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Grid Dynamics (GDYN) Financials

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$7.55 -0.03 (-0.40%)
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Annual Income Statements for Grid Dynamics

Annual Income Statements for Grid Dynamics

This table shows Grid Dynamics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 9.23 11 -13 -7.82 -30 -1.77 4.04 9.67
Consolidated Net Income / (Loss)		 9.23 11 -13 -7.70 -29 -1.77 4.04 9.67
Net Income / (Loss) Continuing Operations		 9.23 11 -13 -7.70 -29 -1.77 4.04 9.67
Total Pre-Tax Income 		13 15 -15 -2.45 -20 4.84 11 16
Total Operating Income		 14 16 -15 0.05 -21 -5.58 -2.11 -1.90
Total Gross Profit		 39 48 42 88 121 113 127 142
Total Revenue		 92 118 111 211 310 313 351 412
Operating Revenue		 92 118 111 211 310 313 351 412
Total Cost of Revenue		 53 70 70 124 190 200 224 269
Operating Cost of Revenue		 53 70 70 124 190 200 224 269
Total Operating Expenses		 25 33 57 88 142 119 129 144
Selling, General & Admin Expense		 18 21 38 65 106 80 82 91
Marketing Expense		 5.20 6.95 10 14 20 24 29 30
Research & Development Expense		 2.64 4.35 9.31 8.46 16 15 18 24
Total Other Income / (Expense), net		 -0.75 -0.18 0.24 -2.50 0.56 10 13 18
Other Income / (Expense), net		 -0.75 -0.18 0.24 -2.50 0.56 10 13 18
Income Tax Expense		 3.86 4.64 -2.61 5.25 8.76 6.60 7.01 6.03
Basic Earnings per Share		 $0.46 $0.49 ($0.28) ($0.13) ($0.42) ($0.02) $0.05 $0.11
Weighted Average Basic Shares Outstanding		 20.22M 21.12M 44.74M 58.66M 69.20M 75.19M 77.47M 84.54M
Diluted Earnings per Share		 $0.46 $0.49 ($0.28) ($0.13) ($0.42) ($0.02) $0.05 $0.11
Weighted Average Diluted Shares Outstanding		 20.22M 21.12M 44.74M 58.66M 69.20M 75.19M 79.97M 86.89M
Weighted Average Basic & Diluted Shares Outstanding		 - 22M 53.80M 66.95M 74.83M 75.97M 83.84M 85.35M

Quarterly Income Statements for Grid Dynamics

This table shows Grid Dynamics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 3.69 -4.13 -0.94 4.28 0.43 2.91 5.27 1.18 -5.08 -1.47 2.85
Consolidated Net Income / (Loss)		 2.90 -3.95 -0.82 4.28 4.52 2.91 5.27 1.18 0.31 -1.47 2.85
Net Income / (Loss) Continuing Operations		 2.90 -3.95 -0.82 4.28 4.52 2.91 5.27 1.18 0.31 -1.47 2.85
Total Pre-Tax Income 		1.50 -3.02 2.71 5.60 5.77 2.47 7.30 3.12 2.81 -0.44 4.46
Total Operating Income		 -1.07 -5.54 0.04 2.14 1.26 -2.04 -0.12 -0.24 0.51 -3.68 1.28
Total Gross Profit		 28 28 30 33 37 37 35 35 36 36 40
Total Revenue		 78 80 83 87 100 100 101 104 106 104 108
Operating Revenue		 78 80 83 87 100 100 101 104 106 104 108
Total Cost of Revenue		 50 52 53 55 63 63 67 69 70 68 69
Operating Cost of Revenue		 50 52 53 55 63 63 67 69 70 68 69
Total Operating Expenses		 29 33 30 31 36 39 35 35 36 40 38
Selling, General & Admin Expense		 19 22 18 19 23 24 21 22 24 26 25
Marketing Expense		 6.42 7.29 7.29 6.82 7.23 8.26 7.12 7.34 7.32 7.69 7.12
Research & Development Expense		 3.86 4.37 4.13 4.45 5.40 6.49 6.74 5.76 4.68 6.08 6.42
Total Other Income / (Expense), net		 2.57 2.53 2.67 3.47 4.50 4.51 7.42 3.36 2.30 3.24 3.19
Other Income / (Expense), net		 2.57 2.53 2.67 3.47 4.50 4.51 7.42 3.36 2.30 3.24 3.19
Income Tax Expense		 -1.40 0.93 3.52 1.32 1.24 -0.44 2.03 1.95 2.50 1.03 1.61
Basic Earnings per Share		 $0.05 ($0.05) ($0.01) $0.06 $0.05 $0.03 $0.06 $0.01 $0.01 ($0.02) $0.03
Weighted Average Basic Shares Outstanding		 75.19M 76.15M 76.60M 76.70M 77.47M 84.12M 84.58M 84.70M 84.54M 84.68M 82.28M
Diluted Earnings per Share		 $0.05 ($0.05) ($0.01) $0.05 $0.06 $0.03 $0.06 $0.01 $0.01 ($0.02) $0.03
Weighted Average Diluted Shares Outstanding		 75.19M 76.15M 76.60M 78.84M 79.97M 87.79M 86.45M 85.84M 86.89M 84.68M 83.02M
Weighted Average Basic & Diluted Shares Outstanding		 75.97M 76.52M 76.67M 76.81M 83.84M 84.55M 84.67M 84.77M 85.35M 83.63M 81.13M

