
| 2025-05-22 | Segert Robert E. | Grant | 1.4K | — |
| 2025-05-22 | Robb Karl | Grant | 1.4K | — |
| 2025-05-22 | Smart Jill | Grant | 1.4K | — |
| 2025-05-22 | Vargo Ronald P | Grant | 1.4K | — |
| 2025-05-22 | McMahon Chandra | Grant | 1.4K | — |
| 2025-05-22 | Aguirre DeAnne | Grant | 1.4K | — |
| 2025-05-22 | Roman Eugene | Grant | 1.4K | — |
| 2025-05-22 | Shan Helen L. | Grant | 1.4K | — |
| 2025-05-22 | Shnayder Boris | Option exercise | 10K | $74.11 |
| 2025-04-30 | Yezhkov Sergey | Buy | 56 | $133.37 |
| 2025-04-30 | Shnayder Boris | Buy | 56 | $133.37 |
| 2025-04-30 | Peterson Jason D. | Buy | 56 | $133.37 |
| 2025-04-30 | Dvorkin Viktar | Buy | 56 | $133.37 |
| 2025-04-30 | Solomon Lawrence F | Buy | 56 | $133.37 |
| 2025-04-30 | Rockwell Edward | Buy | 56 | $133.37 |
| 2025-04-30 | Abrahams Gary C | Buy | 56 | $133.37 |
| 2025-04-30 | Yezhkov Sergey | Buy | 56 | $133.37 |
| 2025-04-30 | Fejes Balazs | Buy | 56 | $133.37 |
| 2025-03-24 | Dvorkin Viktar | Gift | 14K | — |
| 2025-03-24 | Dvorkin Viktar | Gift | 14K | — |
| 2025-03-21 | Dobkin Arkadiy | Tax withheld | 32K | $175.30 |
| 2025-03-21 | Dobkin Arkadiy | Option exercise | 50K | $61.38 |
| 2025-03-15 | Solomon Lawrence F | Grant | 7.2K | — |
| 2025-03-15 | Shnayder Boris | Tax withheld | 126 | $182.73 |
| 2025-03-15 | Shnayder Boris | Tax withheld | 144 | $182.73 |
| 2025-03-15 | Shnayder Boris | Tax withheld | 82 | $182.73 |
| 2025-03-15 | Shnayder Boris | Tax withheld | 65 | $182.73 |
| 2025-03-15 | Shekhter Elaina | Tax withheld | 153 | $182.73 |
| 2025-03-15 | Shekhter Elaina | Tax withheld | 154 | $182.73 |
| 2025-03-15 | Shekhter Elaina | Tax withheld | 129 | $182.73 |
| 2025-03-15 | Shekhter Elaina | Tax withheld | 82 | $182.73 |
| 2025-03-15 | Shekhter Elaina | Grant | 5.4K | — |
| 2025-03-15 | Dobkin Arkadiy | Tax withheld | 584 | $182.73 |
| 2025-03-15 | Dobkin Arkadiy | Tax withheld | 942 | $182.73 |
| 2025-03-15 | Dobkin Arkadiy | Tax withheld | 884 | $182.73 |
| 2025-03-15 | Dobkin Arkadiy | Tax withheld | 1.1K | $182.73 |
| 2025-03-15 | Dobkin Arkadiy | Grant | 22K | — |
| 2025-03-15 | Fejes Balazs | Tax withheld | 502 | $182.73 |
| 2025-03-15 | Fejes Balazs | Tax withheld | 505 | $182.73 |
| 2025-03-15 | Fejes Balazs | Tax withheld | 406 | $182.73 |
| 2025-03-15 | Fejes Balazs | Tax withheld | 255 | $182.73 |
| 2025-03-15 | Fejes Balazs | Grant | 11K | — |
| 2025-03-15 | Shnayder Boris | Grant | 3.6K | — |
| 2025-03-15 | Rockwell Edward | Tax withheld | 120 | $182.73 |
| 2025-03-15 | Rockwell Edward | Tax withheld | 120 | $182.73 |
| 2025-03-15 | Rockwell Edward | Tax withheld | 81 | $182.73 |
| 2025-03-15 | Rockwell Edward | Tax withheld | 53 | $182.73 |
| 2025-03-15 | Rockwell Edward | Grant | 3.6K | — |
| 2025-03-15 | Dvorkin Viktar | Tax withheld | 190 | $182.73 |
| 2025-03-15 | Dvorkin Viktar | Tax withheld | 301 | $182.73 |
| 2025-03-15 | Dvorkin Viktar | Tax withheld | 366 | $182.73 |
| 2025-03-15 | Dvorkin Viktar | Tax withheld | 365 | $182.73 |
| 2025-03-15 | Dvorkin Viktar | Grant | 7.2K | — |
| 2025-03-15 | Yezhkov Sergey | Tax withheld | 144 | $182.73 |
| 2025-03-15 | Yezhkov Sergey | Tax withheld | 173 | $182.73 |
| 2025-03-15 | Yezhkov Sergey | Tax withheld | 155 | $182.73 |
| 2025-03-15 | Yezhkov Sergey | Tax withheld | 99 | $182.73 |
| 2025-03-15 | Yezhkov Sergey | Grant | 4.2K | — |
| 2025-03-15 | Abrahams Gary C | Tax withheld | 47 | $182.73 |
| 2025-03-15 | Abrahams Gary C | Tax withheld | 40 | $182.73 |
| 2025-03-15 | Abrahams Gary C | Tax withheld | 34 | $182.73 |
| 2025-03-15 | Abrahams Gary C | Tax withheld | 19 | $182.73 |
| 2025-03-15 | Abrahams Gary C | Grant | 752 | — |
| 2025-03-15 | Peterson Jason D. | Tax withheld | 442 | $182.73 |
| 2025-03-15 | Peterson Jason D. | Tax withheld | 998 | $182.73 |
| 2025-03-15 | Peterson Jason D. | Tax withheld | 549 | $182.73 |
| 2025-03-15 | Peterson Jason D. | Tax withheld | 546 | $182.73 |
| 2025-03-15 | Peterson Jason D. | Tax withheld | 263 | $182.73 |
| 2025-03-15 | Peterson Jason D. | Grant | 11K | — |
| 2025-03-15 | Solomon Lawrence F | Tax withheld | 314 | $182.73 |
| 2025-03-15 | Solomon Lawrence F | Tax withheld | 312 | $182.73 |
| 2025-03-15 | Solomon Lawrence F | Tax withheld | 257 | $182.73 |
| 2025-03-15 | Solomon Lawrence F | Tax withheld | 163 | $182.73 |
| 2025-03-05 | Yezhkov Sergey | Option exercise | 18K | $61.38 |
| 2025-03-05 | Yezhkov Sergey | Sell | 18K | $199.07 |
| 2025-03-04 | Fejes Balazs | Sell | 5.4K | $200.00 |
| 2025-02-25 | Dvorkin Viktar | Option exercise | 13K | $73.27 |
| 2025-01-27 | Peterson Jason D. | Sell | 1.1K | $257.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-26 | Exec/director change5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-04-01 | Exec/director changeExhibits | filing ↗ |
| 2026-03-12 | Reg FDExhibits | filing ↗ |
| 2026-03-05 | Material agreementReg FDExhibits | filing ↗ |
| 2026-02-19 | ResultsExhibits | filing ↗ |
| 2026-01-13 | Reg FD | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-26 | 2026-05-21 | 0001352010-26-000034 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001352010-26-000026 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001352010-26-000029 ↗ |
| 8-K | 2026-04-01 | 2026-03-31 | 0001352010-26-000024 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001352010-26-000021 ↗ |
| 8-K | 2026-03-05 | 2026-03-04 | 0001352010-26-000019 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001352010-26-000015 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001352010-26-000010 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001352010-26-000005 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001352010-25-000053 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001352010-25-000056 ↗ |
| 8-K | 2025-10-21 | 2025-10-16 | 0001352010-25-000050 ↗ |