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Side-by-side financial comparison of EPAM Systems (EPAM) and Teradyne (TER). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $1.3B, roughly 1.1× Teradyne). Teradyne runs the higher net margin — 31.1% vs 7.8%, a 23.3% gap on every dollar of revenue. On growth, Teradyne posted the faster year-over-year revenue change (86.9% vs 12.8%). Over the past eight quarters, Teradyne's revenue compounded faster (32.6% 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.
Teradyne, Inc. is an American automatic test equipment (ATE) designer and manufacturer based in North Reading, Massachusetts. Its high-profile customers include Samsung, Qualcomm, Intel, Analog Devices, Texas Instruments and IBM.
EPAM vs TER — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.3B |
| Net Profit | $109.4M | $398.9M |
| Gross Margin | 30.1% | 60.9% |
| Operating Margin | 10.6% | 36.9% |
| Net Margin | 7.8% | 31.1% |
| Revenue YoY | 12.8% | 86.9% |
| Net Profit YoY | 5.9% | 55.1% |
| EPS (diluted) | $1.97 | $2.53 |
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 | — | $1.3B | ||
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.4B | $769.2M | ||
| Q2 25 | $1.4B | $651.8M | ||
| Q1 25 | $1.3B | $685.7M | ||
| Q4 24 | $1.2B | $752.9M | ||
| Q3 24 | $1.2B | $737.3M | ||
| Q2 24 | $1.1B | $729.9M |
| Q1 26 | — | $398.9M | ||
| Q4 25 | $109.4M | $257.2M | ||
| Q3 25 | $106.8M | $119.6M | ||
| Q2 25 | $88.0M | $78.4M | ||
| Q1 25 | $73.5M | $98.9M | ||
| Q4 24 | $103.3M | $146.3M | ||
| Q3 24 | $136.3M | $145.6M | ||
| Q2 24 | $98.6M | $186.3M |
| Q1 26 | — | 60.9% | ||
| Q4 25 | 30.1% | 57.2% | ||
| Q3 25 | 29.5% | 58.4% | ||
| Q2 25 | 28.8% | 57.2% | ||
| Q1 25 | 26.9% | 60.6% | ||
| Q4 24 | 30.4% | 59.4% | ||
| Q3 24 | 34.6% | 59.2% | ||
| Q2 24 | 29.3% | 58.3% |
| Q1 26 | — | 36.9% | ||
| Q4 25 | 10.6% | 27.1% | ||
| Q3 25 | 10.4% | 18.9% | ||
| Q2 25 | 9.3% | 13.9% | ||
| Q1 25 | 7.6% | 17.6% | ||
| Q4 24 | 10.9% | 20.4% | ||
| Q3 24 | 15.2% | 20.6% | ||
| Q2 24 | 10.5% | 28.8% |
| Q1 26 | — | 31.1% | ||
| Q4 25 | 7.8% | 23.7% | ||
| Q3 25 | 7.7% | 15.5% | ||
| Q2 25 | 6.5% | 12.0% | ||
| Q1 25 | 5.6% | 14.4% | ||
| Q4 24 | 8.3% | 19.4% | ||
| Q3 24 | 11.7% | 19.8% | ||
| Q2 24 | 8.6% | 25.5% |
| Q1 26 | — | $2.53 | ||
| Q4 25 | $1.97 | $1.62 | ||
| Q3 25 | $1.91 | $0.75 | ||
| Q2 25 | $1.56 | $0.49 | ||
| Q1 25 | $1.28 | $0.61 | ||
| Q4 24 | $1.80 | $0.89 | ||
| Q3 24 | $2.37 | $0.89 | ||
| Q2 24 | $1.70 | $1.14 |
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 | $241.9M |
| Total DebtLower is stronger | — | $0 |
| Stockholders' EquityBook value | $3.7B | — |
| Total Assets | $4.9B | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $241.9M | ||
| Q4 25 | $1.3B | $293.8M | ||
| Q3 25 | $1.2B | $272.7M | ||
| Q2 25 | $1.0B | $339.3M | ||
| Q1 25 | $1.2B | $475.6M | ||
| Q4 24 | $1.3B | $553.4M | ||
| Q3 24 | $2.1B | $510.0M | ||
| Q2 24 | $1.8B | $421.9M |
| Q1 26 | — | $0 | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $2.8B | ||
| Q3 25 | $3.7B | $2.7B | ||
| Q2 25 | $3.7B | $2.8B | ||
| Q1 25 | $3.6B | $2.8B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $3.6B | $2.9B | ||
| Q2 24 | $3.4B | $2.7B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $4.9B | $4.2B | ||
| Q3 25 | $4.8B | $4.0B | ||
| Q2 25 | $4.7B | $3.8B | ||
| Q1 25 | $4.7B | $3.7B | ||
| Q4 24 | $4.8B | $3.7B | ||
| Q3 24 | $4.5B | $3.8B | ||
| Q2 24 | $4.2B | $3.6B |
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 | $265.1M |
| Free Cash FlowOCF − Capex | $268.1M | — |
| FCF MarginFCF / Revenue | 19.0% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 2.59× | 0.66× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $265.1M | ||
| Q4 25 | $282.9M | $281.6M | ||
| Q3 25 | $294.7M | $49.0M | ||
| Q2 25 | $53.2M | $182.1M | ||
| Q1 25 | $24.2M | $161.6M | ||
| Q4 24 | $130.3M | $282.6M | ||
| Q3 24 | $242.0M | $166.3M | ||
| Q2 24 | $57.0M | $216.1M |
| Q1 26 | — | — | ||
| Q4 25 | $268.1M | $218.8M | ||
| Q3 25 | $286.4M | $2.4M | ||
| Q2 25 | $43.4M | $131.7M | ||
| Q1 25 | $14.8M | $97.6M | ||
| Q4 24 | $114.5M | $225.2M | ||
| Q3 24 | $237.0M | $114.4M | ||
| Q2 24 | $52.3M | $171.2M |
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 20.2% | ||
| Q3 25 | 20.5% | 0.3% | ||
| Q2 25 | 3.2% | 20.2% | ||
| Q1 25 | 1.1% | 14.2% | ||
| Q4 24 | 9.2% | 29.9% | ||
| Q3 24 | 20.3% | 15.5% | ||
| Q2 24 | 4.6% | 23.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 5.8% | ||
| Q3 25 | 0.6% | 6.1% | ||
| Q2 25 | 0.7% | 7.7% | ||
| Q1 25 | 0.7% | 9.3% | ||
| Q4 24 | 1.3% | 7.6% | ||
| Q3 24 | 0.4% | 7.0% | ||
| Q2 24 | 0.4% | 6.1% |
| Q1 26 | — | 0.66× | ||
| Q4 25 | 2.59× | 1.09× | ||
| Q3 25 | 2.76× | 0.41× | ||
| Q2 25 | 0.60× | 2.32× | ||
| Q1 25 | 0.33× | 1.63× | ||
| Q4 24 | 1.26× | 1.93× | ||
| Q3 24 | 1.77× | 1.14× | ||
| Q2 24 | 0.58× | 1.16× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
