Grid Dynamics (GDYN) Financials

$6.48 -0.20 (-2.99%)

Closing price 04:00 PM Eastern

Extended Trading

$6.64 +0.15 (+2.39%)

As of 07:36 PM Eastern

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
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	9.23	11	-13	-7.82	-30	0.36	-0.15
Consolidated Net Income / (Loss)	9.23	11	-13	-7.70	-29	-1.77	4.04
Net Income / (Loss) Continuing Operations	9.23	11	-13	-7.70	-29	-1.77	4.04
Total Pre-Tax Income	13	15	-15	-2.45	-20	4.84	11
Total Operating Income	14	16	-15	0.05	-21	-5.58	-2.11
Total Gross Profit	39	48	42	88	121	113	127
Total Revenue	92	118	111	211	310	313	351
Operating Revenue	92	118	111	211	310	313	351
Total Cost of Revenue	53	70	70	124	190	200	224
Operating Cost of Revenue	53	70	70	124	190	200	224
Total Operating Expenses	25	33	57	88	142	119	129
Selling, General & Admin Expense	18	21	38	65	106	80	82
Marketing Expense	5.20	6.95	10	14	20	24	29
Research & Development Expense	2.64	4.35	9.31	8.46	16	15	18
Total Other Income / (Expense), net	-0.75	-0.18	0.24	-2.50	0.56	10	13
Other Income / (Expense), net	-0.75	-0.18	0.24	-2.50	0.56	10	13
Income Tax Expense	3.86	4.64	-2.61	5.25	8.76	6.60	7.01
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	-	0.00	0.00	0.12	0.72	-2.12	4.19
Basic Earnings per Share	$0.46	$0.49	($0.28)	($0.13)	($0.42)	($0.02)	$0.05
Weighted Average Basic Shares Outstanding	20.22M	21.12M	44.74M	58.66M	69.20M	75.19M	77.47M
Diluted Earnings per Share	$0.46	$0.49	($0.28)	($0.13)	($0.42)	($0.02)	$0.05
Weighted Average Diluted Shares Outstanding	20.22M	21.12M	44.74M	58.66M	69.20M	75.19M	79.97M
Weighted Average Basic & Diluted Shares Outstanding	-	22M	53.80M	66.95M	74.83M	75.97M	83.84M

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-7.48	4.03	0.12	3.69	-4.13	-0.94	4.28	0.43	4.66	8.91	1.18
Consolidated Net Income / (Loss)	-7.97	2.63	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18
Net Income / (Loss) Continuing Operations	-7.97	2.63	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18
Total Pre-Tax Income	-4.31	4.34	3.30	1.50	-3.02	2.71	5.60	5.77	2.47	7.30	3.12
Total Operating Income	-5.99	1.33	0.14	-1.07	-5.54	0.04	2.14	1.26	-2.04	-0.12	-0.24
Total Gross Profit	29	28	28	28	28	30	33	37	37	35	35
Total Revenue	80	77	77	78	80	83	87	100	100	101	104
Operating Revenue	80	77	77	78	80	83	87	100	100	101	104
Total Cost of Revenue	52	49	49	50	52	53	55	63	63	67	69
Operating Cost of Revenue	52	49	49	50	52	53	55	63	63	67	69
Total Operating Expenses	35	27	28	29	33	30	31	36	39	35	35
Selling, General & Admin Expense	25	18	18	19	22	18	19	23	24	21	22
Marketing Expense	5.63	5.96	6.13	6.42	7.29	7.29	6.82	7.23	8.26	7.12	7.34
Research & Development Expense	4.20	3.27	3.40	3.86	4.37	4.13	4.45	5.40	6.49	6.74	5.76
Total Other Income / (Expense), net	1.68	3.01	3.16	2.57	2.53	2.67	3.47	4.50	4.51	7.42	3.36
Other Income / (Expense), net	1.68	3.01	3.16	2.57	2.53	2.67	3.47	4.50	4.51	7.42	3.36
Income Tax Expense	3.66	1.72	2.63	-1.40	0.93	3.52	1.32	1.24	-0.44	2.03	1.95
Basic Earnings per Share	($0.11)	$0.03	$0.01	$0.05	($0.05)	($0.01)	$0.06	$0.05	$0.03	$0.06	$0.01
Weighted Average Basic Shares Outstanding	74.46M	75.15M	75.46M	75.19M	76.15M	76.60M	76.70M	77.47M	84.12M	84.58M	84.70M
Diluted Earnings per Share	($0.11)	$0.03	$0.01	$0.05	($0.05)	($0.01)	$0.05	$0.06	$0.03	$0.06	$0.01
Weighted Average Diluted Shares Outstanding	74.46M	76.85M	77.34M	75.19M	76.15M	76.60M	78.84M	79.97M	87.79M	86.45M	85.84M
Weighted Average Basic & Diluted Shares Outstanding	74.90M	75.34M	75.59M	75.97M	76.52M	76.67M	76.81M	83.84M	84.55M	84.67M	84.77M

