Grid Dynamics Holdings vs Innodata
Grid Dynamics Holdings reported revenue of $412 million in fiscal 2025, 1.6 times Innodata's $252 million in fiscal 2025. Grid Dynamics Holdings' revenue grew 17.5% in its latest year, and Innodata's grew 47.6%. Grid Dynamics Holdings had an operating margin of -0.5%, against 15.8% at Innodata. Free cash flow was $25 million at Grid Dynamics Holdings and $36 million at Innodata.
Side by side
| Grid Dynamics Holdings | Innodata | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $412M | $252M |
| Revenue growth | 17.5% | 47.6% |
| Revenue growth a year, last 5 years | 29.9% | 34.0% |
| Gross margin | 34.6% | 39.5% |
| Operating margin | −0.5% | 15.8% |
| Net margin | 2.4% | 12.8% |
| Free cash flow | $25M | $36M |
| Free cash flow margin | 6.1% | 14.2% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $2M | $0M |
| Change in diluted share count | 8.7% | 8.8% |
| Last close | $13.10 | $37.03 |
| P/E at the last close | 145.6× | 27.0× |
| Insider trades, last 12 months | sold $1.1 million | sold $175.4 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Grid Dynamics HoldingsInnodata
Operating margin
Percent of revenue
Grid Dynamics HoldingsInnodata
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Grid Dynamics HoldingsInnodata
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Grid Dynamics Holdings and Innodata pages.