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Grid Dynamics Holdings, Inc. (GDYN) stock

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NASDAQ: GDYN Nasdaq IT Consulting & Other Services Next results ~January 28, 2027

C Fundamentals grade

Grid Dynamics Holdings, Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$6.9

Valuation models combined (4)

Base case. Range ~$3.4–$8.4. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Grid Dynamics Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds113 adding, 105 cuttingOf 39 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Grid Dynamics Holdings files

10-Q filed October 30: Grid Dynamics

Model value +3.0%

Grid Dynamics Holdings posted revenue of $433m for the twelve months to September 2026, up 6.6% on the year before. That pace has cooled from the 8.6% growth recorded a quarter earlier. Free-cash-flow margin, meanwhile, held steady at 6.1%. A 3.2% reduction in the diluted share count over the same period has lifted the value attached to each remaining share. Taken together, these shifts nudge the fundamentals grade up from E to D. Our model value has risen accordingly, from $7.99 to $8.23 a share. Against a current share price of $8.72, the stock still trades above our estimate of fair value, even after the upgrade.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Grid Dynamics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $423m, up 8.6% on a year earlier, slower than the 11.9% growth a quarter earlier. Free-cash-flow margin fell to 3.8% from 6.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $7.99 a share, against a share price of $8.70.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Grid Dynamics Holdings, Inc.'s trailing-twelve-month revenue grew 6.6% year on year, with a free-cash-flow margin of 6.1%. Where it lags: stock pay as % of revenue of 5.7% ranks 29 of 36 it consulting & other services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.5% while net income fell 43.5%: a 55pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.2% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 147 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 67% and a beta of 0.5 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 5.7% ranks 29 of 36 it consulting & other services companies we cover (median 2.3%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$0.18 against an average estimate of $0.13: beat by 37.7%
Revenue
$114m, up 9.7% on a year earlier
Share reaction
+52.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenues $113.5m to $115.5m (fourth quarter of 2026); non-GAAP EBITDA $20m to $22m (fourth quarter of 2026)
Next report
October 29, 2026; average EPS estimate $0.14

Grid Dynamics Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.5%
  • 1 week+59.0%
  • 1 month+70.7%
  • This year+51.6%
  • 1 year+46.6%
  • 5 years-52.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$433M
Operating margin
1.7%
Net margin
1.8%
EPS (TTM, diluted)
$0.09

Growth

Revenue growth
+6.6%
Change in growth rate
−2.0 pts
Share count change
−3.2%

Cash

Free cash flow (TTM)
$26.3M
FCF margin
6.1%
Stock pay % of revenue
5.7%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Grid Dynamics Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Grid Dynamics Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$8.1 ~$6.7–$9.1 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.7 ~$4.3–$8.6 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.9 ~$0.4–$1.7 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.4 ~$5.1–$14 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$8.4 ~$7.4–$9.5 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$6.9 ~$3.4–$8.4 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Grid Dynamics Holdings, Inc. with IT Consulting & Other Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025Now
Share price$9.68$10.85$12.60$37.97$11.22$13.33$22.24$9.03$13.69
Market value$391401$458m$564m$2.2bn$776m$1.0bn$1.8bn$785m$1.2bn
+ Net debt (− = net cash)−$1m−$42m−$113m−$144m−$257m−$257m−$335m−$342m−$304m
Enterprise value−$619823$416m$451m$2.1bn$520m$745m$1.4bn$443m$849m
Multiples
Price / sales 0.0x3.9x5.1x10.5x2.5x3.2x5.1x1.9x2.7x
Price / earnings 0.0x42.4x————n/m81.2x147.0x
Price / free cash flow 0.1x47.1x153.2x168.0x30.3x30.2x96.5x31.1x43.8x
EV / EBITDA 0.0x23.2x—n/m—n/m119.1x24.8x29.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

30 /100

Weak moat

How hard Grid Dynamics Holdings's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -1.1% of total assets over 8 years.

