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Side-by-side financial comparison of EPAM Systems (EPAM) and IDEX Corporation (IEX). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $899.1M, roughly 1.6× IDEX Corporation). IDEX Corporation runs the higher net margin — 14.3% vs 7.8%, a 6.5% gap on every dollar of revenue. On growth, IDEX Corporation posted the faster year-over-year revenue change (376.5% vs 12.8%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $189.8M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 5.5%).
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.
IDEX can refer to several things, including:International Defence Exhibition, a biennial arms and defense technology sales exhibition IDEX Corporation, a publicly listed company that makes fluidics systems and specialty engineered products Ideanomics, a publicly traded company that trades under the IDEX ticker symbol.
EPAM vs IEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $899.1M |
| Net Profit | $109.4M | $128.3M |
| Gross Margin | 30.1% | 43.1% |
| Operating Margin | 10.6% | 20.4% |
| Net Margin | 7.8% | 14.3% |
| Revenue YoY | 12.8% | 376.5% |
| Net Profit YoY | 5.9% | 688.5% |
| EPS (diluted) | $1.97 | $1.71 |
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.
| Q1 26 | — | $899.1M | ||
| Q4 25 | $1.4B | $899.1M | ||
| Q3 25 | $1.4B | $878.7M | ||
| Q2 25 | $1.4B | $865.4M | ||
| Q1 25 | $1.3B | $814.3M | ||
| Q4 24 | $1.2B | $862.9M | ||
| Q3 24 | $1.2B | $798.2M | ||
| Q2 24 | $1.1B | $807.2M |
| Q1 26 | — | $128.3M | ||
| Q4 25 | $109.4M | $128.3M | ||
| Q3 25 | $106.8M | $127.8M | ||
| Q2 25 | $88.0M | $131.6M | ||
| Q1 25 | $73.5M | $95.5M | ||
| Q4 24 | $103.3M | $123.2M | ||
| Q3 24 | $136.3M | $119.1M | ||
| Q2 24 | $98.6M | $141.3M |
| Q1 26 | — | 43.1% | ||
| Q4 25 | 30.1% | 43.1% | ||
| Q3 25 | 29.5% | 44.5% | ||
| Q2 25 | 28.8% | 45.3% | ||
| Q1 25 | 26.9% | 45.3% | ||
| Q4 24 | 30.4% | 42.5% | ||
| Q3 24 | 34.6% | 44.3% | ||
| Q2 24 | 29.3% | 45.4% |
| Q1 26 | — | 20.4% | ||
| Q4 25 | 10.6% | 20.4% | ||
| Q3 25 | 10.4% | 21.1% | ||
| Q2 25 | 9.3% | 21.7% | ||
| Q1 25 | 7.6% | 17.4% | ||
| Q4 24 | 10.9% | 19.2% | ||
| Q3 24 | 15.2% | 21.0% | ||
| Q2 24 | 10.5% | 22.6% |
| Q1 26 | — | 14.3% | ||
| Q4 25 | 7.8% | 14.3% | ||
| Q3 25 | 7.7% | 14.5% | ||
| Q2 25 | 6.5% | 15.2% | ||
| Q1 25 | 5.6% | 11.7% | ||
| Q4 24 | 8.3% | 14.3% | ||
| Q3 24 | 11.7% | 14.9% | ||
| Q2 24 | 8.6% | 17.5% |
| Q1 26 | — | $1.71 | ||
| Q4 25 | $1.97 | $1.71 | ||
| Q3 25 | $1.91 | $1.70 | ||
| Q2 25 | $1.56 | $1.74 | ||
| Q1 25 | $1.28 | $1.26 | ||
| Q4 24 | $1.80 | $1.61 | ||
| Q3 24 | $2.37 | $1.57 | ||
| Q2 24 | $1.70 | $1.86 |
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 | $580.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $4.0B |
| Total Assets | $4.9B | $6.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $580.0M | ||
| Q4 25 | $1.3B | $580.0M | ||
| Q3 25 | $1.2B | $593.8M | ||
| Q2 25 | $1.0B | $568.2M | ||
| Q1 25 | $1.2B | $594.1M | ||
| Q4 24 | $1.3B | $620.8M | ||
| Q3 24 | $2.1B | $633.2M | ||
| Q2 24 | $1.8B | $700.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $3.7B | $4.0B | ||
| Q3 25 | $3.7B | $4.0B | ||
| Q2 25 | $3.7B | $4.0B | ||
| Q1 25 | $3.6B | $3.9B | ||
| Q4 24 | $3.6B | $3.8B | ||
| Q3 24 | $3.6B | $3.8B | ||
| Q2 24 | $3.4B | $3.7B |
| Q1 26 | — | $6.9B | ||
| Q4 25 | $4.9B | $6.9B | ||
| Q3 25 | $4.8B | $7.0B | ||
| Q2 25 | $4.7B | $6.9B | ||
| Q1 25 | $4.7B | $6.8B | ||
| Q4 24 | $4.8B | $6.7B | ||
| Q3 24 | $4.5B | $7.0B | ||
| Q2 24 | $4.2B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.36× |
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 | — |
| Free Cash FlowOCF − Capex | $268.1M | $189.8M |
| FCF MarginFCF / Revenue | 19.0% | 21.1% |
| Capex IntensityCapex / Revenue | 1.1% | 7.1% |
| Cash ConversionOCF / Net Profit | 2.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $715.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.9M | $209.5M | ||
| Q3 25 | $294.7M | $203.5M | ||
| Q2 25 | $53.2M | $161.7M | ||
| Q1 25 | $24.2M | $105.7M | ||
| Q4 24 | $130.3M | $172.6M | ||
| Q3 24 | $242.0M | $205.3M | ||
| Q2 24 | $57.0M | $133.6M |
| Q1 26 | — | $189.8M | ||
| Q4 25 | $268.1M | $189.8M | ||
| Q3 25 | $286.4M | $188.7M | ||
| Q2 25 | $43.4M | $146.9M | ||
| Q1 25 | $14.8M | $91.4M | ||
| Q4 24 | $114.5M | $157.1M | ||
| Q3 24 | $237.0M | $191.6M | ||
| Q2 24 | $52.3M | $117.7M |
| Q1 26 | — | 21.1% | ||
| Q4 25 | 19.0% | 21.1% | ||
| Q3 25 | 20.5% | 21.5% | ||
| Q2 25 | 3.2% | 17.0% | ||
| Q1 25 | 1.1% | 11.2% | ||
| Q4 24 | 9.2% | 18.2% | ||
| Q3 24 | 20.3% | 24.0% | ||
| Q2 24 | 4.6% | 14.6% |
| Q1 26 | — | 7.1% | ||
| Q4 25 | 1.1% | 2.2% | ||
| Q3 25 | 0.6% | 1.7% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 0.7% | 1.8% | ||
| Q4 24 | 1.3% | 1.8% | ||
| Q3 24 | 0.4% | 1.7% | ||
| Q2 24 | 0.4% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | 1.63× | ||
| Q3 25 | 2.76× | 1.59× | ||
| Q2 25 | 0.60× | 1.23× | ||
| Q1 25 | 0.33× | 1.11× | ||
| Q4 24 | 1.26× | 1.40× | ||
| Q3 24 | 1.77× | 1.72× | ||
| Q2 24 | 0.58× | 0.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
