Grid Dynamics Holdings, Inc. Financial Ratios — GDYN Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	75.07	34.78	-43.3	-40.64	- -	- -	- -	- -
Return on Assets (%)	- -	44.23	19.08	-10.56	-3.63	-8.75	-0.42	0.79	1.6
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	58.21	24.73	- -	- -	- -	0.43	0.02	-0.18
Gross Margin (%)	42.51	42.79	40.77	37.4	41.52	38.84	36.16	36.23	34.56
EBITDA Margin (%)	19.48	16.48	15.16	-11.48	2.41	-3.66	2.41	5.43	5.64
Operating Margin (%)	18.54	15.05	13.21	-13.88	0.02	-6.77	-1.46	0.08	-0.39
Incremental Operating Margin (%)	- -	3.41	6.79	- -	15.5	- -	- -	12.94	- -
Pretax Margin (%)	18.54	14.24	13.06	-13.67	-1.16	-6.59	1.55	3.15	3.81
Profit Margin (%)	18.65	10.05	9.13	-11.32	-3.64	-9.41	-0.56	1.15	2.35
Net Income to Common Margin (%)	18.65	10.05	8.81	-11.32	-3.64	-9.41	-0.56	1.15	2.35
Effective Tax Rate (%)	- -	29.47	30.05	- -	- -	- -	136.48	63.45	38.42
Dvd Payout Ratio (%)	23.01	- -	15.56	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	75.07	29.37	-43.3	-40.64	- -	- -	- -	- -

Credit (USD)

MCP API Chat

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	- -	- -	- -	- -	8	11	13	17
ST Debt	- -	- -	- -	- -	- -	3	4	5	6
LT Debt	- -	- -	- -	- -	- -	6	7	7	11
Total Debt/EBITDA	- -	- -	- -	- -	- -	-0.72	1.46	0.66	0.73
Net Debt/EBITDA	- -	-1.18	-2.35	8.82	-28.31	22.6	-34.12	-17.58	-14.74
Total Debt/EBIT	- -	- -	- -	- -	- -	-0.39	-2.4	42.8	-10.68
Net Debt/EBIT	- -	-1.29	-2.7	7.3	-2,887.28	12.22	56.16	-1,134.42	214.46
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	- -	58.92	49.48	13.64	5.88	-3.43	-3.65	-2	-0.35
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	1.55	1.77	1.39	1.99
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	-94.36	-138.49	914.34	72.53
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.37	1.55	1.22	1.76
Total Debt/Equity (%)	- -	- -	- -	- -	- -	2.24	2.87	2.44	3.14
Total Debt/Capital (%)	- -	- -	- -	- -	- -	-136.3	-225.24	1,602.16	114.59
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.98	2.53	2.13	2.78
Net Debt to Equity	- -	-53.51	-78.06	-74.31	-63.58	-70.72	-67.18	-64.63	-63.1
Net Debt/Capital (%)	- -	-265.68	620.88	125.35	111.68	97.73	98.14	100.24	104.54
EBITDA	14	15	18	-13	5	-11	8	19	23
EBITDA-CapEx	13	12	15	-15	- -	-17	- -	7	8
Operating Income (Loss)	13	14	16	-15	- -	-21	-5	- -	-2

Liquidity (USD)

MCP API Chat

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	2.14	5.08	8.47	5.7	6.63	6.09	6.03	6.56
Current Ratio	- -	4.46	7.95	10.11	7.61	8.35	7.67	7.62	8.43
Quick Ratio	- -	4.22	7.36	9.89	7.44	8.03	7.36	7.27	8.09
CFO/Avg Current Liab	- -	2.54	1.51	0.55	0.93	0.99	1.02	0.62	0.75
Common Equity/Total Assets	- -	58.92	49.48	13.64	5.88	-3.43	-3.65	-2	-0.35
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	1.55	1.77	1.39	1.99
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	-94.36	-138.49	914.34	72.53
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.37	1.55	1.22	1.76
Total Debt/Equity (%)	- -	- -	- -	- -	- -	2.24	2.87	2.44	3.14
Total Debt/Capital (%)	- -	- -	- -	- -	- -	-136.3	-225.24	1,602.16	114.59
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.98	2.53	2.13	2.78
CFO/Total Liabilities	- -	126.8	71.68	38.49	60.58	65.8	78.63	40.61	57.33
CFO/CapEx	5.24	3.44	4.46	2.63	3.81	5.22	5.22	2.57	2.65
Altman's Z-Score	- -	40.36	22.96	23.59	47.2	11.31	13.24	15.59	8.25