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
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	7.51	24	71	32	112	0.50	78
Net Cash From Operating Activities	11	13	5.93	18	32	41	30
Net Cash From Continuing Operating Activities	11	13	5.93	18	32	41	34
Net Income / (Loss) Continuing Operations	9.23	11	-13	-7.70	-29	-1.77	4.04
Consolidated Net Income / (Loss)	9.23	11	-13	-7.70	-29	-1.77	4.04
Depreciation Expense	1.31	2.31	2.67	5.05	6.63	8.93	14
Amortization Expense	-	-	0.00	0.00	3.02	3.19	4.51
Non-Cash Adjustments To Reconcile Net Income	1.76	1.86	24	33	61	33	33
Changes in Operating Assets and Liabilities, net	-1.71	-2.44	-7.78	-13	-9.95	-1.83	-22
Net Cash From Investing Activities	-3.08	-2.81	-18	-35	-16	-26	-51
Net Cash From Continuing Investing Activities	-3.08	-2.81	-18	-35	-16	-26	-55
Purchase of Property, Plant & Equipment	-3.08	-2.81	-2.25	-4.72	-6.07	-7.87	-12
Acquisitions	0.00	0.00	-16	-31	-9.25	-18	-43
Purchase of Investments	-	-	0.00	0.00	-1.00	-0.25	0.00
Other Investing Activities, net	-	-	-	-	0.00	0.00	-0.04
Net Cash From Financing Activities	0.00	15	83	49	98	-16	101
Net Cash From Continuing Financing Activities	0.00	15	83	49	98	-16	101
Repayment of Debt	-	-	0.00	0.00	-5.27	0.00	0.00
Repurchase of Common Equity	0.00	0.00	-126	-0.50	-0.25	0.00	-0.47
Issuance of Debt	0.00	0.00	209	0.00	5.00	0.00	0.00
Issuance of Common Equity	-	0.00	0.00	78	110	0.00	108
Other Financing Activities, net	0.00	17	0.10	-29	-11	-16	-6.44
Effect of Exchange Rate Changes	0.00	0.00	-0.00	-0.12	-0.72	1.68	-2.13
Cash Income Taxes Paid	1.48	3.20	2.13	2.45	7.47	12	11

