A Business at a Glance
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GRID DYNAMICS HOLDINGS, INC.
GDYN
$500M
Mkt Cap
$5.69
+1.43%
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a current P/E ratio of 33.5, compared to its historical median P/E of 21.6. The stock is currently considered Expensive based on its historical valuation range.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a 5-year average return on invested capital (ROIC) of -1.9%. This is below average and may indicate limited pricing power.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a market capitalization of $476M. It is classified as a small-cap stock.
GRID DYNAMICS HOLDINGS, INC. (GDYN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.42%.
Based on historical P/E analysis, GRID DYNAMICS HOLDINGS, INC. (GDYN) appears expensive. The current P/E of 33.5 is 55% above its historical median of 21.6. The estimated fair value CAGR (P/E method) is -27.8%.
GRID DYNAMICS HOLDINGS, INC. (GDYN) operates in the Services-Prepackaged Software industry, within the Technology sector.
Business Overview Grid Dynamics Holdings, Inc. (“Grid Dynamics,” the “Company,” “we,” “us,” or “our”) is an Enterprise Artificial Intelligence (“AI”) transformation partner for the Fortune 1000. We combine deep AI expertise with proven enterprise-scale delivery to help clients identify where to invest in AI, deliver systems that work at scale, and capture real business value from AI deployments. The building blocks of AI have always been our foundation — distributed systems, real-time data, machine learning algorithms, and natural language processing. What has changed is that these capabilities have now converged into Enterprise AI. This technical heritage is matched with business acumen. We solve the most pressing technical challenges and enable positive business outcomes for enterprise companies. A key differentiator is our nearly two decades of technology leadership and pioneering enterprise AI expertise.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 416M | 412M | 351M | 313M | 310M | 211M |
| Net Income | 5.3M | 9.7M | 4.0M | -1.8M | -29M | -7.7M |
| EPS | $0.06 | $0.11 | $0.05 | $-0.02 | $-0.42 | $-0.13 |
| Free Cash Flow | 24M | 25M | 18M | 33M | 26M | 13M |
| ROIC | -0.7% | 1.8% | 0.9% | -0.5% | -9.9% | - |
| Gross Margin | 34.1% | 34.6% | 36.2% | 36.2% | 38.8% | 41.5% |
| Debt/Equity | 0.00 | 0.03 | 0.02 | 0.03 | 0.02 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
| Operating Income | -3.5M | -1.9M | -2.1M | -5.6M | -21M | - |
| Operating Margin | -0.9% | -0.5% | -0.6% | -1.8% | -6.8% | - |
| ROE | 1.0% | 1.8% | 0.9% | -0.5% | -9.9% | -4.1% |
| Shares Outstanding | 84M | 88M | 81M | 88M | 70M | 59M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 92M | 118M | 111M | 211M | 310M | 313M | 351M | 412M | 416M |
| Gross Margin | 42.8% | 40.8% | 37.4% | 41.5% | 38.8% | 36.2% | 36.2% | 34.6% | 34.1% |
| R&D | 2.6M | 4.3M | 9.3M | 8.5M | 16M | 15M | 18M | 24M | 23M |
| SG&A | 18M | 21M | 38M | 65M | 106M | 80M | 82M | 91M | 92M |
| EBIT | 14M | 16M | -15M | N/A | -21M | -5.6M | -2.1M | -1.9M | -3.5M |
| Op. Margin | 15.1% | 13.2% | -13.9% | N/A | -6.8% | -1.8% | -0.6% | -0.5% | -0.9% |
| Net Income | 9.2M | 10M | -13M | -7.7M | -29M | -1.8M | 4.0M | 9.7M | 5.3M |
| Net Margin | 10.0% | 8.8% | -11.3% | -3.6% | -9.4% | -0.6% | 1.2% | 2.3% | 1.3% |
| Non-Recurring | 0 | 139K | 900K | 0 | 0 | 1.5M | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | 42.0% | 49.1% | -12.2% | N/A | -9.9% | -0.5% | 0.9% | 1.8% | -0.7% |
| ROE | 31.9% | 23.9% | -12.2% | -4.1% | -9.9% | -0.5% | 0.9% | 1.8% | 1.0% |
| ROA | 4.1% | 7.1% | -10.6% | -3.6% | -8.7% | -0.4% | 0.8% | 1.6% | 0.9% |
| Cash Flow | |||||||||
| Op. Cash Flow | 11M | 13M | 5.9M | 18M | 32M | 41M | 30M | 41M | 40M |
| Free Cash Flow | 7.5M | 9.7M | 3.7M | 13M | 26M | 33M | 18M | 25M | 24M |
| Owner Earnings | 7.5M | 6.3M | -20M | -20M | -36M | -3.3M | -18M | -9.4M | -8.6M |
| CapEx | 3.1M | 2.8M | 2.3M | 4.7M | 6.1M | 7.9M | 12M | 15M | 16M |
| Maint. CapEx | 1.3M | 3.8M | 5.6M | 5.0M | 6.6M | 8.9M | 14M | 20M | 20M |
