Grid Dynamics shares closed at $13.36 on Friday, 30 October, their highest close in a year and 32.8% above the previous 52-week high of $10.06 set on 10 December 2025. Over the past year the shares have risen 64.9%, excluding dividends.
Grid Dynamics Holdings' share price over the year
Over the previous 52 weeks the shares closed between $5.21 and $10.06. The longer record is mixed: up 30.5% over three years and down 56.3% over five years, excluding dividends.
Reported profit is holding up better than cash
What stands out is that profit is lagging sales. Revenue over the twelve months to Q3 2026 was $432.7 million, up 6.6%, but net income fell 43.5% to $7.8 million. The operating margin widened 2.0 percentage points to 1.7%, so the gap between revenue and net income is widening below the operating line.
Growth is decelerating at the same time. The 6.6% rate is down 2.0 percentage points from a quarter earlier.
The operating margin of 1.7% is higher than 93% of the company's past readings, while the free-cash-flow margin of 6.1% beats only 37%.
Free cash flow tells a different story from net income. Operating cash flow grew 7.0% to $40.4 million while capital spending absorbed only 3.3% of revenue, lifting free cash flow 11.5% to $26.3 million. The two measures are moving in opposite directions.
Where Grid Dynamics Holdings' figures sit in its own record
Today's free-cash-flow margin of 6.1% sits within a range of −0.8% to 12.1% across the company's past quarterly readings. Operating margin of 1.7% is near the top of its range (−13.9% to 12.0%). Revenue growth of 6.6% is higher than only 30% of past readings, which have ranged from −6.0% to 106.5%.
What Grid Dynamics Holdings' share price implies against our model
In our model, growth 5 percentage points lower would