The company maintains a healthy capital structure with a current ratio of 7.88 and a low debt-to-equity ratio of 0.03, providing a defensive buffer despite negative retained earnings of -$3.6 million.
| Total Current Assets | 432.24M | 439.53M | 423.3M | 323.98M | 323.13M | 192.76M | 134.62M | 66.02M | 37.22M | 28.98M |
| Cash & Short-Term Investments | 327.47M | 342.06M | 334.65M | 257.23M | 256.73M | 144.36M | 112.75M | 42.19M | 17.86M | 10.36M |
| Cash Only | 327.47M | 342.06M | 334.65M | 257.23M | 256.73M | 144.36M | 112.75M | 42.19M | 17.86M | 10.36M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 87.42M | 79.48M | 69.37M | 53.56M | 53.95M | 44.24M | 18.69M | 18.93M | 17.32M | 12.31M |
| Days Sales Outstanding | 71.93 | 70.45 | 72.23 | 62.47 | 63.42 | 76.43 | 61.3 | 58.39 | 68.82 | 63.58 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 429K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 2.98 | - |
| Other Current Assets | 17.35M | 17.99M | 19.28M | 9.2M | 8.15M | 1.04M | 2.36M | 4.59M | 1.61M | 6.31M |
| Total Non-Current Assets | 172.78M | 173.36M | 168.89M | 111.19M | 88.02M | 63.95M | 32.52M | 5.52M | 4.5M | 2.17M |
| Property, Plant & Equipment | 34.5M | 34.05M | 26.13M | 21.8M | 15.91M | 6.17M | 4.09M | 4.02M | 3.17M | 1.25M |
| Fixed Asset Turnover | 12.80x | 12.10x | 13.42x | 14.35x | 19.52x | 34.25x | 27.18x | 29.41x | 28.99x | 56.59x |
| Goodwill | 83.97M | 84.36M | 83.41M | 53.87M | 45.51M | 35.96M | 0 | 0 | 139K | 139K |
| Intangible Assets | 39.58M | 41.61M | 47.92M | 26.55M | 20.38M | 19.1M | 22.82M | 18K | 146K | 299K |
| Long-Term Investments | 1.25M | 1.25M | 0 | 1.3M | 1M | 0 | 0 | 0 | 221.16M | 0 |
| Other Non-Current Assets | 5.32M | 3.22M | 2.66M | 1.25M | 224K | 0 | 0 | 0 | -221.16M | 483K |
| Total Assets | 605.02M | 612.89M | 592.19M | 435.17M | 411.15M | 256.72M | 167.13M | 71.53M | 41.73M | 31.15M |
| Asset Turnover | 0.68x | 0.67x | 0.59x | 0.72x | 0.76x | 0.82x | 0.67x | 1.65x | 2.20x | 2.27x |
| Asset Growth % | 71.62% | 3.5% | 36.08% | 5.84% | 60.15% | 53.6% | 133.65% | 71.43% | 33.94% | - |
| Total Current Liabilities | 54.87M | 52.11M | 55.54M | 42.22M | 38.71M | 25.34M | 13.32M | 8.3M | 8.35M | 6.76M |
| Accounts Payable | 4.33M | 3.7M | 4.07M | 3.62M | 3.9M | 2.05M | 757K | 768K | 467K | 248K |
| Days Payables Outstanding | 6.63 | 5.01 | 6.64 | 6.62 | 7.49 | 6.07 | 3.97 | 4 | 3.24 | 2.23 |
| Short-Term Debt | 5.37M | 6.25M | 0 | 0 | 2.5M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 753K | 0 | 0 | 1.33M | 1.12M | 1.21M | 0 | 0 | 342K | 0 |
| Other Current Liabilities | 45.16M | 40M | 39.23M | 20.27M | 7.4M | 11.16M | 3.83M | 5.47M | 4.69M | 6.51M |
| Current Ratio | 7.88x | 8.43x | 7.62x | 7.67x | 8.35x | 7.61x | 10.11x | 7.95x | 4.46x | 4.29x |
| Quick Ratio | 7.88x | 8.43x | 7.62x | 7.67x | 8.35x | 7.61x | 10.11x | 7.95x | 4.41x | 4.29x |
| Cash Conversion Cycle | 65.3 | - | - | - | - | - | - | - | 68.56 | - |
| Total Non-Current Liabilities | 20.03M | 18.7M | 18.82M | 10.04M | 9.39M | 4.32M | 2.09M | 9.19M | 7.7M | 0 |
| Long-Term Debt | 12.04M | 10.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 9.48M | 0 | 7.21M | 6.76M | 5.64M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 33.4M | 7.92M | 8.91M | 3.27M | 3.76M | 4.32M | 2.09M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 301K | 0 | 2.7M | 0 | 0 | 0 | 0 | 9.19M | 0 | 0 |
| Total Liabilities | 74.9M | 70.82M | 74.36M | 52.26M | 48.1M | 29.67M | 15.41M | 17.49M | 8.35M | 6.76M |
| Total Debt | 17.42M | 17.04M | 12.63M | 11M | 8.14M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -310.05M | -325.02M | -322.03M | -246.23M | -248.59M | -144.36M | -112.75M | -42.19M | -17.86M | -10.36M |
| Debt / Equity | 0.03x | 0.03x | 0.02x | 0.03x | 0.02x | - | - | - | - | - |
| Debt / EBITDA | 1.63x | 0.63x | 0.76x | 1.68x | - | - | - | - | - | - |
| Net Debt / EBITDA | -29.07x | -11.99x | -19.36x | -37.66x | - | -28.31x | - | -2.35x | -1.18x | -0.75x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 530.12M | 542.07M | 517.83M | 382.91M | 363.04M | 227.05M | 151.72M | 54.04M | 33.38M | 24.39M |
