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Side-by-side financial comparison of EPAM Systems (EPAM) and ESAB Corp (ESAB). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $727.8M, roughly 1.9× ESAB Corp). EPAM Systems runs the higher net margin — 7.8% vs 7.5%, a 0.2% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 8.5%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $70.3M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 2.8%).
EPAM Systems, Inc. is an American company that specializes in software engineering services, digital platform engineering, and digital product design, operating out of Newtown, Pennsylvania. EPAM is a founding member of the MACH Alliance.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
EPAM vs ESAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $727.8M |
| Net Profit | $109.4M | $54.8M |
| Gross Margin | 30.1% | 37.0% |
| Operating Margin | 10.6% | 14.6% |
| Net Margin | 7.8% | 7.5% |
| Revenue YoY | 12.8% | 8.5% |
| Net Profit YoY | 5.9% | 2.1% |
| EPS (diluted) | $1.97 | $0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $727.8M | ||
| Q3 25 | $1.4B | $715.6M | ||
| Q2 25 | $1.4B | $678.1M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.2B | $670.8M | ||
| Q3 24 | $1.2B | $673.3M | ||
| Q2 24 | $1.1B | $707.1M | ||
| Q1 24 | $1.2B | $689.7M |
| Q4 25 | $109.4M | $54.8M | ||
| Q3 25 | $106.8M | $66.9M | ||
| Q2 25 | $88.0M | $67.4M | ||
| Q1 25 | $73.5M | — | ||
| Q4 24 | $103.3M | $53.7M | ||
| Q3 24 | $136.3M | $68.2M | ||
| Q2 24 | $98.6M | $82.9M | ||
| Q1 24 | $116.2M | $60.0M |
| Q4 25 | 30.1% | 37.0% | ||
| Q3 25 | 29.5% | 37.2% | ||
| Q2 25 | 28.8% | 37.6% | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | 38.5% | ||
| Q3 24 | 34.6% | 37.7% | ||
| Q2 24 | 29.3% | 38.2% | ||
| Q1 24 | 28.4% | 37.0% |
| Q4 25 | 10.6% | 14.6% | ||
| Q3 25 | 10.4% | 15.2% | ||
| Q2 25 | 9.3% | 16.2% | ||
| Q1 25 | 7.6% | — | ||
| Q4 24 | 10.9% | 16.6% | ||
| Q3 24 | 15.2% | 15.7% | ||
| Q2 24 | 10.5% | 16.9% | ||
| Q1 24 | 9.5% | 16.0% |
| Q4 25 | 7.8% | 7.5% | ||
| Q3 25 | 7.7% | 9.3% | ||
| Q2 25 | 6.5% | 9.9% | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 8.3% | 8.0% | ||
| Q3 24 | 11.7% | 10.1% | ||
| Q2 24 | 8.6% | 11.7% | ||
| Q1 24 | 10.0% | 8.7% |
| Q4 25 | $1.97 | $0.90 | ||
| Q3 25 | $1.91 | $1.09 | ||
| Q2 25 | $1.56 | $1.10 | ||
| Q1 25 | $1.28 | — | ||
| Q4 24 | $1.80 | $0.87 | ||
| Q3 24 | $2.37 | $1.11 | ||
| Q2 24 | $1.70 | $1.35 | ||
| Q1 24 | $1.97 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $218.2M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $3.7B | $2.1B |
| Total Assets | $4.9B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $218.2M | ||
| Q3 25 | $1.2B | $258.2M | ||
| Q2 25 | $1.0B | $291.3M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $249.4M | ||
| Q3 24 | $2.1B | $253.7M | ||
| Q2 24 | $1.8B | $228.5M | ||
| Q1 24 | $2.0B | $76.5M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $992.8M |
| Q4 25 | $3.7B | $2.1B | ||
| Q3 25 | $3.7B | $2.1B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.6B | $1.8B | ||
| Q3 24 | $3.6B | $1.8B | ||
| Q2 24 | $3.4B | $1.7B | ||
| Q1 24 | $3.5B | $1.6B |
| Q4 25 | $4.9B | $4.9B | ||
| Q3 25 | $4.8B | $4.4B | ||
| Q2 25 | $4.7B | $4.2B | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.8B | $4.0B | ||
| Q3 24 | $4.5B | $4.1B | ||
| Q2 24 | $4.2B | $4.0B | ||
| Q1 24 | $4.4B | $3.8B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.61× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $282.9M | $81.5M |
| Free Cash FlowOCF − Capex | $268.1M | $70.3M |
| FCF MarginFCF / Revenue | 19.0% | 9.7% |
| Capex IntensityCapex / Revenue | 1.1% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.59× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $81.5M | ||
| Q3 25 | $294.7M | $46.6M | ||
| Q2 25 | $53.2M | $35.4M | ||
| Q1 25 | $24.2M | — | ||
| Q4 24 | $130.3M | $126.9M | ||
| Q3 24 | $242.0M | $101.0M | ||
| Q2 24 | $57.0M | $83.0M | ||
| Q1 24 | $129.9M | $44.5M |
| Q4 25 | $268.1M | $70.3M | ||
| Q3 25 | $286.4M | $37.4M | ||
| Q2 25 | $43.4M | $28.1M | ||
| Q1 25 | $14.8M | — | ||
| Q4 24 | $114.5M | $102.2M | ||
| Q3 24 | $237.0M | $90.4M | ||
| Q2 24 | $52.3M | $74.0M | ||
| Q1 24 | $123.2M | $37.1M |
| Q4 25 | 19.0% | 9.7% | ||
| Q3 25 | 20.5% | 5.2% | ||
| Q2 25 | 3.2% | 4.1% | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 9.2% | 15.2% | ||
| Q3 24 | 20.3% | 13.4% | ||
| Q2 24 | 4.6% | 10.5% | ||
| Q1 24 | 10.6% | 5.4% |
| Q4 25 | 1.1% | 1.5% | ||
| Q3 25 | 0.6% | 1.3% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.3% | 3.7% | ||
| Q3 24 | 0.4% | 1.6% | ||
| Q2 24 | 0.4% | 1.3% | ||
| Q1 24 | 0.6% | 1.1% |
| Q4 25 | 2.59× | 1.49× | ||
| Q3 25 | 2.76× | 0.70× | ||
| Q2 25 | 0.60× | 0.53× | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | 2.36× | ||
| Q3 24 | 1.77× | 1.48× | ||
| Q2 24 | 0.58× | 1.00× | ||
| Q1 24 | 1.12× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
