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GRID DYNAMICS HOLDINGS, INC.

GDYN Clue Score64
United States Fiscal year ends December CIK 0001743725
$7.84 -1.38% Close, 12 Oct 2026
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Price $7.84 −72.97% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 30 Oct 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue91.9Operating income13.8Net income9.2EPS, diluted0.46Fiscal year 2019Revenue118.3 +28.8%Operating income15.6Net income10.8 +17.1%EPS, diluted0.49Fiscal year 2020Revenue111.3 −6.0%Operating income−15.4Net income−12.6 −216.6%EPS, diluted−0.28Fiscal year 2021Revenue211.3 +89.9%Operating income0.1Net income−7.7EPS, diluted−0.13Fiscal year 2022Revenue310.5 +47.0%Operating income−21.0Net income−29.2EPS, diluted−0.42Fiscal year 2023Revenue312.9 +0.8%Operating income−5.6Net income−1.8EPS, diluted−0.02Fiscal year 2024Revenue350.6 +12.0%Operating income−2.1Net income4.0EPS, diluted0.05Fiscal year 2025Revenue411.8 +17.5%Operating income−1.9Net income9.7 +139.2%EPS, diluted0.11
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 91.9 118.3 111.3 211.3 310.5 312.9 350.6 411.8
Growth +28.8% −6.0% +89.9% +47.0% +0.8% +12.0% +17.5%
Operating income 13.8 15.6 −15.4 0.1 −21.0 −5.6 −2.1 −1.9
Net income 9.2 10.8 −12.6 −7.7 −29.2 −1.8 4.0 9.7
Growth +17.1% −216.6% +139.2%
EPS, diluted 0.46 0.49 −0.28 −0.13 −0.42 −0.02 0.05 0.11

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin42.8%Operating margin15.1%Net margin10.0%Free cash flow margin8.2%Fiscal year 2019Gross margin40.8%Operating margin13.2%Net margin9.1%Free cash flow margin8.2%Fiscal year 2020Gross margin37.4%Operating margin−13.9%Net margin−11.3%Free cash flow margin3.3%Fiscal year 2021Gross margin41.5%Operating margin0.0%Net margin−3.6%Free cash flow margin6.3%Fiscal year 2022Gross margin38.8%Operating margin−6.8%Net margin−9.4%Free cash flow margin8.2%Fiscal year 2023Gross margin36.2%Operating margin−1.8%Net margin−0.6%Free cash flow margin10.6%Fiscal year 2024Gross margin36.2%Operating margin−0.6%Net margin1.2%Free cash flow margin5.3%Fiscal year 2025Gross margin34.6%Operating margin−0.5%Net margin2.3%Free cash flow margin6.1%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 42.8% 40.8% 37.4% 41.5% 38.8% 36.2% 36.2% 34.6%
Operating margin 15.1% 13.2% −13.9% 0.0% −6.8% −1.8% −0.6% −0.5%
Net margin 10.0% 9.1% −11.3% −3.6% −9.4% −0.6% 1.2% 2.3%
Free cash flow margin 8.2% 8.2% 3.3% 6.3% 8.2% 10.6% 5.3% 6.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow10.6Capital expenditure−3.1Free cash flow7.5Fiscal year 2019Operating cash flow12.5Capital expenditure−2.8Free cash flow9.7 +29.6%Buybacks0.0Dividends paid−2.0Fiscal year 2020Operating cash flow5.9Capital expenditure−2.3Free cash flow3.7 −62.2%Buybacks−123.9Dividends paid0.0Fiscal year 2021Operating cash flow18.0Capital expenditure−4.7Free cash flow13.3 +260.2%Buybacks0.0Dividends paid0.0Fiscal year 2022Operating cash flow31.7Capital expenditure−6.1Free cash flow25.6 +93.0%Buybacks0.0Fiscal year 2023Operating cash flow41.1Capital expenditure−7.9Free cash flow33.2 +29.9%Buybacks0.0Fiscal year 2024Operating cash flow30.2Capital expenditure−11.8Free cash flow18.4 −44.5%Buybacks0.0Fiscal year 2025Operating cash flow40.6Capital expenditure−15.3Free cash flow25.3 +37.1%Buybacks−2.0
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 10.6 12.5 5.9 18.0 31.7 41.1 30.2 40.6
Capital expenditure −3.1 −2.8 −2.3 −4.7 −6.1 −7.9 −11.8 −15.3
Free cash flow 7.5 9.7 3.7 13.3 25.6 33.2 18.4 25.3
Growth +29.6% −62.2% +260.2% +93.0% +29.9% −44.5% +37.1%
Buybacks n/a 0.0 −123.9 0.0 0.0 0.0 0.0 −2.0
Dividends paid n/a −2.0 0.0 0.0 n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash1.0Shareholders’ equity33.4Fiscal year 2019Cash42.2Shareholders’ equity54.0Fiscal year 2020Cash112.7Shareholders’ equity151.7Fiscal year 2021Cash144.4Total debt0.0Net cash (debt)144.4Shareholders’ equity227.1Debt to equity0.00Fiscal year 2022Cash256.7Shareholders’ equity363.0Fiscal year 2023Cash257.2Shareholders’ equity382.9Fiscal year 2024Cash334.7Shareholders’ equity517.8Fiscal year 2025Cash342.1Shareholders’ equity542.1
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.0 42.2 112.7 144.4 256.7 257.2 334.7 342.1
Total debt n/a n/a n/a 0.0 n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a 144.4 n/a n/a n/a n/a
Shareholders’ equity 33.4 54.0 151.7 227.1 363.0 382.9 517.8 542.1
Debt to equity n/a n/a n/a 0.00 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
42.8% 40.8% 37.4% 41.5% 38.8% 36.2% 36.2% 34.6%
15.1% 13.2% −13.9% 0.0% −6.8% −1.8% −0.6% −0.5%
14.2% 13.1% −13.7% −1.2% −6.6% 1.5% 3.2% 3.8%
10.0% 9.1% −11.3% −3.6% −9.4% −0.6% 1.2% 2.3%
8.2% 8.2% 3.3% 6.3% 8.2% 10.6% 5.3% 6.1%
Spending
2.9% 3.7% 8.4% 4.0% 5.1% 4.7% 5.2% 5.7%
19.2% 18.0% 33.9% 30.7% 34.1% 25.5% 23.4% 22.0%
3.4% 2.4% 2.0% 2.2% 2.0% 2.5% 3.4% 3.7%
29.5% 30.0% n/a n/a n/a 136.5% 63.4% 38.4%
Returns
27.6% 20.0% −8.3% −3.4% −8.0% −0.5% 0.8% 1.8%
4.1% 15.1% −7.5% −3.0% −7.1% −0.4% 0.7% 1.6%
Balance and payout
n/a n/a n/a 0.00 n/a n/a n/a n/a
3.7% 11.6% 9.2% 11.6% 11.7% 12.0% 12.6% 11.6%
n/a 18.5% n/a n/a n/a n/a n/a n/a
n/a 20.6% 3,365.9% 0.0% 0.0% 0.0% 0.0% 7.9%