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Side-by-side financial comparison of EPAM Systems (EPAM) and Fabrinet (FN). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $1.1B, roughly 1.2× Fabrinet). Fabrinet runs the higher net margin — 9.9% vs 7.8%, a 2.2% gap on every dollar of revenue. On growth, Fabrinet posted the faster year-over-year revenue change (35.9% vs 12.8%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $-5.3M). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% CAGR vs 9.9%).
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.
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
EPAM vs FN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.1B |
| Net Profit | $109.4M | $112.6M |
| Gross Margin | 30.1% | 12.2% |
| Operating Margin | 10.6% | 10.1% |
| Net Margin | 7.8% | 9.9% |
| Revenue YoY | 12.8% | 35.9% |
| Net Profit YoY | 5.9% | 30.0% |
| EPS (diluted) | $1.97 | $3.11 |
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 | $1.1B | ||
| Q3 25 | $1.4B | $978.1M | ||
| Q2 25 | $1.4B | $909.7M | ||
| Q1 25 | $1.3B | $871.8M | ||
| Q4 24 | $1.2B | $833.6M | ||
| Q3 24 | $1.2B | $804.2M | ||
| Q2 24 | $1.1B | $753.3M | ||
| Q1 24 | $1.2B | $731.5M |
| Q4 25 | $109.4M | $112.6M | ||
| Q3 25 | $106.8M | $95.9M | ||
| Q2 25 | $88.0M | $87.2M | ||
| Q1 25 | $73.5M | $81.3M | ||
| Q4 24 | $103.3M | $86.6M | ||
| Q3 24 | $136.3M | $77.4M | ||
| Q2 24 | $98.6M | $81.1M | ||
| Q1 24 | $116.2M | $80.9M |
| Q4 25 | 30.1% | 12.2% | ||
| Q3 25 | 29.5% | 11.9% | ||
| Q2 25 | 28.8% | 12.2% | ||
| Q1 25 | 26.9% | 11.7% | ||
| Q4 24 | 30.4% | 12.1% | ||
| Q3 24 | 34.6% | 12.3% | ||
| Q2 24 | 29.3% | 12.3% | ||
| Q1 24 | 28.4% | 12.4% |
| Q4 25 | 10.6% | 10.1% | ||
| Q3 25 | 10.4% | 9.6% | ||
| Q2 25 | 9.3% | 9.8% | ||
| Q1 25 | 7.6% | 9.0% | ||
| Q4 24 | 10.9% | 9.5% | ||
| Q3 24 | 15.2% | 9.6% | ||
| Q2 24 | 10.5% | 9.7% | ||
| Q1 24 | 9.5% | 9.7% |
| Q4 25 | 7.8% | 9.9% | ||
| Q3 25 | 7.7% | 9.8% | ||
| Q2 25 | 6.5% | 9.6% | ||
| Q1 25 | 5.6% | 9.3% | ||
| Q4 24 | 8.3% | 10.4% | ||
| Q3 24 | 11.7% | 9.6% | ||
| Q2 24 | 8.6% | 10.8% | ||
| Q1 24 | 10.0% | 11.1% |
| Q4 25 | $1.97 | $3.11 | ||
| Q3 25 | $1.91 | $2.66 | ||
| Q2 25 | $1.56 | $2.41 | ||
| Q1 25 | $1.28 | $2.25 | ||
| Q4 24 | $1.80 | $2.38 | ||
| Q3 24 | $2.37 | $2.13 | ||
| Q2 24 | $1.70 | $2.22 | ||
| Q1 24 | $1.97 | $2.21 |
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 | $960.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $2.2B |
| Total Assets | $4.9B | $3.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $960.8M | ||
| Q3 25 | $1.2B | $968.8M | ||
| Q2 25 | $1.0B | $934.2M | ||
| Q1 25 | $1.2B | $950.7M | ||
| Q4 24 | $1.3B | $934.6M | ||
| Q3 24 | $2.1B | $908.9M | ||
| Q2 24 | $1.8B | $858.6M | ||
| Q1 24 | $2.0B | $794.0M |
| Q4 25 | $3.7B | $2.2B | ||
| Q3 25 | $3.7B | $2.1B | ||
| Q2 25 | $3.7B | $2.0B | ||
| Q1 25 | $3.6B | $1.9B | ||
| Q4 24 | $3.6B | $1.8B | ||
| Q3 24 | $3.6B | $1.8B | ||
| Q2 24 | $3.4B | $1.7B | ||
| Q1 24 | $3.5B | $1.7B |
| Q4 25 | $4.9B | $3.3B | ||
| Q3 25 | $4.8B | $3.0B | ||
| Q2 25 | $4.7B | $2.8B | ||
| Q1 25 | $4.7B | $2.6B | ||
| Q4 24 | $4.8B | $2.5B | ||
| Q3 24 | $4.5B | $2.4B | ||
| Q2 24 | $4.2B | $2.3B | ||
| Q1 24 | $4.4B | $2.2B |
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 | $46.3M |
| Free Cash FlowOCF − Capex | $268.1M | $-5.3M |
| FCF MarginFCF / Revenue | 19.0% | -0.5% |
| Capex IntensityCapex / Revenue | 1.1% | 4.6% |
| Cash ConversionOCF / Net Profit | 2.59× | 0.41× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $102.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $46.3M | ||
| Q3 25 | $294.7M | $102.6M | ||
| Q2 25 | $53.2M | $55.1M | ||
| Q1 25 | $24.2M | $74.2M | ||
| Q4 24 | $130.3M | $115.9M | ||
| Q3 24 | $242.0M | $83.2M | ||
| Q2 24 | $57.0M | $83.1M | ||
| Q1 24 | $129.9M | $100.9M |
| Q4 25 | $268.1M | $-5.3M | ||
| Q3 25 | $286.4M | $57.3M | ||
| Q2 25 | $43.4M | $4.7M | ||
| Q1 25 | $14.8M | $45.7M | ||
| Q4 24 | $114.5M | $94.0M | ||
| Q3 24 | $237.0M | $62.9M | ||
| Q2 24 | $52.3M | $70.4M | ||
| Q1 24 | $123.2M | $87.3M |
| Q4 25 | 19.0% | -0.5% | ||
| Q3 25 | 20.5% | 5.9% | ||
| Q2 25 | 3.2% | 0.5% | ||
| Q1 25 | 1.1% | 5.2% | ||
| Q4 24 | 9.2% | 11.3% | ||
| Q3 24 | 20.3% | 7.8% | ||
| Q2 24 | 4.6% | 9.3% | ||
| Q1 24 | 10.6% | 11.9% |
| Q4 25 | 1.1% | 4.6% | ||
| Q3 25 | 0.6% | 4.6% | ||
| Q2 25 | 0.7% | 5.5% | ||
| Q1 25 | 0.7% | 3.3% | ||
| Q4 24 | 1.3% | 2.6% | ||
| Q3 24 | 0.4% | 2.5% | ||
| Q2 24 | 0.4% | 1.7% | ||
| Q1 24 | 0.6% | 1.9% |
| Q4 25 | 2.59× | 0.41× | ||
| Q3 25 | 2.76× | 1.07× | ||
| Q2 25 | 0.60× | 0.63× | ||
| Q1 25 | 0.33× | 0.91× | ||
| Q4 24 | 1.26× | 1.34× | ||
| Q3 24 | 1.77× | 1.07× | ||
| Q2 24 | 0.58× | 1.02× | ||
| Q1 24 | 1.12× | 1.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