Annual Cash Flow Statements for Grid Dynamics

This table details how cash moves in and out of Grid Dynamics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 7.51 24 71 32 112 0.50 80 6.90
Net Cash From Operating Activities		 11 13 5.93 18 32 41 30 41
Net Cash From Continuing Operating Activities		 11 13 5.93 18 32 41 30 41
Net Income / (Loss) Continuing Operations		 9.23 11 -13 -7.70 -29 -1.77 4.04 9.67
Consolidated Net Income / (Loss)		 9.23 11 -13 -7.70 -29 -1.77 4.04 9.67
Depreciation Expense		 1.31 2.31 2.67 5.05 6.63 8.93 14 20
Amortization Expense		 - - 0.00 0.00 3.02 3.19 4.51 5.10
Non-Cash Adjustments To Reconcile Net Income		 1.76 1.86 24 33 61 33 29 24
Changes in Operating Assets and Liabilities, net		 -1.71 -2.44 -7.78 -13 -9.95 -1.83 -21 -18
Net Cash From Investing Activities		 -3.08 -2.81 -18 -35 -16 -26 -51 -15
Net Cash From Continuing Investing Activities		 -3.08 -2.81 -18 -35 -16 -26 -51 -15
Purchase of Property, Plant & Equipment		 -3.08 -2.81 -2.25 -4.72 -6.07 -7.87 -12 -15
Acquisitions		 0.00 0.00 -16 -31 -9.25 -18 -43 0.20
Other Investing Activities, net		 - - - - 0.00 -0.25 -0.04 0.00
Net Cash From Financing Activities		 0.00 15 83 49 98 -16 101 -20
Net Cash From Continuing Financing Activities		 0.00 15 83 49 98 -16 101 -20
Repurchase of Common Equity		 0.00 0.00 -126 -0.50 -0.25 0.00 -0.47 -2.25
Issuance of Common Equity		 - 0.00 0.00 78 110 0.00 108 0.00
Other Financing Activities, net		 0.00 17 0.10 -29 -11 -16 -6.44 -18
Effect of Exchange Rate Changes		 0.00 0.00 -0.00 -0.12 -0.72 1.68 - 1.38
Cash Income Taxes Paid		 1.48 3.20 2.13 2.45 7.47 12 11 12

Quarterly Cash Flow Statements for Grid Dynamics

This table details how cash moves in and out of Grid Dynamics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 3.51 -7.79 6.61 -25 104 -9.17 11 1.67 3.51 -15 -29
Net Cash From Operating Activities		 7.56 3.24 11 9.21 7.07 9.35 14 6.97 9.90 8.39 6.10
Net Cash From Continuing Operating Activities		 7.56 3.24 11 9.21 11 9.35 14 6.97 9.90 8.39 6.10
Net Income / (Loss) Continuing Operations		 2.90 -3.95 -0.82 4.28 4.52 2.91 5.27 1.18 0.31 -1.47 2.85
Consolidated Net Income / (Loss)		 2.90 -3.95 -0.82 4.28 4.52 2.91 5.27 1.18 0.31 -1.47 2.85
Depreciation Expense		 2.67 2.91 3.24 3.42 4.65 4.72 4.90 5.01 5.08 5.20 5.27
Amortization Expense		 0.90 1.00 1.12 1.19 1.21 1.24 1.24 1.32 1.31 1.31 1.37
Non-Cash Adjustments To Reconcile Net Income		 5.63 11 8.49 7.41 8.27 9.46 6.73 6.80 -0.24 8.30 4.23
Changes in Operating Assets and Liabilities, net		 -4.54 -7.86 -1.36 -7.09 -7.55 -8.97 -3.76 -7.33 3.45 -4.94 -7.62
Net Cash From Investing Activities		 -2.53 -3.94 -2.91 -34 -9.99 -3.34 -3.97 -4.03 -3.80 -3.96 -18
Net Cash From Continuing Investing Activities		 -2.53 -3.94 -2.91 -34 -14 -3.34 -3.97 -4.03 -3.80 -3.96 -18
Purchase of Property, Plant & Equipment		 -2.28 -3.20 -2.65 -3.28 -2.64 -3.34 -4.17 -4.03 -3.80 -3.96 -3.58
Net Cash From Financing Activities		 -1.85 -7.00 -0.91 0.14 109 -16 -1.02 -0.63 -2.45 -18 -18
Net Cash From Continuing Financing Activities		 -1.85 -7.00 -0.91 0.14 109 -16 -1.02 -0.63 -2.45 -18 -18
Repurchase of Common Equity		 - - - - - 0.00 - - - -11 -17
Other Financing Activities, net		 -1.85 -7.00 -0.91 0.14 1.33 -16 -0.77 -0.63 -0.45 -6.11 -0.29
Effect of Exchange Rate Changes		 0.34 -0.10 -0.25 0.34 -2.12 0.66 1.51 -0.65 -0.14 -1.44 0.07
Cash Income Taxes Paid		 2.43 2.50 3.74 2.75 1.97 2.80 3.75 3.30 2.50 2.00 1.86

