Question 1

What is EPAM Systems's EV/EBITDA ratio?

Accepted Answer

EPAM Systems (EPAM) EV/EBITDA ratio is 5.8× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for EPAM Systems?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For EPAM Systems specifically, the relevant sector benchmark is the current sector median of 20.3×.

Question 5

Is EPAM Systems's EV/EBITDA ratio high or low?

Accepted Answer

EPAM Systems's EV/EBITDA ratio of 5.8× is below its own 5-year average of 23.3× and below the sector median of 20.3×. That places the current reading at the 1th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is EPAM Systems's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, EPAM Systems (EPAM) EV/EBITDA ratio has ranged from a low of 2.4× in 2011 to a high of 71.8× in 2021. The 5-year average is 23.3× and the 5-year median is 19.0×.

Question 7

What was EPAM Systems's EV/EBITDA ratio in 2025?

Accepted Answer

EPAM Systems (EPAM) EV/EBITDA ratio at the end of 2025 was 15.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does EPAM Systems's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$11.3B	$651M	15.5×	-1.6×	Dec 31, 2025
2024	$13.3B	$712M	17.1×	-5.4×	Dec 31, 2024
2023	$17.2B	$677M	22.5×	-4.2×	Dec 31, 2023
2022	$18.9B	$647M	26.8×	-27.2×	Dec 31, 2022
2021	$37.9B	$681M	54.0×	+16.7×	Dec 31, 2021
2020	$20.1B	$509M	37.3×	+10.0×	Dec 31, 2020
2019	$11.7B	$404M	27.2×	+7.7×	Dec 31, 2019
2018	$6.27B	$282M	19.6×	-5.5×	Dec 31, 2018
2017	$5.61B	$202M	25.1×	+6.4×	Dec 31, 2017
2016	$3.26B	$157M	18.6×	-11.3×	Dec 31, 2016
2015	$3.88B	$123M	29.9×	+10.5×	Dec 31, 2015
2014	$2.27B	$106M	19.4×	+3.5×	Dec 31, 2014
2013	$1.63B	$91.6M	15.9×	+7.2×	Dec 31, 2013
2012	$784M	$76.9M	8.6×	+6.3×	Dec 31, 2012
2011	$240M	$64.2M	2.4×	-2.6×	Dec 31, 2011
2010	$240M	$37.4M	5.0×	—	Dec 31, 2010


Leidos Holdings (LDOS)	11.0×
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NetApp (NTAP)	10.5×
PTC (PTC)	10.2×
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Amkor Technology (AMKR)	8.7×
Gen Digital (GEN)	8.3×
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Fidelity National Information Services (FIS)	4.8×
IBM (IBM)	3.8×

EV/EBITDA for EPAM Systems (EPAM) 2010-2026

EV/EBITDA daily chart for EPAM Systems (EPAM)

Historical EV/EBITDA for EPAM Systems (EPAM) from 2010 to 2025

About EV/EBITDA at EPAM Systems (EPAM)

EPAM Systems EV/EBITDA by Year

EPAM Systems EV/EBITDA 2025: 15.5×

EPAM Systems EV/EBITDA 2024: 17.1×

EPAM Systems EV/EBITDA 2023: 22.5×

EPAM Systems EV/EBITDA 2022: 26.8×

EPAM Systems EV/EBITDA 2021: 54.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

EPAM Systems (EPAM) Key Financials