Grid Dynamics Holdings vs Ibex
Ibex is the larger business, with $644m of revenue in fiscal 2026 against $412m for Grid Dynamics Holdings (1.6 times as much). Grid Dynamics Holdings grew faster (17.5% against 15.4%). Ibex kept more of each dollar of sales as profit: a net margin of 7.2% against 2.3%.
| Latest fiscal year | Grid Dynamics HoldingsGDYN, 2025 | IbexIBEX, 2026 |
|---|---|---|
| Revenue | $412m | $644m |
| Revenue growth | 17.5% | 15.4% |
| Net income | $9.7m | $46.3m |
| Operating margin | — | 8.5% |
| Net margin | 2.3% | 7.2% |
| Return on equity | 1.8% | 30.4% |
| Free cash flow | $25.3m | $31.2m |
| Cash | $342m | $32.6m |
| Total debt | $0 | $1.7m |
| Debt to equity | — | 1.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $2.0m | $14.4m |
| Employees | 4,961 | 35,000 |
| Market value | $1.07bn | $594m |
| Price vs our value range | — | Within our value range |
| Moat score | 30 (Weak) | — |
| Insider trades, 12 months | 0 buys, 23 sales | 0 buys, 25 sales |