GDYN Technology

Grid Dynamics Holdings, Inc.

$13.37-2.34%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Technology
Industry: Information Technology Services
Country: United States
Market cap: 1.1B USD
Enterprise value: 802.9M USD
Full-time employees: 4,838

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #990 of 1,612 technology companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $100M vs $2M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Grid Dynamics recorded $100M of stock-based pay expense and spent $2M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Grid Dynamics recorded $100M of stock-based pay expense and spent $2M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Cash flow well above reported profit. Free cash flow is 5.6× reported profit.
Free cash flow is 5.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $111M in 2020 to $412M in 2025.
Grid Dynamics's fiscal-year revenue rose in each of the five years to 2025, from $111M to $412M.

StockQuotient Score

46/ 100▼ 4 since Oct 27 close

Oct 5 52 → Nov 4 46 (-6)

Valuation

Is the price right?

31/100

Weak▼ 18 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 3.0%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 49 → 31

Share price +54.4%-11
Company's reported figures updated-5
Peer companies moved-2

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.88Sector median: 0.0225 · MAD: 0.0225

EBITDA yield3.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.26Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield1.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.46Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield47.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

30/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-82.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.45Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth9.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.63Sector median: 0.0483 · MAD: 0.0793

Revenue growth8.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.00Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

26/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-0.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.96Sector median: 0.0631 · MAD: 0.0710

Return on assets0.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.68Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-0.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.88Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin34.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity0.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.96

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.25Sector median: 0.8710 · MAD: 0.3700

Current ratio7.22×

SEC filings · latest balance sheetReported value33% base weight · Z-score 7.87Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.03×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.96Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Grid Dynamics

Is Grid Dynamics getting weaker?: Its latest SEC filing (Jul 30, 2026) got stronger: share count down 3.0%. Its overall score is 46/100, down 4 since Oct 28, 2026.
How is Grid Dynamics valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 31/100 against 1,711 technology peers. Earnings yield 0.3% vs a peer median of 2.2% (weaker than 71% of peers).Earnings yield 0.3% vs peers 2.2% (weaker than 71% of peers).
Is Grid Dynamics growing?: More slowly than most of its peers. Growth scores 30/100 against 1,711 technology peers. 3-year revenue growth 9.8% vs a peer median of 4.8% (stronger than 66% of peers).3-year revenue growth 9.8% vs peers 4.8% (stronger than 66% of peers). Earnings per share growth -82.4% vs a peer median of 11.1% (weaker than 100% of peers).Earnings per share growth -82.4% vs peers 11.1% (weaker than 100% of peers).
How profitable is Grid Dynamics?: Less profitable than most of its peers. Profitability scores 26/100 against 1,711 technology peers. Operating margin -0.5% vs a peer median of 6.3% (weaker than 77% of peers).Operating margin -0.5% vs peers 6.3% (weaker than 77% of peers).
How risky is Grid Dynamics?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 7.22× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 7.22× vs peers 1.83× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Share count down 3.0%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	415.5M USD	422.6M USD	+1.7%
Net income (12 months)	5.3M USD	2.9M USD	−45.8%
Operating margin	-0.9%	-0.5%	+0.3 pts
Free cash flow (12 months)	23.7M USD	16.0M USD	−32.4%
Cash	327.5M USD	298.4M USD	−8.9%
Shares outstanding	83.6M	81.1M	−3.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Information Technology Services · 33 companies

Valuations in Information Technology Services are near the bottom of their range since 2016.

5% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −21% and earnings +27% (medians): earnings grew faster than prices.
Median price-to-sales is −47% vs the whole market, against a usual −18%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	41.5%	38.8%	36.2%	36.2%	34.6%	▼ 1.7 pts
Operating margin	0.0%	-6.8%	-1.8%	-0.6%	-0.5%	▲ 0.1 pts
Net margin	-3.6%	-9.4%	-0.6%	1.2%	2.3%	▲ 1.2 pts
Return on assets (ROA)	-3.0%	-7.1%	-0.4%	0.7%	1.6%	▲ 0.9 pts
Return on equity (ROE)	-3.4%	-8.0%	-0.5%	0.8%	1.8%	▲ 1.0 pts
Free cash flow margin	6.3%	8.2%	10.6%	5.3%	6.1%	▲ 0.9 pts
Current ratio	7.61×	8.35×	7.67×	7.62×	8.43×	▲ 11%

GDYN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #990 of 1,612 technology companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Stock pay outran buybacks. Stock-based pay expense $100M vs $2M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Grid Dynamics recorded $100M of stock-based pay expense and spent $2M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Grid Dynamics recorded $100M of stock-based pay expense and spent $2M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Cash flow well above reported profit. Free cash flow is 5.6× reported profit.

Free cash flow is 5.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $111M in 2020 to $412M in 2025.

Grid Dynamics's fiscal-year revenue rose in each of the five years to 2025, from $111M to $412M.

Questions investors ask about Grid Dynamics

Is Grid Dynamics getting weaker?

Its latest SEC filing (Jul 30, 2026) got stronger: share count down 3.0%. Its overall score is 46/100, down 4 since Oct 28, 2026.

How is Grid Dynamics valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 31/100 against 1,711 technology peers. Earnings yield 0.3% vs a peer median of 2.2% (weaker than 71% of peers).Earnings yield 0.3% vs peers 2.2% (weaker than 71% of peers).

Is Grid Dynamics growing?

More slowly than most of its peers. Growth scores 30/100 against 1,711 technology peers. 3-year revenue growth 9.8% vs a peer median of 4.8% (stronger than 66% of peers).3-year revenue growth 9.8% vs peers 4.8% (stronger than 66% of peers). Earnings per share growth -82.4% vs a peer median of 11.1% (weaker than 100% of peers).Earnings per share growth -82.4% vs peers 11.1% (weaker than 100% of peers).

How profitable is Grid Dynamics?

Less profitable than most of its peers. Profitability scores 26/100 against 1,711 technology peers. Operating margin -0.5% vs a peer median of 6.3% (weaker than 77% of peers).Operating margin -0.5% vs peers 6.3% (weaker than 77% of peers).

How risky is Grid Dynamics?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 7.22× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 7.22× vs peers 1.83× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

415.5M USD

422.6M USD

+1.7%

Net income (12 months)

5.3M USD

2.9M USD

−45.8%

Operating margin

-0.9%

-0.5%

+0.3 pts

Free cash flow (12 months)

23.7M USD

16.0M USD

−32.4%

Cash

327.5M USD

298.4M USD

−8.9%

Shares outstanding

83.6M

81.1M

−3.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

41.5%

38.8%

36.2%

34.6%

▼ 1.7 pts

Operating margin

0.0%

-6.8%

-1.8%

-0.6%

-0.5%

▲ 0.1 pts

Net margin

-3.6%

-9.4%

-0.6%

1.2%

2.3%

▲ 1.2 pts

Return on assets (ROA)

-3.0%

-7.1%

-0.4%

0.7%

1.6%

▲ 0.9 pts

Return on equity (ROE)

-3.4%

-8.0%

-0.5%

0.8%

1.8%

▲ 1.0 pts

Free cash flow margin

6.3%

8.2%

10.6%

5.3%

6.1%

▲ 0.9 pts

Current ratio

7.61×

8.35×

7.67×

7.62×

8.43×

▲ 11%