Annual Balance Sheets for Grid Dynamics

This table presents Grid Dynamics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 222 72 167 257 411 435 592 613
Total Current Assets		 1.21 66 135 193 323 324 423 440
Cash & Equivalents		 1.01 42 113 144 257 257 335 342
Accounts Receivable		 - 19 19 43 54 54 69 79
Prepaid Expenses		 0.19 2.71 2.36 4.50 8.15 13 19 18
Plant, Property, & Equipment, net		 0.00 4.02 4.10 6.17 8.22 11 14 18
Total Noncurrent Assets		 221 1.49 28 58 80 100 155 156
Goodwill		 - 0.00 15 36 46 54 83 84
Intangible Assets		 - 0.02 8.13 19 20 27 48 42
Noncurrent Deferred & Refundable Income Taxes		 - 1.47 5.61 2.73 5.00 6.42 8.77 8.87
Other Noncurrent Operating Assets		 221 - - 0.00 8.92 13 15 21
Total Liabilities & Shareholders' Equity		 222 72 167 257 411 435 592 613
Total Liabilities		 8.15 8.30 15 30 48 52 74 71
Total Current Liabilities		 0.45 8.30 13 25 39 42 56 52
Accounts Payable		 0.22 0.77 0.76 2.05 3.90 3.62 4.07 3.70
Accrued Expenses		 0.01 1.19 0.63 11 8.53 15 24 17
Current Employee Benefit Liabilities		 - 5.34 7.48 11 13 19 22 26
Other Current Liabilities		 - 0.14 3.21 0.00 2.51 4.24 5.42 6.25
Total Noncurrent Liabilities		 7.70 0.00 2.09 4.32 9.39 10 19 19
Noncurrent Deferred & Payable Income Tax Liabilities		 - 0.00 2.09 4.32 3.76 3.27 8.91 7.92
Other Noncurrent Operating Liabilities		 7.70 - - 0.00 5.64 6.76 9.91 11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 5.00 54 152 227 363 383 518 542
Total Preferred & Common Equity		 5.00 54 152 227 363 383 518 542
Total Common Equity		 5.00 54 152 227 363 383 518 542
Common Stock		 4.38 19 129 212 378 398 533 545
Retained Earnings		 0.62 35 23 15 -14 -16 -12 -2.18
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -0.00 -0.13 -0.85 1.27 -2.91 1.05
Other Equity Adjustments		 - - - - - - 0.00 -2.00

Quarterly Balance Sheets for Grid Dynamics

This table presents Grid Dynamics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 420 431 436 435 444 477 591 609 613 605 600
Total Current Assets		 330 321 326 323 330 323 422 433 441 432 410
Cash & Equivalents		 258 246 254 249 256 231 326 337 339 327 298
Accounts Receivable		 57 57 54 59 56 70 82 78 83 87 96
Prepaid Expenses		 8.32 9.19 8.27 8.77 10 11 14 19 19 17 16
Plant, Property, & Equipment, net		 8.84 10 10 13 13 14 15 16 17 18 18
Total Noncurrent Assets		 81 100 99 100 100 140 154 160 155 155 172
Goodwill		 46 55 55 54 54 74 84 85 85 84 92
Intangible Assets		 20 29 28 26 25 42 47 46 43 40 49
Noncurrent Deferred & Refundable Income Taxes		 5.82 3.73 4.88 7.22 7.49 7.52 9.09 9.41 9.13 9.41 9.79
Other Noncurrent Operating Assets		 9.64 13 12 14 14 16 15 19 18 22 22
Total Liabilities & Shareholders' Equity		 420 431 436 435 444 477 591 609 613 605 600
Total Liabilities		 60 65 63 52 55 77 74 77 75 75 80
Total Current Liabilities		 50 53 52 43 46 54 58 59 58 55 57
Accounts Payable		 3.21 5.30 3.72 2.94 2.79 3.72 4.67 6.30 5.57 4.33 5.15
Accrued Expenses		 11 8.97 7.25 5.89 5.84 9.16 21 19 18 17 16
Current Employee Benefit Liabilities		 19 21 21 20 21 23 27 28 29 28 30
Other Current Liabilities		 3.18 4.15 4.21 4.49 4.44 5.18 5.31 5.80 5.29 5.37 5.51
Total Noncurrent Liabilities		 9.34 11 10 9.33 8.91 23 15 18 18 20 24
Noncurrent Deferred & Payable Income Tax Liabilities		 3.65 3.52 3.42 3.16 3.17 7.62 9.06 8.49 9.30 7.69 10
Other Noncurrent Operating Liabilities		 5.69 7.68 6.93 6.17 5.74 15 6.27 9.48 8.36 12 13
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 360 367 373 383 388 400 517 532 538 530 520
Total Preferred & Common Equity		 360 367 373 383 388 400 517 532 538 530 520
Total Common Equity		 360 367 373 383 388 400 517 532 538 530 520
Common Stock		 382 385 391 402 408 415 527 533 539 550 554
Retained Earnings		 -22 -19 -19 -20 -21 -16 -8.93 -3.66 -2.48 -3.65 -0.80
Accumulated Other Comprehensive Income / (Loss)		 -0.35 1.05 0.49 1.10 0.97 1.18 -1.16 2.48 1.08 -2.43 -2.32
Other Equity Adjustments		 - - - - - - - - - -13 -31

