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 $376.70 per share. The share price was $164.14 on November 10, 2026, 56% 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% | $235.44 | +43% |
| Base | 15.0% | 9.0% | $376.70 | +130% |
| Bull | 20.0% | 8.0% | $639.73 | +290% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $483.65 | $517.00 | $557.75 | $608.70 | $674.20 |
| 8.0% | $403.31 | $424.93 | $450.49 | $481.16 | $518.64 |
| 9.0% | $344.86 | $359.64 | $376.70 | $396.61 | $420.13 |
| 10.0% | $300.53 | $311.05 | $322.96 | $336.58 | $352.30 |
| 11.0% | $265.85 | $273.56 | $282.17 | $291.87 | $302.85 |
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