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	1.64	-12	7.54	3.51	-7.79	6.61	-25	104	-9.17	11	1.67
Net Cash From Operating Activities	12	11	11	7.56	3.24	11	9.21	7.07	9.35	14	6.97
Net Cash From Continuing Operating Activities	12	11	11	7.56	3.24	11	9.21	11	9.35	14	6.97
Net Income / (Loss) Continuing Operations	-7.97	2.63	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18
Consolidated Net Income / (Loss)	-7.97	2.63	0.68	2.90	-3.95	-0.82	4.28	4.52	2.91	5.27	1.18
Depreciation Expense	1.65	2.13	2.48	2.67	2.91	3.24	3.42	4.65	4.72	4.90	5.01
Amortization Expense	0.65	0.77	0.88	0.90	1.00	1.12	1.19	1.21	1.24	1.24	1.32
Non-Cash Adjustments To Reconcile Net Income	12	6.36	8.20	5.63	11	8.49	7.41	8.27	11	6.73	6.80
Changes in Operating Assets and Liabilities, net	4.97	-0.99	-1.27	-4.54	-7.86	-1.36	-7.09	-7.55	-11	-3.76	-7.33
Net Cash From Investing Activities	-1.59	-20	-1.84	-2.53	-3.94	-2.91	-34	-9.99	-3.34	-3.97	-4.03
Net Cash From Continuing Investing Activities	-1.59	-20	-1.84	-2.53	-3.94	-2.91	-34	-14	-3.34	-3.97	-4.03
Purchase of Property, Plant & Equipment	-1.59	-2.16	-1.84	-2.28	-3.20	-2.65	-3.28	-2.64	-3.34	-4.17	-4.03
Other Investing Activities, net	0.00	-	-	-	-0.74	-0.26	0.95	-	0.00	0.20	-0.20
Net Cash From Financing Activities	-8.94	-4.51	-1.02	-1.85	-7.00	-0.91	0.14	109	-16	-1.02	-0.63
Net Cash From Continuing Financing Activities	-8.94	-4.51	-1.02	-1.85	-7.00	-0.91	0.14	109	-16	-1.02	-0.63
Other Financing Activities, net	-8.94	-4.51	-1.02	-1.85	-7.00	-0.91	0.14	1.33	-16	-0.77	-0.63
Effect of Exchange Rate Changes	0.50	1.40	-0.56	0.34	-0.10	-0.25	0.34	-2.12	0.66	1.51	-0.65
Cash Income Taxes Paid	2.93	5.22	1.79	2.43	2.50	3.74	2.75	1.97	2.80	3.75	3.30

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

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	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	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
Total Assets	278	390	420	431	436	435	444	477	591	609	613
Total Current Assets	208	319	330	321	326	323	330	323	422	433	441
Cash & Equivalents	150	255	258	246	254	249	256	231	326	337	339
Accounts Receivable	49	54	57	57	54	59	56	70	82	78	83
Prepaid Expenses	7.81	7.57	8.32	9.19	8.27	8.77	10	11	14	19	19
Plant, Property, & Equipment, net	7.34	7.50	8.84	10	10	13	13	14	15	16	17
Total Noncurrent Assets	63	63	81	100	99	100	100	140	154	160	155
Goodwill	36	36	46	55	55	54	54	74	84	85	85
Intangible Assets	18	17	20	29	28	26	25	42	47	46	43
Noncurrent Deferred & Refundable Income Taxes	3.15	3.33	5.82	3.73	4.88	7.22	7.49	7.52	9.09	9.41	9.13
Other Noncurrent Operating Assets	6.11	6.75	9.64	13	12	14	14	16	15	19	18
Total Liabilities & Shareholders' Equity	278	390	420	431	436	435	444	477	591	609	613
Total Liabilities	45	39	60	65	63	52	55	77	74	77	75
Total Current Liabilities	39	32	50	53	52	43	46	54	58	59	58
Accounts Payable	3.39	4.48	3.21	5.30	3.72	2.94	2.79	3.72	4.67	6.30	5.57
Accrued Expenses	1.93	1.78	11	8.97	7.25	5.89	5.84	9.16	21	19	18
Current Employee Benefit Liabilities	19	14	19	21	21	20	21	23	27	28	29
Other Current Liabilities	9.68	4.05	3.18	4.15	4.21	4.49	4.44	5.18	5.31	5.80	5.29
Total Noncurrent Liabilities	6.68	7.67	9.34	11	10	9.33	8.91	23	15	18	18
Noncurrent Deferred & Payable Income Tax Liabilities	4.02	3.90	3.65	3.52	3.42	3.16	3.17	7.62	9.06	8.49	9.30
Other Noncurrent Operating Liabilities	2.67	3.78	5.69	7.68	6.93	6.17	5.74	15	6.27	9.48	8.36
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	233	351	360	367	373	383	388	400	517	532	538
Total Preferred & Common Equity	233	351	360	367	373	383	388	400	517	532	538
Total Common Equity	233	351	360	367	373	383	388	400	517	532	538
Common Stock	235	360	382	385	391	402	408	415	527	533	539
Retained Earnings	-0.76	-7.42	-22	-19	-19	-20	-21	-16	-8.93	-3.66	-2.48
Accumulated Other Comprehensive Income / (Loss)	-1.19	-2.06	-0.35	1.05	0.49	1.10	0.97	1.18	-1.16	2.48	1.08

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

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

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.14%	0.01%	-4.61%	-3.11%	-0.33%	7.36%	12.94%	28.45%	25.81%	21.75%	19.13%
EBITDA Growth	-216.61%	180.76%	834.66%	290.75%	144.42%	-2.51%	53.46%	129.14%	841.23%	90.30%	-7.50%
EBIT Growth	-767.20%	137.84%	200.06%	129.03%	30.00%	-37.70%	69.65%	283.31%	181.84%	169.91%	-44.25%
NOPAT Growth	-3,051.72%	110.63%	100.88%	47.69%	7.51%	-101.50%	5,476.98%	148.15%	38.07%	-635.30%	-105.56%
Net Income Growth	-198.84%	119.92%	110.15%	143.30%	50.46%	-131.10%	533.43%	55.89%	173.76%	745.41%	-72.51%
EPS Growth	-175.00%	115.00%	110.00%	162.50%	54.55%	-133.33%	400.00%	20.00%	160.00%	700.00%	-80.00%
Operating Cash Flow Growth	22.66%	87.86%	153.83%	-37.10%	-72.25%	-2.09%	-15.92%	-6.46%	188.61%	34.68%	-24.31%
Free Cash Flow Firm Growth	45.61%	-137.15%	-3.64%	22.27%	-55.64%	67.19%	-104.58%	-163.79%	-70.25%	-424.75%	37.12%
Invested Capital Growth	22.68%	45.21%	24.63%	18.21%	31.38%	9.99%	41.75%	45.75%	43.82%	47.62%	17.86%
Revenue Q/Q Growth	-0.62%	-3.42%	0.10%	0.84%	2.24%	4.03%	5.30%	14.69%	0.13%	0.68%	3.03%
EBITDA Q/Q Growth	24.22%	459.45%	-8.10%	-23.80%	-82.35%	688.94%	44.65%	13.79%	-27.52%	59.51%	-29.69%
EBIT Q/Q Growth	16.81%	200.74%	-23.95%	-54.45%	-300.60%	189.66%	107.10%	2.91%	-57.17%	195.71%	-57.23%
NOPAT Q/Q Growth	-6.77%	119.24%	-96.37%	-7,119.29%	-88.78%	99.69%	13,614.22%	-39.39%	-342.79%	96.30%	-2.24%
Net Income Q/Q Growth	-18.92%	132.96%	-74.27%	329.29%	-236.04%	79.31%	624.11%	5.65%	-35.63%	81.08%	-77.68%
EPS Q/Q Growth	-37.50%	127.27%	-66.67%	400.00%	-200.00%	80.00%	600.00%	20.00%	-50.00%	100.00%	-83.33%
Operating Cash Flow Q/Q Growth	-2.82%	-6.59%	0.49%	-31.05%	-57.12%	229.54%	-13.71%	-23.28%	32.30%	53.78%	-51.51%
Free Cash Flow Firm Q/Q Growth	16.67%	-59.71%	35.83%	8.97%	-66.84%	66.33%	-300.08%	-17.37%	-7.68%	-3.78%	52.06%
Invested Capital Q/Q Growth	-4.51%	18.59%	-0.98%	5.43%	6.12%	-0.73%	27.63%	8.40%	4.72%	1.90%	1.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.68%	36.60%	36.36%	36.01%	34.66%	35.60%	37.43%	36.94%	36.84%	34.13%	33.32%
EBITDA Margin	-2.52%	9.36%	8.60%	6.50%	1.12%	8.50%	11.68%	11.59%	8.39%	13.29%	9.07%
Operating Margin	-7.48%	1.72%	0.18%	-1.36%	-6.94%	0.05%	2.44%	1.26%	-2.03%	-0.12%	-0.23%
EBIT Margin	-5.38%	5.61%	4.27%	1.93%	-3.78%	3.26%	6.41%	5.75%	2.46%	7.22%	3.00%
Profit (Net Income) Margin	-9.95%	3.40%	0.87%	3.72%	-4.95%	-0.98%	4.90%	4.51%	2.90%	5.22%	1.13%
Tax Burden Percent	184.92%	60.50%	20.47%	192.95%	130.86%	-30.20%	76.44%	78.47%	117.94%	72.22%	37.69%
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	0.00%	39.50%	79.53%	-92.95%	0.00%	130.20%	23.56%	21.53%	-17.94%	27.78%	62.31%
Return on Invested Capital (ROIC)	-18.14%	3.28%	0.11%	-7.10%	-12.94%	-0.04%	4.26%	2.24%	-5.46%	-0.21%	-0.19%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.29%	2.36%	-0.14%	-9.03%	-12.91%	0.28%	3.16%	1.05%	-7.31%	-2.02%	-0.64%
Return on Net Nonoperating Assets (RNNOA)	11.21%	-1.56%	0.10%	6.22%	8.83%	-0.19%	-1.98%	-0.69%	4.67%	1.30%	0.39%
Return on Equity (ROE)	-6.93%	1.72%	0.21%	-0.88%	-4.11%	-0.23%	2.27%	1.55%	-0.79%	1.09%	0.19%
Cash Return on Invested Capital (CROIC)	-41.04%	-47.22%	-28.53%	-14.94%	-28.73%	-8.17%	-35.64%	-37.73%	-35.37%	-37.86%	-16.86%
Operating Return on Assets (OROA)	-4.94%	5.05%	3.26%	1.42%	-2.76%	2.37%	4.61%	3.92%	1.78%	5.34%	2.23%
Return on Assets (ROA)	-9.14%	3.06%	0.67%	2.75%	-3.62%	-0.72%	3.52%	3.08%	2.10%	3.86%	0.84%
