Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.24, read 2026-11-05
Ethical passes the values gate
Price165.70 USD
Fair value150.00
Ethical score86.1/100
Value readFairas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Markup107.14+54.7% to today ✓Markdown gives way to Markup first Markup read since August
2026-10-02Read Markdown107.14+54.7% to today Markup gives way to Markdown with results news in the headlines
2026-08-28Read Markup111.26+48.9% to today ✓Distribution gives way to Markup after a 13% rise in 8 weeks
2026-07-02Read Distribution98.04+69.0% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
EPAM Systems holds its Markup at $165.70. The statistical read favours the sellers, held for 22 days.
As held on the ledger · 2026-11-05
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 22 days
Price at the screen
$165.70
Valuation
18.75 trailing · 9.85 forward price to earnings
Values screen
PASS· score 86.1
Beta
1.27
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
2.93%
Below 33%
Interest-bearing debt is just 2.9% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
49.05%
Below 49%
Money owed to the company is 49.0% of assets, under the 49% limit.
Pass
Revenue purity
0.21%
Below 5%
Only 0.2% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
EPAM Systems clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 3%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today EPAM passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 5 Nov 2026: it trades above our $150.00 fair value estimate, narrow competitive moat, 4.50% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. The price runs 10.5% above the base estimate.
Where our models see it going: fair-value estimate $150.00, with a range of $150.00 to $331.40, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Digital Builders Trade at a Striking Discount
When firms need serious engineering to shift operations onto modern platforms, they call outfits like this one to do the heavy work. Revenue grows at 8 percent, the forward multiple sits at just 6.3 times, and the shares price at 88 dollars against a fair value near 164, leaving an 85 percent cushion that stands out once the ethical screen is cleared.
Profit margins run at 7 percent and return on equity reaches 11 percent, yet 17 analysts still cluster around a 131 dollar median target. The narrow moat keeps the business defensible without flashy promises, and the valuation gap looks wide enough to absorb modest setbacks.
The catch sits in that same narrow position and low-teens growth, where any spending pullback by clients or fresh price pressure from rivals can quickly erode returns. Low multiples on services businesses often signal exactly this kind of vulnerability rather than hidden value.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
EPAM trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Markup$137.36-0.6%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.6% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $131. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Markup$138.17-3.9%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.9% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $129. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markup$143.80+2.3%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.3% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $128. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markup$140.51+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $128. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markup$140.51+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $128. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markup$140.51+3.1%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 3.1% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $128. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markup$136.23+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $128. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Markup$136.23+6.9%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 6.9% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $128. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$127.38+4.2%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 4.2% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $123.
2026-10-18Markup$122.26+14.1%Entry 8
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 14.1% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 48%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (17 analysts) rates it buy, with a mean price target of $123.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
