Question 1

What is EPAM Systems's P/FCF ratio?

Accepted Answer

EPAM Systems (EPAM) P/FCF ratio is 9.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for EPAM Systems?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For EPAM Systems specifically, the relevant sector benchmark is the current sector median of 21.6×.

Question 5

Is EPAM Systems's P/FCF ratio high or low?

Accepted Answer

EPAM Systems's P/FCF ratio of 9.8× is below its own 5-year average of 36.8× and below the sector median of 21.6×. 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 P/FCF ratio range?

Accepted Answer

In the available daily series, EPAM Systems (EPAM) P/FCF ratio has ranged from a low of 6.4× in 2011 to a high of 119.2× in 2021. The 5-year average is 36.8× and the 5-year median is 27.4×.

Question 7

What was EPAM Systems's P/FCF ratio in 2025?

Accepted Answer

EPAM Systems (EPAM) P/FCF ratio at the end of 2025 was 18.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does EPAM Systems's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$11.26B	$612.69M	18.4×	-6.8×	Dec 31, 2025
2024	$13.29B	$527.02M	25.2×	-6.9×	Dec 31, 2024
2023	$17.18B	$534.22M	32.2×	-17.2×	Dec 31, 2023
2022	$18.87B	$382.48M	49.3×	-33.0×	Dec 31, 2022
2021	$37.94B	$460.83M	82.3×	+40.1×	Dec 31, 2021
2020	$20.08B	$475.61M	42.2×	-19.9×	Dec 31, 2020
2019	$11.68B	$188.15M	62.1×	+37.5×	Dec 31, 2019
2018	$6.27B	$254.64M	24.6×	-9.3×	Dec 31, 2018
2017	$5.61B	$165.56M	33.9×	+9.8×	Dec 31, 2017
2016	$3.26B	$135.50M	24.1×	-42.3×	Dec 31, 2016
2015	$3.88B	$58.43M	66.4×	+40.9×	Dec 31, 2015
2014	$2.27B	$89.03M	25.5×	-12.9×	Dec 31, 2014
2013	$1.63B	$42.30M	38.4×	+1.9×	Dec 31, 2013
2012	$783.62M	$21.42M	36.6×	+30.2×	Dec 31, 2012
2011	$239.74M	$37.43M	6.4×	-13.4×	Dec 31, 2011
2010	$239.99M	$12.11M	19.8×	—	Dec 31, 2010


Paycom Software (PAYC)	14.0×
Intuit (INTU)	13.9×
Okta (OKTA)	13.8×
Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	10.4×
Accenture (ACN)	10.3×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
Science Applications International (SAIC)	6.7×
Strategy (MSTR)	5.5×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×

P/FCF Ratio for EPAM Systems (EPAM)

P/FCF Ratio daily chart for EPAM Systems (EPAM)

Historical P/FCF Ratio for EPAM Systems (EPAM) from 2010 to 2025

About P/FCF Ratio at EPAM Systems (EPAM)

EPAM Systems P/FCF Ratio by Year

EPAM Systems P/FCF Ratio 2025: 18.4×

EPAM Systems P/FCF Ratio 2024: 25.2×

EPAM Systems P/FCF Ratio 2023: 32.2×

EPAM Systems P/FCF Ratio 2022: 49.3×

EPAM Systems P/FCF Ratio 2021: 82.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

EPAM Systems (EPAM) Key Financials

P/FCF Ratio daily chart for EPAM Systems (EPAM)

Historical P/FCF Ratio for EPAM Systems (EPAM) from 2010 to 2025

About P/FCF Ratio at EPAM Systems (EPAM)

EPAM Systems P/FCF Ratio by Year

EPAM Systems P/FCF Ratio 2025: 18.4×

EPAM Systems P/FCF Ratio 2024: 25.2×

EPAM Systems P/FCF Ratio 2023: 32.2×

EPAM Systems P/FCF Ratio 2022: 49.3×

EPAM Systems P/FCF Ratio 2021: 82.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is EPAM Systems's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for EPAM Systems?

+Is EPAM Systems's P/FCF ratio high or low?

+What is EPAM Systems's historical P/FCF ratio range?

+What was EPAM Systems's P/FCF ratio in 2025?

+Why does EPAM Systems's P/FCF ratio change over time?

EPAM Systems (EPAM) Key Financials