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Side-by-side financial comparison of EPAM Systems (EPAM) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
EPAM Systems is the larger business by last-quarter revenue ($1.4B vs $789.0M, roughly 1.8× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 7.8%, a 0.7% gap on every dollar of revenue. On growth, EPAM Systems posted the faster year-over-year revenue change (12.8% vs 6.8%). EPAM Systems produced more free cash flow last quarter ($268.1M vs $86.0M). Over the past eight quarters, EPAM Systems's revenue compounded faster (9.9% CAGR vs 8.5%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
EPAM vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $789.0M |
| Net Profit | $109.4M | $67.0M |
| Gross Margin | 30.1% | 49.7% |
| Operating Margin | 10.6% | 15.0% |
| Net Margin | 7.8% | 8.5% |
| Revenue YoY | 12.8% | 6.8% |
| Net Profit YoY | 5.9% | -17.3% |
| EPS (diluted) | $1.97 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $1.4B | $783.0M | ||
| Q2 25 | $1.4B | $776.0M | ||
| Q1 25 | $1.3B | $705.0M | ||
| Q4 24 | $1.2B | $739.0M | ||
| Q3 24 | $1.2B | $731.0M | ||
| Q2 24 | $1.1B | $730.0M | ||
| Q1 24 | $1.2B | $670.0M |
| Q4 25 | $109.4M | $67.0M | ||
| Q3 25 | $106.8M | $100.0M | ||
| Q2 25 | $88.0M | $91.0M | ||
| Q1 25 | $73.5M | $67.0M | ||
| Q4 24 | $103.3M | $81.0M | ||
| Q3 24 | $136.3M | $88.0M | ||
| Q2 24 | $98.6M | $101.0M | ||
| Q1 24 | $116.2M | $56.0M |
| Q4 25 | 30.1% | 49.7% | ||
| Q3 25 | 29.5% | 50.3% | ||
| Q2 25 | 28.8% | 49.4% | ||
| Q1 25 | 26.9% | 48.4% | ||
| Q4 24 | 30.4% | 47.4% | ||
| Q3 24 | 34.6% | 49.0% | ||
| Q2 24 | 29.3% | 50.1% | ||
| Q1 24 | 28.4% | 47.6% |
| Q4 25 | 10.6% | 15.0% | ||
| Q3 25 | 10.4% | 19.9% | ||
| Q2 25 | 9.3% | 17.9% | ||
| Q1 25 | 7.6% | 15.5% | ||
| Q4 24 | 10.9% | 15.6% | ||
| Q3 24 | 15.2% | 17.8% | ||
| Q2 24 | 10.5% | 17.3% | ||
| Q1 24 | 9.5% | 13.6% |
| Q4 25 | 7.8% | 8.5% | ||
| Q3 25 | 7.7% | 12.8% | ||
| Q2 25 | 6.5% | 11.7% | ||
| Q1 25 | 5.6% | 9.5% | ||
| Q4 24 | 8.3% | 11.0% | ||
| Q3 24 | 11.7% | 12.0% | ||
| Q2 24 | 8.6% | 13.8% | ||
| Q1 24 | 10.0% | 8.4% |
| Q4 25 | $1.97 | $0.33 | ||
| Q3 25 | $1.91 | $0.49 | ||
| Q2 25 | $1.56 | $0.45 | ||
| Q1 25 | $1.28 | $0.33 | ||
| Q4 24 | $1.80 | $0.40 | ||
| Q3 24 | $2.37 | $0.44 | ||
| Q2 24 | $1.70 | $0.50 | ||
| Q1 24 | $1.97 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $3.7B | $1.3B |
| Total Assets | $4.9B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $295.0M | ||
| Q3 25 | $1.2B | $255.0M | ||
| Q2 25 | $1.0B | $272.0M | ||
| Q1 25 | $1.2B | $267.0M | ||
| Q4 24 | $1.3B | $298.0M | ||
| Q3 24 | $2.1B | $327.0M | ||
| Q2 24 | $1.8B | $295.0M | ||
| Q1 24 | $2.0B | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $3.7B | $1.3B | ||
| Q3 25 | $3.7B | $1.2B | ||
| Q2 25 | $3.7B | $1.1B | ||
| Q1 25 | $3.6B | $970.0M | ||
| Q4 24 | $3.6B | $904.0M | ||
| Q3 24 | $3.6B | $872.0M | ||
| Q2 24 | $3.4B | $769.0M | ||
| Q1 24 | $3.5B | $671.0M |
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | $4.8B | $2.9B | ||
| Q2 25 | $4.7B | $2.9B | ||
| Q1 25 | $4.7B | $2.9B | ||
| Q4 24 | $4.8B | $2.8B | ||
| Q3 24 | $4.5B | $2.9B | ||
| Q2 24 | $4.2B | $2.7B | ||
| Q1 24 | $4.4B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $268.1M | $86.0M |
| FCF MarginFCF / Revenue | 19.0% | 10.9% |
| Capex IntensityCapex / Revenue | 1.1% | 7.4% |
| Cash ConversionOCF / Net Profit | 2.59× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $612.7M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.9M | $144.0M | ||
| Q3 25 | $294.7M | $155.0M | ||
| Q2 25 | $53.2M | $147.0M | ||
| Q1 25 | $24.2M | $154.0M | ||
| Q4 24 | $130.3M | $130.0M | ||
| Q3 24 | $242.0M | $150.0M | ||
| Q2 24 | $57.0M | $103.0M | ||
| Q1 24 | $129.9M | $141.0M |
| Q4 25 | $268.1M | $86.0M | ||
| Q3 25 | $286.4M | $109.0M | ||
| Q2 25 | $43.4M | $105.0M | ||
| Q1 25 | $14.8M | $103.0M | ||
| Q4 24 | $114.5M | $72.0M | ||
| Q3 24 | $237.0M | $84.0M | ||
| Q2 24 | $52.3M | $47.0M | ||
| Q1 24 | $123.2M | $84.0M |
| Q4 25 | 19.0% | 10.9% | ||
| Q3 25 | 20.5% | 13.9% | ||
| Q2 25 | 3.2% | 13.5% | ||
| Q1 25 | 1.1% | 14.6% | ||
| Q4 24 | 9.2% | 9.7% | ||
| Q3 24 | 20.3% | 11.5% | ||
| Q2 24 | 4.6% | 6.4% | ||
| Q1 24 | 10.6% | 12.5% |
| Q4 25 | 1.1% | 7.4% | ||
| Q3 25 | 0.6% | 5.9% | ||
| Q2 25 | 0.7% | 5.4% | ||
| Q1 25 | 0.7% | 7.2% | ||
| Q4 24 | 1.3% | 7.8% | ||
| Q3 24 | 0.4% | 9.0% | ||
| Q2 24 | 0.4% | 7.7% | ||
| Q1 24 | 0.6% | 8.5% |
| Q4 25 | 2.59× | 2.15× | ||
| Q3 25 | 2.76× | 1.55× | ||
| Q2 25 | 0.60× | 1.62× | ||
| Q1 25 | 0.33× | 2.30× | ||
| Q4 24 | 1.26× | 1.60× | ||
| Q3 24 | 1.77× | 1.70× | ||
| Q2 24 | 0.58× | 1.02× | ||
| Q1 24 | 1.12× | 2.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPAM
Segment breakdown not available.
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