Return on Common Equity (ROCE)	-6.93%	1.72%	0.21%	-0.88%	-4.11%	-0.23%	2.27%	1.55%	-0.79%	1.09%	0.19%
Return on Equity Simple (ROE_SIMPLE)	-9.59%	-5.10%	-3.05%	0.00%	0.59%	-0.31%	0.60%	0.00%	2.11%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-4.19	0.81	0.03	-2.05	-3.88	-0.01	1.63	0.99	-2.40	-0.09	-0.09
NOPAT Margin	-5.24%	1.04%	0.04%	-2.63%	-4.86%	-0.01%	1.87%	0.99%	-2.39%	-0.09%	-0.09%
Net Nonoperating Expense Percent (NNEP)	-1.86%	0.92%	0.25%	1.93%	-0.03%	-0.32%	1.09%	1.19%	1.85%	1.81%	0.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-0.54%	-	-	-	0.19%	-0.46%	-0.02%	-0.02%
Cost of Revenue to Revenue	64.32%	63.40%	63.64%	63.99%	65.34%	64.40%	62.57%	63.06%	63.16%	65.87%	66.68%
SG&A Expenses to Revenue	30.88%	22.93%	23.86%	24.20%	26.99%	21.81%	22.11%	23.09%	24.19%	20.54%	20.98%
R&D to Revenue	5.25%	4.23%	4.39%	4.95%	5.48%	4.97%	5.08%	5.39%	6.46%	6.67%	5.53%
Operating Expenses to Revenue	43.17%	34.87%	36.18%	37.38%	41.60%	35.55%	34.99%	35.69%	38.87%	34.25%	33.56%
Earnings before Interest and Taxes (EBIT)	-4.31	4.34	3.30	1.50	-3.02	2.71	5.60	5.77	2.47	7.30	3.12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.02	7.24	6.66	5.07	0.90	7.06	10	12	8.42	13	9.45
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.38	1.89	2.46	2.63	2.44	2.07	2.68	3.30	2.54	1.83	1.21
Price to Tangible Book Value (P/TBV)	2.91	2.45	3.16	3.33	3.08	2.59	3.78	4.42	3.39	2.43	1.59
Price to Revenue (P/Rev)	2.69	2.17	2.91	3.22	2.99	2.53	3.27	4.87	3.54	2.51	1.61
Price to Earnings (P/E)	0.00	0.00	0.00	2,822.45	251.95	0.00	344.79	0.00	151.81	52.79	42.41
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	0.00%	0.00%	0.00%	0.04%	0.40%	0.00%	0.29%	0.00%	0.66%	1.89%	2.36%
Enterprise Value to Invested Capital (EV/IC)	5.90	3.71	5.57	5.97	5.13	4.14	4.98	7.50	5.14	3.27	1.58
Enterprise Value to Revenue (EV/Rev)	1.88	1.40	2.10	2.40	2.19	1.72	2.56	3.92	2.66	1.64	0.77
Enterprise Value to EBITDA (EV/EBITDA)	0.00	268.56	71.97	44.26	34.44	27.85	36.23	46.11	26.43	14.64	7.32
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	155.10	111.61	121.98	123.94	124.25	59.64	30.27	16.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	368.61	0.00	323.08	0.00	0.00	1,069.24	643.40	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.72	11.48	14.57	18.26	20.95	16.90	27.44	45.49	27.17	15.99	8.32
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	-0.66	-0.70	-0.69	-0.68	-0.67	-0.63	-0.66	-0.64	-0.64	-0.61
Leverage Ratio	1.18	1.18	1.14	1.13	1.15	1.16	1.18	1.14	1.14	1.14	1.16
Compound Leverage Factor	1.18	1.18	1.14	1.13	1.15	1.16	1.18	1.14	1.14	1.14	1.16
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	10.07	7.88	10.21	13.03	12.08	10.19	9.72	15.12	12.06	9.05	6.61
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	6.55	6.01	6.21	7.67	7.48	7.14	5.96	7.62	7.25	7.37	7.63
Quick Ratio	6.27	5.67	5.87	7.36	7.15	6.74	5.56	7.27	7.00	7.06	7.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-23	-37	-24	-21	-36	-12	-48	-57	-61	-63	-30
Operating Cash Flow to CapEx	734.68%	503.93%	595.54%	331.84%	101.35%	402.75%	281.06%	267.73%	280.05%	344.68%	173.20%
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	0.92	0.90	0.76	0.74	0.73	0.73	0.72	0.68	0.72	0.74	0.74
Accounts Receivable Turnover	6.13	6.04	5.80	5.82	5.38	5.65	5.28	5.70	5.29	5.83	5.31
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	40.67	36.75	35.15	31.97	29.23	27.54	26.91	27.63	27.06	26.52	26.09
