EPAMEPAM Systems, Inc.
Services-Computer Programming Services
- Revenue
- $5.5B
- 15% YoY
- Operating margin
- 9.5%
- 17% YoY
- EBITDA
- $645M
- 1.7% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- -1.2×
- −$764M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear173% of net incomeCash flow under 80% of net income
- Dilutive SBCClear3% of revenueOver 10% of revenue
- Payouts exceed cash flowFired101% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear26% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.8B | $4.8B | $4.7B | $4.7B | $5.5B | 15% |
| Operating income | $542M | $573M | $501M | $545M | $520M | 4.5% |
| Net income | $482M | $419M | $417M | $455M | $378M | 17% |
| Operating cash flow | $572M | $464M | $563M | $559M | $655M | 17% |
| Capex | $112M | $82M | $28M | $32M | $42M | 31% |
| Stock-based comp | $112M | $100M | $148M | $167M | $177M | 5.7% |
| Buybacks | $0 | $0 | $165M | $398M | $662M | 66% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 57 | 258 |
| FY2024 | — | — | 110 | 300 |
| FY2023 | — | — | 140 | 219 |
| FY2022 | — | — | 154 | 139 |
| FY2021 | — | — | 315 | 194 |