  • Pricing power 13 / 20

    Gross margin has been a median 37.1%, moving by 2.0 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -1.3%; its worst year was -6.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 7 of 7 years, at a median 5.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.47 +16% $438m +6%
Next $0.52 +13% $476m +9%

Next year's EPS estimate has moved +2.0% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.6% on 90 days ago. In the last 30 days, 1 analyst raised Grid Dynamics Holdings, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Grid Dynamics Holdings, Inc., last 90 days
$0.40 $0.45 $0.50 $0.55 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.44 Current fiscal year, 60 days ago: $0.47 Current fiscal year, 30 days ago: $0.47 Current fiscal year, 7 days ago: $0.47 Current fiscal year, Now: $0.47 $0.47 Next fiscal year, 90 days ago: $0.51 Next fiscal year, 60 days ago: $0.53 Next fiscal year, 30 days ago: $0.53 Next fiscal year, 7 days ago: $0.53 Next fiscal year, Now: $0.52 $0.52

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.44$0.51
60 days ago $0.47$0.53
30 days ago $0.47$0.53
7 days ago $0.47$0.53
Now $0.47$0.52

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.13 $0.18 +37.7%
Jun 2026 $0.11 $0.11 +4.1%
Mar 2026 $0.08 $0.09 +8.2%
Dec 2025 $0.09 $0.10 +9.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • revenues fourth quarter of 2026 $114m to $116m
    “The Company expects revenues in the fourth quarter of 2026 to be in the range of $113.5 to $115.5 million.” source
  • Non-GAAP EBITDA fourth quarter of 2026 $20m to $22m Non-GAAP
    “Non-GAAP EBITDA in the fourth quarter of 2026 is expected to be between $20.0 and $22.0 million.” source
  • basic share count fourth quarter of 2026 81m to 82m
    “For the fourth quarter of 2026, we expect our basic share count to be in the 81 - 82 million range and diluted share count to be in the 82 - 83 million range.” source
  • diluted share count fourth quarter of 2026 82m to 83m
    “For the fourth quarter of 2026, we expect our basic share count to be in the 81 - 82 million range and diluted share count to be in the 82 - 83 million range.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Oct 20262316
  2. Sep 20262316
  3. Aug 20262316

Counts of recommendations published by analysts covering Grid Dynamics Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.1%
of tradable shares
Days to cover
4.47
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
78%
of shares
Held by insiders
23.4%
of shares
Employees
4,838
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +46.6%

$9.34 on October 31, 2025 to $13.69

ThenNowEffect
Revenue (last 12 months) $389m $423m +8.6%
Net margin 4.4% 0.7% −84.5%
P/E multiple 46.9x n/m +769.3%
Share count 85m 85m +0.1%

Biggest factor: p/e multiple.

Last 3 years +14.9%

$11.91 on November 3, 2023 to $13.69

ThenNowEffect
Revenue (last 12 months) $319m $423m +32.4%
P/S multiple 2.7x 2.8x +0.7%
Share count 74m 85m −13.8%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GDYN+201%−71%+19%+67%−59%+52%
Industry peers (median)+9%−35%+4%+18%−22%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GDYN67%33%50%67%25%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GDYN−20%−77%−42%−36%−69%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 30, 2018: 88% from December 27, 2021 to June 25, 2026. Getting back needed a 708% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.21 – $13.69
From 52-week high
0.0%
vs 50-day average
+66.2%
vs 200-day average
+96.1%
Volatility (1 year)
67%
Beta vs S&P 500
0.48

