NASDAQ : GDYN
Grid Dynamics Holdings, Inc. — Financial statements
Technology · Information Technology Services · United States
Last price 13.36 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.07B
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Financial statements
Grid Dynamics Holdings, Inc. (GDYN) reported revenue of 432.71M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 432.71M | 411.83M | 350.57M | 312.91M | 310.48M | 211.28M |
| Cost of Revenue | 274.64M | 269.48M | 223.57M | 199.76M | 189.89M | 123.55M |
| Gross Profit | 158.07M | 142.35M | 127.00M | 113.15M | 120.59M | 87.73M |
| Selling, General & Admin | 118.13M | 116.07M | 105.32M | 99.64M | 114.20M | 78.32M |
| Research & Development | 23.70M | 23.66M | 18.35M | 14.74M | 15.77M | 8.46M |
| Operating Expenses | 141.82M | 139.74M | 123.67M | 114.38M | 129.97M | 86.78M |
| Operating Income | 16.25M | 2.61M | 3.33M | -1.23M | -9.38M | 950.00K |
| Currency Exchange Gain (Loss) | -1.40M | -1.40M | -1.00M | -2.30M | -1.50M | -700.00K |
| Other Non Operating Income (Expenses) | 13.55M | 19.00M | 14.16M | 12.72M | 2.06M | -816.00K |
| EBT Excluding Unusual Items | 28.40M | 20.21M | 16.50M | 9.18M | -8.83M | -566.00K |
| Merger & Restructuring Charges | -7.61M | -3.11M | -3.81M | -2.49M | -600.00K | -900.00K |
| Other Unusual Items | -2.58M | -1.40M | -1.63M | -1.86M | -11.02M | -986.00K |
| Pretax Income | 18.20M | 15.70M | 11.05M | 4.84M | -20.45M | -2.45M |
| Income Tax Expense | 10.36M | 6.03M | 7.01M | 6.60M | 8.76M | 5.25M |
| Net Income | 7.85M | 9.67M | 4.04M | -1.76M | -29.21M | -7.70M |
| Net Income to Common | 7.85M | 9.67M | 4.04M | -1.76M | -29.21M | -7.70M |
| Shares Outstanding (Basic) | 83.10M | 84.54M | 77.47M | 75.19M | 69.20M | 58.66M |
| Shares Outstanding (Diluted) | 84.52M | 86.89M | 79.97M | 75.19M | 69.20M | 58.66M |
| EPS (Basic) | 0.09 | 0.11 | 0.05 | -0.02 | -0.42 | -0.13 |
| EPS (Diluted) | 0.09 | 0.11 | 0.05 | -0.02 | -0.42 | -0.13 |
| Free Cash Flow | 26.31M | 25.27M | 18.43M | 33.22M | 25.58M | 13.26M |
| Free Cash Flow Per Share | 0.31 | 0.29 | 0.23 | 0.44 | 0.37 | 0.23 |
| Gross Margin | 36.53% | 34.56% | 36.23% | 36.16% | 38.84% | 41.52% |
| Operating Margin | 3.75% | 0.63% | 0.95% | -0.39% | -3.02% | 0.45% |
| Profit Margin | 1.81% | 2.35% | 1.15% | -0.56% | -9.41% | -3.64% |
| Free Cash Flow Margin | 6.08% | 6.13% | 5.26% | 10.62% | 8.24% | 6.28% |
| EBITDA | 37.70M | 22.32M | 17.56M | 7.69M | -2.76M | 6.00M |
| EBITDA Margin | 8.71% | 5.42% | 5.01% | 2.46% | -0.89% | 2.84% |
| D&A For EBITDA | 21.46M | 19.70M | 14.23M | 8.93M | 6.63M | 5.05M |
| EBIT | 16.25M | 2.61M | 3.33M | -1.23M | -9.38M | 950.00K |
| EBIT Margin | 3.75% | 0.63% | 0.95% | -0.39% | -3.02% | 0.45% |