Annual Metrics And Ratios for Grid Dynamics

This table displays calculated financial ratios and metrics derived from Grid Dynamics' official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - 84,769,058.00
DEI Adjusted Shares Outstanding		 - - - - - - - 84,769,058.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - 0.11
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 28.80% -5.95% 89.86% 46.95% 0.78% 12.04% 17.47%
EBITDA Growth		 0.00% 23.38% -170.61% 120.71% -516.10% 256.91% 75.70% 35.96%
EBIT Growth		 0.00% 18.08% -198.47% 83.88% -734.14% 123.65% 128.50% 42.03%
NOPAT Growth		 0.00% 12.06% -198.93% 100.32% -42,116.00% 113.84% -137.80% -51.65%
Net Income Growth		 0.00% 17.11% -216.58% 38.88% -279.40% 93.96% 328.95% 139.25%
EPS Growth		 0.00% 6.52% -157.14% 53.57% -223.08% 95.24% 350.00% 120.00%
Operating Cash Flow Growth		 0.00% 18.42% -52.67% 202.98% 76.11% 29.83% -26.51% 34.45%
Free Cash Flow Firm Growth		 0.00% 0.00% -114.16% -51.90% 12.23% 54.79% -236.21% 69.09%
Invested Capital Growth		 0.00% -90.13% 85.24% 112.13% 28.58% 18.21% 45.75% 9.19%
Revenue Q/Q Growth		 0.00% 0.00% -1.66% 20.82% 4.74% -0.79% 6.76% 1.45%
EBITDA Q/Q Growth		 0.00% 0.00% -160.92% 132.29% -12.20% 83.80% 28.18% -5.65%
EBIT Q/Q Growth		 0.00% 0.00% -107.47% 22.84% -11.86% 361.94% 62.72% -15.85%
NOPAT Q/Q Growth		 0.00% 0.00% -99.41% 102.53% -24.15% 128.72% 51.23% -37.53%
Net Income Q/Q Growth		 0.00% 0.00% -118.28% 12.64% -11.85% 84.48% 67.05% -30.38%
EPS Q/Q Growth		 0.00% 0.00% -115.38% 7.14% -7.69% 86.67% 25.00% -31.25%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 25.78% 2.18% 37.88% -9.78% -1.59% 7.49%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 19.39% -22.76% 43.46% -13.46% 41.97%
Invested Capital Q/Q Growth		 0.00% 0.00% 66.02% 8.42% 11.15% 5.43% 8.40% 0.43%
Profitability Metrics		 - - - - - - - -
Gross Margin		 42.79% 40.77% 37.40% 41.52% 38.84% 36.16% 36.23% 34.57%
EBITDA Margin		 15.67% 15.01% -11.27% 1.23% -3.48% 5.42% 8.50% 9.84%
Operating Margin		 15.05% 13.21% -13.88% 0.02% -6.77% -1.78% -0.60% -0.46%
EBIT Margin		 14.24% 13.06% -13.67% -1.16% -6.59% 1.55% 3.15% 3.81%
Profit (Net Income) Margin		 10.05% 9.13% -11.32% -3.64% -9.41% -0.56% 1.15% 2.35%
Tax Burden Percent		 70.53% 69.95% 82.82% 314.03% 142.83% -36.48% 36.55% 61.58%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 29.47% 30.05% 0.00% 0.00% 0.00% 136.48% 63.45% 38.42%
Return on Invested Capital (ROIC)		 4.58% 9.33% -36.03% 0.06% -15.56% 1.75% -0.50% -0.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 56.61% 9.90% -33.73% 6.07% -8.33% 3.23% -2.12% -3.81%
Return on Net Nonoperating Assets (RNNOA)		 -0.27% -1.54% 24.31% -4.12% 5.66% -2.23% 1.40% 2.43%
Return on Equity (ROE)		 4.31% 7.79% -11.72% -4.07% -9.90% -0.47% 0.90% 1.82%
Cash Return on Invested Capital (CROIC)		 0.00% 173.40% -95.80% -71.79% -40.56% -14.94% -37.73% -9.40%
Operating Return on Assets (OROA)		 5.88% 10.51% -12.75% -1.16% -6.12% 1.14% 2.15% 2.61%
Return on Assets (ROA)		 4.15% 7.35% -10.56% -3.63% -8.75% -0.42% 0.79% 1.60%
Return on Common Equity (ROCE)		 0.10% 1.66% -11.22% -4.07% -9.90% -0.47% 0.90% 1.82%
Return on Equity Simple (ROE_SIMPLE)		 184.56% 20.00% -8.30% -3.39% -8.05% -0.46% 0.78% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.75 11 -11 0.04 -15 2.04 -0.77 -1.17
NOPAT Margin		 10.62% 9.24% -9.72% 0.02% -4.74% 0.65% -0.22% -0.28%
Net Nonoperating Expense Percent (NNEP)		 -52.03% -0.57% -2.30% -6.02% -7.23% -1.48% 1.63% 3.20%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -4.05% 0.53% -0.15% -0.22%
Cost of Revenue to Revenue		 57.21% 59.23% 62.60% 58.48% 61.16% 63.84% 63.77% 65.44%
SG&A Expenses to Revenue		 19.20% 18.02% 33.88% 30.65% 34.15% 25.51% 23.43% 21.99%
R&D to Revenue		 2.88% 3.67% 8.37% 4.00% 5.08% 4.71% 5.23% 5.75%
Operating Expenses to Revenue		 27.73% 27.56% 51.28% 41.50% 45.61% 37.94% 36.83% 35.03%
Earnings before Interest and Taxes (EBIT)		 13 15 -15 -2.45 -20 4.84 11 16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 14 18 -13 2.60 -11 17 30 41
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 54.48 5.65 4.22 10.91 2.29 2.63 3.30 1.41
Price to Tangible Book Value (P/TBV)		 54.48 5.65 4.97 14.41 2.79 3.33 4.42 1.84
Price to Revenue (P/Rev)		 2.97 2.58 5.76 11.73 2.67 3.22 4.87 1.86
Price to Earnings (P/E)		 29.52 28.25 0.00 0.00 0.00 2,822.45 0.00 79.18
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.39% 3.54% 0.00% 0.00% 0.00% 0.04% 0.00% 1.26%
