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Side-by-side financial comparison of EPAM Systems (EPAM) and Keysight Technologies (KEYS). Click either name above to swap in a different company.
Keysight Technologies is the larger business by last-quarter revenue ($1.4B vs $1.4B, roughly 1.0× EPAM Systems). Keysight Technologies runs the higher net margin — 16.4% vs 7.8%, a 8.7% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 10.3%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $187.0M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 6.2%).
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.
Keysight Technologies, Inc. is an American company that manufactures electronics test and measurement equipment and software. The company was formed as a spin-off of Agilent Technologies, which inherited and rebranded the test and measurement product lines developed and produced, from the late 1960s to the turn of the millennium, by Hewlett-Packard's Test and Measurement division. Its name is a portmanteau of key and insight.
EPAM vs KEYS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.4B |
| Net Profit | $109.4M | $233.0M |
| Gross Margin | 30.1% | 61.2% |
| Operating Margin | 10.6% | 15.3% |
| Net Margin | 7.8% | 16.4% |
| Revenue YoY | 12.8% | 10.3% |
| Net Profit YoY | 5.9% | 419.2% |
| EPS (diluted) | $1.97 | $1.35 |
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 | $1.4B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.3B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | $109.4M | $233.0M | ||
| Q3 25 | $106.8M | $191.0M | ||
| Q2 25 | $88.0M | $257.0M | ||
| Q1 25 | $73.5M | $169.0M | ||
| Q4 24 | $103.3M | $-73.0M | ||
| Q3 24 | $136.3M | $389.0M | ||
| Q2 24 | $98.6M | $126.0M | ||
| Q1 24 | $116.2M | $172.0M |
| Q4 25 | 30.1% | 61.2% | ||
| Q3 25 | 29.5% | 61.7% | ||
| Q2 25 | 28.8% | 62.3% | ||
| Q1 25 | 26.9% | 63.2% | ||
| Q4 24 | 30.4% | 62.3% | ||
| Q3 24 | 34.6% | 62.0% | ||
| Q2 24 | 29.3% | 62.7% | ||
| Q1 24 | 28.4% | 64.6% |
| Q4 25 | 10.6% | 15.3% | ||
| Q3 25 | 10.4% | 17.3% | ||
| Q2 25 | 9.3% | 15.8% | ||
| Q1 25 | 7.6% | 16.8% | ||
| Q4 24 | 10.9% | 17.9% | ||
| Q3 24 | 15.2% | 16.8% | ||
| Q2 24 | 10.5% | 14.6% | ||
| Q1 24 | 9.5% | 17.6% |
| Q4 25 | 7.8% | 16.4% | ||
| Q3 25 | 7.7% | 14.1% | ||
| Q2 25 | 6.5% | 19.7% | ||
| Q1 25 | 5.6% | 13.0% | ||
| Q4 24 | 8.3% | -5.7% | ||
| Q3 24 | 11.7% | 32.0% | ||
| Q2 24 | 8.6% | 10.4% | ||
| Q1 24 | 10.0% | 13.7% |
| Q4 25 | $1.97 | $1.35 | ||
| Q3 25 | $1.91 | $1.10 | ||
| Q2 25 | $1.56 | $1.49 | ||
| Q1 25 | $1.28 | $0.97 | ||
| Q4 24 | $1.80 | $-0.41 | ||
| Q3 24 | $2.37 | $2.22 | ||
| Q2 24 | $1.70 | $0.72 | ||
| 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 | $1.9B |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | $3.7B | $5.9B |
| Total Assets | $4.9B | $11.3B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $1.9B | ||
| Q3 25 | $1.2B | $2.6B | ||
| Q2 25 | $1.0B | $3.1B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $1.8B | $1.7B | ||
| Q1 24 | $2.0B | $1.7B |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | $3.7B | $5.9B | ||
| Q3 25 | $3.7B | $5.7B | ||
| Q2 25 | $3.7B | $5.5B | ||
| Q1 25 | $3.6B | $5.2B | ||
| Q4 24 | $3.6B | $5.1B | ||
| Q3 24 | $3.6B | $5.2B | ||
| Q2 24 | $3.4B | $4.9B | ||
| Q1 24 | $3.5B | $4.8B |
| Q4 25 | $4.9B | $11.3B | ||
| Q3 25 | $4.8B | $10.7B | ||
| Q2 25 | $4.7B | $10.5B | ||
| Q1 25 | $4.7B | $9.4B | ||
| Q4 24 | $4.8B | $9.3B | ||
| Q3 24 | $4.5B | $9.3B | ||
| Q2 24 | $4.2B | $9.0B | ||
| Q1 24 | $4.4B | $9.1B |
| Q4 25 | — | 0.43× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.46× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.38× |
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 | $225.0M |
| Free Cash FlowOCF − Capex | $268.1M | $187.0M |
| FCF MarginFCF / Revenue | 19.0% | 13.2% |
| Capex IntensityCapex / Revenue | 1.1% | 2.7% |
| Cash ConversionOCF / Net Profit | 2.59× | 0.97× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $225.0M | ||
| Q3 25 | $294.7M | $322.0M | ||
| Q2 25 | $53.2M | $484.0M | ||
| Q1 25 | $24.2M | $378.0M | ||
| Q4 24 | $130.3M | $359.0M | ||
| Q3 24 | $242.0M | $255.0M | ||
| Q2 24 | $57.0M | $110.0M | ||
| Q1 24 | $129.9M | $328.0M |
| Q4 25 | $268.1M | $187.0M | ||
| Q3 25 | $286.4M | $291.0M | ||
| Q2 25 | $43.4M | $457.0M | ||
| Q1 25 | $14.8M | $346.0M | ||
| Q4 24 | $114.5M | $321.0M | ||
| Q3 24 | $237.0M | $222.0M | ||
| Q2 24 | $52.3M | $74.0M | ||
| Q1 24 | $123.2M | $281.0M |
| Q4 25 | 19.0% | 13.2% | ||
| Q3 25 | 20.5% | 21.5% | ||
| Q2 25 | 3.2% | 35.0% | ||
| Q1 25 | 1.1% | 26.7% | ||
| Q4 24 | 9.2% | 24.9% | ||
| Q3 24 | 20.3% | 18.2% | ||
| Q2 24 | 4.6% | 6.1% | ||
| Q1 24 | 10.6% | 22.3% |
| Q4 25 | 1.1% | 2.7% | ||
| Q3 25 | 0.6% | 2.3% | ||
| Q2 25 | 0.7% | 2.1% | ||
| Q1 25 | 0.7% | 2.5% | ||
| Q4 24 | 1.3% | 3.0% | ||
| Q3 24 | 0.4% | 2.7% | ||
| Q2 24 | 0.4% | 3.0% | ||
| Q1 24 | 0.6% | 3.7% |
| Q4 25 | 2.59× | 0.97× | ||
| Q3 25 | 2.76× | 1.69× | ||
| Q2 25 | 0.60× | 1.88× | ||
| Q1 25 | 0.33× | 2.24× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | 0.66× | ||
| Q2 24 | 0.58× | 0.87× | ||
| Q1 24 | 1.12× | 1.91× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
