Grid Dynamics Holdings

GDYN · Nasdaq · Information Technology · Financials, fiscal 2018 to 2025

GDYN · Last close · November 6, 2026

$13.10

Grid Dynamics Holdings' revenue rose 17.5% to $412 million in fiscal 2025. Its operating margin was −0.5%, up from −0.6% a year earlier. Free cash flow was $25 million, up 37.1%. It paid out $2 million in dividends and buybacks, 8% of free cash flow. The diluted share count rose 8.7%.

Grid Dynamics Holdings, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 5, 2026 · 0001743725-26-000007 Updated November 6, 2026

Revenue

$412M

17.5%

Operating margin

−0.5%

0.1 pts

Net income

$10M

139.2%

Free cash flow

$25M

37.1%

Return on equity

1.8%

0.9 pts

Market cap

$1.1B

Nov 6 close

P/E

145.6x

On $0.09 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Grid Dynamics Holdings does

Grid Dynamics is a technology services firm that helps large companies, mainly Fortune 1000 businesses, plan, build and run artificial intelligence systems. It describes itself as an enterprise AI transformation partner. Its work draws on distributed systems, real-time data, machine learning and natural language processing, and includes data and machine learning platform engineering, cloud and product engineering, Internet of Things and edge computing, and digital engagement services.

It earns money by providing these engineering services to clients, which the filing describes as outsourced services. The company was founded in 2006, is headquartered in Silicon Valley and has offices in the Americas, Europe and India. It also has personnel in Ukraine.

Grid Dynamics says its revenues have historically depended on a limited number of clients and industries, and that its business is seasonal, tied to holidays in the countries where it works and to the U.S. retail cycle, which affects several of its retail clients. It also pursues acquisitions.

Its biggest risks, as it describes them

Depending on a limited number of clients and industries for its revenues.
Net losses in recent years, which may continue.
Personnel in Ukraine and the effects of the military action there.
Revenues that depend heavily on clients in the U.S., so a U.S. downturn would hurt.
Trouble managing growth, including into new geographies and industries.

From Grid Dynamics Holdings's annual report on Form 10-K, filed March 5, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2018 to 2025, earnings per share fell 18.5% a year and net income grew 0.8% a year.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	144	257	257	335	342
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	7.6x	8.3x	7.7x	7.6x	8.4x
Quick ratio	7.6x	8.3x	7.7x	7.6x	8.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Grid Dynamics Holdings' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Grid Dynamics Holdings' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Grid Dynamics Holdings shares on the open market, and 4 insiders sold $1.1 million, $782,776 of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 3, 2026	Yury GryzlovChief Operating Officer	Sold plan	3,918	$8.00	$31,344	Form 4
Aug 18, 2026	Yury GryzlovChief Operating Officer	Sold plan	467	$7.53	$3,517	Form 4
Aug 13, 2026	Yury GryzlovChief Operating Officer	Sold plan	3,930	$8.00	$31,440	Form 4
Jul 2, 2026	Yury GryzlovChief Operating Officer	Sold plan	1,245	$6.29	$7,831	Form 4
Jun 1, 2026	Yury GryzlovChief Operating Officer	Sold plan	4,435	$8.00	$35,480	Form 4
May 15, 2026	Yury GryzlovChief Operating Officer	Sold plan	467	$6.45	$3,012	Form 4
Apr 2, 2026	Yury GryzlovChief Operating Officer	Sold plan	1,245	$5.54	$6,897	Form 4
Mar 10, 2026	Yury GryzlovChief Operating Officer	Sold plan	21,266	$6.22	$132,275	Form 4
Jan 20, 2026	Leonard LivschitzChief Executive Officer, Director	Sold plan	10,000	$9.00	$90,000	Form 4
Jan 7, 2026	Anil DoradlaChief Financial Officer	Sold plan	2,000	$10.00	$20,000	Form 4
Jan 6, 2026	Leonard LivschitzChief Executive Officer, Director	Sold plan	10,000	$9.70	$97,000	Form 4
Dec 23, 2025	Leonard LivschitzChief Executive Officer, Director	Sold plan	10,000	$9.33	$93,300	Form 4

The latest 12 of 17 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	11.4%	17.3%	23.6%
Altman Z''	11.74	11.30	12.15
Accruals ratio	−10.1%	−5.1%	−5.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Grid Dynamics Holdings side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Grid Dynamics Holdings	FY25	17.5%	−0.5%	6.1%	—	—	—
Rimini Street	FY25	−1.7%	14.2%	13.2%	—	−0.8x	7	Compare
Adeia	FY25	17.9%	39.5%	35.2%	18.1%	1.2x	8	Compare
Hackett Group	FY25	−2.6%	7.7%	10.6%	11.8%	2.0x	5	Compare
Innodata	FY25	47.6%	15.8%	14.2%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	92	118	111	211	310	313	351	412
Revenue growth	—	28.8%	−6.0%	89.9%	47.0%	0.8%	12.0%	17.5%
Gross profit	39	48	42	88	121	113	127	142
Research and development	3	4	9	8	16	15	18	24
Operating income	14	16	−15	0	−21	−6	−2	−2
Net income	9	11	−13	−8	−29	−2	4	10
Diluted EPS (US$)	0.46	0.49	−0.28	−0.13	−0.42	−0.02	0.05	0.11
Diluted shares (millions)	0	21	45	59	69	75	80	87
Cash flow
Cash from operations	11	12	6	18	32	41	30	41
Capital expenditure	3	3	2	5	6	8	12	15
Free cash flow	8	10	4	13	26	33	18	25
Dividends paid	0	2	0	0	0	0	0	0
Share buybacks	0	0	124	0	0	0	0	2
Acquisitions	0	0	16	31	9	18	43	0
Stock-based compensation	2	2	20	33	61	36	34	30
Balance sheet at fiscal year end
Cash and short-term investments	1	42	113	144	257	257	335	342
Debt incl. finance leases	—	—	—	—	—	—	—	—
Total assets	222	72	167	257	411	435	592	613
Total liabilities	8	8	15	30	48	52	74	71
Shareholders' equity	33	54	152	227	363	383	518	542
Margins and ratios
Gross margin	42.8%	40.8%	37.4%	41.5%	38.8%	36.2%	36.2%	34.6%
Operating margin	15.1%	13.2%	−13.9%	0.0%	−6.8%	−1.8%	−0.6%	−0.5%
Net margin	10.1%	9.1%	−11.3%	−3.6%	−9.4%	−0.6%	1.1%	2.4%
Free cash flow margin	8.2%	8.2%	3.3%	6.3%	8.2%	10.6%	5.3%	6.1%
Rule of 40 (growth + FCF margin)	—	37.0%	−2.6%	96.1%	55.2%	11.4%	17.3%	23.6%
Return on capital	—	—	—	—	—	—	—	—
Return on equity	—	24.7%	−12.2%	−4.1%	−9.9%	−0.5%	0.9%	1.8%
Return on assets	—	7.3%	−10.6%	−3.6%	−8.8%	−0.4%	0.8%	1.6%
Net debt to EBITDA	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Grid Dynamics Holdings' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Grid Dynamics Holdings.