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EPAM Systems（EPAM）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
EPAM Systems的季度营收约是Graham Holdings Co的1.1倍（$1.4B vs $1.3B），Graham Holdings Co净利率更高（8.7% vs 7.8%，领先0.9%），EPAM Systems同比增速更快（12.8% vs 0.4%），EPAM Systems自由现金流更多（$268.1M vs $5.0M），过去两年EPAM Systems的营收复合增速更高（9.9% vs 4.2%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
EPAM vs GHC — 直观对比
营收规模更大
EPAM
是对方的1.1倍
$1.3B
营收增速更快
EPAM
高出12.3%
0.4%
净利率更高
GHC
高出0.9%
7.8%
自由现金流更多
EPAM
多$263.1M
$5.0M
两年增速更快
EPAM
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.3B |
| 净利润 | $109.4M | $108.7M |
| 毛利率 | 30.1% | — |
| 营业利润率 | 10.6% | 3.8% |
| 净利率 | 7.8% | 8.7% |
| 营收同比 | 12.8% | 0.4% |
| 净利润同比 | 5.9% | -80.2% |
| 每股收益（稀释后） | $1.97 | $24.76 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收EPAMGHC
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $1.2B |
净利润EPAMGHC
| Q4 25 | $109.4M | $108.7M | ||
| Q3 25 | $106.8M | $122.9M | ||
| Q2 25 | $88.0M | $36.7M | ||
| Q1 25 | $73.5M | $23.9M | ||
| Q4 24 | $103.3M | $548.8M | ||
| Q3 24 | $136.3M | $72.5M | ||
| Q2 24 | $98.6M | $-21.0M | ||
| Q1 24 | $116.2M | $124.4M |
毛利率EPAMGHC
| 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% | — |
营业利润率EPAMGHC
| Q4 25 | 10.6% | 3.8% | ||
| Q3 25 | 10.4% | 5.2% | ||
| Q2 25 | 9.3% | 6.0% | ||
| Q1 25 | 7.6% | 4.1% | ||
| Q4 24 | 10.9% | 5.8% | ||
| Q3 24 | 15.2% | 6.8% | ||
| Q2 24 | 10.5% | 2.2% | ||
| Q1 24 | 9.5% | 3.1% |
净利率EPAMGHC
| Q4 25 | 7.8% | 8.7% | ||
| Q3 25 | 7.7% | 9.6% | ||
| Q2 25 | 6.5% | 3.0% | ||
| Q1 25 | 5.6% | 2.0% | ||
| Q4 24 | 8.3% | 44.1% | ||
| Q3 24 | 11.7% | 6.0% | ||
| Q2 24 | 8.6% | -1.8% | ||
| Q1 24 | 10.0% | 10.8% |
每股收益（稀释后）EPAMGHC
| Q4 25 | $1.97 | $24.76 | ||
| Q3 25 | $1.91 | $27.91 | ||
| Q2 25 | $1.56 | $8.35 | ||
| Q1 25 | $1.28 | $5.45 | ||
| Q4 24 | $1.80 | $124.05 | ||
| Q3 24 | $2.37 | $16.42 | ||
| Q2 24 | $1.70 | $-4.79 | ||
| Q1 24 | $1.97 | $27.72 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.3B | $267.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $4.8B |
| 总资产 | $4.9B | $8.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资EPAMGHC
| Q4 25 | $1.3B | $267.0M | ||
| Q3 25 | $1.2B | $190.8M | ||
| Q2 25 | $1.0B | $176.2M | ||
| Q1 25 | $1.2B | $156.7M | ||
| Q4 24 | $1.3B | $260.9M | ||
| Q3 24 | $2.1B | $244.4M | ||
| Q2 24 | $1.8B | $140.7M | ||
| Q1 24 | $2.0B | $130.9M |
股东权益EPAMGHC
| Q4 25 | $3.7B | $4.8B | ||
| Q3 25 | $3.7B | $4.5B | ||
| Q2 25 | $3.7B | $4.4B | ||
| Q1 25 | $3.6B | $4.3B | ||
| Q4 24 | $3.6B | $4.3B | ||
| Q3 24 | $3.6B | $4.0B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $3.5B | $4.0B |
总资产EPAMGHC
| Q4 25 | $4.9B | $8.4B | ||
| Q3 25 | $4.8B | $7.9B | ||
| Q2 25 | $4.7B | $7.6B | ||
| Q1 25 | $4.7B | $7.6B | ||
| Q4 24 | $4.8B | $7.7B | ||
| Q3 24 | $4.5B | $7.4B | ||
| Q2 24 | $4.2B | $7.2B | ||
| Q1 24 | $4.4B | $7.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $282.9M | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $5.0M |
| 自由现金流率自由现金流/营收 | 19.0% | 0.4% |
| 资本支出强度资本支出/营收 | 1.1% | 1.9% |
| 现金转化率经营现金流/净利润 | 2.59× | 0.26× |
| 过去12个月自由现金流最近4个季度 | $612.7M | $275.3M |
8季度趋势，按日历期对齐
经营现金流EPAMGHC
| Q4 25 | $282.9M | $28.3M | ||
| Q3 25 | $294.7M | $178.1M | ||
| Q2 25 | $53.2M | $94.8M | ||
| Q1 25 | $24.2M | $46.0M | ||
| Q4 24 | $130.3M | $116.3M | ||
| Q3 24 | $242.0M | $237.6M | ||
| Q2 24 | $57.0M | $52.0M | ||
| Q1 24 | $129.9M | $1.1M |
自由现金流EPAMGHC
| Q4 25 | $268.1M | $5.0M | ||
| Q3 25 | $286.4M | $161.8M | ||
| Q2 25 | $43.4M | $78.0M | ||
| Q1 25 | $14.8M | $30.5M | ||
| Q4 24 | $114.5M | $91.1M | ||
| Q3 24 | $237.0M | $219.4M | ||
| Q2 24 | $52.3M | $33.7M | ||
| Q1 24 | $123.2M | $-20.2M |
自由现金流率EPAMGHC
| Q4 25 | 19.0% | 0.4% | ||
| Q3 25 | 20.5% | 12.6% | ||
| Q2 25 | 3.2% | 6.4% | ||
| Q1 25 | 1.1% | 2.6% | ||
| Q4 24 | 9.2% | 7.3% | ||
| Q3 24 | 20.3% | 18.2% | ||
| Q2 24 | 4.6% | 2.8% | ||
| Q1 24 | 10.6% | -1.8% |
资本支出强度EPAMGHC
| Q4 25 | 1.1% | 1.9% | ||
| Q3 25 | 0.6% | 1.3% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.7% | 1.3% | ||
| Q4 24 | 1.3% | 2.0% | ||
| Q3 24 | 0.4% | 1.5% | ||
| Q2 24 | 0.4% | 1.5% | ||
| Q1 24 | 0.6% | 1.8% |
现金转化率EPAMGHC
| Q4 25 | 2.59× | 0.26× | ||
| Q3 25 | 2.76× | 1.45× | ||
| Q2 25 | 0.60× | 2.58× | ||
| Q1 25 | 0.33× | 1.93× | ||
| Q4 24 | 1.26× | 0.21× | ||
| Q3 24 | 1.77× | 3.28× | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 1.12× | 0.01× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
EPAM
暂无分部数据
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
