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Grid Dynamics Holdings, Inc.

GDYN Technology Information Technology Services

Grid Dynamics Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $411.8 million, up 17.5% from fiscal 2024.

Revenue
+9.73%
EPS
+449.6%
Free cash flow
+349.9%

Quarter to September 2026, against a year earlier

13.15 0.39 −2.88%
Market cap
$1.1B
P/E
146×
Fwd P/E
79.6×
Dividend yield
—
F-score
7/9
Altman Z
7.88
Beneish M
−2.53
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.70
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 6 3 — 1 1 1 1 1 2 1 6 1
Insider Ownership 23.73%

Capital & Financial Ratios $m

Size
Market Cap 1,090.00
Revenue ttm 432.71
Net income ttm 7.85
Free cash flow ttm 26.31
Net debt Q (304.29)
Valuation
P/E 146.27 (above 35: high)
Forward P/E 79.60 (above 35: high)
Price / sales 2.45
Forward P/S Powerpack
Price / FCF 40.34
Price / book 2.03
Financial health
Current ratio Q 7.34 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +9.73% (above 0%: growing)
Operating income growth Q +3,891.29% (above 0%: growing)
EPS, this year +35.00% (at or above 15%: strong)
EPS, next year A +12.65%
Revenue, next year A +6.94%
EPS, past 5 yrs —
EPS, next 5 yrs A +20.85% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 2.1×; over the ten years it ranged from 0.4× in 2026 to 12.9× in 2021.
P/E against its own 10 years 66.48%
10-year low 10-year high
P/S against its own 10 years 32.39%
10-year low 10-year high
P/B against its own 10 years 24.50%
10-year low 10-year high
EV/Sales against its own 10 years 35.40%
10-year low 10-year high
EV/FCF against its own 10 years 50.38%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 257 335 342 304
Receivables 54 69 79 96
Inventory — — — —
Other — — — —
324 423 440 416
2023 2024 2025 Q'26
Payables 4 4 4 5
ST’ Debt — — — —
Other — — — —
42 56 52 57

Compound Annual Growth %

10y 5y 3y
Sales 13.28% 29.91% 9.87%
Cash Flow 12.47% 46.91% 8.65%
Earnings (0.76%) 0.00% 0.00%
Book Value 23.97% 29.00% 14.30%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.12 Actual 0.18