Enterprise Value to Invested Capital (EV/IC)		 2.25 12.94 13.55 28.22 5.39 5.97 7.50 2.12
Enterprise Value to Revenue (EV/Rev)		 5.23 2.30 4.75 11.04 1.85 2.40 3.92 1.03
Enterprise Value to EBITDA (EV/EBITDA)		 33.39 15.33 0.00 898.44 0.00 44.26 46.11 10.45
Enterprise Value to EBIT (EV/EBIT)		 36.73 17.63 0.00 0.00 0.00 155.10 124.25 26.97
Enterprise Value to NOPAT (EV/NOPAT)		 49.27 24.91 0.00 66,664.30 0.00 368.61 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 45.41 21.73 89.02 129.82 18.12 18.26 45.49 10.43
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 1.34 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -0.16 -0.72 -0.68 -0.68 -0.69 -0.66 -0.64
Leverage Ratio		 1.04 1.06 1.11 1.12 1.13 1.13 1.14 1.14
Compound Leverage Factor		 1.04 1.06 1.11 1.12 1.13 1.13 1.14 1.14
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 97.67% 14.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 2.33% 85.47% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 20.68 26.10 26.38 51.76 11.73 13.05 15.15 8.00
Noncontrolling Interest Sharing Ratio		 97.67% 78.72% 4.27% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 2.71 7.95 10.11 7.61 8.35 7.67 7.62 8.43
Quick Ratio		 2.27 7.36 9.87 7.41 8.03 7.36 7.27 8.09
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 203 -29 -44 -38 -17 -58 -18
Operating Cash Flow to CapEx		 343.75% 445.89% 263.41% 381.11% 521.54% 522.15% 256.65% 264.77%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.41 0.81 0.93 1.00 0.93 0.74 0.68 0.68
Accounts Receivable Turnover		 0.00 0.00 5.92 6.82 6.38 5.82 5.70 5.53
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 27.41 41.17 43.17 31.97 27.63 26.00
Accounts Payable Turnover		 242.77 142.39 91.36 87.94 63.83 53.14 58.14 69.39
Days Sales Outstanding (DSO)		 0.00 0.00 61.69 53.56 57.17 62.70 63.99 65.97
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 1.50 2.56 4.00 4.15 5.72 6.87 6.28 5.26
Cash Conversion Cycle (CCC)		 -1.50 -2.56 57.70 49.41 51.45 55.83 57.72 60.71
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 213 21 39 83 106 126 183 200
Invested Capital Turnover		 0.43 1.01 3.71 3.47 3.29 2.70 2.27 2.15
Increase / (Decrease) in Invested Capital		 0.00 -192 18 44 24 19 57 17
Enterprise Value (EV)		 481 272 528 2,333 574 750 1,374 423
Market Capitalization		 272 305 641 2,478 830 1,008 1,708 765
Book Value per Share		 $0.18 $1.92 $2.98 $3.48 $4.91 $5.07 $6.74 $6.39
Tangible Book Value per Share		 $0.18 $1.92 $2.53 $2.64 $4.02 $4.00 $5.03 $4.91
Total Capital		 214 63 152 227 363 383 518 542
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -1.01 -42 -113 -144 -257 -257 -335 -342
Capital Expenditures (CapEx)		 3.08 2.81 2.25 4.72 6.07 7.87 12 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.25 16 8.55 23 28 25 33 45
Debt-free Net Working Capital (DFNWC)		 0.76 58 121 167 284 282 368 387
Net Working Capital (NWC)		 0.76 58 121 167 284 282 368 387
Net Nonoperating Expense (NNE)		 0.53 0.12 1.79 7.74 15 3.80 -4.81 -11
Net Nonoperating Obligations (NNO)		 -1.01 -42 -113 -144 -257 -257 -335 -342
Total Depreciation and Amortization (D&A)		 1.31 2.31 2.67 5.05 9.65 12 19 25
Debt-free, Cash-free Net Working Capital to Revenue		 -0.27% 13.12% 7.69% 10.91% 8.92% 7.84% 9.44% 11.01%
Debt-free Net Working Capital to Revenue		 0.83% 48.78% 109.00% 79.24% 91.60% 90.04% 104.90% 94.07%
Net Working Capital to Revenue		 0.83% 48.78% 109.00% 79.24% 91.60% 90.04% 104.90% 94.07%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.14 ($0.28) ($0.13) ($0.42) ($0.02) $0.05 $0.11
Adjusted Weighted Average Basic Shares Outstanding		 0.00 28.14M 44.74M 58.66M 69.20M 75.19M 77.47M 84.54M
Adjusted Diluted Earnings per Share		 $0.00 $0.14 ($0.28) ($0.13) ($0.42) ($0.02) $0.05 $0.11
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 28.14M 44.74M 58.66M 69.20M 75.19M 79.97M 86.89M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 22M 53.80M 66.95M 74.83M 75.97M 83.84M 85.35M
Normalized Net Operating Profit after Tax (NOPAT)		 9.75 11 -11 0.04 -15 -3.91 -1.47 -1.17
Normalized NOPAT Margin		 10.62% 9.24% -9.72% 0.02% -4.74% -1.25% -0.42% -0.28%
Pre Tax Income Margin		 14.24% 13.06% -13.67% -1.16% -6.59% 1.55% 3.15% 3.81%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 18.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 18.51% -1,001.10% -6.47% -0.87% 0.00% 11.68% 23.30%

