EPIC·Enterprise EHR and integrated healthcare software — the system of record and workflow surface for US acute care, extended into revenue cycle, patient engagement, payer connectivity, de-identified research data and, since 2025-26, natively shipped clinical AIPrivate

Epic Systems

ConvictionStrong

Licence plus a long Epic-staffed implementation plus recurring maintenance, sold direct on a single integrated codebase; pricing unpublished. Three facts separate it from every listed comparable: no outside capital ever (founded 1979 on a $70,000 investment); no acquisitions; and AI monetised by SUBSTITUTION rather than a marketplace toll — developer access priced near zero while Epic re-addresses the ambient and revenue-cycle line items itself, at roughly zero customer-acquisition cost.

Revenue

$6.7Bin 2025 — company-stated and unaudited. Becker's Hospital Review, 28 Apr 2026: 'An Epic spokesperson told Becker's the company's revenue increased to $6.7 billion in 2025.' Epic files nothing, so no primary source exists and no margin is knowable (canon CF-EPIC-01). Prior years are weaker: $5.7B 2024 via a Fortune profile Aug 2025; $4.9B 2023 has no named carrier (canon CF-EPIC-02).

Rev growth

+17.5% / +$1.0B for 2024→2025 — implied by two reported figuresone a trade-press estimate, never asserted as fact (canon CF-EPIC-03). Defensible version: double-digit growth in 2025 alongside a fifth consecutive year of share gains, while hospital EHR purchasing decisions fell roughly 40%.

Gross margin

NOT KNOWABLE — a hard constraintnot a research gap. No statement, no filing obligation, no lender or sponsor to whom accounts are disclosed; any circulating figure is a construction. Decades of R&D and a large owned campus were funded from operating cash — an inference from the absence of external financing that does not license a margin estimate.

Op margin

Not knowable — no statements exist. All that can honestly be said: a ~15,000-person company that has never borrowed against or sold a share of itself has been operating-cash-flow positive for a long time.

Capex intensity

Not disclosedand qualitatively higher than a pure-software peer: Epic owns and continually builds out its Verona, Wisconsin campus from operating cash. No clinical hardware. Owned versus rented inference capacity is invisible from outside.

Valuation

n/aprivate and un-ownable) — stronger than 'private'. A typical private peer has a post-money to quote with a date; Epic has never raised outside capital, so it has never had a round, a post-money, or a mark of any vintage. No shares exist and three health-system CEOs are reported pledged to block an IPO (canon CF-EPIC-06).

Across the boards

The thesis on this name

opportunityStrong

State of AI for Healthcare

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Coverage leans bullish

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Full financial intelligence for Epic Systems

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not financial advice — analyst work product for a qualified professional.