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EPAM Systems（EPAM）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是EPAM Systems的1.2倍（$1.7B vs $1.4B），EPAM Systems净利率更高（7.8% vs -2.8%，领先10.6%），EPAM Systems同比增速更快（12.8% vs 8.0%），EPAM Systems自由现金流更多（$268.1M vs $-342.5M），过去两年EPAM Systems的营收复合增速更高（9.9% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
EPAM vs PII — 直观对比
营收规模更大
PII
是对方的1.2倍
$1.4B
营收增速更快
EPAM
高出4.8%
8.0%
净利率更高
EPAM
高出10.6%
-2.8%
自由现金流更多
EPAM
多$610.6M
$-342.5M
两年增速更快
EPAM
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.7B |
| 净利润 | $109.4M | $-47.2M |
| 毛利率 | 30.1% | 20.2% |
| 营业利润率 | 10.6% | 76.5% |
| 净利率 | 7.8% | -2.8% |
| 营收同比 | 12.8% | 8.0% |
| 净利润同比 | 5.9% | 29.0% |
| 每股收益（稀释后） | $1.97 | $-0.83 |
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EPAMPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.4B | $1.9B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.4B | $1.9B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.1B | $2.0B |
净利润EPAMPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $109.4M | $-303.6M | ||
| Q3 25 | $106.8M | $-15.8M | ||
| Q2 25 | $88.0M | $-79.3M | ||
| Q1 25 | $73.5M | $-66.8M | ||
| Q4 24 | $103.3M | $10.6M | ||
| Q3 24 | $136.3M | $27.7M | ||
| Q2 24 | $98.6M | $68.7M |
毛利率EPAMPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 30.1% | 20.0% | ||
| Q3 25 | 29.5% | 20.7% | ||
| Q2 25 | 28.8% | 19.4% | ||
| Q1 25 | 26.9% | 16.0% | ||
| Q4 24 | 30.4% | 20.4% | ||
| Q3 24 | 34.6% | 20.6% | ||
| Q2 24 | 29.3% | 21.6% |
营业利润率EPAMPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | 10.6% | -16.7% | ||
| Q3 25 | 10.4% | 1.1% | ||
| Q2 25 | 9.3% | -0.7% | ||
| Q1 25 | 7.6% | -2.4% | ||
| Q4 24 | 10.9% | 3.7% | ||
| Q3 24 | 15.2% | 3.8% | ||
| Q2 24 | 10.5% | 6.1% |
净利率EPAMPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 7.8% | -15.8% | ||
| Q3 25 | 7.7% | -0.9% | ||
| Q2 25 | 6.5% | -4.3% | ||
| Q1 25 | 5.6% | -4.3% | ||
| Q4 24 | 8.3% | 0.6% | ||
| Q3 24 | 11.7% | 1.6% | ||
| Q2 24 | 8.6% | 3.5% |
每股收益（稀释后）EPAMPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $1.97 | $-5.34 | ||
| Q3 25 | $1.91 | $-0.28 | ||
| Q2 25 | $1.56 | $-1.39 | ||
| Q1 25 | $1.28 | $-1.17 | ||
| Q4 24 | $1.80 | $0.18 | ||
| Q3 24 | $2.37 | $0.49 | ||
| Q2 24 | $1.70 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.7B | $750.4M |
| 总资产 | $4.9B | $5.2B |
| 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EPAMPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $1.3B | $138.0M | ||
| Q3 25 | $1.2B | $335.5M | ||
| Q2 25 | $1.0B | $324.3M | ||
| Q1 25 | $1.2B | $291.7M | ||
| Q4 24 | $1.3B | $287.8M | ||
| Q3 24 | $2.1B | $291.3M | ||
| Q2 24 | $1.8B | $322.7M |
总债务EPAMPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益EPAMPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $3.7B | $828.4M | ||
| Q3 25 | $3.7B | $1.1B | ||
| Q2 25 | $3.7B | $1.2B | ||
| Q1 25 | $3.6B | $1.2B | ||
| Q4 24 | $3.6B | $1.3B | ||
| Q3 24 | $3.6B | $1.3B | ||
| Q2 24 | $3.4B | $1.3B |
总资产EPAMPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $4.9B | $4.9B | ||
| Q3 25 | $4.8B | $5.3B | ||
| Q2 25 | $4.7B | $5.4B | ||
| Q1 25 | $4.7B | $5.5B | ||
| Q4 24 | $4.8B | $5.5B | ||
| Q3 24 | $4.5B | $5.6B | ||
| Q2 24 | $4.2B | $5.7B |
负债/权益比EPAMPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $-342.5M |
| 自由现金流率自由现金流/营收 | 19.0% | -20.6% |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 2.59× | — |
| 过去12个月自由现金流最近4个季度 | $612.7M | $168.0M |
8季度趋势，按日历期对齐
经营现金流EPAMPII
| Q1 26 | — | — | ||
| Q4 25 | $282.9M | $178.7M | ||
| Q3 25 | $294.7M | $158.8M | ||
| Q2 25 | $53.2M | $320.3M | ||
| Q1 25 | $24.2M | $83.2M | ||
| Q4 24 | $130.3M | $206.3M | ||
| Q3 24 | $242.0M | $21.0M | ||
| Q2 24 | $57.0M | $146.3M |
自由现金流EPAMPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $268.1M | $114.0M | ||
| Q3 25 | $286.4M | $116.7M | ||
| Q2 25 | $43.4M | $279.8M | ||
| Q1 25 | $14.8M | $47.6M | ||
| Q4 24 | $114.5M | $137.3M | ||
| Q3 24 | $237.0M | $-32.4M | ||
| Q2 24 | $52.3M | $79.1M |
自由现金流率EPAMPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 19.0% | 5.9% | ||
| Q3 25 | 20.5% | 6.3% | ||
| Q2 25 | 3.2% | 15.1% | ||
| Q1 25 | 1.1% | 3.1% | ||
| Q4 24 | 9.2% | 7.8% | ||
| Q3 24 | 20.3% | -1.9% | ||
| Q2 24 | 4.6% | 4.0% |
资本支出强度EPAMPII
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 3.4% | ||
| Q3 25 | 0.6% | 2.3% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.7% | 2.3% | ||
| Q4 24 | 1.3% | 3.9% | ||
| Q3 24 | 0.4% | 3.1% | ||
| Q2 24 | 0.4% | 3.4% |
现金转化率EPAMPII
| Q1 26 | — | — | ||
| Q4 25 | 2.59× | — | ||
| Q3 25 | 2.76× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 1.26× | 19.46× | ||
| Q3 24 | 1.77× | 0.76× | ||
| Q2 24 | 0.58× | 2.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