Quarterly Metrics And Ratios for Grid Dynamics

This table displays calculated financial ratios and metrics derived from Grid Dynamics' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 84,769,058.00 85,353,771.00 83,626,054.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 84,769,058.00 85,353,771.00 83,626,054.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - -0.06 -0.02 0.03
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.11% -0.33% 7.36% 12.94% 28.45% 25.81% 21.75% 19.13% 5.86% 3.67% 6.99%
EBITDA Growth		 290.75% 144.42% -2.51% 53.46% 129.14% 841.23% 90.30% -7.50% -20.88% -27.97% -17.36%
EBIT Growth		 129.03% 30.00% -37.70% 69.65% 283.31% 181.84% 169.91% -44.25% -51.29% -117.82% -38.87%
NOPAT Growth		 47.69% 7.51% -101.50% 5,476.98% 148.15% 38.07% -635.30% -105.56% -94.43% -7.25% 1,017.89%
Net Income Growth		 143.30% 50.46% -131.10% 533.43% 55.89% 173.76% 745.41% -72.51% -93.24% -150.58% -45.91%
EPS Growth		 162.50% 54.55% -133.33% 400.00% 20.00% 160.00% 700.00% -80.00% -83.33% -166.67% -50.00%
Operating Cash Flow Growth		 -37.10% -72.25% -2.09% -15.92% -6.46% 188.61% 34.68% -24.31% 40.01% -10.27% -57.57%
Free Cash Flow Firm Growth		 22.27% -55.64% 67.19% -104.58% -163.79% -70.25% -424.75% 37.12% 70.29% 77.96% 60.06%
Invested Capital Growth		 18.21% 31.38% 9.99% 41.75% 45.75% 43.82% 47.62% 17.86% 9.19% 5.65% 13.32%
Revenue Q/Q Growth		 0.84% 2.24% 4.03% 5.30% 14.69% 0.13% 0.68% 3.03% 1.91% -1.93% 3.90%
EBITDA Q/Q Growth		 -23.80% -82.35% 688.94% 44.65% 13.79% -27.52% 59.51% -29.69% -2.68% -34.01% 82.99%
EBIT Q/Q Growth		 -54.45% -300.60% 189.66% 107.10% 2.91% -57.17% 195.71% -57.23% -10.09% -115.67% 1,114.32%
NOPAT Q/Q Growth		 -7,119.29% -88.78% 99.69% 13,614.22% -39.39% -342.79% 96.30% -2.24% 160.71% -4,772.93% 131.65%
Net Income Q/Q Growth		 329.29% -236.04% 79.31% 624.11% 5.65% -35.63% 81.08% -77.68% -74.00% -581.37% 293.62%
EPS Q/Q Growth		 400.00% -200.00% 80.00% 600.00% 20.00% -50.00% 100.00% -83.33% 0.00% -300.00% 250.00%
Operating Cash Flow Q/Q Growth		 -31.05% -57.12% 229.54% -13.71% -23.28% 32.30% 53.78% -51.51% 41.92% -15.21% -27.28%
Free Cash Flow Firm Q/Q Growth		 8.97% -66.84% 66.33% -300.08% -17.37% -7.68% -3.78% 52.06% 44.55% 20.10% -88.03%
Invested Capital Q/Q Growth		 5.43% 6.12% -0.73% 27.63% 8.40% 4.72% 1.90% 1.90% 0.43% 1.32% 9.30%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 36.01% 34.66% 35.60% 37.43% 36.94% 36.84% 34.13% 33.32% 34.04% 34.81% 36.63%
EBITDA Margin		 6.50% 1.12% 8.50% 11.68% 11.59% 8.39% 13.29% 9.07% 8.66% 5.83% 10.27%
Operating Margin		 -1.36% -6.94% 0.05% 2.44% 1.26% -2.03% -0.12% -0.23% 0.48% -3.54% 1.18%
EBIT Margin		 1.93% -3.78% 3.26% 6.41% 5.75% 2.46% 7.22% 3.00% 2.65% -0.42% 4.13%
Profit (Net Income) Margin		 3.72% -4.95% -0.98% 4.90% 4.51% 2.90% 5.22% 1.13% 0.29% -1.42% 2.64%
Tax Burden Percent		 192.95% 130.86% -30.20% 76.44% 78.47% 117.94% 72.22% 37.69% 10.90% 334.77% 63.90%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 -92.95% 0.00% 130.20% 23.56% 21.53% -17.94% 27.78% 62.31% 89.10% 0.00% 36.10%
Return on Invested Capital (ROIC)		 -7.10% -12.94% -0.04% 4.26% 2.24% -5.46% -0.21% -0.19% 0.11% -5.21% 1.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 -9.03% -12.91% 0.28% 3.16% 1.05% -7.31% -2.02% -0.64% 0.04% -5.55% 0.89%
Return on Net Nonoperating Assets (RNNOA)		 6.22% 8.83% -0.19% -1.98% -0.69% 4.67% 1.30% 0.39% -0.02% 3.46% -0.54%
Return on Equity (ROE)		 -0.88% -4.11% -0.23% 2.27% 1.55% -0.79% 1.09% 0.19% 0.09% -1.75% 0.99%
Cash Return on Invested Capital (CROIC)		 -14.94% -28.73% -8.17% -35.64% -37.73% -35.37% -37.86% -16.86% -9.40% -6.23% -12.78%
Operating Return on Assets (OROA)		 1.42% -2.76% 2.37% 4.61% 3.92% 1.78% 5.34% 2.23% 1.81% -0.29% 2.88%
Return on Assets (ROA)		 2.75% -3.62% -0.72% 3.52% 3.08% 2.10% 3.86% 0.84% 0.20% -0.98% 1.84%
Return on Common Equity (ROCE)		 -0.88% -4.11% -0.23% 2.27% 1.55% -0.79% 1.09% 0.19% 0.09% -1.75% 0.99%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.59% -0.31% 0.60% 0.00% 2.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.05 -3.88 -0.01 1.63 0.99 -2.40 -0.09 -0.09 0.06 -2.58 0.82
NOPAT Margin		 -2.63% -4.86% -0.01% 1.87% 0.99% -2.39% -0.09% -0.09% 0.05% -2.48% 0.75%
Net Nonoperating Expense Percent (NNEP)		 1.93% -0.03% -0.32% 1.09% 1.19% 1.85% 1.81% 0.45% 0.07% 0.34% 0.64%
Return On Investment Capital (ROIC_SIMPLE)		 -0.54% - - - 0.19% -0.46% -0.02% -0.02% 0.01% -0.49% 0.16%
Cost of Revenue to Revenue		 63.99% 65.34% 64.40% 62.57% 63.06% 63.16% 65.87% 66.68% 65.96% 65.20% 63.37%
SG&A Expenses to Revenue		 24.20% 26.99% 21.81% 22.11% 23.09% 24.19% 20.54% 20.98% 22.26% 25.11% 22.93%
R&D to Revenue		 4.95% 5.48% 4.97% 5.08% 5.39% 6.46% 6.67% 5.53% 4.40% 5.84% 5.94%
Operating Expenses to Revenue		 37.38% 41.60% 35.55% 34.99% 35.69% 38.87% 34.25% 33.56% 33.57% 38.34% 35.45%
Earnings before Interest and Taxes (EBIT)		 1.50 -3.02 2.71 5.60 5.77 2.47 7.30 3.12 2.81 -0.44 4.46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 5.07 0.90 7.06 10 12 8.42 13 9.45 9.20 6.07 11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.63 2.44 2.07 2.68 3.30 2.54 1.83 1.21 1.41 0.92 0.91
Price to Tangible Book Value (P/TBV)		 3.33 3.08 2.59 3.78 4.42 3.39 2.43 1.59 1.84 1.20 1.25