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±10.1%
After a week
6 up, 5 down
typical move ±9.4%
After a month
5 up, 6 down
typical move ±16.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +52.7% −2.1% — —
July 30, 2026 +1.3% +2.4% +11.5% +17.2%
April 30, 2026 +3.6% +1.3% +24.6% +40.1%
March 5, 2026 −7.6% −1.9% −10.6% −21.0%
October 30, 2025 +15.3% −0.8% +7.9% +7.2%
July 31, 2025 −18.2% −2.0% −17.3% −14.5%
May 1, 2025 −3.7% +2.2% 0.0% −15.3%
February 20, 2025 −0.9% −2.1% −11.4% −24.6%
October 31, 2024 −4.3% −1.5% +10.9% +16.6%
August 1, 2024 +7.3% −3.3% +3.0% +7.9%
May 2, 2024 +1.6% +2.2% +6.2% −6.3%
February 22, 2024 +5.0% +2.1% 0.0% −9.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Grid Dynamics Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Grid Dynamics Holdings, Inc.
$300M $350M $400M $450M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $312.9M Revenue (TTM), FY24 Q1: $312.6M Revenue (TTM), FY24 Q2: $318.3M Revenue (TTM), FY24 Q3: $328.4M Revenue (TTM), FY24 Q4: $350.6M Revenue (TTM), FY25 Q1: $371.2M Revenue (TTM), FY25 Q2: $389.2M Revenue (TTM), FY25 Q3: $406M Revenue (TTM), FY25 Q4: $411.8M Revenue (TTM), FY26 Q1: $415.5M Revenue (TTM), FY26 Q2: $422.6M Revenue (TTM), FY26 Q3: $432.7M $432.7M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $312.9M
FY24 Q1 $312.6M
FY24 Q2 $318.3M
FY24 Q3 $328.4M
FY24 Q4 $350.6M
FY25 Q1 $371.2M
FY25 Q2 $389.2M
FY25 Q3 $406M
FY25 Q4 $411.8M
FY26 Q1 $415.5M
FY26 Q2 $422.6M
FY26 Q3 $432.7M
Revenue growth, TTM YoY Grid Dynamics Holdings, Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.8% Revenue growth, TTM YoY, FY24 Q1: -2.0% Revenue growth, TTM YoY, FY24 Q2: -0.3% Revenue growth, TTM YoY, FY24 Q3: 4.1% Revenue growth, TTM YoY, FY24 Q4: 12.0% Revenue growth, TTM YoY, FY25 Q1: 18.7% Revenue growth, TTM YoY, FY25 Q2: 22.3% Revenue growth, TTM YoY, FY25 Q3: 23.6% Revenue growth, TTM YoY, FY25 Q4: 17.5% Revenue growth, TTM YoY, FY26 Q1: 11.9% Revenue growth, TTM YoY, FY26 Q2: 8.6% Revenue growth, TTM YoY, FY26 Q3: 6.6% 6.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.8%
FY24 Q1 -2.0%
FY24 Q2 -0.3%
FY24 Q3 4.1%
FY24 Q4 12.0%
FY25 Q1 18.7%
FY25 Q2 22.3%
FY25 Q3 23.6%
FY25 Q4 17.5%
FY26 Q1 11.9%
FY26 Q2 8.6%
FY26 Q3 6.6%
Operating margin (TTM) Grid Dynamics Holdings, Inc.
-3% -2% -1% 0% 1% 2% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -1.8% Operating margin (TTM), FY24 Q1: -1.6% Operating margin (TTM), FY24 Q2: -2.0% Operating margin (TTM), FY24 Q3: -1.3% Operating margin (TTM), FY24 Q4: -0.6% Operating margin (TTM), FY25 Q1: 0.4% Operating margin (TTM), FY25 Q2: 0.3% Operating margin (TTM), FY25 Q3: -0.3% Operating margin (TTM), FY25 Q4: -0.5% Operating margin (TTM), FY26 Q1: -0.9% Operating margin (TTM), FY26 Q2: -0.5% Operating margin (TTM), FY26 Q3: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -1.8%
FY24 Q1 -1.6%
FY24 Q2 -2.0%
FY24 Q3 -1.3%
FY24 Q4 -0.6%
FY25 Q1 0.4%
FY25 Q2 0.3%
FY25 Q3 -0.3%
FY25 Q4 -0.5%
FY26 Q1 -0.9%
FY26 Q2 -0.5%
FY26 Q3 1.7%
FCF margin (TTM) Grid Dynamics Holdings, Inc.
2% 4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.6% FCF margin (TTM), FY24 Q1: 7.4% FCF margin (TTM), FY24 Q2: 7.1% FCF margin (TTM), FY24 Q3: 5.9% FCF margin (TTM), FY24 Q4: 5.3% FCF margin (TTM), FY25 Q1: 6.6% FCF margin (TTM), FY25 Q2: 6.8% FCF margin (TTM), FY25 Q3: 5.8% FCF margin (TTM), FY25 Q4: 6.1% FCF margin (TTM), FY26 Q1: 5.7% FCF margin (TTM), FY26 Q2: 3.8% FCF margin (TTM), FY26 Q3: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.6%
FY24 Q1 7.4%
FY24 Q2 7.1%
FY24 Q3 5.9%
FY24 Q4 5.3%
FY25 Q1 6.6%
FY25 Q2 6.8%
FY25 Q3 5.8%
FY25 Q4 6.1%
FY26 Q1 5.7%
FY26 Q2 3.8%
FY26 Q3 6.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 92 118 111 211 310 313 351 412 433
Gross profit 39 48 42 88 121 113 127 142 158
EBITDA 15 18 −13 5 −14 3 12 18 29
Operating income 14 16 −15 0 −21 −6 −2 −2 7
Net income 9 11 −13 −8 −29 −2 4 10 8
Diluted EPS $0.23 $0.24 −$0.28 −$0.13 −$0.42 −$0.02 $0.05 $0.11 $0.09
Growth (year on year)
Revenue — +28.8% −6.0% +89.9% +47.0% +0.8% +12.0% +17.5% +6.6%
EBITDA — +18.5% −171.2% — −382.1% — — +46.9% +58.2%
Operating income — +13.0% −198.9% — — — — — —
Net income — +17.1% −216.6% — — — — — −43.5%
Diluted EPS — +6.5% −214.3% — — — — — −41.6%
Margins
Gross margin 42.8% 40.8% 37.4% 41.5% 38.8% 36.2% 36.2% 34.6% 36.5%
EBITDA margin 16.5% 15.2% −11.5% 2.4% −4.6% 1.1% 3.5% 4.3% 6.6%
Operating margin 15.1% 13.2% −13.9% 0.0% −6.8% −1.8% −0.6% −0.5% 1.7%
Net margin 10.0% 9.1% −11.3% −3.6% −9.4% −0.6% 1.2% 2.3% 1.8%
Free-cash-flow margin 8.2% 8.2% 3.3% 6.3% 8.2% 10.6% 5.3% 6.1% 6.1%
Cash flow
Cash from operations 11 13 6 18 32 41 30 41 40
Capital spending 3 3 2 5 6 8 12 15 14
Free cash flow 8 10 4 13 26 33 18 25 26
Stock-based pay 2 2 20 33 61 36 34 30 25
Free cash flow after stock pay 6 7 −16 −20 −35 −2 −16 −5 2
Balance sheet
Cash 1 42 113 144 257 257 335 342 304
Total debt 0 0 0 0 — 0 0 0 0
Net debt (negative = net cash) −1 −42 −113 −144 −257 −257 −335 −342 −304
Diluted shares — 42m 45m 59m 69m 75m 80m 87m 84m
Returned to shareholders
Dividends — 2 0 0 — — — — —
Buybacks — 0 124 0 0 0 0 2 37
Total returned — 2 124 0 0 0 0 2 37