| Effective Tax Rate | 56.88% | 38.42% | 63.45% | 136.48% | ||
| Advertising Expenses | 1.10M | 900.00K | 1.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 304.29M | 342.06M | 334.65M | 257.23M | 256.73M | 144.36M |
| Cash & Short-Term Investments | 304.29M | 342.06M | 334.65M | 257.23M | 256.73M | 144.36M |
| Accounts Receivable | 95.97M | 79.48M | 69.37M | 53.56M | 53.95M | 43.31M |
| Other Receivables | 931.00K | |||||
| Receivables | 95.97M | 79.48M | 69.37M | 53.56M | 53.95M | 44.24M |
| Prepaid Expenses | 16.21M | 17.99M | 18.78M | 13.19M | 8.15M | 3.45M |
| Restricted Cash | 500.00K | |||||
| Other Current Assets | 4.29M | 702.00K | ||||
| Total Current Assets | 416.47M | 439.53M | 423.30M | 323.98M | 323.13M | 192.76M |
| Property, Plant & Equipment | 20.83M | 22.80M | 18.23M | 16.72M | 14.42M | 4.96M |
| Long-Term Investments | 1.00M | |||||
| Goodwill | 92.43M | 84.36M | 83.41M | 53.87M | 45.51M | 35.96M |
| Other Intangible Assets | 56.53M | 52.86M | 55.82M | 31.63M | 21.86M | 20.30M |
| Long-Term Deferred Tax Assets | 9.85M | 8.87M | 8.77M | 6.42M | 5.00M | 2.73M |
| Other Long-Term Assets | 6.24M | 4.47M | 2.66M | 2.55M | 224.00K | |
| Total Assets | 602.34M | 612.89M | 592.19M | 435.17M | 411.15M | 256.72M |
| Accounts Payable | 4.71M | 3.70M | 4.07M | 3.62M | 3.90M | 2.05M |
| Accrued Expenses | 37.68M | 33.20M | 28.07M | 23.20M | 15.71M | 12.58M |
| Current Portion of Leases | 5.36M | 6.25M | 5.42M | 4.24M | 2.50M | |
| Current Income Taxes Payable | 5.73M | 2.16M | 6.82M | 8.83M | 10.72M | 1.98M |
| Current Unearned Revenue | 1.47M | 2.69M | 577.00K | 1.12M | 409.00K | |
| Other Current Liabilities | 3.27M | 5.33M | 8.48M | 1.76M | 4.75M | 8.32M |
| Total Current Liabilities | 56.75M | 52.11M | 55.54M | 42.22M | 38.71M | 25.34M |
| Long-Term Leases | 10.22M | 10.78M | 7.21M | 6.76M | 5.64M | |
| Long-Term Deferred Tax Liabilities | 9.91M | 7.92M | 8.91M | 3.27M | 3.76M | 4.32M |
| Other Long-Term Liabilities | 1.69M | 2.70M | ||||
| Total Liabilities | 78.56M | 70.82M | 74.36M | 52.26M | 48.10M | 29.67M |
| Common Stock | 9.00K | 8.00K | 8.00K | 8.00K | 7.00K | 7.00K |
| Additional Paid-In Capital | 558.85M | 545.19M | 532.58M | 397.51M | 378.01M | 212.08M |
| Retained Earnings | 5.37M | -2.18M | -11.85M | -15.89M | -14.12M | 15.09M |
| Treasury Stock | -37.46M | -2.00M | ||||
| Comprehensive Income & Other | -2.98M | 1.05M | -2.91M | 1.27M | -848.00K | -126.00K |
| Total Common Equity | 523.78M | 542.07M | 517.83M | 382.91M | 363.04M | 227.05M |
| Shareholders' Equity | 523.78M | 542.07M | 517.83M | 382.91M | 363.04M | 227.05M |
| Total Liabilities & Equity | 602.34M | 612.89M | 592.19M | 435.17M | 411.15M | 256.72M |
