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Grid Dynamics Holdings, Inc. (GDYN) 10-Year Financial Performance & Capital Metrics

GDYN • • Industrial / General
TechnologyIT ServicesIT Consulting & Professional ServicesSpecialized Digital Services
AboutGrid Dynamics Holdings, Inc., together with its subsidiaries, provides enterprise-level digital transformation services in the areas of search, analytics, and release automation for Fortune 1000 corporations in North America, Europe, and internationally. It works in collaboration with its clients on digital transformation initiatives that cover strategy consulting, early prototypes, and enterprise-scale delivery of new digital platforms. The company offers technical consulting, software design, development, testing, and internet service operations services. It serves customers that operate in the retail, technology and telecommunications, media, consumer packaged goods/manufacturing, financial services, and other sectors. The company was formerly known as ChaSerg Technology Acquisition Corp. and changed its name to Grid Dynamics Holdings, Inc. Grid Dynamics Holdings, Inc. was founded in 2006 and is headquartered in San Ramon, California.Show more
  • Revenue $351M +12.0%
  • EBITDA $17M +154.4%
  • Net Income $4M +329.0%
  • EPS (Diluted) 0.05 +314.9%
  • Gross Margin 36.23% +0.2%
  • EBITDA Margin 4.74% +127.1%
  • Operating Margin -0.6% +66.3%
  • Net Margin 1.15% +304.3%
  • ROE 0.9% +289.6%
  • ROIC -0.95% +71.5%
  • Debt/Equity 0.02 -15.1%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 24.3%
  • ✓Trading at only 1.4x book value

✗Weaknesses

  • ✗Profits declining 17.9% over 5 years
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y24.26%
3Y18.39%
TTM23.63%

Profit (Net Income) CAGR

10Y-
5Y-17.86%
3Y-
TTM474.04%

EPS CAGR

10Y-
5Y-25.5%
3Y-
TTM458.28%

ROCE

10Y Avg13.86%
5Y Avg-4.62%
3Y Avg-2.96%
Latest-0.45%

Peer Comparison

Specialized Digital Services
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
GDYNGrid Dynamics Holdings, Inc.794.62M9.37185.5412.04%3.42%2.58%2.32%0.02
EPAMEPAM Systems, Inc.11.89B215.2427.450.8%7.01%9.97%4.43%0.04
KDKyndryl Holdings, Inc.6.18B27.0525.76-6.2%3.78%42.57%5.45%2.97
GLOBGlobant S.A.2.97B67.4818.1415.26%4.01%4.45%7.43%0.20
CDWCDW Corporation17.22B132.2916.60-1.77%4.76%41.39%6.7%2.55
ASGNASGN Incorporated2.14B50.0213.06-7.88%3.28%7.13%17.08%0.62
MASK3 E Network Technology Group Ltd Class A Ordinary Shares7.31M0.322.31172.95%40.98%76.44%12.72%0.15
XRXXerox Holdings Corporation344.43M2.69-0.25-9.66%-14.79%-164.48%100%2.75