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $602m
Short-term assets $416mLonger-term assets $186m
What it owes, and who funded it · $602m
Short-term liabilities $57mLonger-term liabilities $22mShareholders' equity $524m
  • Short-term assets cover short-term liabilities $416m of assets due within a year against $57m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $416m short-term assets against $22m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Grid Dynamics Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$37.5M
Buybacks, last 3 fiscal years
$2M
Diluted share count
−3.2%
year over year
Total shareholder yield
3.4%
dividends 0.0% + buybacks 3.4% of market value
R&D spending
5.5%
of revenue
Days sales outstanding
71 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated GDYN RMNI RCMT INOD IBEX HCKT Median
Revenue, last 12 months $433m $438m $334m $317m $644m $287m $383m
Revenue growth, last 12 months 6.6% 2.9% 11.2% 39.0% 15.4% −9.1% 5.7%
Revenue growth, 3-year average 11.1% 0.8% 8.3% 60.8% 7.2% −0.4% 4.3%
Revenue growth, latest quarter 9.7% 8.3% 20.0% 57.8% 11.6% −12.1% 4.7%
Gross margin 36.5% 60.5% 26.9% 39.5% — 41.3% 28.0%
Operating margin 1.7% 5.9% 7.7% 15.8% 8.5% 10.9% 5.9%
Operating margin, 3-year average 0.0% 4.7% 8.2% — 8.2% 12.2% 7.5%
Net margin 1.8% 2.5% 5.1% 14.7% 7.2% 5.9% 2.2%
Cash from operations / revenue 9.3% 6.2% 7.1% 61.9% 9.2% 14.1% 6.7%
Free-cash-flow margin 6.1% 5.1% 6.8% 58.0% 4.8% 10.9% 5.0%
Free-cash-flow margin, 3-year average 5.9% 0.9% 2.9% 25.0% 5.0% 12.3% 6.7%
Stock pay / revenue 5.7% 2.3% 1.1% 5.9% 1.2% 3.4% 2.2%
Change in share count −3.2% 1.9% −3.4% 1.7% −5.8% −7.4% 0.9%