Accounts Payable Turnover	72.63	45.38	48.32	53.14	65.27	50.65	56.54	58.14	61.76	54.58	56.55
Days Sales Outstanding (DSO)	59.57	60.41	62.96	62.70	67.80	64.56	69.14	63.99	69.02	62.58	68.76
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)	5.03	8.04	7.55	6.87	5.59	7.21	6.46	6.28	5.91	6.69	6.45
Cash Conversion Cycle (CCC)	54.54	52.37	55.40	55.83	62.21	57.36	62.68	57.72	63.11	55.89	62.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	102	120	119	126	133	132	169	183	192	195	199
Invested Capital Turnover	3.46	3.14	2.94	2.70	2.66	2.52	2.28	2.27	2.28	2.37	2.21
Increase / (Decrease) in Invested Capital	19	37	24	19	32	12	50	57	58	63	30
Enterprise Value (EV)	599	447	664	750	684	548	842	1,374	987	640	314
Market Capitalization	858	693	918	1,008	934	804	1,073	1,708	1,312	977	653
Book Value per Share	$4.81	$4.89	$4.95	$5.07	$5.04	$5.08	$5.22	$6.74	$6.17	$6.29	$6.35
Tangible Book Value per Share	$3.94	$3.78	$3.86	$4.00	$3.99	$4.05	$3.70	$5.03	$4.61	$4.75	$4.84
Total Capital	360	367	373	383	383	388	400	518	517	532	538
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	-258	-246	-254	-257	-249	-256	-231	-335	-326	-337	-339
Capital Expenditures (CapEx)	1.59	2.16	1.84	2.28	3.20	2.65	3.28	2.64	3.34	4.17	4.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)	21	22	20	25	30	28	38	33	38	38	44
Debt-free Net Working Capital (DFNWC)	280	268	274	282	279	284	269	368	363	374	383
Net Working Capital (NWC)	280	268	274	282	279	284	269	368	363	374	383
Net Nonoperating Expense (NNE)	3.78	-1.82	-0.65	-4.96	0.07	0.80	-2.65	-3.53	-5.31	-5.36	-1.27
Net Nonoperating Obligations (NNO)	-258	-246	-254	-257	-249	-256	-231	-335	-326	-337	-339
Total Depreciation and Amortization (D&A)	2.30	2.90	3.35	3.57	3.91	4.36	4.61	5.86	5.96	6.14	6.33
Debt-free, Cash-free Net Working Capital to Revenue	6.69%	6.84%	6.30%	7.84%	9.58%	8.83%	11.42%	9.44%	10.22%	9.65%	10.92%
Debt-free Net Working Capital to Revenue	87.65%	83.97%	86.74%	90.04%	89.36%	89.26%	81.85%	104.90%	97.93%	96.16%	94.32%
Net Working Capital to Revenue	87.65%	83.97%	86.74%	90.04%	89.36%	89.26%	81.85%	104.90%	97.93%	96.16%	94.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	$0.03	$0.01	$0.05	($0.05)	($0.01)	$0.06	$0.05	$0.03	$0.06	$0.01
Adjusted Weighted Average Basic Shares Outstanding	74.46M	75.15M	75.46M	75.19M	76.15M	76.60M	76.70M	77.47M	84.12M	84.58M	84.70M
Adjusted Diluted Earnings per Share	($0.11)	$0.03	$0.01	$0.05	($0.05)	($0.01)	$0.05	$0.06	$0.03	$0.06	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	74.46M	76.85M	77.34M	75.19M	76.15M	76.60M	78.84M	79.97M	87.79M	86.45M	85.84M
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	74.90M	75.34M	75.59M	75.97M	76.52M	76.67M	76.81M	83.84M	84.55M	84.67M	84.77M
Normalized Net Operating Profit after Tax (NOPAT)	-4.19	0.81	0.10	-0.75	-3.88	0.03	1.63	0.99	-1.43	-0.09	-0.17
Normalized NOPAT Margin	-5.24%	1.04%	0.13%	-0.95%	-4.86%	0.03%	1.87%	0.99%	-1.42%	-0.09%	-0.16%
Pre Tax Income Margin	-5.38%	5.61%	4.27%	1.93%	-3.78%	3.26%	6.41%	5.75%	2.46%	7.22%	3.00%
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%	0.00%	0.00%	0.00%	11.68%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Grid Dynamics (GDYN) has shown meaningful top‑line growth and solid liquidity over the last four years, with positive operating cash flow and a strong balance sheet. Profitability has been more volatile, but cash generation in recent quarters has remained healthy. Here are the key takeaways for retail investors.