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.09 0.10 Beat by 0.01
Q1 FY26 0.08 0.09 Beat by 0.01
Q2 FY26 0.10 0.11 Beat by 0.01
Q3 FY26 0.12 0.18 Beat by 0.06
Q4 FY26 0.12 — Reports 4 March 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.02) 0.03 0.08 — —
’25 0.03 0.06 0.01 0.00 0.11
’24 (0.05) (0.01) 0.05 0.05 0.05
’23 (0.11) 0.03 0.01 0.04 (0.02)
’22 (0.04) (0.20) (0.10) (0.09) (0.42)
’21 (0.04) (0.03) (0.01) (0.05) (0.13)
’20 (0.16) (0.04) (0.02) (0.10) (0.28)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 104 108 114 — —
’25 100 101 104 106 412
’24 80 83 87 100 351
’23 80 77 77 78 313
’22 71 77 81 81 310
’21 39 48 58 67 211
’20 32 22 26 30 111
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 6 16 — —
’25 9 14 7 10 41
’24 3 11 9 7 30
’23 12 11 11 8 41
’22 10 6 4 12 32
’21 3 4 8 3 18
’20 (3) 2 4 3 6
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4 3 13 — —
’25 6 10 3 6 25
’24 0 8 6 4 18
’23 10 9 9 5 33
’22 8 4 3 10 26
’22 — — — — 31
’21 2 3 7 2 13
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — 92 118 111 211 310 313 351 412 433 +23.9% 440 482 539 +9.4%
Gross margin, % — — 42.79 40.77 37.40 41.52 38.84 36.16 36.23 34.56 36.53 (8.2) pt
EBT — — 13 15 (15) (2) (20) 5 11 16 18 +2.6%
EBT margin, % — — 14.24 13.06 (13.67) (1.16) (6.59) 1.55 3.15 3.81 4.21 (10.4) pt
Net income — 0 9 11 (13) (8) (29) (2) 4 10 8 n/m
Per share, $
Per share, $ Revenue — — 4.54 5.60 2.49 3.60 4.49 4.16 4.53 4.87 5.36 +1.0%
Earnings — — 0.46 0.51 (0.28) (0.13) (0.42) (0.02) 0.05 0.11 0.09 (18.4%)
Cash flow — — 0.52 0.59 0.13 0.31 0.46 0.55 0.39 0.48 0.50 (1.2%)
Capex — — (0.15) (0.13) (0.05) (0.08) (0.09) (0.10) (0.15) (0.18) (0.17) +2.5%
Free cash flow — — 0.37 0.46 0.08 0.23 0.37 0.44 0.24 0.30 0.33 (3.0%)
Book value — — 0.25 2.56 3.39 3.87 5.25 5.09 6.68 6.41 6.49 +59.2%
Shares, m — — 20 21 45 59 69 75 77 85 83 +22.7%
Valuation, ×
Valuation, × P/E — — 88.16 21.01 0.00 0.00 0.00 0.00 370.67 84.08 146.27 70.5
P/S — — 0.00 1.94 5.07 10.54 2.50 3.15 4.91 1.85 2.45 3.7
P/B — — 9.68 4.24 3.72 9.81 2.14 2.57 3.33 1.41 2.03 4.6
EV/Sales — — 0.00 1.58 4.05 9.86 1.69 2.34 3.97 1.03 1.76 3.1
EV/FCF — — 0.00 19.23 122.54 157.13 20.53 22.07 75.57 16.87 28.96 54.2
Cash, $m
Cash, $m Operating cash flow — — 11 13 6 18 32 41 30 41 40 +21.2%
Capex — — (3) (3) (2) (5) (6) (8) (12) (15) (14) +25.8%
Free cash flow — — 8 10 4 13 26 33 18 25 26 +18.9%
Balance, $m
Balance, $m Working capital — — 1 58 121 167 284 282 368 387 360 +143.6%
Net debt — — (1) (42) (113) (144) (257) (257) (335) (342) (304) +129.8%
Shareholders’ equity — — 5 54 152 227 363 383 518 542 524 +95.3%
Returns, %
Returns, % ROA — — 4.15 7.10 (10.56) (3.63) (8.75) (0.42) 0.79 1.60 1.29 (2.6) pt
ROIC — — 216.68 82.38 (24.77) 0.04 (12.35) (2.77) (0.72) (0.59) 2.06 (217.3) pt
ROE — — 8.42 35.33 (12.25) (4.07) (9.90) (0.47) 0.90 1.82 1.48 (6.6) pt
People
People Employees — — 2 2 1,894 3,274 3,798 3,920 4,730 4,961 — +205.4%
Revenue/emp, $m — — 45.93 59.16 0.06 0.06 0.08 0.08 0.07 0.08 — (59.4%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Grid Dynamics Holdings, Inc. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EFOR Everforth Inc. $1.5B 21.0× 24.3× +1.98% (above 0%: growing) −35.98% (below 0%: shrinking) −35.42% (below 0%: shrinking) 28.27% 5.49% Compare
VYX NCR Voyix Corporation $1.4B 13.2× 41.4× −21.20% (below 0%: shrinking) n/m +91.55% (above 0%: growing) 32.84% 7.79% Compare
INOD Innodata Inc $1.3B 25.7× 36.1× +57.80% (above 0%: growing) +86.96% (above 0%: growing) +4,885.72% (above 0%: growing) 46.08% 17.21% Compare
GDYN Grid Dynamics Holdings, Inc. $1.1B 146× 79.6× +9.73% (above 0%: growing) +449.64% (above 0%: growing) +349.88% (above 0%: growing) 40.32% 7.99%
BBAI BigBear.ai Holdings, Inc. $1.1B — (loss-making) — (loss-making) +31.49% (above 0%: growing) n/m +10.27% (above 0%: growing) 31.19% (229.36%) Compare
KEEL Keel Infrastructure Corp $1.0B — (loss-making) — (loss-making) −50.04% (below 0%: shrinking) n/m −772.56% (below 0%: shrinking) (285.09%) (462.62%) Compare
NABL N-able, Inc. $929.4M — (loss-making) 64.8× +4.36% (above 0%: growing) n/m −19.43% (below 0%: shrinking) 74.86% 11.20% Compare
VNET VNET Group, Inc. - Unsponsored ADR $880.6M — (loss-making) — (loss-making) +20.52% (above 0%: growing) n/m +17.45% (above 0%: growing) 18.18% 8.25% Compare
TASK TaskUs, Inc. $841.7M 8.1× 8.7× +5.37% (above 0%: growing) −17.14% (below 0%: shrinking) −47.51% (below 0%: shrinking) 34.59% 11.60% Compare
Median of peers $1.0B 17.1× 36.1× +4.87% −17.14% −4.58% 32.02% 8.02%

All 81 Information Technology Services stocks →

Pay and ownership Proxy statement filed 10 November 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 26.30m 50.59m 189.92
2023 5.82m 10.56m 113.83
2022 24.66m (1.51m) 95.82
2021 6.82m 61.80m 324.25
2020 16.87m 30.67m 107.60

Ownership

Directors and executive officers, together 6.50%
Beijing Teamsun Technology Co. Ltd. 16.40%
Blackrock Inc. 11.60%
The Vanguard Group 6.50%
Wasatch Advisors LP 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Grid Dynamics Holdings, Inc. (GDYN) Latest News

2 Nov

Impact 3 · · StockStory

1 Nov

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31 Oct

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30 Oct

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29 Oct

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Impact 3 · · Zacks
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4 Sep

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26 Aug

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19 Aug

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16 Aug

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3 Aug

Impact 3 · · The Motley Fool transcript

1 Aug

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31 Jul

Impact 4 · · Moby transcript
Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 ·

29 Jul

Impact 3 ·
stockrow.com/GDYN · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com