Median of all 40 companies we cover in it consulting & other services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 it consulting & other services companies
Measure Company Peer median Rank
Revenue growth Growth 6.6% 6.5% 18 of 40
Change in growth rate Growth -2.0pp -0.8pp 27 of 40
Gross margin Profitability 36.5% 28.2% 11 of 34
Operating margin Profitability 1.7% 5.9% 20 of 36
Net margin Profitability 1.8% 2.5% 22 of 40
Free-cash-flow margin Cash generation 6.1% 5.1% 18 of 38
Stock pay as % of revenue Cash generation 5.7% 2.3% 29 of 36
Change in share count Balance sheet -3.2% 0.9% 12 of 39
Days sales outstanding Balance sheet 71 days 71 days 16 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Retail $121M 29.3% ▲ 5.7%
Technology Media and Telecom $107M 26.1% ▲ 13.0%
Financial Service $100M 24.4% ▲ 66.9%
Manufactured Product Other $43.1M 10.5% ▲ 6.4%
Other $30.2M 7.3% ▲ 1.4%
Health Care $10.2M 2.5% ▼ 8.3%
Geography
Region Revenue YoY
North America $289M ▲ 3.6%
United States $289M ▲ 4.1%
Europe $86.4M ▲ 53.4%
Other Countries Not Separately Disclosed $63.5M ▲ 52.9%
United Kingdom $45.2M ▲ 78.9%
Other Geographic Regions Not Individually Disclosed $36.1M ▲ 139.8%
PL $14M ▲ 131.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Grid Dynamics Holdings, Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$351M
Institutions reporting
195
Shares held vs prior quarter
▼ 8.5%
Positions opened / closed
47 / 45

