Forensic Analysis · Technology / Software · as of Jun 28, 2026
GRID DYNAMICS HOLDINGS, INC. (GDYN)
A forensic read on GRID DYNAMICS HOLDINGS, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
12.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
86.6
P / E (ttm)
1.0%
ROE
$457M
Market cap
GRID DYNAMICS HOLDINGS, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 12.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1%Return on invested capital.Return on invested capital is -1% and rising from -14% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.5%/yrShare-count dilution.Diluted share count changed +26% over the last 3 years to FY2025 (+8.5%/yr). The count is GROWING — existing holders are being diluted. That's ~8.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~26%.
7% of revStock-based comp load.Stock-based compensation ran 7% of revenue and 120% of free cash flow in FY2025 — about $0.35 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
$139,000Goodwill impairments.Took $139,000 of goodwill writedowns across 1 year(s) (FY2019 ($139,000)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin2.3%
Debt / Equity0.01x
Free Cash Flow$25.3M
Latest Revenue$411.8M
Return on Equity1.8%
Revenue Growth YoY+17.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on GRID DYNAMICS HOLDINGS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about GDYN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown