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Side-by-side financial comparison of EPAM Systems (EPAM) and Sally Beauty Holdings, Inc. (SBH). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $943.2M, roughly 1.5× Sally Beauty Holdings, Inc.). EPAM Systems runs the higher net margin — 7.8% vs 4.8%, a 2.9% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 0.6%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $57.5M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 1.9%).
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.
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
EPAM vs SBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $943.2M |
| Net Profit | $109.4M | $45.6M |
| Gross Margin | 30.1% | 51.2% |
| Operating Margin | 10.6% | 8.1% |
| Net Margin | 7.8% | 4.8% |
| Revenue YoY | 12.8% | 0.6% |
| Net Profit YoY | 5.9% | -25.3% |
| EPS (diluted) | $1.97 | $0.45 |
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 | $943.2M | ||
| Q3 25 | $1.4B | $947.1M | ||
| Q2 25 | $1.4B | $933.3M | ||
| Q1 25 | $1.3B | $883.1M | ||
| Q4 24 | $1.2B | $937.9M | ||
| Q3 24 | $1.2B | $935.0M | ||
| Q2 24 | $1.1B | $942.3M | ||
| Q1 24 | $1.2B | $908.4M |
| Q4 25 | $109.4M | $45.6M | ||
| Q3 25 | $106.8M | $49.9M | ||
| Q2 25 | $88.0M | $45.7M | ||
| Q1 25 | $73.5M | $39.2M | ||
| Q4 24 | $103.3M | $61.0M | ||
| Q3 24 | $136.3M | $48.1M | ||
| Q2 24 | $98.6M | $37.7M | ||
| Q1 24 | $116.2M | $29.2M |
| Q4 25 | 30.1% | 51.2% | ||
| Q3 25 | 29.5% | 52.2% | ||
| Q2 25 | 28.8% | 51.5% | ||
| Q1 25 | 26.9% | 52.0% | ||
| Q4 24 | 30.4% | 50.8% | ||
| Q3 24 | 34.6% | 51.2% | ||
| Q2 24 | 29.3% | 51.0% | ||
| Q1 24 | 28.4% | 51.0% |
| Q4 25 | 10.6% | 8.1% | ||
| Q3 25 | 10.4% | 8.4% | ||
| Q2 25 | 9.3% | 8.4% | ||
| Q1 25 | 7.6% | 7.9% | ||
| Q4 24 | 10.9% | 10.7% | ||
| Q3 24 | 15.2% | 8.8% | ||
| Q2 24 | 10.5% | 7.6% | ||
| Q1 24 | 9.5% | 6.6% |
| Q4 25 | 7.8% | 4.8% | ||
| Q3 25 | 7.7% | 5.3% | ||
| Q2 25 | 6.5% | 4.9% | ||
| Q1 25 | 5.6% | 4.4% | ||
| Q4 24 | 8.3% | 6.5% | ||
| Q3 24 | 11.7% | 5.1% | ||
| Q2 24 | 8.6% | 4.0% | ||
| Q1 24 | 10.0% | 3.2% |
| Q4 25 | $1.97 | $0.45 | ||
| Q3 25 | $1.91 | $0.49 | ||
| Q2 25 | $1.56 | $0.44 | ||
| Q1 25 | $1.28 | $0.38 | ||
| Q4 24 | $1.80 | $0.58 | ||
| Q3 24 | $2.37 | $0.45 | ||
| Q2 24 | $1.70 | $0.36 | ||
| Q1 24 | $1.97 | $0.27 |
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 | $157.2M |
| Total DebtLower is stronger | — | $842.5M |
| Stockholders' EquityBook value | $3.7B | $823.6M |
| Total Assets | $4.9B | $2.9B |
| Debt / EquityLower = less leverage | — | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $157.2M | ||