Price to Revenue (P/Rev)		 3.22 2.99 2.53 3.27 4.87 3.54 2.51 1.61 1.86 1.17 1.12
Price to Earnings (P/E)		 2,822.45 251.95 0.00 344.79 0.00 151.81 52.79 42.41 79.18 92.09 165.97
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.04% 0.40% 0.00% 0.29% 0.00% 0.66% 1.89% 2.36% 1.26% 1.09% 0.60%
Enterprise Value to Invested Capital (EV/IC)		 5.97 5.13 4.14 4.98 7.50 5.14 3.27 1.58 2.12 0.78 0.80
Enterprise Value to Revenue (EV/Rev)		 2.40 2.19 1.72 2.56 3.92 2.66 1.64 0.77 1.03 0.38 0.42
Enterprise Value to EBITDA (EV/EBITDA)		 44.26 34.44 27.85 36.23 46.11 26.43 14.64 7.32 10.45 4.17 4.93
Enterprise Value to EBIT (EV/EBIT)		 155.10 111.61 121.98 123.94 124.25 59.64 30.27 16.84 26.97 12.43 17.74
Enterprise Value to NOPAT (EV/NOPAT)		 368.61 0.00 323.08 0.00 0.00 1,069.24 643.40 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.26 20.95 16.90 27.44 45.49 27.17 15.99 8.32 10.43 4.01 5.63
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.69 -0.68 -0.67 -0.63 -0.66 -0.64 -0.64 -0.61 -0.64 -0.62 -0.60
Leverage Ratio		 1.13 1.15 1.16 1.18 1.14 1.14 1.14 1.16 1.14 1.14 1.15
Compound Leverage Factor		 1.13 1.15 1.16 1.18 1.14 1.14 1.14 1.16 1.14 1.14 1.15
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 13.03 12.08 10.19 9.72 15.12 12.06 9.05 6.61 7.93 5.32 4.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 7.67 7.48 7.14 5.96 7.62 7.25 7.37 7.63 8.43 7.88 7.22
Quick Ratio		 7.36 7.15 6.74 5.56 7.27 7.00 7.06 7.29 8.09 7.56 6.93
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -21 -36 -12 -48 -57 -61 -63 -30 -17 -13 -25
Operating Cash Flow to CapEx		 331.84% 101.35% 402.75% 281.06% 267.73% 280.05% 344.68% 173.20% 260.63% 211.89% 170.54%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.74 0.73 0.73 0.72 0.68 0.72 0.74 0.74 0.68 0.69 0.70
Accounts Receivable Turnover		 5.82 5.38 5.65 5.28 5.70 5.29 5.83 5.31 5.53 4.91 4.88
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 31.97 29.23 27.54 26.91 27.63 27.06 26.52 26.09 26.00 25.42 24.79
Accounts Payable Turnover		 53.14 65.27 50.65 56.54 58.14 61.76 54.58 56.55 69.39 60.87 48.18
Days Sales Outstanding (DSO)		 62.70 67.80 64.56 69.14 63.99 69.02 62.58 68.76 65.97 74.27 74.84
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 6.87 5.59 7.21 6.46 6.28 5.91 6.69 6.45 5.26 6.00 7.58
Cash Conversion Cycle (CCC)		 55.83 62.21 57.36 62.68 57.72 63.11 55.89 62.31 60.71 68.28 67.26
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 126 133 132 169 183 192 195 199 200 203 221
Invested Capital Turnover		 2.70 2.66 2.52 2.28 2.27 2.28 2.37 2.21 2.15 2.11 2.03
Increase / (Decrease) in Invested Capital		 19 32 12 50 57 58 63 30 17 11 26
Enterprise Value (EV)		 750 684 548 842 1,374 987 640 314 423 159 177
Market Capitalization		 1,008 934 804 1,073 1,708 1,312 977 653 765 487 475
Book Value per Share		 $5.07 $5.04 $5.08 $5.22 $6.74 $6.17 $6.29 $6.35 $6.39 $6.21 $6.32
Tangible Book Value per Share		 $4.00 $3.99 $4.05 $3.70 $5.03 $4.61 $4.75 $4.84 $4.91 $4.76 $4.61
Total Capital		 383 383 388 400 518 517 532 538 542 530 520
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -257 -249 -256 -231 -335 -326 -337 -339 -342 -327 -298
Capital Expenditures (CapEx)		 2.28 3.20 2.65 3.28 2.64 3.34 4.17 4.03 3.80 3.96 3.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 25 30 28 38 33 38 38 44 45 50 55
Debt-free Net Working Capital (DFNWC)		 282 279 284 269 368 363 374 383 387 377 353
Net Working Capital (NWC)		 282 279 284 269 368 363 374 383 387 377 353
Net Nonoperating Expense (NNE)		 -4.96 0.07 0.80 -2.65 -3.53 -5.31 -5.36 -1.27 -0.25 -1.10 -2.04
Net Nonoperating Obligations (NNO)		 -257 -249 -256 -231 -335 -326 -337 -339 -342 -327 -298
Total Depreciation and Amortization (D&A)		 3.57 3.91 4.36 4.61 5.86 5.96 6.14 6.33 6.39 6.51 6.64
Debt-free, Cash-free Net Working Capital to Revenue		 7.84% 9.58% 8.83% 11.42% 9.44% 10.22% 9.65% 10.92% 11.01% 12.01% 13.02%
Debt-free Net Working Capital to Revenue		 90.04% 89.36% 89.26% 81.85% 104.90% 97.93% 96.16% 94.32% 94.07% 90.82% 83.64%
Net Working Capital to Revenue		 90.04% 89.36% 89.26% 81.85% 104.90% 97.93% 96.16% 94.32% 94.07% 90.82% 83.64%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.05 ($0.05) ($0.01) $0.06 $0.05 $0.03 $0.06 $0.01 $0.01 ($0.02) $0.03
Adjusted Weighted Average Basic Shares Outstanding		 75.19M 76.15M 76.60M 76.70M 77.47M 84.12M 84.58M 84.70M 84.54M 84.68M 82.28M
Adjusted Diluted Earnings per Share		 $0.05 ($0.05) ($0.01) $0.05 $0.06 $0.03 $0.06 $0.01 $0.01 ($0.02) $0.03
Adjusted Weighted Average Diluted Shares Outstanding		 75.19M 76.15M 76.60M 78.84M 79.97M 87.79M 86.45M 85.84M 86.89M 84.68M 83.02M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 75.97M 76.52M 76.67M 76.81M 83.84M 84.55M 84.67M 84.77M 85.35M 83.63M 81.13M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.75 -3.88 0.03 1.63 0.99 -1.43 -0.09 -0.17 0.35 -2.58 0.82
Normalized NOPAT Margin		 -0.95% -4.86% 0.03% 1.87% 0.99% -1.42% -0.09% -0.16% 0.33% -2.48% 0.75%
Pre Tax Income Margin		 1.93% -3.78% 3.26% 6.41% 5.75% 2.46% 7.22% 3.00% 2.65% -0.42% 4.13%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 11.68% 0.00% 0.00% 0.00% 23.30% 259.64% 1,083.40%

Financials Breakdown Chart

Key Financial Trends

Grid Dynamics (NASDAQ: GDYN) showed a mixed but generally improving financial profile in the latest quarter, with revenue still growing modestly year over year while profitability remained under pressure from costs and taxes. The company also continues to produce healthy operating cash flow and maintains a strong cash position, which gives it flexibility despite the uneven earnings picture.

  • Q1 2026 revenue rose to $104.1 million, up slightly from $100.4 million in Q1 2025, showing continued top-line growth.
  • Operating cash flow was strong at $8.4 million in Q1 2026, indicating the business still converts earnings into cash.
  • Grid Dynamics ended Q1 2026 with $327.5 million in cash and equivalents, a sizable liquidity cushion.
  • Gross profit improved to $36.2 million in Q1 2026 from $27.7 million in Q1 2024, suggesting better scale and/or service mix over the last two years.
  • The company has kept long-term debt off the balance sheet in the data provided, which reduces financial risk.
  • Revenue has been relatively steady over the past several quarters, generally staying around the $100 million level.
  • The balance sheet remains asset-heavy, with $605.0 million in total assets and $530.1 million in equity at the end of Q1 2026.
  • Capital spending continues, with $4.0 million spent on property, plant and equipment in Q1 2026.
  • The company has been using cash for share repurchases and other financing activities, which can support EPS but also reduces cash availability over time.
  • Q1 2026 ended with a net loss of $1.5 million, compared with a profit of $2.9 million in Q1 2025.
  • Operating income was negative ($3.7 million) in Q1 2026, showing that core operations are still not fully profitable.
  • Operating expenses remained high at $39.9 million in Q1 2026, consuming most of gross profit.
  • Cash and equivalents fell by $14.6 million in Q1 2026, pressured by investing and financing outflows.
  • Q1 2026 balance sheet included $87.4 million in accounts receivable, which is a meaningful working-capital item investors may want to watch.

Bottom line: Grid Dynamics looks financially stable thanks to strong cash reserves and solid operating cash flow, but profitability remains inconsistent. The key question for investors is whether the company can keep revenue growing while narrowing operating losses and controlling expenses.

08/10/26 11:33 AM ETAI Generated. May Contain Errors.

Grid Dynamics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Grid Dynamics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Grid Dynamics' net income appears to be on an upward trend, with a most recent value of $9.67 million in 2025, rising from $9.23 million in 2018. The previous period was $4.04 million in 2024. Find out what analysts predict for Grid Dynamics in the coming months.

Grid Dynamics' total operating income in 2025 was -$1.90 million, based on the following breakdown:
  • Total Gross Profit: $142.35 million
  • Total Operating Expenses: $144.24 million

Over the last 7 years, Grid Dynamics' total revenue changed from $91.87 million in 2018 to $411.83 million in 2025, a change of 348.3%.

Grid Dynamics' total liabilities were at $70.82 million at the end of 2025, a 4.8% decrease from 2024, and a 769.4% increase since 2018.

In the past 7 years, Grid Dynamics' cash and equivalents has ranged from $1.01 million in 2018 to $342.06 million in 2025, and is currently $342.06 million as of their latest financial filing in 2025.

Over the last 7 years, Grid Dynamics' book value per share changed from 0.18 in 2018 to 6.39 in 2025, a change of 3,498.6%.


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Financial statements for NASDAQ:GDYN last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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