GDYNNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
GRID DYNAMICS HOLDINGS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$8.09+0.30 (+3.85%)
Close on Oct 19, 2026
- Market cap
- $671.66M
- P/E (TTM)
- 404.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
34.6%−2.8 pts over 5 years
Operating margin
-0.5%+13.4 pts over 5 years
Net margin
2.3%+13.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +17.5% | +9.9% | +29.9% | – | |
| Gross profit | +12.1% | +5.7% | +27.9% | – | |
| Net income | +139.2% | – | – | – | |
| EPS, diluted | +120.0% | – | – | – | |
| Free cash flow | +37.1% | -0.4% | +47.0% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -12.2% | 1.8% | |
| Return on assets | – | -10.6% | 1.6% | |
| Current ratio | – | 10.11 | 8.43 | |
| Capex to revenue | – | 2.0% | 3.7% | |
| Diluted shares | – | 45M | 87M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Grid Dynamics generated $161.52M from operations and spent $47.76M on capital expenditure, dividends and share buybacks. 96% of that went back into the business.
Generated
$161.52M
Used
$47.76M
Capital expenditure$45.76M96%Dividends$00%Share buybacks$2.00M4%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.3%
×Asset turnover0.68×
×Equity multiplier1.14×
=Return on equity, FY20251.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.3% | 0.68× | 1.14× | 1.8% |
| FY2024 | 1.2% | 0.68× | 1.14× | 0.9% |
| FY2023 | -0.6% | 0.74× | 1.13× | -0.5% |
| FY2022 | -9.4% | 0.93× | 1.13× | -9.9% |
| FY2021 | -3.6% | 1.00× | 1.12× | -4.1% |
| FY2020 | -11.3% | 0.93× | 1.16× | -12.2% |
| FY2019 | 9.1% | 0.81× | 3.36× | 24.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$9.67M
- Cash generatingOperating cash flow above zero$40.60M
- Return on assets improvedROA up on the prior year0.9% → 1.6%
- Earnings backed by cashOperating cash flow above net income$40.60M vs $9.67M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose7.62 → 8.43
- No dilutionShare count did not rise80M → 87M
- Gross margin improvedGross margin up on the prior year36.23% → 34.56%
- More efficientAsset turnover rose0.81 → 0.70