| Q3 25 | $1.2B | $149.2M | ||
| Q2 25 | $1.0B | $112.8M | ||
| Q1 25 | $1.2B | $92.2M | ||
| Q4 24 | $1.3B | $105.5M | ||
| Q3 24 | $2.1B | $108.0M | ||
| Q2 24 | $1.8B | $97.4M | ||
| Q1 24 | $2.0B | $97.2M |
| Q4 25 | — | $842.5M | ||
| Q3 25 | — | $862.0M | ||
| Q2 25 | — | $882.4M | ||
| Q1 25 | — | $902.8M | ||
| Q4 24 | — | $938.1M | ||
| Q3 24 | — | $978.3M | ||
| Q2 24 | — | $978.9M | ||
| Q1 24 | — | $978.4M |
| Q4 25 | $3.7B | $823.6M | ||
| Q3 25 | $3.7B | $794.2M | ||
| Q2 25 | $3.7B | $762.9M | ||
| Q1 25 | $3.6B | $699.8M | ||
| Q4 24 | $3.6B | $656.5M | ||
| Q3 24 | $3.6B | $628.5M | ||
| Q2 24 | $3.4B | $577.7M | ||
| Q1 24 | $3.5B | $550.9M |
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | $4.8B | $2.9B | ||
| Q2 25 | $4.7B | $2.7B | ||
| Q1 25 | $4.7B | $2.7B | ||
| Q4 24 | $4.8B | $2.7B | ||
| Q3 24 | $4.5B | $2.8B | ||
| Q2 24 | $4.2B | $2.7B | ||
| Q1 24 | $4.4B | $2.7B |
| Q4 25 | — | 1.02× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | — | 1.78× |
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 | $93.2M |
| Free Cash FlowOCF − Capex | $268.1M | $57.5M |
| FCF MarginFCF / Revenue | 19.0% | 6.1% |
| Capex IntensityCapex / Revenue | 1.1% | 3.8% |
| Cash ConversionOCF / Net Profit | 2.59× | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $216.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $93.2M | ||
| Q3 25 | $294.7M | $120.9M | ||
| Q2 25 | $53.2M | $69.4M | ||
| Q1 25 | $24.2M | $51.1M | ||
| Q4 24 | $130.3M | $33.5M | ||
| Q3 24 | $242.0M | $110.7M | ||
| Q2 24 | $57.0M | $47.9M | ||
| Q1 24 | $129.9M | $36.9M |
| Q4 25 | $268.1M | $57.5M | ||
| Q3 25 | $286.4M | $78.0M | ||
| Q2 25 | $43.4M | $49.1M | ||
| Q1 25 | $14.8M | $32.2M | ||
| Q4 24 | $114.5M | $13.4M | ||
| Q3 24 | $237.0M | $73.3M | ||
| Q2 24 | $52.3M | $28.7M | ||
| Q1 24 | $123.2M | $22.8M |
| Q4 25 | 19.0% | 6.1% | ||
| Q3 25 | 20.5% | 8.2% | ||
| Q2 25 | 3.2% | 5.3% | ||
| Q1 25 | 1.1% | 3.6% | ||
| Q4 24 | 9.2% | 1.4% | ||
| Q3 24 | 20.3% | 7.8% | ||
| Q2 24 | 4.6% | 3.1% | ||
| Q1 24 | 10.6% | 2.5% |
| Q4 25 | 1.1% | 3.8% | ||
| Q3 25 | 0.6% | 4.5% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.7% | 2.1% | ||
| Q4 24 | 1.3% | 2.1% | ||
| Q3 24 | 0.4% | 4.0% | ||
| Q2 24 | 0.4% | 2.0% | ||
| Q1 24 | 0.6% | 1.6% |
| Q4 25 | 2.59× | 2.05× | ||
| Q3 25 | 2.76× | 2.42× | ||
| Q2 25 | 0.60× | 1.52× | ||
| Q1 25 | 0.33× | 1.30× | ||
| Q4 24 | 1.26× | 0.55× | ||
| Q3 24 | 1.77× | 2.30× | ||
| Q2 24 | 0.58× | 1.27× | ||
| Q1 24 | 1.12× | 1.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
