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Side-by-side financial comparison of EPAM Systems (EPAM) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
SELECT MEDICAL HOLDINGS CORP is the larger business by last-quarter revenue ($1.4B vs $1.4B, roughly 1.0× EPAM Systems). EPAM Systems runs the higher net margin — 7.8% vs 4.5%, a 3.3% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 5.0%). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 5.3%).
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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
EPAM vs SEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.4B |
| Net Profit | $109.4M | $63.8M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 6.9% |
| Net Margin | 7.8% | 4.5% |
| Revenue YoY | 12.8% | 5.0% |
| Net Profit YoY | 5.9% | -14.7% |
| EPS (diluted) | $1.97 | $0.35 |
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.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.4B | $1.4B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.4B | $1.3B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B |
| Q1 26 | — | $63.8M | ||
| Q4 25 | $109.4M | $20.2M | ||
| Q3 25 | $106.8M | $28.8M | ||
| Q2 25 | $88.0M | $40.6M | ||
| Q1 25 | $73.5M | $56.7M | ||
| Q4 24 | $103.3M | $-16.1M | ||
| Q3 24 | $136.3M | $55.6M | ||
| Q2 24 | $98.6M | $77.6M |
| Q1 26 | — | — | ||
| 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 26 | — | 6.9% | ||
| Q4 25 | 10.6% | 4.6% | ||
| Q3 25 | 10.4% | 5.4% | ||
| Q2 25 | 9.3% | 6.5% | ||
| Q1 25 | 7.6% | 8.3% | ||
| Q4 24 | 10.9% | 1.6% | ||
| Q3 24 | 15.2% | 4.3% | ||
| Q2 24 | 10.5% | 5.8% |
| Q1 26 | — | 4.5% | ||
| Q4 25 | 7.8% | 1.4% | ||
| Q3 25 | 7.7% | 2.1% | ||
| Q2 25 | 6.5% | 3.0% | ||
| Q1 25 | 5.6% | 4.2% | ||
| Q4 24 | 8.3% | -1.2% | ||
| Q3 24 | 11.7% | 4.4% | ||
| Q2 24 | 8.6% | 6.1% |
| Q1 26 | — | $0.35 | ||
| Q4 25 | $1.97 | $0.17 | ||
| Q3 25 | $1.91 | $0.23 | ||
| Q2 25 | $1.56 | $0.32 | ||
| Q1 25 | $1.28 | $0.44 | ||
| Q4 24 | $1.80 | $-0.12 | ||
| Q3 24 | $2.37 | $0.43 | ||
| Q2 24 | $1.70 | $0.60 |
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 | $25.7M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $3.7B | $2.1B |
| Total Assets | $4.9B | $6.0B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $25.7M | ||
| Q4 25 | $1.3B | $26.5M | ||
| Q3 25 | $1.2B | $60.1M | ||
| Q2 25 | $1.0B | $52.3M | ||
| Q1 25 | $1.2B | $53.2M | ||
| Q4 24 | $1.3B | $59.7M | ||
| Q3 24 | $2.1B | $191.5M | ||
| Q2 24 | $1.8B | $111.2M |
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $3.7B | $1.7B | ||
| Q3 25 | $3.7B | $1.7B | ||
| Q2 25 | $3.7B | $1.7B | ||
| Q1 25 | $3.6B | $1.7B | ||
| Q4 24 | $3.6B | $1.7B | ||
| Q3 24 | $3.6B | $1.9B | ||
| Q2 24 | $3.4B | $1.4B |
| Q1 26 | — | $6.0B | ||
| Q4 25 | $4.9B | $5.9B | ||
| Q3 25 | $4.8B | $5.7B | ||
| Q2 25 | $4.7B | $5.7B | ||
| Q1 25 | $4.7B | $5.7B | ||
| Q4 24 | $4.8B | $5.6B | ||
| Q3 24 | $4.5B | $8.0B | ||
| Q2 24 | $4.2B | $7.9B |
| Q1 26 | — | 0.88× | ||
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× |
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 | — |
| Free Cash FlowOCF − Capex | $268.1M | — |
| FCF MarginFCF / Revenue | 19.0% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 2.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.9M | $64.3M | ||
| Q3 25 | $294.7M | $175.3M | ||
| Q2 25 | $53.2M | $110.3M | ||
| Q1 25 | $24.2M | $-3.5M | ||
| Q4 24 | $130.3M | $125.4M | ||
| Q3 24 | $242.0M | $181.0M | ||
| Q2 24 | $57.0M | $278.2M |
| Q1 26 | — | — | ||
| Q4 25 | $268.1M | $5.2M | ||
| Q3 25 | $286.4M | $122.2M | ||
| Q2 25 | $43.4M | $45.6M | ||
| Q1 25 | $14.8M | $-55.8M | ||
| Q4 24 | $114.5M | $62.0M | ||
| Q3 24 | $237.0M | $130.3M | ||
| Q2 24 | $52.3M | $222.6M |
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 0.4% | ||
| Q3 25 | 20.5% | 9.0% | ||
| Q2 25 | 3.2% | 3.4% | ||
| Q1 25 | 1.1% | -4.1% | ||
| Q4 24 | 9.2% | 4.7% | ||
| Q3 24 | 20.3% | 10.2% | ||
| Q2 24 | 4.6% | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 4.2% | ||
| Q3 25 | 0.6% | 3.9% | ||
| Q2 25 | 0.7% | 4.8% | ||
| Q1 25 | 0.7% | 3.9% | ||
| Q4 24 | 1.3% | 4.8% | ||
| Q3 24 | 0.4% | 4.0% | ||
| Q2 24 | 0.4% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | 3.19× | ||
| Q3 25 | 2.76× | 6.09× | ||
| Q2 25 | 0.60× | 2.72× | ||
| Q1 25 | 0.33× | -0.06× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | 3.25× | ||
| Q2 24 | 0.58× | 3.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
