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Side-by-side financial comparison of EPAM Systems (EPAM) and Moderna (MRNA). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $1.0B, roughly 1.4× Moderna). EPAM Systems runs the higher net margin — 7.8% vs -19.7%, a 27.5% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs -45.4%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $-880.0M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs -45.0%).
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.
Moderna, Inc. is an American pharmaceutical and biotechnology company based in Cambridge, Massachusetts, that focuses on RNA therapeutics, primarily mRNA vaccines. These vaccines use a copy of a molecule called messenger RNA (mRNA) to carry instructions for proteins to produce an immune response. The company's name is derived from the terms "modified", "RNA", and "modern".
EPAM vs MRNA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.0B |
| Net Profit | $109.4M | $-200.0M |
| Gross Margin | 30.1% | 79.6% |
| Operating Margin | 10.6% | -25.6% |
| Net Margin | 7.8% | -19.7% |
| Revenue YoY | 12.8% | -45.4% |
| Net Profit YoY | 5.9% | -1638.5% |
| EPS (diluted) | $1.97 | $-0.51 |
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 | — | ||
| Q3 25 | $1.4B | $1.0B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.2B | $966.0M | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | $109.4M | — | ||
| Q3 25 | $106.8M | $-200.0M | ||
| Q2 25 | $88.0M | — | ||
| Q1 25 | $73.5M | — | ||
| Q4 24 | $103.3M | $-1.1B | ||
| Q3 24 | $136.3M | $13.0M | ||
| Q2 24 | $98.6M | — | ||
| Q1 24 | $116.2M | — |
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | 79.6% | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | 23.5% | ||
| Q3 24 | 34.6% | 72.4% | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 10.6% | — | ||
| Q3 25 | 10.4% | -25.6% | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 7.6% | — | ||
| Q4 24 | 10.9% | -129.0% | ||
| Q3 24 | 15.2% | -3.8% | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 9.5% | — |
| Q4 25 | 7.8% | — | ||
| Q3 25 | 7.7% | -19.7% | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 5.6% | — | ||
| Q4 24 | 8.3% | -115.9% | ||
| Q3 24 | 11.7% | 0.7% | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 10.0% | — |
| Q4 25 | $1.97 | — | ||
| Q3 25 | $1.91 | $-0.51 | ||
| Q2 25 | $1.56 | — | ||
| Q1 25 | $1.28 | — | ||
| Q4 24 | $1.80 | $-2.91 | ||
| Q3 24 | $2.37 | $0.03 | ||
| Q2 24 | $1.70 | — | ||
| Q1 24 | $1.97 | — |
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 | $1.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.7B | $9.3B |
| Total Assets | $4.9B | $12.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $2.1B | $1.6B | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $2.0B | — |
| Q4 25 | $3.7B | — | ||
| Q3 25 | $3.7B | $9.3B | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.6B | $10.9B | ||
| Q3 24 | $3.6B | $11.9B | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.8B | $12.1B | ||
| Q2 25 | $4.7B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.8B | $14.1B | ||
| Q3 24 | $4.5B | $15.8B | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.4B | — |
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 | $-847.0M |
| Free Cash FlowOCF − Capex | $268.1M | $-880.0M |
| FCF MarginFCF / Revenue | 19.0% | -86.6% |
| Capex IntensityCapex / Revenue | 1.1% | 3.2% |
| Cash ConversionOCF / Net Profit | 2.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $-1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | — | ||
| Q3 25 | $294.7M | $-847.0M | ||
| Q2 25 | $53.2M | — | ||
| Q1 25 | $24.2M | — | ||
| Q4 24 | $130.3M | $825.0M | ||
| Q3 24 | $242.0M | $-1.6B | ||
| Q2 24 | $57.0M | — | ||
| Q1 24 | $129.9M | — |
| Q4 25 | $268.1M | — | ||
| Q3 25 | $286.4M | $-880.0M | ||
| Q2 25 | $43.4M | — | ||
| Q1 25 | $14.8M | — | ||
| Q4 24 | $114.5M | $303.0M | ||
| Q3 24 | $237.0M | $-1.7B | ||
| Q2 24 | $52.3M | — | ||
| Q1 24 | $123.2M | — |
| Q4 25 | 19.0% | — | ||
| Q3 25 | 20.5% | -86.6% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 9.2% | 31.4% | ||
| Q3 24 | 20.3% | -92.2% | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 10.6% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.6% | 3.2% | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.3% | 54.0% | ||
| Q3 24 | 0.4% | 8.1% | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | 2.59× | — | ||
| Q3 25 | 2.76× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | -120.46× | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 1.12× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
