GRID DYNAMICS HOLDINGS, INC.
GDYN · Services-Prepackaged Software · 83.6M shares · +37%/yr ↑ dilution · EDGAR filings ↗
Reference price $8.00 · est. market cap ~$669M — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58IT/engineering-services company — marginally profitable with positive free cash flow and a cash-rich balance sheet.
Strengths
- Profitable with positive FCF and strong liquidity — net margin 2% (50th), FCF $25M, current ratio 8.4 (97th)
Risks
- Very thin gross margin — 35% (5th)
- Client-concentration/services-utilization risk — per 10-K
- Competition — per 10-K
Notable findings
- Customer concentration~23% of revenue from one customer/distributor — Fiscal Year Highlights The following table sets forth a summary of Grid Dynamics’ financial results for the periods indicated: Year ended December 31, 2025 2024 2023 % of revenues % of reve
- Chronic dilutionShare count +37%/yr over 4y (dilution, book value/share -33%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $342M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- China exposure• We are subject to governmental export controls and trade and economic sanctions that could impair our ability to compete in international markets and subject us to liability if we are found to viola
- Insider sellingInsider selling — 7 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$384,664, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
34.6%
Operating margin
-0.5%
Net margin
2.3%
Return on equity
1.8%
Return on assets
1.6%
Revenue growth (QoQ)
-1.9%
Net-income growth
139.2%
Current ratio
8.4×
Free cash flow
$25M
EBITDA
$18M
Tangible book value
$416M
Cash & investments
$342M
Stock comp / revenue
7.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Gryzlov Yury | Sell | 4.4K | $8.00 |
| 2026-05-22 | Livschitz Leonard | Tax withheld | 162 | $7.08 |
| 2026-05-15 | Livschitz Leonard | Tax withheld | 236 | $6.45 |
| 2026-05-15 | Gryzlov Yury | Sell | 467 | $6.45 |
| 2026-05-14 | Gryzlov Yury | Tax withheld | 632 | $6.47 |
| 2026-04-28 | Doradla Anil | Tax withheld | 702 | $5.60 |
| 2026-04-02 | Gryzlov Yury | Sell | 1.2K | $5.54 |
| 2026-04-01 | Doradla Anil | Tax withheld | 2.1K | $5.64 |
| 2026-04-01 | Livschitz Leonard | Tax withheld | 36K | $5.64 |
| 2026-04-01 | Gryzlov Yury | Tax withheld | 1.7K | $5.64 |
| 2026-03-10 | Gryzlov Yury | Sell | 21K | $6.22 |
| 2026-02-21 | Livschitz Leonard | Tax withheld | 178 | $6.81 |
| 2026-02-14 | Gryzlov Yury | Tax withheld | 2.6K | $6.58 |
| 2026-02-14 | Livschitz Leonard | Tax withheld | 1.0K | $6.58 |
| 2026-02-10 | Livschitz Leonard | Tax withheld | 355K | $6.94 |
| 2026-02-10 | Gryzlov Yury | Tax withheld | 17K | $6.94 |
| 2026-02-10 | Gryzlov Yury | Tax withheld | 8.7K | $6.94 |
| 2026-02-10 | Doradla Anil | Tax withheld | 22K | $6.94 |
| 2026-02-07 | Livschitz Leonard | Grant | 658K | — |
| 2026-02-07 | Gryzlov Yury | Grant | 66K | — |
| 2026-02-07 | Gryzlov Yury | Grant | 33K | — |
| 2026-02-07 | Doradla Anil | Grant | 49K | — |
| 2026-01-28 | Doradla Anil | Tax withheld | 765 | $8.28 |
| 2026-01-20 | Livschitz Leonard | Sell | 10K | $9.00 |
