Grid Dynamics Holdings, Inc. (GDYN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.5%

$0.34

vs $13.69 price

Levered DCF

$16.91

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

10.14

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	82.09×	426.05×	-567.23×	-26.71×	-292.08×	-45×	49.32×	53.78×
P/B	1.41×	3.33×	2.62×	2.14×	9.81×	3.72×	10.08×	14.74×
P/S	1.85×	4.91×	3.2×	2.5×	10.54×	5.07×	4.61×	5.36×
EV / EBITDA	18.89×	47.02×	44.59×	-48.84×	802.09×	-35.3×	28.03×	31.32×
Gross margin	34.6%	36.2%	36.2%	38.8%	41.5%	37.4%	40.8%	42.8%
Operating margin	-0.4%	-0.6%	-1.8%	-6.8%	0.0%	-13.9%	13.2%	15.1%
Net margin	2.3%	1.2%	-0.6%	-9.4%	-3.6%	-11.3%	9.1%	10.0%
Current ratio	8.43×	7.62×	7.67×	8.35×	7.61×	10.11×	7.95×	4.46×
Debt / equity	0.03×	0.02×	0.03×	0.02×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	0.8%	-0.5%	-8.0%	-3.4%	-8.3%	20.0%	27.6%
Return on invested capital	-0.2%	-0.1%	0.5%	-5.6%	0.0%	-8.3%	17.3%	29.2%
Return on assets	1.6%	0.7%	-0.4%	-7.1%	-3.0%	-7.5%	15.1%	22.1%
Free cash flow yield	3.3%	1.1%	3.3%	3.3%	0.6%	0.7%	1.8%	1.5%
Earnings yield	1.3%	0.2%	-0.2%	-3.8%	-0.3%	-2.2%	2.0%	1.9%
Enterprise value	$438.4M	$1.4B	$756.1M	$527.8M	$2.1B	$450.9M	$502.8M	$474.2M
Net debt / EBITDA	-14×	-10.81×	-14.52×	23×	-55.59×	8.82×	-2.35×	-1.18×
Cash conversion cycle (days)	65	66	56	56	70	57	54	69