EPAM SYSTEMS, INC.
In the published model solve dated 2026-Q2, anchored at $114.80, EPAM SYSTEMS, INC. (EPAM) is priced for +3.9% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 26, 2026 from SEC EDGAR filings.
• Four fifths of what EPAM bills is time-and-materials work, so the company is an engineering headcount converted into invoices, which is why the debate about it is really a debate about how many engineer-hours the next decade needs. • Profitability, not demand, is what has gone wrong: 2025 revenue grew 15.4% to $5.457 billion while income from operations fell 4.5% to $520.0 million, as cost of revenues rose to 71.2% of sales from 69.3%. • Second-quarter results land on August 6, 2026, and the c
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510 institutional managers reported holding EPAM in 13F filings for the quarter ended 2026-03-31. 67 opened new positions that quarter. Held by Vanguard Group, Capital Group (American Funds), Invesco, among others. On the short side, 10.3M shares were sold short as of the 2026-06-15 count, about 19% of shares outstanding (4.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
EPAM has cut its share count 4.7% over the past five years, spending $1.55B on repurchases. It pays no dividend. Cash returned over the past three years: $1.50B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at EPAM over the trailing three years: 2025: 15 buys totaling $112k. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
EPAM's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +4.3% | -1.1% |
| 2023-11-04 | +11.1% | +20.0% |
| 2024-02-23 | +12.2% | -21.2% |
| 2024-05-10 | -26.4% | +5.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
EPAM's latest 8-K filings: 2026-08-06 (items 2.02, 9.01); 2026-05-26 (items 5.02, 5.03, 5.07, 9.01); 2026-05-07 (items 2.02, 9.01); 2026-04-01 (items 5.02, 9.01); 2026-03-12 (items 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 26, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.