| 2026-01-07 | Doradla Anil | Sell | 2.0K | $10.00 |
| 2026-01-06 | Livschitz Leonard | Sell | 10K | $9.70 |
| 2026-01-01 | Gryzlov Yury | Tax withheld | 1.8K | $9.03 |
| 2026-01-01 | Gryzlov Yury | Grant | 36K | — |
| 2026-01-01 | Livschitz Leonard | Grant | 360K | — |
| 2026-01-01 | Livschitz Leonard | Tax withheld | 37K | $9.03 |
| 2026-01-01 | Doradla Anil | Grant | 36K | — |
| 2026-01-01 | Doradla Anil | Tax withheld | 2.4K | $9.03 |
| 2025-12-23 | Livschitz Leonard | Sell | 10K | $9.33 |
| 2025-12-23 | CARNEY LLOYD | Grant | 2.3K | — |
| 2025-12-23 | Zhang Shuo | Grant | 11K | — |
| 2025-12-23 | Zhang Shuo | Grant | 6.0K | — |
| 2025-12-23 | Nicolet Patrick | Grant | 8.2K | — |
| 2025-12-23 | Nicolet Patrick | Grant | 4.3K | — |
| 2025-12-23 | Wang Yueou | Grant | 8.2K | — |
| 2025-12-23 | Wang Yueou | Grant | 4.3K | — |
| 2025-12-23 | Southworth Michael Christopher | Grant | 12K | — |
| 2025-12-23 | Southworth Michael Christopher | Grant | 6.5K | — |
| 2025-12-23 | CARNEY LLOYD | Grant | 19K | — |
| 2025-12-23 | CARNEY LLOYD | Grant | 9.2K | — |
| 2025-12-23 | Wang Weihang | Grant | 8.2K | — |
| 2025-12-23 | Wang Weihang | Grant | 4.3K | — |
| 2025-12-23 | Levinson Marina | Grant | 11K | — |
| 2025-12-23 | Levinson Marina | Grant | 6.0K | — |
| 2025-12-23 | BENHAMOU ERIC | Grant | 19K | — |
| 2025-12-23 | BENHAMOU ERIC | Grant | 8.7K | — |
| 2025-12-15 | Zhang Shuo | Sell | 3.0K | $9.75 |
| 2025-12-09 | Doradla Anil | Sell | 4.4K | $10.00 |
| 2025-12-09 | Livschitz Leonard | Sell | 10K | $9.70 |
| 2025-12-05 | Gryzlov Yury | Sell | 25K | $9.66 |
| 2025-12-03 | Livschitz Leonard | Sell | 10K | $9.00 |
| 2025-11-24 | Livschitz Leonard | Tax withheld | 142 | $8.61 |
| 2025-10-31 | Livschitz Leonard | Sell | 10K | $9.00 |
| 2025-10-31 | Gryzlov Yury | Sell | 737 | $9.00 |
| 2025-10-28 | Doradla Anil | Tax withheld | 3.0K | $8.22 |
| 2025-10-01 | Livschitz Leonard | Tax withheld | 36K | $7.82 |
| 2025-10-01 | Doradla Anil | Tax withheld | 2.2K | $7.82 |
| 2025-10-01 | Gryzlov Yury | Tax withheld | 1.8K | $7.82 |
| 2025-08-21 | Livschitz Leonard | Sell | 132 | $8.01 |
| 2025-07-22 | Livschitz Leonard | Sell | 10K | $10.60 |
| 2025-07-08 | Gryzlov Yury | Sell | 2.0K | $12.33 |
| 2025-07-08 | Livschitz Leonard | Sell | 20K | $12.50 |
| 2025-07-07 | Doradla Anil | Sell | 2.0K | $12.22 |
| 2025-07-02 | Gryzlov Yury | Sell | 737 | $11.82 |
| 2025-07-01 | Gryzlov Yury | Tax withheld | 1.8K | $11.87 |
| 2025-07-01 | Livschitz Leonard | Tax withheld | 36K | $11.87 |
| 2025-07-01 | Doradla Anil | Tax withheld | 2.2K | $11.87 |
| 2025-07-01 | Livschitz Leonard | Sell | 10K | $12.00 |
| 2025-06-24 | Livschitz Leonard | Sell | 10K | $11.67 |
| 2025-06-10 | Livschitz Leonard | Sell | 20K | $12.23 |
| 2025-06-09 | Doradla Anil | Sell | 2.0K | $12.34 |
| 2025-06-03 | Gryzlov Yury | Sell | 2.0K | $12.00 |
| 2025-05-27 | Livschitz Leonard | Sell | 20K | $13.12 |
| 2025-05-21 | Livschitz Leonard | Sell | 155 | $13.21 |
| 2025-05-13 | Livschitz Leonard | Sell | 30K | $15.07 |
| 2025-05-12 | Livschitz Leonard | Sell | 10K | $15.00 |
| 2025-05-07 | Doradla Anil | Sell | 2.0K | $13.55 |
