EPAM Systems

Balance sheet is strong. Cash and equivalents of about 1.296 billion plus 6.1 million in short-term investments versus only 25 million of borrowings under a 700 million revolver maturing in 2030. 2025 free cash flow was approximately 612.7 million with capex just 42.2 million, enabling significant buybacks while preserving liquidity.

No dividend is planned, consistent with reinvestment and buyback focus. This conservative posture positions EPAM to manage shocks and continue selective M&A.