| Total Debt | 15.58M | 17.04M | 12.62M | 11.00M | 8.14M | |
| Net Cash (Debt) | 288.71M | 325.02M | 322.03M | 246.23M | 248.59M | 144.36M |
| Net Cash Per Share | 3.42 | 3.74 | 4.03 | 3.27 | 3.59 | 2.46 |
| Filing Date Shares Outstanding | 80.37M | 85.15M | 83.84M | 75.97M | 74.83M | 66.95M |
| Total Common Shares Outstanding | 80.32M | 84.64M | 83.61M | 75.89M | 74.16M | 66.85M |
| Working Capital | 359.72M | 387.42M | 367.76M | 281.76M | 284.42M | 167.42M |
| Book Value Per Share | 6.52 | 6.40 | 6.19 | 5.05 | 4.90 | 3.40 |
| Tangible Book Value | 374.83M | 404.85M | 378.60M | 297.41M | 295.67M | 170.79M |
| Tangible Book Value Per Share | 4.67 | 4.78 | 4.53 | 3.92 | 3.99 | 2.55 |
| Machinery | 22.53M | 21.78M | 19.01M | 16.14M | 13.64M | 12.20M |
| Leasehold Improvements | 1.56M | 1.58M | 1.33M | 1.34M | 646.00K | 486.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.85M | 9.67M | 4.04M | -1.76M | -29.21M | -7.70M |
| Depreciation & Amortization | 26.91M | 24.80M | 18.74M | 12.12M | 9.65M | 5.05M |
| Stock-Based Compensation | 24.72M | 30.34M | 34.17M | 35.52M | 60.97M | 33.04M |
| Provision & Write-off of Bad Debts | 1.02M | 1.03M | 2.30M | 945.00K | 132.00K | 45.00K |
| Other Operating Activities | -3.56M | -8.26M | -7.10M | -8.04M | -3.56M | 3.59M |
| Change in Accounts Receivable | -12.54M | -11.14M | -9.48M | 2.08M | -9.85M | -19.52M |
| Change in Accounts Payable | -1.15M | -378.00K | -1.50M | -538.00K | 1.73M | 957.00K |
| Change in Income Taxes | 4.16M | -5.62M | 415.00K | -1.84M | 5.08M | 769.00K |
| Change in Other Net Operating Assets | -7.02M | 159.00K | -11.37M | 2.60M | -3.27M | 1.75M |
| Operating Cash Flow | 40.41M | 40.60M | 30.20M | 41.09M | 31.65M | 17.97M |
| Capital Expenditures | -14.09M | -15.33M | -11.77M | -7.87M | -6.07M | -4.72M |
| Cash Acquisitions | -14.05M | 198.00K | -43.07M | -17.83M | -9.25M | -30.65M |
| Investment in Securities | 3.58M | -1.00M | ||||
| Other Investing Activities | -44.00K | -250.00K | ||||
| Investing Cash Flow | -28.14M | -15.14M | -51.30M | -25.95M | -16.32M | -35.37M |
| Short-Term Debt Issued | 5.00M | |||||
| Total Debt Issued | 5.00M | |||||
| Short-Term Debt Repaid | -5.00M | |||||
| Total Debt Repaid | -5.00M | |||||
| Issuance of Common Stock | 64.00K | 469.00K | 110.33M | 510.00K | 110.97M | 126.46M |
| Repurchase of Common Stock | -42.51M | -20.15M | -8.70M | -16.83M | -5.75M | -76.82M |
| Other Financing Activities | -2.12M | -253.00K | -472.00K | -7.46M | -498.00K | |
| Financing Cash Flow | -44.57M | -19.94M | 101.16M | -16.32M | 97.76M | 49.13M |
| Foreign Exchange Rate Adjustments | -1.96M | 1.38M | -2.13M | 1.68M | -722.00K | -122.00K |
| Net Cash Flow | -34.27M | 6.90M | 77.93M | 498.00K | 112.36M | 31.62M |
