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Side-by-side financial comparison of EPAM Systems (EPAM) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $822.5M, roughly 1.7× MSCI Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 7.8%, a 26.8% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 10.6%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $268.1M). Over the past eight quarters, MSCI Inc.'s revenue compounded faster (10.0% 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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
EPAM vs MSCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $822.5M |
| Net Profit | $109.4M | $284.7M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 56.4% |
| Net Margin | 7.8% | 34.6% |
| Revenue YoY | 12.8% | 10.6% |
| Net Profit YoY | 5.9% | -6.8% |
| EPS (diluted) | $1.97 | $3.81 |
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 | $822.5M | ||
| Q3 25 | $1.4B | $793.4M | ||
| Q2 25 | $1.4B | $772.7M | ||
| Q1 25 | $1.3B | $745.8M | ||
| Q4 24 | $1.2B | $743.5M | ||
| Q3 24 | $1.2B | $724.7M | ||
| Q2 24 | $1.1B | $707.9M | ||
| Q1 24 | $1.2B | $680.0M |
| Q4 25 | $109.4M | $284.7M | ||
| Q3 25 | $106.8M | $325.4M | ||
| Q2 25 | $88.0M | $303.6M | ||
| Q1 25 | $73.5M | $288.6M | ||
| Q4 24 | $103.3M | $305.5M | ||
| Q3 24 | $136.3M | $280.9M | ||
| Q2 24 | $98.6M | $266.8M | ||
| Q1 24 | $116.2M | $256.0M |
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
| Q4 25 | 10.6% | 56.4% | ||
| Q3 25 | 10.4% | 56.4% | ||
| Q2 25 | 9.3% | 55.0% | ||
| Q1 25 | 7.6% | 50.6% | ||
| Q4 24 | 10.9% | 54.5% | ||
| Q3 24 | 15.2% | 55.4% | ||
| Q2 24 | 10.5% | 54.0% | ||
| Q1 24 | 9.5% | 49.9% |
| Q4 25 | 7.8% | 34.6% | ||
| Q3 25 | 7.7% | 41.0% | ||
| Q2 25 | 6.5% | 39.3% | ||
| Q1 25 | 5.6% | 38.7% | ||
| Q4 24 | 8.3% | 41.1% | ||
| Q3 24 | 11.7% | 38.8% | ||
| Q2 24 | 8.6% | 37.7% | ||
| Q1 24 | 10.0% | 37.6% |
| Q4 25 | $1.97 | $3.81 | ||
| Q3 25 | $1.91 | $4.25 | ||
| Q2 25 | $1.56 | $3.92 | ||
| Q1 25 | $1.28 | $3.71 | ||
| Q4 24 | $1.80 | $3.89 | ||
| Q3 24 | $2.37 | $3.57 | ||
| Q2 24 | $1.70 | $3.37 | ||
| Q1 24 | $1.97 | $3.22 |
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 | $515.3M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $3.7B | $-2.7B |
| Total Assets | $4.9B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $515.3M | ||
| Q3 25 | $1.2B | $400.1M | ||
| Q2 25 | $1.0B | $347.3M | ||
| Q1 25 | $1.2B | $360.7M | ||
| Q4 24 | $1.3B | $409.4M | ||
| Q3 24 | $2.1B | $501.0M | ||
| Q2 24 | $1.8B | $451.4M | ||
| Q1 24 | $2.0B | $519.3M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $3.7B | $-2.7B | ||
| Q3 25 | $3.7B | $-1.9B | ||
| Q2 25 | $3.7B | $-886.2M | ||
| Q1 25 | $3.6B | $-958.6M | ||
| Q4 24 | $3.6B | $-940.0M | ||
| Q3 24 | $3.6B | $-751.0M | ||
| Q2 24 | $3.4B | $-734.5M | ||
| Q1 24 | $3.5B | $-650.5M |
| Q4 25 | $4.9B | $5.7B | ||
| Q3 25 | $4.8B | $5.4B | ||
| Q2 25 | $4.7B | $5.4B | ||
| Q1 25 | $4.7B | $5.3B | ||
| Q4 24 | $4.8B | $5.4B | ||
| Q3 24 | $4.5B | $5.4B | ||
| Q2 24 | $4.2B | $5.5B | ||
| Q1 24 | $4.4B | $5.5B |
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 | $501.1M |
| Free Cash FlowOCF − Capex | $268.1M | $488.7M |
| FCF MarginFCF / Revenue | 19.0% | 59.4% |
| Capex IntensityCapex / Revenue | 1.1% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.59× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $501.1M | ||
| Q3 25 | $294.7M | $449.4M | ||
| Q2 25 | $53.2M | $336.1M | ||
| Q1 25 | $24.2M | $301.7M | ||
| Q4 24 | $130.3M | $430.6M | ||
| Q3 24 | $242.0M | $421.6M | ||
| Q2 24 | $57.0M | $349.2M | ||
| Q1 24 | $129.9M | $300.1M |
| Q4 25 | $268.1M | $488.7M | ||
| Q3 25 | $286.4M | $445.5M | ||
| Q2 25 | $43.4M | $324.7M | ||
| Q1 25 | $14.8M | $290.2M | ||
| Q4 24 | $114.5M | $416.4M | ||
| Q3 24 | $237.0M | $415.0M | ||
| Q2 24 | $52.3M | $340.6M | ||
| Q1 24 | $123.2M | $295.9M |
| Q4 25 | 19.0% | 59.4% | ||
| Q3 25 | 20.5% | 56.2% | ||
| Q2 25 | 3.2% | 42.0% | ||
| Q1 25 | 1.1% | 38.9% | ||
| Q4 24 | 9.2% | 56.0% | ||
| Q3 24 | 20.3% | 57.3% | ||
| Q2 24 | 4.6% | 48.1% | ||
| Q1 24 | 10.6% | 43.5% |
| Q4 25 | 1.1% | 1.5% | ||
| Q3 25 | 0.6% | 0.5% | ||
| Q2 25 | 0.7% | 1.5% | ||
| Q1 25 | 0.7% | 1.5% | ||
| Q4 24 | 1.3% | 1.9% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 0.4% | 1.2% | ||
| Q1 24 | 0.6% | 0.6% |
| Q4 25 | 2.59× | 1.76× | ||
| Q3 25 | 2.76× | 1.38× | ||
| Q2 25 | 0.60× | 1.11× | ||
| Q1 25 | 0.33× | 1.05× | ||
| Q4 24 | 1.26× | 1.41× | ||
| Q3 24 | 1.77× | 1.50× | ||
| Q2 24 | 0.58× | 1.31× | ||
| Q1 24 | 1.12× | 1.17× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