Revenue growth: Total revenue rose from about $79.8 million in Q1 2024 to about $104.2 million in Q3 2025, roughly a 30% year‑over‑year gain and a sign of increasing demand for GDYN’s services.
Consistent positive cash flow from operations: Net cash from continuing operating activities has been positive across recent quarters (examples include about $14.38 million in Q2 2025 and about $11.10 million in Q4 2024).
Strong liquidity: Cash and equivalents stood at about $338.6 million at Q3 2025, providing ample liquidity for ongoing operations and potential investments.
Free cash flow generation: Free cash flow has been positive in several quarters (e.g., roughly $10.2 million in Q2 2025 and about $2.95 million in Q3 2025 after capex).
Healthy gross margins: Gross margins have generally trended in the 33–37% range across recent quarters (example: Q4 2024 margin around 37%; Q3 2025 around 33%).
Solid balance sheet cushion: In Q3 2025, Total Liabilities were about $75.4 million versus Total Equity around $537.7 million, signaling a strong equity base and relatively modest leverage.
Earnings quality is mixed: Net income is positive in several quarters but operating income has been negative in multiple periods, indicating earnings volatility and potential profitability headwinds despite cash generation.
Material non‑cash adjustments: Non‑cash adjustments to net income have been a sizable component in several quarters, which can cause cash flow to diverge from reported earnings.
Balance‑sheet asset growth: Intangible assets and goodwill have grown over time, reflecting investments in IP and capacity; this could raise impairment risk if conditions deteriorate.
Near‑term profitability pressures: Operating income was negative in several of the latest quarters (for example, Q1 2025 and Q3 2025 show operating losses), suggesting ongoing near‑term profitability headwinds despite positive cash flow in many periods.