Top buyers and sellers, Q2 2026: 113 institutions bought and 105 sold ; the biggest buyer was Jane Street Group, LLC (+1.3M shares) and the biggest seller Blackrock, Inc (−5.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $37.9M 6.7M 10.8% ▼ 43.3%
Alyeska Investment Group, L.P. $34.5M 6.1M 9.8% ▲ 15.4%
T. Rowe Price Investment Management, Inc. $21.1M 3.7M 6.0% ▲ 44.6%
BAMCO Inc $17M 3.0M 4.9% 0.0%
Vanguard Capital Management LLC $15.9M 2.8M 4.5% ▼ 0.7%
Morgan Stanley $13.8M 2.4M 3.9% ▲ 29.5%
Vanguard Portfolio Management LLC $12.2M 2.2M 3.5% ▼ 22.5%
State Street Corp $11.5M 2.0M 3.3% ▼ 30.8%
Geode Capital Management, LLC $10M 1.8M 2.8% ▲ 9.1%
Federated Hermes, Inc. $9.9M 1.7M 2.8% ▲ 21.0%
Jacobs Levy Equity Management, Inc $7.5M 1.3M 2.1% ▲ 13.5%
Jane Street Group, LLC $7.1M 1.3M 2.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Grid Dynamics Holdings, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.6M 23 trades by 4 insiders · 83% under pre-set plans
Net ▼ $1.6M net selling
Insider Date Trade Shares Price Value
Gryzlov Yury CHIEF OPERATING OFFICER October 30, 2026 Sell pre-set plan 10,512 $10.51 $110,481
Doradla Anil CHIEF FINANCIAL OFFICER October 30, 2026 Sell pre-set plan 20,000 $10.51 $210,200
Livschitz Leonard CHIEF EXECUTIVE OFFICER October 30, 2026 Sell pre-set plan 10,000 $12.02 $120,200
Livschitz Leonard CHIEF EXECUTIVE OFFICER October 29, 2026 Sell pre-set plan 10,000 $9.00 $90,000
Gryzlov Yury CHIEF OPERATING OFFICER October 8, 2026 Sell pre-set plan 4,849 $8.00 $38,792
Gryzlov Yury CHIEF OPERATING OFFICER October 2, 2026 Sell pre-set plan 1,245 $8.46 $10,533
Gryzlov Yury CHIEF OPERATING OFFICER September 3, 2026 Sell pre-set plan 3,918 $8.00 $31,344
Gryzlov Yury CHIEF OPERATING OFFICER August 18, 2026 Sell pre-set plan 467 $7.53 $3,517
Gryzlov Yury CHIEF OPERATING OFFICER August 13, 2026 Sell pre-set plan 3,930 $8.00 $31,440
Gryzlov Yury CHIEF OPERATING OFFICER July 2, 2026 Sell pre-set plan 1,245 $6.29 $7,831
Gryzlov Yury CHIEF OPERATING OFFICER June 1, 2026 Sell pre-set plan 4,435 $8.00 $35,480
Gryzlov Yury CHIEF OPERATING OFFICER May 15, 2026 Sell pre-set plan 467 $6.45 $3,012

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • March 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Grid Dynamics Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Grid Dynamics Holdings, Inc. in brief

What does Grid Dynamics Holdings, Inc. do?
Grid Dynamics Holdings, Inc. is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is Grid Dynamics Holdings, Inc.'s stock ticker?
Grid Dynamics Holdings, Inc. trades under the ticker GDYN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Grid Dynamics Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Grid Dynamics Holdings, Inc. reported revenue of $433M, 6.6% higher than a year earlier, according to its SEC filings.
What is Grid Dynamics Holdings, Inc.'s free cash flow?
Grid Dynamics Holdings, Inc.'s free-cash-flow margin is 6.1% of revenue over the trailing twelve months, ranking 18 of the 38 it consulting & other services companies we cover.
Who are Grid Dynamics Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Alyeska Investment Group, L.P. and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Grid Dynamics Holdings, Inc. buying back stock, and does it pay a dividend?
Grid Dynamics Holdings, Inc. spent $37.5M on share repurchases over the trailing twelve months, and its diluted share count fell 3.2% over the year.
What is Grid Dynamics Holdings, Inc.'s market cap?
On November 2, 2026, Grid Dynamics Holdings, Inc.'s market capitalisation was about $1.2B, with a price-to-earnings ratio of 147.0 and net debt of -$304M. Market figures come from third-party market data and may be delayed.
Who are Grid Dynamics Holdings, Inc.'s competitors?
In our IT Consulting & Other Services peer group, the companies closest to Grid Dynamics Holdings, Inc. are Rimini Street, Inc., RCM Technologies, Inc., Innodata Inc, Ibex Ltd and Hackett Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Grid Dynamics Holdings, Inc.'s.
Are insiders buying or selling Grid Dynamics Holdings, Inc. stock?
Over the last 12 months, Grid Dynamics Holdings, Inc.'s directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Grid Dynamics Holdings, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Grid Dynamics Holdings, Inc. announces its own schedule.