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Side-by-side financial comparison of EPAM Systems (EPAM) and Garmin (GRMN). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($2.1B vs $1.4B, roughly 1.5× EPAM Systems). Garmin runs the higher net margin — 24.9% vs 7.8%, a 17.1% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 12.8%). Garmin produced more free cash flow last quarter ($429.6M vs $268.1M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% 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.
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
EPAM vs GRMN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $2.1B |
| Net Profit | $109.4M | $528.7M |
| Gross Margin | 30.1% | 59.2% |
| Operating Margin | 10.6% | 28.9% |
| Net Margin | 7.8% | 24.9% |
| Revenue YoY | 12.8% | 16.6% |
| Net Profit YoY | 5.9% | 21.3% |
| EPS (diluted) | $1.97 | $2.72 |
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 | $2.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $1.2B | $1.4B |
| Q4 25 | $109.4M | $528.7M | ||
| Q3 25 | $106.8M | $401.6M | ||
| Q2 25 | $88.0M | $400.8M | ||
| Q1 25 | $73.5M | $332.8M | ||
| Q4 24 | $103.3M | $435.7M | ||
| Q3 24 | $136.3M | $399.1M | ||
| Q2 24 | $98.6M | $300.6M | ||
| Q1 24 | $116.2M | $276.0M |
| Q4 25 | 30.1% | 59.2% | ||
| Q3 25 | 29.5% | 59.1% | ||
| Q2 25 | 28.8% | 58.8% | ||
| Q1 25 | 26.9% | 57.6% | ||
| Q4 24 | 30.4% | 59.3% | ||
| Q3 24 | 34.6% | 60.0% | ||
| Q2 24 | 29.3% | 57.3% | ||
| Q1 24 | 28.4% | 58.1% |
| Q4 25 | 10.6% | 28.9% | ||
| Q3 25 | 10.4% | 25.8% | ||
| Q2 25 | 9.3% | 26.0% | ||
| Q1 25 | 7.6% | 21.7% | ||
| Q4 24 | 10.9% | 28.3% | ||
| Q3 24 | 15.2% | 27.6% | ||
| Q2 24 | 10.5% | 22.7% | ||
| Q1 24 | 9.5% | 21.6% |
| Q4 25 | 7.8% | 24.9% | ||
| Q3 25 | 7.7% | 22.7% | ||
| Q2 25 | 6.5% | 22.1% | ||
| Q1 25 | 5.6% | 21.7% | ||
| Q4 24 | 8.3% | 23.9% | ||
| Q3 24 | 11.7% | 25.2% | ||
| Q2 24 | 8.6% | 20.0% | ||
| Q1 24 | 10.0% | 20.0% |
| Q4 25 | $1.97 | $2.72 | ||
| Q3 25 | $1.91 | $2.08 | ||
| Q2 25 | $1.56 | $2.07 | ||
| Q1 25 | $1.28 | $1.72 | ||
| Q4 24 | $1.80 | $2.24 | ||
| Q3 24 | $2.37 | $2.07 | ||
| Q2 24 | $1.70 | $1.56 | ||
| Q1 24 | $1.97 | $1.43 |
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 | $2.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $9.0B |
| Total Assets | $4.9B | $11.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $2.3B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $1.2B | $2.2B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $2.1B | $2.0B | ||
| Q2 24 | $1.8B | $1.9B | ||
| Q1 24 | $2.0B | $1.9B |
| Q4 25 | $3.7B | $9.0B | ||
| Q3 25 | $3.7B | $8.5B | ||
| Q2 25 | $3.7B | $8.1B | ||
| Q1 25 | $3.6B | $8.2B | ||
| Q4 24 | $3.6B | $7.8B | ||
| Q3 24 | $3.6B | $7.5B | ||
| Q2 24 | $3.4B | $7.0B | ||
| Q1 24 | $3.5B | $7.2B |
| Q4 25 | $4.9B | $11.0B | ||
| Q3 25 | $4.8B | $10.5B | ||
| Q2 25 | $4.7B | $10.3B | ||
| Q1 25 | $4.7B | $9.8B | ||
| Q4 24 | $4.8B | $9.6B | ||
| Q3 24 | $4.5B | $9.3B | ||
| Q2 24 | $4.2B | $8.9B | ||
| Q1 24 | $4.4B | $8.6B |
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 | $553.8M |
| Free Cash FlowOCF − Capex | $268.1M | $429.6M |
| FCF MarginFCF / Revenue | 19.0% | 20.2% |
| Capex IntensityCapex / Revenue | 1.1% | 5.8% |
| Cash ConversionOCF / Net Profit | 2.59× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $553.8M | ||
| Q3 25 | $294.7M | $485.6M | ||
| Q2 25 | $53.2M | $173.2M | ||
| Q1 25 | $24.2M | $420.8M | ||
| Q4 24 | $130.3M | $483.9M | ||
| Q3 24 | $242.0M | $258.0M | ||
| Q2 24 | $57.0M | $255.3M | ||
| Q1 24 | $129.9M | $435.3M |
| Q4 25 | $268.1M | $429.6M | ||
| Q3 25 | $286.4M | $425.1M | ||
| Q2 25 | $43.4M | $127.5M | ||
| Q1 25 | $14.8M | $380.7M | ||
| Q4 24 | $114.5M | $399.2M | ||
| Q3 24 | $237.0M | $219.4M | ||
| Q2 24 | $52.3M | $218.2M | ||
| Q1 24 | $123.2M | $402.1M |
| Q4 25 | 19.0% | 20.2% | ||
| Q3 25 | 20.5% | 24.0% | ||
| Q2 25 | 3.2% | 7.0% | ||
| Q1 25 | 1.1% | 24.8% | ||
| Q4 24 | 9.2% | 21.9% | ||
| Q3 24 | 20.3% | 13.8% | ||
| Q2 24 | 4.6% | 14.5% | ||
| Q1 24 | 10.6% | 29.1% |
| Q4 25 | 1.1% | 5.8% | ||
| Q3 25 | 0.6% | 3.4% | ||
| Q2 25 | 0.7% | 2.5% | ||
| Q1 25 | 0.7% | 2.6% | ||
| Q4 24 | 1.3% | 4.6% | ||
| Q3 24 | 0.4% | 2.4% | ||
| Q2 24 | 0.4% | 2.5% | ||
| Q1 24 | 0.6% | 2.4% |
| Q4 25 | 2.59× | 1.05× | ||
| Q3 25 | 2.76× | 1.21× | ||
| Q2 25 | 0.60× | 0.43× | ||
| Q1 25 | 0.33× | 1.26× | ||
| Q4 24 | 1.26× | 1.11× | ||
| Q3 24 | 1.77× | 0.65× | ||
| Q2 24 | 0.58× | 0.85× | ||
| Q1 24 | 1.12× | 1.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
