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Side-by-side financial comparison of EPAM Systems (EPAM) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $997.0M, roughly 1.4× Frontier Group Holdings, Inc.). EPAM Systems runs the higher net margin — 7.8% vs 5.3%, a 2.5% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs -0.5%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $-113.0M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
EPAM vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $997.0M |
| Net Profit | $109.4M | $53.0M |
| Gross Margin | 30.1% | — |
| Operating Margin | 10.6% | 4.9% |
| Net Margin | 7.8% | 5.3% |
| Revenue YoY | 12.8% | -0.5% |
| Net Profit YoY | 5.9% | -1.9% |
| EPS (diluted) | $1.97 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $1.4B | $886.0M | ||
| Q2 25 | $1.4B | $929.0M | ||
| Q1 25 | $1.3B | $912.0M | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $935.0M | ||
| Q2 24 | $1.1B | $973.0M | ||
| Q1 24 | $1.2B | $865.0M |
| Q4 25 | $109.4M | $53.0M | ||
| Q3 25 | $106.8M | $-77.0M | ||
| Q2 25 | $88.0M | $-70.0M | ||
| Q1 25 | $73.5M | $-43.0M | ||
| Q4 24 | $103.3M | $54.0M | ||
| Q3 24 | $136.3M | $26.0M | ||
| Q2 24 | $98.6M | $31.0M | ||
| Q1 24 | $116.2M | $-26.0M |
| 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% | 4.9% | ||
| Q3 25 | 10.4% | -8.7% | ||
| Q2 25 | 9.3% | -8.1% | ||
| Q1 25 | 7.6% | -5.0% | ||
| Q4 24 | 10.9% | 4.5% | ||
| Q3 24 | 15.2% | 2.0% | ||
| Q2 24 | 10.5% | 2.6% | ||
| Q1 24 | 9.5% | -3.6% |
| Q4 25 | 7.8% | 5.3% | ||
| Q3 25 | 7.7% | -8.7% | ||
| Q2 25 | 6.5% | -7.5% | ||
| Q1 25 | 5.6% | -4.7% | ||
| Q4 24 | 8.3% | 5.4% | ||
| Q3 24 | 11.7% | 2.8% | ||
| Q2 24 | 8.6% | 3.2% | ||
| Q1 24 | 10.0% | -3.0% |
| Q4 25 | $1.97 | $0.24 | ||
| Q3 25 | $1.91 | $-0.34 | ||
| Q2 25 | $1.56 | $-0.31 | ||
| Q1 25 | $1.28 | $-0.19 | ||
| Q4 24 | $1.80 | $0.24 | ||
| Q3 24 | $2.37 | $0.11 | ||
| Q2 24 | $1.70 | $0.14 | ||
| Q1 24 | $1.97 | $-0.12 |
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 | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $3.7B | $491.0M |
| Total Assets | $4.9B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $671.0M | ||
| Q3 25 | $1.2B | $566.0M | ||
| Q2 25 | $1.0B | $563.0M | ||
| Q1 25 | $1.2B | $686.0M | ||
| Q4 24 | $1.3B | $740.0M | ||
| Q3 24 | $2.1B | $576.0M | ||
| Q2 24 | $1.8B | $658.0M | ||
| Q1 24 | $2.0B | $622.0M |
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | $3.7B | $491.0M | ||
| Q3 25 | $3.7B | $434.0M | ||
| Q2 25 | $3.7B | $506.0M | ||
| Q1 25 | $3.6B | $570.0M | ||
| Q4 24 | $3.6B | $604.0M | ||
| Q3 24 | $3.6B | $549.0M | ||
| Q2 24 | $3.4B | $520.0M | ||
| Q1 24 | $3.5B | $484.0M |
| Q4 25 | $4.9B | $7.2B | ||
| Q3 25 | $4.8B | $6.7B | ||
| Q2 25 | $4.7B | $6.5B | ||
| Q1 25 | $4.7B | $6.5B | ||
| Q4 24 | $4.8B | $6.2B | ||
| Q3 24 | $4.5B | $5.8B | ||
| Q2 24 | $4.2B | $5.7B | ||
| Q1 24 | $4.4B | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $268.1M | $-113.0M |
| FCF MarginFCF / Revenue | 19.0% | -11.3% |
| Capex IntensityCapex / Revenue | 1.1% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.59× | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $-91.0M | ||
| Q3 25 | $294.7M | $-215.0M | ||
| Q2 25 | $53.2M | $-133.0M | ||
| Q1 25 | $24.2M | $-86.0M | ||
| Q4 24 | $130.3M | $87.0M | ||
| Q3 24 | $242.0M | $-156.0M | ||
| Q2 24 | $57.0M | $9.0M | ||
| Q1 24 | $129.9M | $-22.0M |
| Q4 25 | $268.1M | $-113.0M | ||
| Q3 25 | $286.4M | $-217.0M | ||
| Q2 25 | $43.4M | $-166.0M | ||
| Q1 25 | $14.8M | $-104.0M | ||
| Q4 24 | $114.5M | $73.0M | ||
| Q3 24 | $237.0M | $-170.0M | ||
| Q2 24 | $52.3M | $-22.0M | ||
| Q1 24 | $123.2M | $-39.0M |
| Q4 25 | 19.0% | -11.3% | ||
| Q3 25 | 20.5% | -24.5% | ||
| Q2 25 | 3.2% | -17.9% | ||
| Q1 25 | 1.1% | -11.4% | ||
| Q4 24 | 9.2% | 7.3% | ||
| Q3 24 | 20.3% | -18.2% | ||
| Q2 24 | 4.6% | -2.3% | ||
| Q1 24 | 10.6% | -4.5% |
| Q4 25 | 1.1% | 2.2% | ||
| Q3 25 | 0.6% | 0.2% | ||
| Q2 25 | 0.7% | 3.6% | ||
| Q1 25 | 0.7% | 2.0% | ||
| Q4 24 | 1.3% | 1.4% | ||
| Q3 24 | 0.4% | 1.5% | ||
| Q2 24 | 0.4% | 3.2% | ||
| Q1 24 | 0.6% | 2.0% |
| Q4 25 | 2.59× | -1.72× | ||
| Q3 25 | 2.76× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | 1.61× | ||
| Q3 24 | 1.77× | -6.00× | ||
| Q2 24 | 0.58× | 0.29× | ||
| 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.
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
