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Side-by-side financial comparison of EPAM Systems (EPAM) and MAXIMUS, INC. (MMS). 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 1.0× MAXIMUS, INC.). EPAM Systems runs the higher net margin — 7.8% vs 7.0%, a 0.8% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs -4.1%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $-250.7M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs -0.1%).
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.
Maximus Inc. is an American government services company, with operations in countries including the United States, Canada, and the United Kingdom. Maximus provides administration and other services for Medicaid, Medicare, health care reform, welfare-to-work, and student loan servicing, among other government programs. The company is based in Tysons, Virginia, has 39,600 employees and a reported annual revenue of $5.3 billion in fiscal year 2024.
EPAM vs MMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.3B |
| Net Profit | $109.4M | $93.9M |
| Gross Margin | 30.1% | 23.7% |
| Operating Margin | 10.6% | 10.9% |
| Net Margin | 7.8% | 7.0% |
| Revenue YoY | 12.8% | -4.1% |
| Net Profit YoY | 5.9% | 128.0% |
| EPS (diluted) | $1.97 | $1.70 |
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 | $1.3B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | $109.4M | $93.9M | ||
| Q3 25 | $106.8M | $75.3M | ||
| Q2 25 | $88.0M | $106.0M | ||
| Q1 25 | $73.5M | $96.6M | ||
| Q4 24 | $103.3M | $41.2M | ||
| Q3 24 | $136.3M | $72.5M | ||
| Q2 24 | $98.6M | $89.8M | ||
| Q1 24 | $116.2M | $80.5M |
| Q4 25 | 30.1% | 23.7% | ||
| Q3 25 | 29.5% | 25.3% | ||
| Q2 25 | 28.8% | 26.7% | ||
| Q1 25 | 26.9% | 24.9% | ||
| Q4 24 | 30.4% | 21.5% | ||
| Q3 24 | 34.6% | 22.9% | ||
| Q2 24 | 29.3% | 25.3% | ||
| Q1 24 | 28.4% | 23.6% |
| Q4 25 | 10.6% | 10.9% | ||
| Q3 25 | 10.4% | 9.3% | ||
| Q2 25 | 9.3% | 12.3% | ||
| Q1 25 | 7.6% | 11.2% | ||
| Q4 24 | 10.9% | 6.2% | ||
| Q3 24 | 15.2% | 8.5% | ||
| Q2 24 | 10.5% | 10.8% | ||
| Q1 24 | 9.5% | 9.5% |
| Q4 25 | 7.8% | 7.0% | ||
| Q3 25 | 7.7% | 5.7% | ||
| Q2 25 | 6.5% | 7.9% | ||
| Q1 25 | 5.6% | 7.1% | ||
| Q4 24 | 8.3% | 2.9% | ||
| Q3 24 | 11.7% | 5.5% | ||
| Q2 24 | 8.6% | 6.8% | ||
| Q1 24 | 10.0% | 6.0% |
| Q4 25 | $1.97 | $1.70 | ||
| Q3 25 | $1.91 | $1.27 | ||
| Q2 25 | $1.56 | $1.86 | ||
| Q1 25 | $1.28 | $1.69 | ||
| Q4 24 | $1.80 | $0.69 | ||
| Q3 24 | $2.37 | $1.18 | ||
| Q2 24 | $1.70 | $1.46 | ||
| Q1 24 | $1.97 | $1.31 |
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 | $137.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $1.7B |
| Total Assets | $4.9B | $4.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $137.6M | ||
| Q3 25 | $1.2B | $222.4M | ||
| Q2 25 | $1.0B | $59.8M | ||
| Q1 25 | $1.2B | $108.1M | ||
| Q4 24 | $1.3B | $72.7M | ||
| Q3 24 | $2.1B | $183.1M | ||
| Q2 24 | $1.8B | $102.8M | ||
| Q1 24 | $2.0B | $77.4M |
| Q4 25 | $3.7B | $1.7B | ||
| Q3 25 | $3.7B | $1.7B | ||
| Q2 25 | $3.7B | $1.8B | ||
| Q1 25 | $3.6B | $1.7B | ||
| Q4 24 | $3.6B | $1.6B | ||
| Q3 24 | $3.6B | $1.8B | ||
| Q2 24 | $3.4B | $1.8B | ||
| Q1 24 | $3.5B | $1.8B |
| Q4 25 | $4.9B | $4.2B | ||
| Q3 25 | $4.8B | $4.1B | ||
| Q2 25 | $4.7B | $4.5B | ||
| Q1 25 | $4.7B | $4.2B | ||
| Q4 24 | $4.8B | $4.1B | ||
| Q3 24 | $4.5B | $4.1B | ||
| Q2 24 | $4.2B | $4.0B | ||
| Q1 24 | $4.4B | $4.0B |
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 | $-244.4M |
| Free Cash FlowOCF − Capex | $268.1M | $-250.7M |
| FCF MarginFCF / Revenue | 19.0% | -18.6% |
| Capex IntensityCapex / Revenue | 1.1% | 0.5% |
| Cash ConversionOCF / Net Profit | 2.59× | -2.60× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $218.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $-244.4M | ||
| Q3 25 | $294.7M | $649.4M | ||
| Q2 25 | $53.2M | $-182.7M | ||
| Q1 25 | $24.2M | $42.7M | ||
| Q4 24 | $130.3M | $-80.0M | ||
| Q3 24 | $242.0M | $163.8M | ||
| Q2 24 | $57.0M | $199.3M | ||
| Q1 24 | $129.9M | $130.5M |
| Q4 25 | $268.1M | $-250.7M | ||
| Q3 25 | $286.4M | $641.8M | ||
| Q2 25 | $43.4M | $-198.2M | ||
| Q1 25 | $14.8M | $25.5M | ||
| Q4 24 | $114.5M | $-103.0M | ||
| Q3 24 | $237.0M | $131.9M | ||
| Q2 24 | $52.3M | $164.6M | ||
| Q1 24 | $123.2M | $105.2M |
| Q4 25 | 19.0% | -18.6% | ||
| Q3 25 | 20.5% | 48.7% | ||
| Q2 25 | 3.2% | -14.7% | ||
| Q1 25 | 1.1% | 1.9% | ||
| Q4 24 | 9.2% | -7.3% | ||
| Q3 24 | 20.3% | 10.0% | ||
| Q2 24 | 4.6% | 12.5% | ||
| Q1 24 | 10.6% | 7.8% |
| Q4 25 | 1.1% | 0.5% | ||
| Q3 25 | 0.6% | 0.6% | ||
| Q2 25 | 0.7% | 1.1% | ||
| Q1 25 | 0.7% | 1.3% | ||
| Q4 24 | 1.3% | 1.6% | ||
| Q3 24 | 0.4% | 2.4% | ||
| Q2 24 | 0.4% | 2.6% | ||
| Q1 24 | 0.6% | 1.9% |
| Q4 25 | 2.59× | -2.60× | ||
| Q3 25 | 2.76× | 8.63× | ||
| Q2 25 | 0.60× | -1.72× | ||
| Q1 25 | 0.33× | 0.44× | ||
| Q4 24 | 1.26× | -1.94× | ||
| Q3 24 | 1.77× | 2.26× | ||
| Q2 24 | 0.58× | 2.22× | ||
| Q1 24 | 1.12× | 1.62× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