Profit & Loss

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+70.68M91.86M118.33M111.28M211.28M310.48M312.91M350.57M
Revenue Growth %-0.3%0.29%-0.06%0.9%0.47%0.01%0.12%
Cost of Goods Sold+40.64M52.56M70.09M69.66M123.55M189.89M199.76M223.57M
COGS % of Revenue0.57%0.57%0.59%0.63%0.58%0.61%0.64%0.64%
Gross Profit+30.05M39.31M48.24M41.62M87.73M120.59M113.15M127M
Gross Margin %0.43%0.43%0.41%0.37%0.42%0.39%0.36%0.36%
Gross Profit Growth %-0.31%0.23%-0.14%1.11%0.37%-0.06%0.12%
Operating Expenses+16.94M25.48M32.61M57.07M87.68M141.6M118.73M129.11M
OpEx % of Revenue0.24%0.28%0.28%0.51%0.41%0.46%0.38%0.37%
Selling, General & Admin14.96M22.83M23.46M47.76M79.22M125.83M103.98M110.76M
SG&A % of Revenue0.21%0.25%0.2%0.43%0.37%0.41%0.33%0.32%
Research & Development1.98M2.64M4.35M9.31M8.46M15.77M14.74M18.35M
R&D % of Revenue0.03%0.03%0.04%0.08%0.04%0.05%0.05%0.05%
Other Operating Expenses1K04.8M236K0555K00
Operating Income+13.11M13.83M15.63M-15.45M50K-21.01M-5.58M-2.1M
Operating Margin %0.19%0.15%0.13%-0.14%0%-0.07%-0.02%-0.01%
Operating Income Growth %-0.06%0.13%-1.99%1%-421.16%0.73%0.62%
EBITDA+13.77M15.14M17.94M-12.78M5.1M-11.36M6.54M16.63M
EBITDA Margin %0.19%0.16%0.15%-0.11%0.02%-0.04%0.02%0.05%
EBITDA Growth %-0.1%0.18%-1.71%1.4%-3.23%1.58%1.54%
D&A (Non-Cash Add-back)660K1.31M2.31M2.67M5.05M9.65M12.12M18.74M
EBIT13.11M13.08M15.63M-15.45M50K-21.01M-5.58M-2.1M
Net Interest Income+000000013.16M
Interest Income000000013.16M
Interest Expense00000000
Other Income/Expense1K-746K-176K236K-2.5M555K10.42M13.16M
Pretax Income+13.11M13.08M15.45M-15.21M-2.45M-20.45M4.84M11.05M
Pretax Margin %0.19%0.14%0.13%-0.14%-0.01%-0.07%0.02%0.03%
Income Tax+-76K3.85M4.64M-2.61M5.25M8.76M6.6M7.01M
Effective Tax Rate %1.01%0.71%0.7%0.83%3.14%1.43%-0.36%0.37%
Net Income+13.18M9.23M10.81M-12.6M-7.7M-29.21M-1.76M4.04M
Net Margin %0.19%0.1%0.09%-0.11%-0.04%-0.09%-0.01%0.01%
Net Income Growth %--0.3%0.17%-2.17%0.39%-2.79%0.94%3.29%
Net Income (Continuing)13.18M9.23M10.81M-12.6M-7.7M-29.21M-1.76M4.04M
Discontinued Operations00000000
Minority Interest00000000
EPS (Diluted)+2.400.180.22-0.28-0.13-0.42-0.020.05
EPS Growth %--0.93%0.22%-2.27%0.54%-2.23%0.94%3.15%
EPS (Basic)2.400.180.22-0.28-0.13-0.42-0.020.05
Diluted Shares Outstanding5.5M50.83M50.23M44.74M58.66M69.2M75.19M79.97M
Basic Shares Outstanding5.5M50.83M50.23M44.74M58.66M69.2M75.19M77.47M
Dividend Payout Ratio0.23%-0.19%-----