05/19/26 07:16 PM ETAI Generated. May Contain Errors.

Grid Dynamics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Grid Dynamics' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

Grid Dynamics' net income appears to be on an upward trend, with a most recent value of $4.04 million in 2024, falling from $9.23 million in 2018. The previous period was -$1.77 million in 2023. Find out what analysts predict for Grid Dynamics in the coming months.

Grid Dynamics' total operating income in 2024 was -$2.11 million, based on the following breakdown:

Total Gross Profit: $127.01 million
Total Operating Expenses: $129.11 million

Over the last 6 years, Grid Dynamics' total revenue changed from $91.87 million in 2018 to $350.57 million in 2024, a change of 281.6%.

Grid Dynamics' total liabilities were at $74.36 million at the end of 2024, a 42.3% increase from 2023, and a 813.0% increase since 2018.

In the past 6 years, Grid Dynamics' cash and equivalents has ranged from $1.01 million in 2018 to $334.66 million in 2024, and is currently $334.66 million as of their latest financial filing in 2024.

Over the last 6 years, Grid Dynamics' book value per share changed from 0.18 in 2018 to 6.74 in 2024, a change of 3,693.8%.

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Financial statements for NASDAQ:GDYN last updated on 11/23/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Grid Dynamics (GDYN) Financials

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Grid Dynamics (GDYN) Financials

Annual Income Statements for Grid Dynamics

Quarterly Income Statements for Grid Dynamics

Annual Cash Flow Statements for Grid Dynamics

Quarterly Cash Flow Statements for Grid Dynamics

Annual Balance Sheets for Grid Dynamics

Quarterly Balance Sheets for Grid Dynamics

Annual Metrics And Ratios for Grid Dynamics

Quarterly Metrics And Ratios for Grid Dynamics

Financials Breakdown Chart

Key Financial Trends

Grid Dynamics Financials - Frequently Asked Questions

When does Grid Dynamics' financial year end?

How has Grid Dynamics' net income changed over the last 6 years?

What is Grid Dynamics' operating income?

How has Grid Dynamics' revenue changed over the last 6 years?

How much debt does Grid Dynamics have?

How much cash does Grid Dynamics have?

How has Grid Dynamics' book value per share changed over the last 6 years?

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