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Side-by-side financial comparison of EPAM Systems (EPAM) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $1.3B, roughly 1.1× Graham Holdings Co). Graham Holdings Co runs the higher net margin — 8.7% vs 7.8%, a 0.9% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 0.4%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $5.0M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 4.2%).
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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
EPAM vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.3B |
| Net Profit | $109.4M | $108.7M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 3.8% |
| Net Margin | 7.8% | 8.7% |
| Revenue YoY | 12.8% | 0.4% |
| Net Profit YoY | 5.9% | -80.2% |
| EPS (diluted) | $1.97 | $24.76 |
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 | $1.3B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $1.2B |
| Q4 25 | $109.4M | $108.7M | ||
| Q3 25 | $106.8M | $122.9M | ||
| Q2 25 | $88.0M | $36.7M | ||
| Q1 25 | $73.5M | $23.9M | ||
| Q4 24 | $103.3M | $548.8M | ||
| Q3 24 | $136.3M | $72.5M | ||
| Q2 24 | $98.6M | $-21.0M | ||
| Q1 24 | $116.2M | $124.4M |
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 10.6% | 3.8% | ||
| Q3 25 | 10.4% | 5.2% | ||
| Q2 25 | 9.3% | 6.0% | ||
| Q1 25 | 7.6% | 4.1% | ||
| Q4 24 | 10.9% | 5.8% | ||
| Q3 24 | 15.2% | 6.8% | ||
| Q2 24 | 10.5% | 2.2% | ||
| Q1 24 | 9.5% | 3.1% |
| Q4 25 | 7.8% | 8.7% | ||
| Q3 25 | 7.7% | 9.6% | ||
| Q2 25 | 6.5% | 3.0% | ||
| Q1 25 | 5.6% | 2.0% | ||
| Q4 24 | 8.3% | 44.1% | ||
| Q3 24 | 11.7% | 6.0% | ||
| Q2 24 | 8.6% | -1.8% | ||
| Q1 24 | 10.0% | 10.8% |
| Q4 25 | $1.97 | $24.76 | ||
| Q3 25 | $1.91 | $27.91 | ||
| Q2 25 | $1.56 | $8.35 | ||
| Q1 25 | $1.28 | $5.45 | ||
| Q4 24 | $1.80 | $124.05 | ||
| Q3 24 | $2.37 | $16.42 | ||
| Q2 24 | $1.70 | $-4.79 | ||
| Q1 24 | $1.97 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $4.8B |
| Total Assets | $4.9B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $267.0M | ||
| Q3 25 | $1.2B | $190.8M | ||
| Q2 25 | $1.0B | $176.2M | ||
| Q1 25 | $1.2B | $156.7M | ||
| Q4 24 | $1.3B | $260.9M | ||
| Q3 24 | $2.1B | $244.4M | ||
| Q2 24 | $1.8B | $140.7M | ||
| Q1 24 | $2.0B | $130.9M |
| Q4 25 | $3.7B | $4.8B | ||
| Q3 25 | $3.7B | $4.5B | ||
| Q2 25 | $3.7B | $4.4B | ||
| Q1 25 | $3.6B | $4.3B | ||
| Q4 24 | $3.6B | $4.3B | ||
| Q3 24 | $3.6B | $4.0B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $3.5B | $4.0B |
| Q4 25 | $4.9B | $8.4B | ||
| Q3 25 | $4.8B | $7.9B | ||
| Q2 25 | $4.7B | $7.6B | ||
| Q1 25 | $4.7B | $7.6B | ||
| Q4 24 | $4.8B | $7.7B | ||
| Q3 24 | $4.5B | $7.4B | ||
| Q2 24 | $4.2B | $7.2B | ||
| Q1 24 | $4.4B | $7.3B |
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 | $28.3M |
| Free Cash FlowOCF − Capex | $268.1M | $5.0M |
| FCF MarginFCF / Revenue | 19.0% | 0.4% |
| Capex IntensityCapex / Revenue | 1.1% | 1.9% |
| Cash ConversionOCF / Net Profit | 2.59× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $28.3M | ||
| Q3 25 | $294.7M | $178.1M | ||
| Q2 25 | $53.2M | $94.8M | ||
| Q1 25 | $24.2M | $46.0M | ||
| Q4 24 | $130.3M | $116.3M | ||
| Q3 24 | $242.0M | $237.6M | ||
| Q2 24 | $57.0M | $52.0M | ||
| Q1 24 | $129.9M | $1.1M |
| Q4 25 | $268.1M | $5.0M | ||
| Q3 25 | $286.4M | $161.8M | ||
| Q2 25 | $43.4M | $78.0M | ||
| Q1 25 | $14.8M | $30.5M | ||
| Q4 24 | $114.5M | $91.1M | ||
| Q3 24 | $237.0M | $219.4M | ||
| Q2 24 | $52.3M | $33.7M | ||
| Q1 24 | $123.2M | $-20.2M |
| Q4 25 | 19.0% | 0.4% | ||
| Q3 25 | 20.5% | 12.6% | ||
| Q2 25 | 3.2% | 6.4% | ||
| Q1 25 | 1.1% | 2.6% | ||
| Q4 24 | 9.2% | 7.3% | ||
| Q3 24 | 20.3% | 18.2% | ||
| Q2 24 | 4.6% | 2.8% | ||
| Q1 24 | 10.6% | -1.8% |
| Q4 25 | 1.1% | 1.9% | ||
| Q3 25 | 0.6% | 1.3% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.7% | 1.3% | ||
| Q4 24 | 1.3% | 2.0% | ||
| Q3 24 | 0.4% | 1.5% | ||
| Q2 24 | 0.4% | 1.5% | ||
| Q1 24 | 0.6% | 1.8% |
| Q4 25 | 2.59× | 0.26× | ||
| Q3 25 | 2.76× | 1.45× | ||
| Q2 25 | 0.60× | 2.58× | ||
| Q1 25 | 0.33× | 1.93× | ||
| Q4 24 | 1.26× | 0.21× | ||
| Q3 24 | 1.77× | 3.28× | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 1.12× | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
