What is EPAM Systems, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on EPAM Systems, Inc.'s reported free cash flow gives $373.58 per share. The share price was $108.23 on September 25, 2026, 71% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $232.32 | +115% |
| Base | 15.0% | 9.0% | $373.58 | +245% |
| Bull | 20.0% | 8.0% | $636.60 | +488% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $480.52 | $513.87 | $554.63 | $605.57 | $671.08 |
| 8.0% | $400.18 | $421.81 | $447.37 | $478.03 | $515.52 |
| 9.0% | $341.73 | $356.52 | $373.58 | $393.48 | $417.00 |
| 10.0% | $297.41 | $307.92 | $319.84 | $333.46 | $349.17 |
| 11.0% | $262.72 | $270.43 | $279.05 | $288.74 | $299.73 |
Where the presets come from
Base: years 1 to 5 grow at EPAM Systems, Inc.'s revenue growth rate over the last 5 fiscal years (15.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions