Grid Dynamics Holdings
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
51.1944.80
Price/Sales ratio
1.301.07
Earnings per Share (EPS)
$0.15$0.17

Historical Multiples (2017 – 2023)

2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
36.6253.3221.20-44.74-289.27-26.57-567.88-29.72-37.23
Price/Sales ratio
6.835.351.935.0610.542.503.202.797.80
Price/Book Value ratio
19.7914.744.233.719.812.132.612.396.76
Price/Cash Flow ratio
87.1646.4918.2895.02123.9324.5224.3927.43109.47
Price/Free Cash Flow ratio
107.7465.5623.56153.17168.0130.3430.1633.94160.59
Price/Earnings Growth ratio
N/A-1.730.120.285.39-0.116.010.122.84
Dividend Yield
0.62%N/A0.87%N/AN/AN/AN/AN/AN/A
Profitability Indicator Ratios
Gross Profit Margin
42.50%42.78%40.76%37.40%41.52%38.83%36.15%38.83%38.12%
Operating Profit Margin
18.54%15.05%13.20%-13.88%0.02%-6.76%-1.78%-6.76%-10.32%
Pretax Profit Margin
18.54%14.24%13.05%-13.66%-1.16%-6.58%1.54%-6.58%-10.12%
Net Profit Margin
18.65%10.04%9.13%-11.32%-3.64%-9.40%-0.56%-9.40%-10.36%
Effective Tax Rate
-0.57%29.46%30.04%17.17%-214.02%-42.83%136.48%-42.83%-98.42%
Return on Assets
42.32%22.11%15.10%-7.53%-2.99%-7.10%-0.40%-7.10%-7.32%
Return On Equity
54.04%27.64%19.99%-8.30%-3.39%-8.04%-0.46%-9.91%-5.84%
Return on Capital Employed
53.72%41.43%24.71%-10.04%0.02%-5.64%-1.42%-5.64%-7.84%
Liquidity Ratios
Current Ratio
N/A4.457.9510.10N/AN/AN/A8.345.05
Quick Ratio
4.284.407.6910.047.588.237.768.068.81
Cash ratio
1.532.135.088.465.696.636.096.637.08
Days of Sales Outstanding
63.5868.8258.3961.2974.8263.4262.4765.0459.84
Days of Inventory outstanding
0.002.9711.384.301.728.25-7.30N/A3.01
Operating Cycle
63.5871.8069.7765.6076.5571.6755.1616.0371.07
Days of Payables Outstanding
2.223.243.993.966.067.496.617.493.98
Cash Conversion Cycle
61.3568.5665.7761.6370.4864.1848.5557.5566.06
Debt Ratios
Debt Ratio
N/AN/AN/AN/AN/AN/A0.020.11N/A
Debt Equity Ratio
N/AN/AN/AN/AN/AN/A0.020.13N/A
Long-term Debt to Capitalization
N/AN/AN/AN/AN/AN/A0.010.01N/A
Total Debt to Capitalization
N/AN/AN/AN/AN/AN/A0.020.02N/A
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Flow to Debt Ratio
N/AN/AN/AN/AN/AN/A3.733.88N/A
Company Equity Multiplier
1.271.251.321.101.131.131.131.131.11
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.070.110.100.050.080.100.130.100.07
Free Cash Flow / Operating Cash Flow Ratio
0.800.700.770.620.730.800.800.800.69
Cash Flow Coverage Ratio
N/AN/AN/AN/AN/AN/A3.733.88N/A
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/A9.7012.63N/A
Dividend Payout Ratio
23.01%N/A18.50%N/AN/AN/AN/AN/AN/A