Grid Dynamics Holdings vs Innodata
Grid Dynamics Holdings is the larger business, with $412m of revenue in fiscal 2025 against $252m for Innodata (1.6 times as much). Innodata grew faster (47.6% against 17.5%). Innodata kept more of each dollar of sales as profit: a net margin of 12.8% against 2.3%.
| Latest fiscal year | Grid Dynamics HoldingsGDYN, 2025 | InnodataINOD, 2025 |
|---|---|---|
| Revenue | $412m | $252m |
| Revenue growth | 17.5% | 47.6% |
| Net income | $9.7m | $32.2m |
| Operating margin | — | 15.8% |
| Net margin | 2.3% | 12.8% |
| Return on equity | 1.8% | 37.7% |
| Free cash flow | $25.3m | $35.6m |
| Cash | $342m | $82.2m |
| Total debt | $0 | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $2.0m | — |
| Employees | 4,961 | 10,107 |
| Market value | $1.07bn | $1.43bn |
| Price vs our value range | — | Below our value range |
| Moat score | 30 (Weak) | 10 (Weak) |
| Insider trades, 12 months | 0 buys, 23 sales | 0 buys, 82 sales |