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EPAM Systems（EPAM）与West Pharmaceutical Services（WST）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West Pharmaceutical Services的1.7倍（$1.4B vs $805.0M），West Pharmaceutical Services净利率更高（16.4% vs 7.8%，领先8.6%），EPAM Systems同比增速更快（12.8% vs 7.5%），EPAM Systems自由现金流更多（$268.1M vs $175.0M），过去两年EPAM Systems的营收复合增速更高（9.9% vs 7.6%）
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。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
EPAM vs WST — 直观对比
营收规模更大
EPAM
是对方的1.7倍
$805.0M
营收增速更快
EPAM
高出5.2%
7.5%
净利率更高
WST
高出8.6%
7.8%
自由现金流更多
EPAM
多$93.1M
$175.0M
两年增速更快
EPAM
近两年复合增速
7.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $805.0M |
| 净利润 | $109.4M | $132.1M |
| 毛利率 | 30.1% | 37.8% |
| 营业利润率 | 10.6% | 19.5% |
| 净利率 | 7.8% | 16.4% |
| 营收同比 | 12.8% | 7.5% |
| 净利润同比 | 5.9% | 1.5% |
| 每股收益（稀释后） | $1.97 | $1.82 |
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EPAMWST
| Q4 25 | $1.4B | $805.0M | ||
| Q3 25 | $1.4B | $804.6M | ||
| Q2 25 | $1.4B | $766.5M | ||
| Q1 25 | $1.3B | $698.0M | ||
| Q4 24 | $1.2B | $748.8M | ||
| Q3 24 | $1.2B | $746.9M | ||
| Q2 24 | $1.1B | $702.1M | ||
| Q1 24 | $1.2B | $695.4M |
净利润EPAMWST
| Q4 25 | $109.4M | $132.1M | ||
| Q3 25 | $106.8M | $140.0M | ||
| Q2 25 | $88.0M | $131.8M | ||
| Q1 25 | $73.5M | $89.8M | ||
| Q4 24 | $103.3M | $130.1M | ||
| Q3 24 | $136.3M | $136.0M | ||
| Q2 24 | $98.6M | $111.3M | ||
| Q1 24 | $116.2M | $115.3M |
毛利率EPAMWST
| Q4 25 | 30.1% | 37.8% | ||
| Q3 25 | 29.5% | 36.6% | ||
| Q2 25 | 28.8% | 35.7% | ||
| Q1 25 | 26.9% | 33.2% | ||
| Q4 24 | 30.4% | 36.5% | ||
| Q3 24 | 34.6% | 35.4% | ||
| Q2 24 | 29.3% | 32.8% | ||
| Q1 24 | 28.4% | 33.1% |
营业利润率EPAMWST
| Q4 25 | 10.6% | 19.5% | ||
| Q3 25 | 10.4% | 20.8% | ||
| Q2 25 | 9.3% | 20.1% | ||
| Q1 25 | 7.6% | 15.3% | ||
| Q4 24 | 10.9% | 21.3% | ||
| Q3 24 | 15.2% | 21.6% | ||
| Q2 24 | 10.5% | 18.0% | ||
| Q1 24 | 9.5% | 17.7% |
净利率EPAMWST
| Q4 25 | 7.8% | 16.4% | ||
| Q3 25 | 7.7% | 17.4% | ||
| Q2 25 | 6.5% | 17.2% | ||
| Q1 25 | 5.6% | 12.9% | ||
| Q4 24 | 8.3% | 17.4% | ||
| Q3 24 | 11.7% | 18.2% | ||
| Q2 24 | 8.6% | 15.9% | ||
| Q1 24 | 10.0% | 16.6% |
每股收益（稀释后）EPAMWST
| Q4 25 | $1.97 | $1.82 | ||
| Q3 25 | $1.91 | $1.92 | ||
| Q2 25 | $1.56 | $1.82 | ||
| Q1 25 | $1.28 | $1.23 | ||
| Q4 24 | $1.80 | $1.78 | ||
| Q3 24 | $2.37 | $1.85 | ||
| Q2 24 | $1.70 | $1.51 | ||
| Q1 24 | $1.97 | $1.55 |
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 | $791.3M |
| 总债务越低越好 | — | $202.8M |
| 股东权益账面价值 | $3.7B | $3.2B |
| 总资产 | $4.9B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资EPAMWST
| Q4 25 | $1.3B | $791.3M | ||