| 2025-05-06 | Gryzlov Yury | Sell | 2.0K | $13.22 |
| 2025-04-29 | Livschitz Leonard | Sell | 20K | $13.92 |
| 2025-04-15 | Livschitz Leonard | Sell | 20K | $13.76 |
| 2025-04-08 | Gryzlov Yury | Sell | 2.0K | $13.97 |
| 2025-04-07 | Doradla Anil | Sell | 2.0K | $13.22 |
| 2025-04-03 | Gryzlov Yury | Sell | 737 | $14.80 |
| 2025-04-01 | Doradla Anil | Tax withheld | 2.2K | $15.52 |
| 2025-04-01 | Livschitz Leonard | Tax withheld | 36K | $15.52 |
| 2025-04-01 | Livschitz Leonard | Sell | 30K | $15.61 |
| 2025-04-01 | Gryzlov Yury | Tax withheld | 1.8K | $15.52 |
| 2025-03-18 | Livschitz Leonard | Sell | 30K | $16.78 |
| 2025-03-11 | Gryzlov Yury | Sell | 2.0K | $16.77 |
| 2025-03-07 | Doradla Anil | Sell | 2.0K | $18.10 |
| 2025-03-04 | Livschitz Leonard | Sell | 40K | $18.66 |
| 2025-03-04 | Gryzlov Yury | Sell | 10K | $18.66 |
| 2025-02-24 | Livschitz Leonard | Sell | 155 | $21.41 |
| 2025-02-21 | Livschitz Leonard | Sell | 10K | $25.33 |
| 2025-02-18 | Gryzlov Yury | Tax withheld | 18K | $22.01 |
| 2025-02-18 | Livschitz Leonard | Sell | 50K | $22.11 |
| 2025-02-18 | Livschitz Leonard | Tax withheld | 358K | $22.01 |
| 2025-02-18 | Doradla Anil | Tax withheld | 22K | $22.01 |
| 2025-02-14 | Gryzlov Yury | Grant | 30K | — |
| 2025-02-14 | Livschitz Leonard | Grant | 8.8K | — |
| 2025-02-13 | Doradla Anil | Grant | 50K | — |
| 2025-02-13 | Gryzlov Yury | Grant | 67K | — |
| 2025-02-13 | Livschitz Leonard | Grant | 666K | — |
| 2025-02-07 | Doradla Anil | Sell | 2.0K | $24.09 |
| 2025-02-04 | Livschitz Leonard | Sell | 50K | $22.99 |
| 2025-01-21 | Livschitz Leonard | Sell | 50K | $20.88 |
| 2025-01-07 | Doradla Anil | Sell | 3.0K | $22.12 |
| 2025-01-07 | Livschitz Leonard | Sell | 50K | $21.60 |
| 2025-01-01 | Gryzlov Yury | Tax withheld | 7.0K | $22.24 |
| 2025-01-01 | Doradla Anil | Tax withheld | 9.2K | $22.24 |
| 2025-01-01 | Livschitz Leonard | Tax withheld | 144K | $22.24 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-03-05 | ResultsExhibits | filing ↗ |
| 2026-02-27 | 5.03Exhibits | filing ↗ |
| 2025-12-23 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2025-11-10 | Exec/director changeExhibits | filing ↗ |
| 2025-10-30 | ResultsOtherExhibits | filing ↗ |
| 2025-07-31 | ResultsExhibits | filing ↗ |
| 2025-05-21 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-04-30 | 2026-04-30 | 0001743725-26-000012 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001743725-26-000014 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001104659-26-053052 ↗ |
| 10-K | 2026-03-05 | 2025-12-31 | 0001743725-26-000007 ↗ |
| 8-K | 2026-03-05 | 2026-03-05 | 0001743725-26-000005 ↗ |
| 8-K | 2026-02-27 | 2026-02-26 | 0001104659-26-021573 ↗ |
| 8-K | 2025-12-23 | 2025-12-23 | 0001104659-25-124231 ↗ |
| 8-K | 2025-11-10 | 2025-11-07 | 0001104659-25-109156 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001743725-25-000008 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001743725-25-000010 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0001628280-25-037042 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001628280-25-037000 ↗ |