EPAM Systems, Inc. (EPAM)

Services-Computer Programming Services

Latest Price

$140.51

TTM P/E

19.07

Normalized P/E

19.29

TTM Div Yield

Fwd Div Yield

Book Value

67.35

P/B Ratio

2.09

Valuation metrics

EPS: $6.72

Book value / share: $67.75

Formula: √(22.5 × EPS × BVPS)

Graham Number

$101.21

25% downside

Norm. op. income: $520M (median of 7yr)

Tax rate: 17%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$102.62

24% downside

Base FCF: $527M (median of recent 5yr)

Growth: 7%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$222.01

+65% upside

EPS: $6.72

Target P/E: 18×

Formula: EPS × P/E

P/E Fair Value

$120.96

10% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	6.64M	$526.0M	12.87%	+2.55M	2026-06-30
Ameriprise Financial Inc	5.46M	$434.0M	10.58%	+1.68M	2026-06-30
Capital World Investors	4.83M	$382.0M	9.35%	-2.02M	2026-06-30
Vanguard Portfolio Management LLC	3.47M	$275.0M	6.72%	+508.9K	2026-06-30
Invesco Ltd.	2.41M	$191.0M	4.67%	-1.97M	2026-06-30
Vanguard Capital Management LLC	2.28M	$180.0M	4.41%	-1.19M	2026-06-30
State Street Corp	1.96M	$155.0M	3.79%	-277.1K	2026-06-30
Citadel Advisors LLC	1.71M	$135.0M	3.31%	+1.54M	2026-06-30
Dimensional Fund Advisors LP	1.65M	$130.0M	3.20%	+579.3K	2026-06-30
Aikya Investment Management Ltd	1.37M	$108.0M	2.65%	+455.3K	2026-06-30