| Q3 25 | $1.2B | $628.5M | ||
| Q2 25 | $1.0B | $509.7M | ||
| Q1 25 | $1.2B | $404.2M | ||
| Q4 24 | $1.3B | $484.6M | ||
| Q3 24 | $2.1B | $490.9M | ||
| Q2 24 | $1.8B | $446.2M | ||
| Q1 24 | $2.0B | $601.8M |
总债务EPAMWST
| Q4 25 | — | $202.8M | ||
| Q3 25 | — | $202.7M | ||
| Q2 25 | — | $202.6M | ||
| Q1 25 | — | $202.6M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $202.6M | ||
| Q2 24 | — | $205.8M | ||
| Q1 24 | — | $206.2M |
股东权益EPAMWST
| Q4 25 | $3.7B | $3.2B | ||
| Q3 25 | $3.7B | $3.1B | ||
| Q2 25 | $3.7B | $2.9B | ||
| Q1 25 | $3.6B | $2.7B | ||
| Q4 24 | $3.6B | $2.7B | ||
| Q3 24 | $3.6B | $2.8B | ||
| Q2 24 | $3.4B | $2.6B | ||
| Q1 24 | $3.5B | $2.7B |
总资产EPAMWST
| Q4 25 | $4.9B | $4.3B | ||
| Q3 25 | $4.8B | $4.1B | ||
| Q2 25 | $4.7B | $4.0B | ||
| Q1 25 | $4.7B | $3.6B | ||
| Q4 24 | $4.8B | $3.6B | ||
| Q3 24 | $4.5B | $3.7B | ||
| Q2 24 | $4.2B | $3.5B | ||
| Q1 24 | $4.4B | $3.6B |
负债/权益比EPAMWST
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.08× |
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 | $251.1M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | $175.0M |
| 自由现金流率自由现金流/营收 | 19.0% | 21.7% |
| 资本支出强度资本支出/营收 | 1.1% | 9.5% |
| 现金转化率经营现金流/净利润 | 2.59× | 1.90× |
| 过去12个月自由现金流最近4个季度 | $612.7M | $468.9M |
8季度趋势，按日历期对齐
经营现金流EPAMWST
| Q4 25 | $282.9M | $251.1M | ||
| Q3 25 | $294.7M | $197.2M | ||
| Q2 25 | $53.2M | $177.1M | ||
| Q1 25 | $24.2M | $129.4M | ||
| Q4 24 | $130.3M | $190.1M | ||
| Q3 24 | $242.0M | $180.1M | ||
| Q2 24 | $57.0M | $165.0M | ||
| Q1 24 | $129.9M | $118.2M |
自由现金流EPAMWST
| Q4 25 | $268.1M | $175.0M | ||
| Q3 25 | $286.4M | $133.9M | ||
| Q2 25 | $43.4M | $101.9M | ||
| Q1 25 | $14.8M | $58.1M | ||
| Q4 24 | $114.5M | $85.2M | ||
| Q3 24 | $237.0M | $98.8M | ||
| Q2 24 | $52.3M | $64.8M | ||
| Q1 24 | $123.2M | $27.6M |
自由现金流率EPAMWST
| Q4 25 | 19.0% | 21.7% | ||
| Q3 25 | 20.5% | 16.6% | ||
| Q2 25 | 3.2% | 13.3% | ||
| Q1 25 | 1.1% | 8.3% | ||
| Q4 24 | 9.2% | 11.4% | ||
| Q3 24 | 20.3% | 13.2% | ||
| Q2 24 | 4.6% | 9.2% | ||
| Q1 24 | 10.6% | 4.0% |
资本支出强度EPAMWST
| Q4 25 | 1.1% | 9.5% | ||
| Q3 25 | 0.6% | 7.9% | ||
| Q2 25 | 0.7% | 9.8% | ||
| Q1 25 | 0.7% | 10.2% | ||
| Q4 24 | 1.3% | 14.0% | ||
| Q3 24 | 0.4% | 10.9% | ||
| Q2 24 | 0.4% | 14.3% | ||
| Q1 24 | 0.6% | 13.0% |
现金转化率EPAMWST
| Q4 25 | 2.59× | 1.90× | ||
| Q3 25 | 2.76× | 1.41× | ||
| Q2 25 | 0.60× | 1.34× | ||
| Q1 25 | 0.33× | 1.44× | ||
| Q4 24 | 1.26× | 1.46× | ||
| Q3 24 | 1.77× | 1.32× | ||
| Q2 24 | 0.58× | 1.48× | ||
| Q1 24 | 1.12× | 1.03× |
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
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