| Free Cash Flow | 26.31M | 25.27M | 18.43M | 33.22M | 25.58M | 13.26M |
| Free Cash Flow Margin | 6.08% | 6.13% | 5.26% | 10.62% | 8.24% | 6.28% |
| Free Cash Flow Per Share | 0.31 | 0.29 | 0.23 | 0.44 | 0.37 | 0.23 |
| Levered Free Cash Flow | 36.52M | 28.36M | 33.46M | 40.42M | 51.54M | 19.46M |
| Unlevered Free Cash Flow | 36.52M | 28.36M | 33.46M | 40.42M | 51.54M | 19.46M |
| Cash Income Tax Paid | 8.50M | 12.36M | 10.97M | 12.37M | 7.47M | 2.45M |
| Change in Working Capital | -16.54M | -16.98M | -21.94M | 2.31M | -6.32M | -16.05M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.10B | 765.79M | 1.86B | 1.01B | 830.27M | 2.48B |
| Enterprise Value | 807.54M | 440.89M | 1.64B | 765.04M | 580.62M | 2.28B |
| Last Close Price | 13.36 | 9.03 | 22.24 | 13.33 | 11.22 | 37.97 |
| PE Ratio | 152.93 | 79.21 | 459.16 | |||
| Forward PE | 22.70 | 21.10 | 56.42 | 40.19 | 24.68 | 109.93 |
| PS Ratio | 2.51 | 1.86 | 5.29 | 3.22 | 2.67 | 11.73 |
| PB Ratio | 2.05 | 1.41 | 3.58 | 2.63 | 2.29 | 10.91 |
| P/TBV Ratio | 2.89 | 1.89 | 4.90 | 3.39 | 2.81 | 14.51 |
| P/FCF Ratio | 41.21 | 30.31 | 100.67 | 30.33 | 32.45 | 186.89 |
| P/OCF Ratio | 26.83 | 18.86 | 61.44 | 24.52 | 26.23 | 137.85 |
| PEG Ratio | 3.58 | 3.76 | 1.78 | 1.65 | ||
| EV/Sales Ratio | 1.84 | 1.07 | 4.67 | 2.44 | 1.87 | 10.78 |
| EV/EBITDA Ratio | 21.10 | 19.75 | 93.13 | 99.46 | 379.78 | |
| EV/EBIT Ratio | 48.96 | 168.73 | 490.46 | 2,398.23 | ||
| EV/FCF Ratio | 30.23 | 17.45 | 88.74 | 23.03 | 22.70 | 171.86 |
| Debt / Equity Ratio | 0.03 | 0.03 | 0.02 | 0.03 | 0.02 | |
| Debt / EBITDA Ratio | 0.34 | 0.56 | 0.53 | 0.89 | 7.64 | |
| Debt / FCF Ratio | 0.59 | 0.67 | 0.69 | 0.33 | 0.32 | |
| Net Debt / Equity Ratio | -0.55 | -0.60 | -0.62 | -0.64 | -0.69 | -0.64 |
| Net Debt / EBITDA Ratio | -7.66 | -14.56 | -18.34 | -32.01 | 90.10 | -24.07 |
| Net Debt / FCF Ratio | -10.97 | -12.86 | -17.47 | -7.41 | -9.72 | -10.89 |
| Asset Turnover | 0.71 | 0.68 | 0.68 | 0.74 | 0.93 | 1.00 |
| Quick Ratio | 7.05 | 8.09 | 7.27 | 7.36 | 8.03 | 7.44 |
| Current Ratio | 7.34 | 8.43 | 7.62 | 7.67 | 8.35 | 7.61 |
| Return on Equity (ROE) | 1.48% | 1.82% | 0.90% | -0.47% | -9.90% | -4.07% |
| Return on Assets (ROA) | 1.67% | 0.27% | 0.41% | -0.18% | -1.76% | 0.28% |
| Return on Invested Capital (ROIC) | 2.96% | 0.78% | 0.73% | 0.36% | -9.52% | 1.56% |
| Return on Capital Employed (ROCE) | 3.00% | 0.50% | 0.60% | -0.30% | -2.50% | 0.40% |
| Earnings Yield | 0.65% | 1.26% | 0.22% | -0.18% | -3.52% | -0.31% |
| FCF Yield | 2.43% | 3.30% | 0.99% | 3.30% | 3.08% | 0.53% |
| Buyback Yield / Dilution | 3.59% | -8.65% | -6.36% | -8.67% | -17.96% | -31.13% |
| Total Shareholder Return | 3.59% | -8.65% | -6.36% | -8.67% | -17.96% | -31.13% |