EPAM Systems, Inc. — Earnings Quality Grade B
EPAM · Technology
Generally healthy
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 74 days, change -3 days YoY
AR growth 10.6% vs revenue growth 15.4%
Revenue 15.4%, CFFO 17.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 31.4% is >2x revenue growth 15.4%
SG&A/Gross Profit = 59.0%. Normal
Gross margin 28.8%, change -1.8pp. Stable
Cash Flow Quality
CFFO/NI = 1.73. Profits backed by cash
FCF $0.6B, FCF/NI = 1.62
Accruals ratio = -5.7%. Low accruals
Cash $1.3B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $1.6B = 44% of equity
Debt/EBITDA = 0.2x. Healthy
Other assets grew 38.0% vs revenue 15.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -2.68 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10