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Side-by-side financial comparison of EPAM Systems (EPAM) and NCR Atleos Corp (NATL). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $1.2B, roughly 1.2× NCR Atleos Corp). EPAM Systems runs the higher net margin — 7.8% vs 7.2%, a 0.6% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 4.0%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $194.0M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 4.9%).
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.
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
EPAM vs NATL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.2B |
| Net Profit | $109.4M | $83.0M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 13.5% |
| Net Margin | 7.8% | 7.2% |
| Revenue YoY | 12.8% | 4.0% |
| Net Profit YoY | 5.9% | 102.4% |
| EPS (diluted) | $1.97 | $1.09 |
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 | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.3B | $979.0M | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.2B | $1.0B |
| Q4 25 | $109.4M | $83.0M | ||
| Q3 25 | $106.8M | $26.0M | ||
| Q2 25 | $88.0M | $39.0M | ||
| Q1 25 | $73.5M | $14.0M | ||
| Q4 24 | $103.3M | $41.0M | ||
| Q3 24 | $136.3M | $21.0M | ||
| Q2 24 | $98.6M | $27.0M | ||
| Q1 24 | $116.2M | $-9.0M |
| 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% | 13.5% | ||
| Q3 25 | 10.4% | 9.8% | ||
| Q2 25 | 9.3% | 10.8% | ||
| Q1 25 | 7.6% | 9.5% | ||
| Q4 24 | 10.9% | 13.4% | ||
| Q3 24 | 15.2% | 10.6% | ||
| Q2 24 | 10.5% | 9.8% | ||
| Q1 24 | 9.5% | 6.5% |
| Q4 25 | 7.8% | 7.2% | ||
| Q3 25 | 7.7% | 2.3% | ||
| Q2 25 | 6.5% | 3.5% | ||
| Q1 25 | 5.6% | 1.4% | ||
| Q4 24 | 8.3% | 3.7% | ||
| Q3 24 | 11.7% | 2.0% | ||
| Q2 24 | 8.6% | 2.5% | ||
| Q1 24 | 10.0% | -0.9% |
| Q4 25 | $1.97 | $1.09 | ||
| Q3 25 | $1.91 | $0.34 | ||
| Q2 25 | $1.56 | $0.52 | ||
| Q1 25 | $1.28 | $0.19 | ||
| Q4 24 | $1.80 | $0.56 | ||
| Q3 24 | $2.37 | $0.28 | ||
| Q2 24 | $1.70 | $0.37 | ||
| Q1 24 | $1.97 | $-0.13 |
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 | $456.0M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $3.7B | $403.0M |
| Total Assets | $4.9B | $5.7B |
| Debt / EquityLower = less leverage | — | 6.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $456.0M | ||
| Q3 25 | $1.2B | $412.0M | ||
| Q2 25 | $1.0B | $357.0M | ||
| Q1 25 | $1.2B | $352.0M | ||
| Q4 24 | $1.3B | $419.0M | ||
| Q3 24 | $2.1B | $395.0M | ||
| Q2 24 | $1.8B | $374.0M | ||
| Q1 24 | $2.0B | $343.0M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.7B | $403.0M | ||
| Q3 25 | $3.7B | $330.0M | ||
| Q2 25 | $3.7B | $350.0M | ||
| Q1 25 | $3.6B | $275.0M | ||
| Q4 24 | $3.6B | $219.0M | ||
| Q3 24 | $3.6B | $264.0M | ||
| Q2 24 | $3.4B | $250.0M | ||
| Q1 24 | $3.5B | $283.0M |
| Q4 25 | $4.9B | $5.7B | ||
| Q3 25 | $4.8B | $5.7B | ||
| Q2 25 | $4.7B | $5.8B | ||
| Q1 25 | $4.7B | $5.7B | ||
| Q4 24 | $4.8B | $5.5B | ||
| Q3 24 | $4.5B | $5.7B | ||
| Q2 24 | $4.2B | $5.8B | ||
| Q1 24 | $4.4B | $5.8B |
| Q4 25 | — | 6.63× | ||
| Q3 25 | — | 8.45× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $231.0M |
| Free Cash FlowOCF − Capex | $268.1M | $194.0M |
| FCF MarginFCF / Revenue | 19.0% | 16.8% |
| Capex IntensityCapex / Revenue | 1.1% | 3.2% |
| Cash ConversionOCF / Net Profit | 2.59× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $239.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $231.0M | ||
| Q3 25 | $294.7M | $25.0M | ||
| Q2 25 | $53.2M | $-23.0M | ||
| Q1 25 | $24.2M | $123.0M | ||
| Q4 24 | $130.3M | $80.0M | ||
| Q3 24 | $242.0M | $107.0M | ||
| Q2 24 | $57.0M | $9.0M | ||
| Q1 24 | $129.9M | $148.0M |
| Q4 25 | $268.1M | $194.0M | ||
| Q3 25 | $286.4M | $-5.0M | ||
| Q2 25 | $43.4M | $-44.0M | ||
| Q1 25 | $14.8M | $94.0M | ||
| Q4 24 | $114.5M | $62.0M | ||
| Q3 24 | $237.0M | $85.0M | ||
| Q2 24 | $52.3M | $-14.0M | ||
| Q1 24 | $123.2M | $124.0M |
| Q4 25 | 19.0% | 16.8% | ||
| Q3 25 | 20.5% | -0.4% | ||
| Q2 25 | 3.2% | -4.0% | ||
| Q1 25 | 1.1% | 9.6% | ||
| Q4 24 | 9.2% | 5.6% | ||
| Q3 24 | 20.3% | 7.9% | ||
| Q2 24 | 4.6% | -1.3% | ||
| Q1 24 | 10.6% | 11.9% |
| Q4 25 | 1.1% | 3.2% | ||
| Q3 25 | 0.6% | 2.7% | ||
| Q2 25 | 0.7% | 1.9% | ||
| Q1 25 | 0.7% | 3.0% | ||
| Q4 24 | 1.3% | 1.6% | ||
| Q3 24 | 0.4% | 2.1% | ||
| Q2 24 | 0.4% | 2.1% | ||
| Q1 24 | 0.6% | 2.3% |
| Q4 25 | 2.59× | 2.78× | ||
| Q3 25 | 2.76× | 0.96× | ||
| Q2 25 | 0.60× | -0.59× | ||
| Q1 25 | 0.33× | 8.79× | ||
| Q4 24 | 1.26× | 1.95× | ||
| Q3 24 | 1.77× | 5.10× | ||
| Q2 24 | 0.58× | 0.33× | ||
| 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.
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