| Equity Growth % | 78.5% | 4.68% | 35.24% | 5.47% | 59.9% | 49.65% | 180.74% | 61.91% | 36.83% | - |
| Book Value per Share | 6.26 | 6.24 | 6.47 | 5.09 | 5.25 | 3.87 | 3.39 | 1.08 | 0.66 | 4.44 |
| Total Shareholders' Equity | 530.12M | 542.07M | 517.83M | 382.91M | 363.04M | 227.05M | 151.72M | 54.04M | 33.38M | 24.39M |
| Common Stock | 9K | 8K | 8K | 8K | 7K | 7K | 5K | 2K | 209.22M | 0 |
| Retained Earnings | -3.65M | -2.18M | -11.85M | -15.89M | -14.12M | 15.09M | 22.79M | 35.39M | 24.59M | 17.36M |
| Treasury Stock | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.43M | 1.05M | -2.91M | 1.27M | -848K | -126K | -4K | 0 | -2.67M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Margin compression and concentration
According to recent SEC filings, Grid Dynamics has grown its total assets from $435.2 million in 2023Q4 to $605.0 million in 2026Q1, yet this expansion has not translated into improved profitability, suggesting that capital is being deployed into an increasingly capital-intensive or lower-margin service delivery model.
The steady increase in total assets appears to be driven by cash accumulation and rising goodwill, rather than a proportional increase in revenue-generating capacity. Investors should monitor whether this asset growth reflects strategic positioning or simply an inability to efficiently deploy capital into higher-yielding operational initiatives.
As reported in financial statements, the company maintains a robust liquidity position with cash and equivalents reaching $327.5 million in 2026Q1, resulting in a current ratio of 7.88, which provides a significant defensive cushion against potential operational volatility or unforeseen market disruptions in the IT services sector.
This high liquidity level suggests that the firm is well-capitalized to weather cyclical downturns or fund potential inorganic growth. However, the persistence of such high cash balances relative to operating needs may also indicate a lack of immediate, high-return investment opportunities within the current business framework.
Based on GDYN's reported figures, the equity base has expanded to $530.1 million as of 2026Q1, though the persistent negative retained earnings of -$3.6 million indicate that cumulative operational losses and significant stock-based compensation continue to weigh on the long-term quality of shareholder equity.
The reliance on equity-based incentives appears to be a structural feature that consistently offsets potential gains in book value. Analysts should scrutinize whether this dilution strategy is effectively aligning management with shareholders or merely masking the underlying challenges in achieving consistent GAAP profitability.
Analysis of the balance sheet reveals that goodwill has increased from $53.9 million in 2023Q4 to $84.0 million in 2026Q1, representing a growing portion of total assets that warrants further investigation regarding the long-term valuation of past acquisitions in a decelerating growth environment.
Should the company's growth trajectory continue to soften, the carrying value of these intangible assets may become increasingly difficult to justify. Investors should be wary of potential impairment charges that could negatively impact the balance sheet and further erode the company's reported equity position.
Quick answers to the most common questions about buying GDYN stock.
As of 2025, Grid Dynamics Holdings, Inc. (GDYN) had total assets of $612.9M including $439.5M in current assets.
Grid Dynamics Holdings, Inc. (GDYN) carries total debt of $17.0M, offset by $342.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Grid Dynamics Holdings, Inc. (GDYN) has total shareholders' equity (book value) of $542.1M ($6.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Grid Dynamics Holdings, Inc. (GDYN) reported a current ratio of 8.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.