EPAM Systems

Revenue is diversified by geography and vertical, with no customer above 10%, and long-tenured relationships (over 64% of 2025 revenue from 5-plus-year clients). Still, services lack the contractual visibility of mission-critical software, and revenue depends on macro budgets.

Organic constant currency growth was 4.9% in 2025 and management guides 3% to 6% organic constant currency for 2026, which we view as steady but not hyper-growth. Attrition is controlled in the high single digits, supporting delivery quality. These factors support moderate predictability with some cyclicality to enterprise IT spending.