EPAM vs JKHY: EPAM Systems and Jack Henry & Associates compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Jack Henry & Associates is the larger company, worth $10.5B, about 1.6 times EPAM Systems.
- Jack Henry & Associates grew revenue faster over the last year (+4.7% vs +4.5%).
- Jack Henry & Associates keeps more of each dollar of revenue as operating profit (25.0% vs 10.0%).
- On earnings, EPAM Systems is the cheaper stock (18.6x vs 20.7x).
- Jack Henry & Associates's price assumes faster free cash flow growth: about 5% a year, against -3% for EPAM Systems (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EPAM | JKHY |
|---|---|---|
| Market cap | $6.8B | $10.5B |
| Share price | $113.24 | $149.31 |
| Revenue (last fiscal year) | $5.5B | $2.5B |
| Free cash flow (last fiscal year) | $613M | $511M |
| Revenue growth, last year | +4.5% | +4.7% |
| Revenue growth per year, last 5 fiscal years | +9.8% | +7.0% |
| Operating margin | 10.0% | 25.0% |
| Net margin | 7.2% | 19.8% |
| Return on equity | 11.4% | 24.5% |
| P/E (trailing) | 18.6x | 20.7x |
| Price / free cash flow | 11.0x | 17.9x |
| EV / EBITDA | 8.90x | 14.9x |
| FCF growth the price implies | -2.9% | 5.4% |
| Dividend yield | — | 1.6% |
| Debt / equity | 0.30x | 0.53x |
| Fundamental grade | B | C |
| Superinvestors holding it | 6 | 3 |
| Insider purchases, last 12 months | 3 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
EPAM Systems
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.8B | $461M | 14.4% |
| 2022 | $4.8B | $382M | 11.9% |
| 2023 | $4.7B | $534M | 10.7% |
| 2024 | $4.7B | $527M | 11.5% |
| 2025 | $5.5B | $613M | 9.5% |
Jack Henry & Associates
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.9B | $322M | 24.4% |
| 2023 | $2.1B | $176M | 23.1% |
| 2024 | $2.2B | $343M | 22.1% |
| 2025 | $2.4B | $416M | 23.9% |
| 2026 | $2.5B | $511M | 25.0% |
Where the revenue comes from
EPAM Systems · by segments, 2025
Americas$3.2B58%
Europe$2.3B42%
Jack Henry & Associates · by segments, 2026
Payments$936M37%
Core Segment$768M30%
Complementary$752M30%
Corporate Services$88M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EPAM in InvestinglyQuestions
Which is bigger, EPAM Systems or Jack Henry & Associates?
Jack Henry & Associates (JKHY), at $10.5B against $6.8B.
Is EPAM or JKHY cheaper?
By trailing P/E, EPAM Systems (18.6x) is cheaper than Jack Henry & Associates (20.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, EPAM or JKHY?
Jack Henry & Associates: revenue grew +4.7% over the last year, against +4.5%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.