Balance Sheet

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+28.98M37.22M66.02M134.62M192.76M323.13M323.98M423.3M
Cash & Short-Term Investments10.36M17.86M42.19M112.75M144.36M256.73M257.23M334.65M
Cash Only10.36M17.86M42.19M112.75M144.36M256.73M257.23M334.65M
Short-Term Investments00000000
Accounts Receivable12.31M17.32M18.93M18.69M44.24M53.95M53.56M69.37M
Days Sales Outstanding63.5868.8258.3961.376.4363.4262.4772.23
Inventory0429K000000
Days Inventory Outstanding-2.98------
Other Current Assets6.31M1.61M4.59M2.36M1.04M8.15M9.2M19.28M
Total Non-Current Assets+2.17M4.5M5.52M32.52M63.95M88.02M111.19M168.89M
Property, Plant & Equipment1.25M3.17M4.02M4.09M6.17M15.91M21.8M26.13M
Fixed Asset Turnover56.59x28.99x29.41x27.18x34.25x19.52x14.35x13.42x
Goodwill139K139K0035.96M45.51M53.87M83.41M
Intangible Assets299K146K18K22.82M19.1M20.38M26.55M47.92M
Long-Term Investments0221.16M0001M1.3M0
Other Non-Current Assets483K-221.16M000224K1.25M2.66M
Total Assets+31.15M41.73M71.53M167.13M256.72M411.15M435.17M592.19M
Asset Turnover2.27x2.20x1.65x0.67x0.82x0.76x0.72x0.59x
Asset Growth %-0.34%0.71%1.34%0.54%0.6%0.06%0.36%
Total Current Liabilities+6.76M8.35M8.3M13.32M25.34M38.71M42.22M55.54M
Accounts Payable248K467K768K757K2.05M3.9M3.62M4.07M
Days Payables Outstanding2.233.2443.976.077.496.626.64
Short-Term Debt000002.5M00
Deferred Revenue (Current)0342K001000K1000K1000K0
Other Current Liabilities6.51M4.69M5.47M3.83M11.16M7.4M20.27M39.23M
Current Ratio4.29x4.46x7.95x10.11x7.61x8.35x7.67x7.62x
Quick Ratio4.29x4.41x7.95x10.11x7.61x8.35x7.67x7.62x
Cash Conversion Cycle-68.56------
Total Non-Current Liabilities+07.7M9.19M2.09M4.32M9.39M10.04M18.82M
Long-Term Debt00000000
Capital Lease Obligations000005.64M6.76M7.21M
Deferred Tax Liabilities0002.09M4.32M3.76M3.27M8.91M
Other Non-Current Liabilities009.19M00002.7M
Total Liabilities6.76M8.35M17.49M15.41M29.67M48.1M52.26M74.36M
Total Debt+000008.14M11M12.63M
Net Debt-10.36M-17.86M-42.19M-112.75M-144.36M-248.59M-246.23M-322.03M
Debt / Equity-----0.02x0.03x0.02x
Debt / EBITDA------1.68x0.76x
Net Debt / EBITDA-0.75x-1.18x-2.35x--28.31x--37.66x-19.36x
Interest Coverage--------
Total Equity+24.39M33.38M54.04M151.72M227.05M363.04M382.91M517.83M
Equity Growth %-0.37%0.62%1.81%0.5%0.6%0.05%0.35%
Book Value per Share4.440.661.083.393.875.255.096.47
Total Shareholders' Equity24.39M33.38M54.04M151.72M227.05M363.04M382.91M517.83M
Common Stock0209.22M2K5K7K7K8K8K
Retained Earnings17.36M24.59M35.39M22.79M15.09M-14.12M-15.89M-11.85M
Treasury Stock00000000
Accumulated OCI0-2.67M0-4K-126K-848K1.27M-2.91M
Minority Interest00000000

Cash Flow

Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+5.54M10.58M12.53M5.93M17.97M31.65M41.09M30.2M
Operating CF Margin %0.08%0.12%0.11%0.05%0.09%0.1%0.13%0.09%
Operating CF Growth %-0.91%0.18%-0.53%2.03%0.76%0.3%-0.27%
Net Income13.18M9.23M10.81M-12.6M-7.7M-29.21M-1.76M4.04M
Depreciation & Amortization660K1.31M2.31M2.67M5.05M9.65M12.12M18.74M
Stock-Based Compensation756K1.76M2.44M20.01M33.04M60.97M034.17M
Deferred Taxes394K-566K-425K-4.13M2.61M-3.63M-4.14M-4.03M
Other Non-Cash Items-3.75M-1.16M139K398K1.02M203K32.56M-770K
Working Capital Changes-9.45M-1.15M-2.74M-410K-16.05M-6.32M2.31M-21.94M
Change in Receivables-4.08M-1.4M-1.61M-1.42M-18.68M-8.74M2.08M-9.48M
Change in Inventory-5.71M001.31M799K000
Change in Payables-92K219K301K-49K957K1.73M-538K-1.5M
Cash from Investing+-1.06M-3.08M-2.81M-18.34M-35.37M-16.32M-25.95M-51.3M
Capital Expenditures-1.06M-3.08M-2.81M-2.25M-4.72M-6.07M-7.87M-11.77M
CapEx % of Revenue0.01%0.03%0.02%0.02%0.02%0.02%0.03%0.03%
Acquisitions--------
Investments--------
Other Investing00000-10.25M0-44K
Cash from Financing+-4.71M221.31M14.6M82.97M49.13M97.76M-16.32M101.16M
Debt Issued (Net)--------
Equity Issued (Net)--------
Dividends Paid-3.03M0-2M00000
Share Repurchases--------
Other Financing236K01.7M206.83M-29.18M-11.78M-16.83M-6.92M
Net Change in Cash--------
Free Cash Flow+4.48M7.5M9.72M3.68M13.26M25.58M33.22M18.43M
FCF Margin %0.06%0.08%0.08%0.03%0.06%0.08%0.11%0.05%
FCF Growth %-0.67%0.3%-0.62%2.6%0.93%0.3%-0.45%
FCF per Share0.810.150.190.080.230.370.440.23
FCF Conversion (FCF/Net Income)0.42x1.15x1.16x-0.47x-2.33x-1.08x-23.28x7.47x
Interest Paid00000000
Taxes Paid2.68M1.48M3.19M2.13M2.45M7.47M010.97M

