EPAM
EPAM Systems, Inc.
EPAM offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
MSFT
Microsoft Corporation
MSFT has the edge over EPAM overall, supported by stronger modeled upside and lower modeled downside.
EPAM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
EPAM's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
MSFT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
MSFT's revenue, profitability, cash flow and balance sheet are all currently healthy.
EPAM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $164 | — |
| Current | 21x | $164 | — |
| Cheap | 24x | $188 | +15% |
| Fair | 36x | $291 | +78% |
| Expensive | 65x | $517 | +216% |
Historical ranges are pointers, not guarantees.
EPAM's PE is in its cheap range at 21x. If earnings grow as analysts expect, today's price would be 12x next year's earnings.
MSFT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $523 | — |
| Cheap | 27x | $525 | +0.4% |
| Current | 27x | $523 | — |
| Fair | 34x | $652 | +25% |
| Expensive | 37x | $711 | +36% |
Historical ranges are pointers, not guarantees.
MSFT has the edge over EPAM in the historical PE scenario, which offers more potential upside but is not a forecast.
EPAM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect EPAM's earnings to grow and its profitability to improve, with its revenue holding steady.
MSFT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for MSFT, with profitability holding steady.
EPAM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.10 | +76% |
| Q3 2026 | $7.99 | +22% |
| Q2 2026 | $7.37 | +5.1% |
| Q1 2026 | $6.96 | -2.7% |
| Q4 2025 | $6.72 | -14% |
| Q3 2025 | $6.55 | -15% |
| Q2 2025 | $7.01 | +0.6% |
| Q1 2025 | $7.15 | -2.1% |
| Q4 2024 | $7.84 | +11% |
EPAM earned $7.99 per share over the past year, up 22% from the year before.
MSFT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.79 | +8.6% |
| Q3 2026 | $19.15 | +36% |
| Q2 2026 | $17.95 | +32% |
| Q1 2026 | $16.80 | +30% |
| Q4 2025 | $15.99 | +29% |
| Q3 2025 | $14.06 | +16% |
| Q2 2025 | $13.64 | +16% |
| Q1 2025 | $12.93 | +12% |
| Q4 2024 | $12.41 | +12% |
MSFT has the edge over EPAM on earnings, with more consistent year-over-year improvement.
EPAM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +2.3% |
| Q2 2026 | $1.4B | +4.5% |
| Q1 2026 | $1.4B | +7.6% |
| Q4 2025 | $1.4B | +13% |
| Q3 2025 | $1.4B | +19% |
| Q2 2025 | $1.4B | +18% |
| Q1 2025 | $1.3B | +12% |
| Q4 2024 | $1.2B | +7.9% |
EPAM's revenue has grown year over year for nine quarters in a row: $1.4B last quarter, up 2.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | +1.9 points |
| Q2 2026 | 11% | +1.4 points |
| Q1 2026 | 8.3% | +0.7 points |
| Q4 2025 | 11% | -0.3 points |
| Q3 2025 | 10% | -4.8 points |
| Q2 2025 | 9.3% | -1.2 points |
| Q1 2025 | 7.6% | -1.9 points |
| Q4 2024 | 11% | +0.4 points |
EPAM's operating margin was 12% last quarter, up 1.9 points from the same quarter a year ago.
MSFT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $92.3B | +19% |
| Q2 2026 | $90B | +18% |
| Q1 2026 | $82.9B | +18% |
| Q4 2025 | $81.3B | +17% |
| Q3 2025 | $77.7B | +18% |
| Q2 2025 | $76.4B | +18% |
| Q1 2025 | $70.1B | +13% |
| Q4 2024 | $69.6B | +12% |
MSFT has the edge over EPAM on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 50% | +0.9 points |
| Q2 2026 | 45% | +0.2 points |
| Q1 2026 | 46% | +0.7 points |
| Q4 2025 | 47% | +1.6 points |
| Q3 2025 | 49% | +2.3 points |
| Q2 2025 | 45% | +1.8 points |
| Q1 2025 | 46% | +1.1 points |
| Q4 2024 | 45% | +1.9 points |
MSFT has the edge over EPAM on profitability, with a higher operating margin.
EPAM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $274.2M | -4.3% |
| Q2 2026 | -$17.6M | -141% |
| Q1 2026 | -$54.2M | -466% |
| Q4 2025 | $268.1M | +134% |
| Q3 2025 | $286.4M | +21% |
| Q2 2025 | $43.4M | -17% |
| Q1 2025 | $14.8M | -88% |
| Q4 2024 | $114.5M | -29% |
EPAM generated $470M in free cash flow over the past year, up 2.5% from the year before.
MSFT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18.6B | -27% |
| Q2 2026 | $19.6B | -23% |
| Q1 2026 | $15.8B | -22% |
| Q4 2025 | $5.9B | -9.3% |
| Q3 2025 | $25.7B | +33% |
| Q2 2025 | $25.6B | +9.6% |
| Q1 2025 | $20.3B | -3.2% |
| Q4 2024 | $6.5B | -29% |
MSFT has the edge over EPAM on cash flow, with stronger typical year-over-year growth.
EPAM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -798K shares |
| 1 year | -7.8% | -4.3M shares |
| 3 years | -13% | -7.5M shares |
| 5 years | -13% | -7.7M shares |
| Available history | -11% | -6.2M shares |
EPAM has the edge over MSFT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $79.9M |
| Q2 2026 | $85M |
| Q1 2026 | $324M |
| Q4 2025 | $223.5M |
| Q3 2025 | $82.1M |
| Q2 2025 | $196.5M |
| Q1 2025 | $160M |
| Q4 2024 | $13M |
EPAM spent $712M buying back its own shares over the past year, up 58% from the year before.
MSFT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -7M shares |
| 1 year | -0.3% | -20M shares |
| 3 years | -0.2% | -16M shares |
| 5 years | -1.6% | -121M shares |
| Available history | -3.2% | -245M shares |
MSFT has 7.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.4B |
| Q2 2026 | $4.6B |
| Q1 2026 | $4.6B |
| Q4 2025 | $7.4B |
| Q3 2025 | $5.7B |
| Q2 2025 | $4.5B |
| Q1 2025 | $4.8B |
| Q4 2024 | $5B |
MSFT spent $21B buying back its own shares over the past year, up 5.2% from the year before.
EPAM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.3x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -2.0x | Net Cash |
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -1.8x | Net Cash |
| Q4 2024 | -2.0x | Net Cash |
EPAM has the edge over MSFT on leverage, with a lower net debt burden relative to earnings.
MSFT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.1x | Very low |
MSFT's net debt is less than a year of its operating earnings (EBITDA).
EPAM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.8 | Overbought |
| Stochastic | 93.9 | Overbought |
EPAM's weekly RSI is 72 (overbought) and its Stochastic is 94 (overbought).
MSFT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.1 | Neutral |
| Stochastic | 68.0 | Neutral |
MSFT's weekly RSI is 62 (neutral) and its Stochastic is 68 (neutral).
EPAM PE vs Technology Sector
| Metric | EPAM | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 26% below |
| PE % | 11 | 35 | 24 pts below |
EPAM has the edge over MSFT on valuation relative to its sector.
MSFT PE vs Technology Sector
| Metric | MSFT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 2% below |
| PE % | 16 | 35 | 19 pts below |
MSFT is trading at 27x earnings, in line with the Technology sector's median of 28x.
EPAM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $131.5 | 25% above |
| 20 week MA | $114.0 | 44% above |
| 50 week MA | $134.5 | 22% above |
| 100 week MA | $158.5 | 3.3% above |
| 200 week MA | $203.6 | 20% below |
EPAM has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 20% below its 200-week average.
MSFT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $524.7 | 0.3% below |
| 20 week MA | $484.8 | 7.9% above |
| 50 week MA | $446.9 | 17% above |
| 100 week MA | $453.8 | 15% above |
| 200 week MA | $411.5 | 27% above |
MSFT's trend is up, with a small recent dip: it's below only its 8-week average, and 27% above its 200-week average.
EPAM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $214.4 | $356.3 | +66% |
| 2021 | $356.3 | $663.1 | +86% |
| 2022 | $663.1 | $323.7 | -51% |
| 2023 | $323.7 | $297.3 | -8.1% |
| 2024 | $297.3 | $238.5 | -20% |
| 2025 | $238.5 | $211.4 | -11% |
| 2026 YTD | $211.4 | $163.8 | -23% |
EPAM has finished four years in a row lower, and it's down 23% so far in 2026.
MSFT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $159.0 | $222.8 | +40% |
| 2021 | $222.8 | $334.7 | +50% |
| 2022 | $334.7 | $238.7 | -29% |
| 2023 | $238.7 | $376.0 | +58% |
| 2024 | $376.0 | $430.5 | +14% |
| 2025 | $430.5 | $487.7 | +13% |
| 2026 YTD | $487.7 | $523.0 | +7.2% |
MSFT has the edge over EPAM on returns for 2026, with the stronger performance.