Grid Dynamics Holdings
GDYNNASDAQUSD
- — Source valuation snapshot. Not a live recalculation.
- — Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- — Diluted earnings per share from the latest filed annual.
- $13.30 Prior regular-session close from the quote source.
- $13.04–$14.07 Regular-session low and high so far today.
- 2.6M Regular-session shares traded · Nov 10, 4:00 PM ET.
- Jan 28 projected Projected for 2027-01-28 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $5.11–$14.07 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own GDYN if Grid Dynamics turns its two-decade engineering heritage, hyperscaler partnerships and pre-built AI accelerators into repeatable, high-value Enterprise AI engagements for Fortune 1000 clients, generating durable growth and strong cash conversion even before large GAAP.
GDYN price history
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INVESTMENT THESIS
What must happen next
Demand from Fortune 1000 clients for specialized, production-grade Enterprise AI (vs off-the-shelf or generalist consulting) will keep revenue growing above historical corporate IT-services norms, because Grid's AI-native engineering and pre-built accelerators shorten time-to-value and favor repeat engagements.StrengtheningMateriality: High
Revenue increased 17.5% year-over-year to $411,827,000 for FY2025 (MD&A fiscal year highlights). If true, revenue growth funds investment, supports multiple expansion and de-risks productization; if false, growth slows and the premium valuation becomes indefensible.
Watch: Large systems integrators or hyperscalers (e.g., major consultancies or cloud providers) successfully win enterprise AI programs by bundling services or building in-house solutions, reducing need for boutique partners.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue increased 17.5% year-over-year to $411,827,000 for FY2025 (MD&A fiscal year highlights).
Open source ↗Grid's engineering-heavy, senior-talent delivery model converts revenue into strong operating cash flow even before consistent GAAP operating profitability, because projects are high-value, often milestone- or time-and-materials-based and working capital dynamics have remained favorable.StrengtheningMateriality: High
Operating cash flow increased to $40,600,000 in FY2025 from $30,198,000 in FY2024 (MD&A fiscal year highlights). High cash conversion funds growth and reduces dependence on external financing; if cash conversion weakens, growth becomes more expensive and risk to the valuation rises.
Watch: A sharp rise in attrition or inability to hire senior talent forces higher pay and lower utilization, reducing cash conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow increased to $40,600,000 in FY2025 from $30,198,000 in FY2024 (MD&A fiscal year highlights).
Open source ↗Hyperscaler co-development and pre-built solution accelerators create a defensible delivery moat that can preserve or expand gross margins as Grid moves from pure services to higher-value, repeatable platform integrations.HoldingMateriality: Medium
Gross profit in absolute dollars rose to $142,348,000 in FY2025 (Item 7 MD&A summary and Item 1 Business on accelerators/partnerships). If Grid productizes and leverages partnerships, gross margins and scalable revenue should rise; if partnerships are shallow or co-opted, margins will compress as work commoditizes.
Watch: Hyperscalers or platform vendors internalize partner capabilities or restrict partner access, reducing Grid's unique edge.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Gross profit in absolute dollars rose to $142,348,000 in FY2025 (Item 7 MD&A summary and Item 1 Business on accelerators/partnerships).
Open source ↗
Full investment case & evidence
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Original research
Demand from Fortune 1000 clients for specialized, production-grade Enterprise AI (vs off-the-shelf or generalist consulting) will keep revenue growing above historical corporate IT-services norms, because Grid's AI-native engineering and pre-built accelerators shorten time-to-value and favor repeat engagements. If true, revenue growth funds investment, supports multiple expansion and de-risks productization; if false, growth slows and the premium valuation becomes indefensible.
Grid's engineering-heavy, senior-talent delivery model converts revenue into strong operating cash flow even before consistent GAAP operating profitability, because projects are high-value, often milestone- or time-and-materials-based and working capital dynamics have remained favorable. High cash conversion funds growth and reduces dependence on external financing; if cash conversion weakens, growth becomes more expensive and risk to the valuation rises.
Hyperscaler co-development and pre-built solution accelerators create a defensible delivery moat that can preserve or expand gross margins as Grid moves from pure services to higher-value, repeatable platform integrations. If Grid productizes and leverages partnerships, gross margins and scalable revenue should rise; if partnerships are shallow or co-opted, margins will compress as work commoditizes.
All standing thesis claims
Original report summary
Grid Dynamics turns its two-decade engineering heritage, hyperscaler partnerships and pre-built AI accelerators into repeatable, high-value Enterprise AI engagements for Fortune 1000 clients, generating durable growth and strong cash conversion even before large GAAP.
BULL CASE / BEAR CASE
Bull case and bear case for Grid Dynamics Holdings
Where the evidence on Grid Dynamics Holdings stands: Holding on the latest evidence (Nov 8, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Demand from Fortune 1000 clients for specialized, production-grade Enterprise AI (vs off-the-shelf or generalist consulting) will keep revenue growing above historical corporate IT-services norms, because Grid's AI-native engineering and pre-built accelerators shorten time-to-value and favor repeat engagements.
Grid's engineering-heavy, senior-talent delivery model converts revenue into strong operating cash flow even before consistent GAAP operating profitability, because projects are high-value, often milestone- or time-and-materials-based and working capital dynamics have remained favorable.
Hyperscaler co-development and pre-built solution accelerators create a defensible delivery moat that can preserve or expand gross margins as Grid moves from pure services to higher-value, repeatable platform integrations.
Bear case: what would count against it
Large systems integrators or hyperscalers (e.g., major consultancies or cloud providers) successfully win enterprise AI programs by bundling services or building in-house solutions, reducing need for boutique partners.
A sharp rise in attrition or inability to hire senior talent forces higher pay and lower utilization, reducing cash conversion.
Hyperscalers or platform vendors internalize partner capabilities or restrict partner access, reducing Grid's unique edge.
Thesis-Break Engine
Thesis-break watch · Grid Dynamics Holdings
No break has crossed Grid Dynamics Holdings’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MIXEDReported results of operations (earnings release).
Grid Dynamics Holdings filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Grid Dynamics Holdings filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MIXEDReported results of operations (earnings release).
Grid Dynamics Holdings filed an SEC 8-K on 2026-04-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
RISKS / FALSIFIERS
What could break the thesis
- Large systems integrators or hyperscalers (e.g., major consultancies or cloud providers) successfully win enterprise AI programs by bundling services or building in-house solutions, reducing need for boutique partners.
- A sharp rise in attrition or inability to hire senior talent forces higher pay and lower utilization, reducing cash conversion.
- Hyperscalers or platform vendors internalize partner capabilities or restrict partner access, reducing Grid's unique edge.
GDYN news
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FINANCIAL STATEMENTS
GDYN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
GDYN: quick answers
- When does Grid Dynamics Holdings (GDYN) report earnings next?
- Grid Dynamics Holdings's next results are projected for January 28, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 29, 2026. Earnings calendar
- What is GDYN's short interest?
- As of October 30, 2026, 3.9M GDYN shares were sold short, up 6.6% from the count before. At the stock's average daily volume that is 2.0 days to cover. FINRA publishes the count twice a month. GDYN short interest history
- Have members of Congress traded GDYN?
- Reports made public in the last 90 days disclose 2 trades in GDYN by 1 filer: 0 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed GDYN trade