Key Ratios

Metric20172018201920202021202220232024
Return on Equity (ROE)54.04%31.95%24.72%-12.25%-4.07%-9.9%-0.47%0.9%
Return on Invested Capital (ROIC)70.03%70.19%85.63%-45.58%0.06%-15.98%-3.33%-0.95%
Gross Margin42.51%42.79%40.77%37.4%41.52%38.84%36.16%36.23%
Net Margin18.65%10.05%9.13%-11.32%-3.64%-9.41%-0.56%1.15%
Debt / Equity-----0.02x0.03x0.02x
FCF Conversion0.42x1.15x1.16x-0.47x-2.33x-1.08x-23.28x7.47x
Revenue Growth-29.97%28.8%-5.95%89.86%46.95%0.78%12.04%

Revenue by Segment

2021202220232024
Retail61.72M99.68M102.55M113.96M
Retail Growth-61.51%2.88%11.12%
Technology, Media, And Telecom67.69M98.33M98.83M95.05M
Technology, Media, And Telecom Growth-45.27%0.50%-3.83%
Financial Service17.52M21.89M28.84M60.16M
Financial Service Growth-25.00%31.74%108.57%
Manufactured Product, Other43.46M61.22M42.86M40.47M
Manufactured Product, Other Growth-40.85%-29.98%-5.58%
Product and Service, Other20.9M29.36M39.83M29.83M
Product and Service, Other Growth-40.48%35.66%-25.09%
Health Care---11.11M
Health Care Growth----

Revenue by Geography

2021202220232024
UNITED STATES--238.16M277.74M
UNITED STATES Growth---16.62%
Other Countries Not Separately Disclosed--30.63M37.61M
Other Countries Not Separately Disclosed Growth---22.79%
NETHERLANDS--12.25M9.96M
NETHERLANDS Growth----18.69%
North America168.52M255.48M--
North America Growth-51.60%--
Europe42.48M54.71M--
Europe Growth-28.79%--

Frequently Asked Questions

Valuation & Price

Grid Dynamics Holdings, Inc. (GDYN) has a price-to-earnings (P/E) ratio of 185.5x. This suggests investors expect higher future growth.

Growth & Financials

Grid Dynamics Holdings, Inc. (GDYN) reported $406.0M in revenue for fiscal year 2024. This represents a 474% increase from $70.7M in 2017.

Grid Dynamics Holdings, Inc. (GDYN) grew revenue by 12.0% over the past year. This is steady growth.

Yes, Grid Dynamics Holdings, Inc. (GDYN) is profitable, generating $13.9M in net income for fiscal year 2024 (1.2% net margin).

Dividend & Returns

Grid Dynamics Holdings, Inc. (GDYN) has a return on equity (ROE) of 0.9%. This is below average, suggesting room for improvement.

Grid Dynamics Holdings, Inc. (GDYN) generated $23.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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