Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Authors (in voice): Warren Buffett & Charlie Munger We have spent the better part of a week with EPAM's recently filed Form 10-Q for the period ended March 31, 2026, alongside the company's prior annual reports, the filings of its closest competitors, and the latest commentary from the IT services industry. Our conclusion is straightforward: EPAM is a competently run, profitable, debt-light business that is nevertheless caught between two unforgiving forces — a labor-arbitrage business model whose economics are eroding and a customer base that is increasingly using artificial intelligence to perform the very work EPAM bills out by the hour. In the language we have used for sixty years, EPAM is an average business in an industry whose long-term economics we no longer find easy to predict.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 8-K (2026-05-26), 8-K (2026-05-07).
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