| Growth CapEx | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 1.3M | 3.8M | 5.6M | 5.0M | 6.6M | 8.9M | 14M | 20M | 20M |
| CapEx/OCF | 29.1% | 22.4% | 38.0% | 26.2% | 19.2% | 19.2% | 39.0% | N/A | 40.2% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | 0.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 124M | 0 | 0 | 0 | 0 | 2.0M | 2.0M |
| Buyback Yield | N/A | N/A | 23.0% | N/A | N/A | N/A | N/A | 0.0% | 0.4% |
| Stock-Based Comp | 1.8M | 2.4M | 20M | 33M | 61M | 36M | 34M | 30M | 28M |
| Debt Repayment | 0 | 0 | 0 | 0 | 5.0M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | -42M | -113M | -144M | -249M | -246M | -322M | -325M | -327M |
| Cash & Equiv. | 1.0M | 42M | 113M | 144M | 257M | 257M | 335M | 342M | 327M |
| Long-Term Debt | N/A | 11K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 6.51 | 0.01 | 0.00 | 0.00 | 0.02 | 0.03 | 0.02 | 0.03 | 0.00 |
| Interest Coverage | N/A | 3.3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 33M | 54M | 152M | 227M | 363M | 383M | 518M | 542M | 530M |
| Total Assets | 222M | 72M | 167M | 257M | 411M | 435M | 592M | 613M | 605M |
| Total Liabilities | 217M | 8.3M | 15M | 30M | 48M | 52M | 74M | 71M | 75M |
| Intangibles | N/A | 18K | 8.1M | 19M | 20M | 27M | 48M | 42M | 40M |
| Retained Earnings | 615K | -2.7M | 23M | 15M | -14M | -16M | -12M | -2.2M | -3.6M |
| Working Capital | 761K | 58M | 121M | 167M | 284M | 282M | 368M | 387M | 377M |
| Current Assets | 1.2M | 66M | 135M | 193M | 323M | 324M | 423M | 440M | 432M |
| Current Liabilities | 445K | 8.3M | 13M | 25M | 39M | 42M | 56M | 52M | 55M |
| Per Share Data | |||||||||
| EPS | 0.46 | 0.49 | -0.28 | -0.13 | -0.42 | -0.02 | 0.05 | 0.11 | 0.06 |
| Owner EPS | 0.37 | 0.30 | -0.44 | -0.34 | -0.52 | -0.04 | -0.23 | -0.11 | -0.10 |
| Book Value | 1.66 | 2.54 | 3.37 | 3.83 | 5.22 | 4.34 | 6.41 | 6.17 | 6.34 |
| Cash Flow/Share | 0.53 | 0.59 | 0.13 | 0.30 | 0.46 | 0.47 | 0.37 | 0.46 | 0.30 |
| Dividends/Share | N/A | 0.09 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 20.1M | 21.3M | 45.0M | 59.2M | 69.6M | 88.3M | 80.8M | 87.9M | 83.6M |
| Valuation | |||||||||
| P/E Ratio | 21.0 | 22.2 | N/A | N/A | N/A | N/A | 454.0 | N/A | 91.5 |
| P/FCF | 25.9 | 23.9 | 146.2 | 163.2 | 29.6 | 36.4 | 99.5 | N/A | 20.1 |
| EV/EBIT | N/A | 12.2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 5.8 | 4.3 | 3.5 | 9.5 | 2.1 | 3.2 | 3.5 | N/A | 0.9 |
| Price/Sales | 2.1 | 1.8 | 3.6 | 6.2 | 3.9 | 3.2 | 3.1 | N/A | 1.1 |
| FCF Yield | 3.9% | 4.2% | 0.7% | 0.6% | 3.4% | 2.7% | 1.0% | N/A | 5.0% |
| Market Cap | 194M | 232M | 538M | 2.2B | 757M | 1.2B | 1.8B | 0 | 476M |
| Avg. Price | 9.62 | 10.07 | 8.86 | 22.04 | 17.54 | 11.25 | 13.38 | 0.00 | 5.69 |
| Year-End Price | 9.68 | 10.90 | 11.96 | 36.53 | 10.89 | 13.69 | 22.70 | 0.00 | 5.69 |
GRID DYNAMICS HOLDINGS, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
GRID DYNAMICS HOLDINGS, INC. trades at 33.5x trailing earnings, compared to its 15-year median P/E of 21.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.4x vs a median of 29.6x. The company's 5-year average gross margin is 37.5%. Total shareholder yield (buybacks) is 0.4%. At current prices, the estimated annualized return to fair value is +3.5%.
GRID DYNAMICS HOLDINGS, INC. (GDYN) reported annual revenue of $412 million in its most recent fiscal year, based on SEC EDGAR filings.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a net profit margin of 2.3%. This is a modest margin.
GRID DYNAMICS HOLDINGS, INC. (GDYN) generated $25 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
GRID DYNAMICS HOLDINGS, INC. (GDYN) reported earnings per share (EPS) of $0.11 in its most recent fiscal year.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a return on equity (ROE) of 1.8%. This indicates moderate shareholder returns.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a 5-year average gross margin of 37.5%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for GRID DYNAMICS HOLDINGS, INC. (GDYN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GRID DYNAMICS HOLDINGS, INC. (GDYN) has a book value per share of $6.17, based on its most recent annual SEC filing.