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EPAM Systems, Inc（EPAM）の決算・業績分析

EPAM Systems, Incの2025年有価証券報告書をAI分析。売上高$5.5B(+15.4%)。営業利益$520M。Information Technology。

目次
SUMMARY — 業績サマリー

EPAM Systems, Incの2025年度 業績サマリー

EPAM Systems, Inc（証券コード: EPAM）の2025年度決算・業績分析。売上高は$5.5B（前年比+15.4%）。営業利益は$520M（前年比-4.5%）。純利益は$378M（前年比-16.9%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。

EPAM Systems, Incの2024年度 注目ポイント

※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。

  1. EPAM achieved $4.8B in FY2024 revenue (+28.4% YoY) (XBRL), driven by strong demand for digital engineering and AI services.
  2. Net income declined 12.9% YoY to $419M (XBRL), despite a 5.7% increase in operating income to $573M (XBRL).
  3. EPAM maintains robust liquidity with $1.7B in cash (XBRL) and a net debt of -$1.7B (-2.5x EBITDA) (XBRL).
  4. Equity ratio of 79.8% (XBRL) and debt-to-equity ratio of 0.25x (XBRL) reflect a conservative capital structure.

EPAM Systems, Incの売上高変化の要因

  • •Revenue grew 28.4% YoY to $4.8B (XBRL), reflecting strong demand for AI and cloud services. Historical growth shows a 5-year CAGR of 20.5% (XBRL). However, net income declined 12.9% YoY to $419M (XBRL), likely due to increased operating expenses or one-time costs (N/A). Revenue growth outpaced operating income growth (5.7% YoY) (XBRL), suggesting margin compression from scaling operations.

EPAM Systems, Incの営業利益変化の要因

  • •Operating margin improved slightly to 11.9% (XBRL), while net margin fell to 8.7% (-12.9% YoY) (XBRL). EBITDA margin remained stable at 13.8% (XBRL). Operating income grew 5.7% YoY to $573M (XBRL), but net income declined due to non-operating factors (N/A). ROE of 12.1% (XBRL) and ROA of 9.6% (XBRL) indicate efficient use of equity and assets.

EPAM Systems, Incの事業リスクと対応

Geopolitical instability in Ukraine and Belarus threatens operations, with 13,950 employees in these regions (10-K).

Macroeconomic uncertainty may reduce client spending on services, impacting revenue and profitability (10-K).

Operational disruptions in key regions could increase costs and reduce profitability (10-K).

Cybersecurity threats and client-imposed communication blocks with Ukraine/Belarus may hinder service delivery (10-K).

Prolonged conflicts or sanctions could force geographic rebalancing, increasing costs and operational risks (10-K).

EPAM Systems, Incの事業内容

EPAM Systems, Inc. (EPAM) provides digital engineering, cloud transformation, AI/GenAI solutions, and business consulting services to enterprises and startups (10-K). Revenue is generated through software development, product engineering, and consulting, with FY2024 revenue reaching $4.8B (XBRL). Key offerings include proprietary platforms like EPAM AI/RUN™ and DIALX Lab (10-K). Competitive advantages include 30+ years of engineering expertise, agile methodologies, and strategic acquisitions (10-K). The company operates globally without significant customer concentration (N/A).

EPAM Systems, IncのAI業績分析レポート（2024年度）

EPAM Systems, Inc. (EPAM) FY2024 Annual Report Analysis

Highlights

•Revenue: $4.8B (+28.4% YoY) (XBRL)
•Net Income: $419M (-12.9% YoY) (XBRL)
•Liquidity: $1.7B cash (XBRL), net debt of -$1.7B (XBRL)
•Capital Structure: Equity ratio 79.8% (XBRL), D/E ratio 0.25x (XBRL)

Business Overview

EPAM provides digital engineering, cloud, and AI transformation services to enterprises and startups (10-K). Revenue is generated through software development, product engineering, and consulting (XBRL). Key offerings include proprietary platforms like EPAM AI/RUN™ and DIALX Lab (10-K). Competitive advantages include 30+ years of engineering expertise and strategic acquisitions (10-K). No significant customer concentration is reported (N/A).

Revenue Analysis

FY2024 revenue of $4.8B reflects 28.4% YoY growth (XBRL), driven by demand for AI and cloud services. Historical 5-year CAGR of 20.5% (XBRL) underscores consistent growth. However, net income declined 12.9% YoY to $419M (XBRL), despite a 5.7% increase in operating income to $573M (XBRL). Operating income growth lagged behind revenue growth, suggesting margin compression.

Profitability Analysis

Operating margin improved to 11.9% (XBRL), while net margin fell to 8.7% (XBRL). EBITDA margin remained stable at 13.8% (XBRL). ROE of 12.1% (XBRL) and ROA of 9.6% (XBRL) indicate efficient use of equity and assets. Operating income grew 5.7% YoY to $573M (XBRL), but net income declined due to non-operating factors (N/A).

Balance Sheet Analysis

EPAM maintains a strong balance sheet with $1.7B in cash (XBRL) and $3.5B in total equity (XBRL). Total assets grew to $4.4B (XBRL), while long-term debt remains minimal at $26M (XBRL). The current ratio of 4.79x (XBRL) and equity ratio of 79.8% (XBRL) highlight exceptional liquidity and low leverage.

Cash Flow Analysis

Operating cash flow of $464M (XBRL) supported free cash flow of $382M (XBRL), achieved through $82M in CapEx (XBRL). Investing cash flow was -$183M (XBRL), likely from technology investments. No share repurchases occurred (XBRL), and financing cash flow was -$2M (XBRL).

Working Capital Analysis

N/A

Risks

1.Geopolitical Instability: Operations in Ukraine and Belarus (13,950 employees) face risks from conflicts and sanctions (10-K).
2.Macroeconomic Uncertainty: Global volatility may reduce client spending on services (10-K).
3.Operational Disruptions: Relocation costs from key regions could reduce profitability (10-K).
4.Cybersecurity Threats: Communication blocks with Ukraine/Belarus may hinder service delivery (10-K).
5.Geographic Rebalancing: Prolonged conflicts could increase costs and operational risks (10-K).

Outlook

N/A

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