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	14.12	8.8	7.23	7.58	7.12	6.37	6.12	6.06
Days Sales Outstanding	- -	25.84	41.49	50.48	48.14	51.25	57.26	59.65	60.27
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	225.09	113.51	91.36	87.94	63.83	53.14	58.14	69.39
Accounts Payable Turnover Days	- -	1.62	3.22	4	4.15	5.72	6.87	6.28	5.26
Cash Conversion Cycle	- -	24.22	38.28	46.49	43.99	45.54	50.39	53.37	55.01
Inventory to Cash Days	- -	25.84	41.49	50.48	48.14	51.25	57.26	59.65	60.27
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

MCP API Chat

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	492	552	564	2,227	776	1,002	1,723	763
- Cash & Cash Equivalents	- -	18	42	113	144	257	257	335	342
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	8	11	13	17
Enterprise Value	- -	474	509	451	2,083	528	756	1,401	438
Total Capital	- -	25	35	23	15	-6	-5	1	15
Total Debt/Capital (%)	- -	- -	- -	- -	- -	-136.3	-225.24	1,602.16	114.59
Total Debt / EV	- -	- -	- -	- -	- -	0.02	0.01	0.01	0.04
EV/Sales	- -	5.16	4.3	4.05	9.86	1.7	2.42	4	1.06
EV/EBITDA	- -	31.32	28.4	- -	408.52	- -	100.3	73.6	18.89
EV/EBIT	- -	34.29	32.6	- -	41,660.64	- -	- -	4,748.45	- -
EV/Cash Flow to Firm	- -	44.8	40.64	76.02	115.9	16.68	18.4	46.39	10.8
EV/Free Cash Flow to Firm	- -	34.71	33.19	55.1	91.81	13.99	15.44	33.38	7.84
Diluted Market Cap	- -	492	552	564	2,227	776	1,002	1,779	785
Diluted Enterprise Value	- -	474	509	451	2,083	528	756	1,457	460
EV per Share	- -	9.33	10.02	10.08	35.51	7.63	10.06	18.08	5.19
TTM Sales	71	92	118	111	211	310	313	351	412
TTM EBITDA	14	15	18	-13	5	-11	8	19	23
TTM Operating Income	13	14	16	-15	- -	-21	-5	- -	-2
TTM Cash Flow to Firm	6	11	13	6	18	32	41	30	41
TTM Free Cash Flow to Firm	7	14	15	8	23	38	49	42	56

Multiples (USD)

MCP API Chat

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	36.01	35.94	68.88	98.17	20.58	20.47	42.38	14.03
EV/EBIT	- -	34.29	32.6	- -	41,660.64	- -	- -	4,748.45	- -
Enterprise Value	- -	474	509	451	2,083	528	756	1,401	438
Low Price	- -	9.5	9.65	4.61	11.97	9.09	8	9.07	7.37
EV/Sales	- -	5.16	4.3	4.05	9.86	1.7	2.42	4	1.06
EV/EBITDA	- -	31.32	28.4	- -	408.52	- -	100.3	73.6	18.89
Price/Earnings	- -	53.32	52.88	- -	- -	- -	- -	426.34	78.96
Price/Earnings Average	- -	53.02	49.1	-31.54	-170.51	-40.68	-479.87	257.87	109.94
Price/Earnings High	- -	56.63	54.1	-47.97	-326.15	-93.96	-606.66	463.14	222.98
Price/Earnings Low	- -	52.33	47.03	-16.37	-91.19	-21.52	-340.82	173.87	64.44
Price/Book Value	- -	20.02	15.58	24.73	147.51	-55.01	-63.13	-145.55	-351.95
Price/Book Value Average	- -	19.9	14.47	17.43	86.95	-84.19	-53.34	-88.03	-490.05
Price/Book Value High	- -	21.26	15.94	26.51	166.31	-194.49	-67.44	-158.11	-993.89
Price/Book Value Low	- -	19.64	13.86	9.05	46.5	-44.54	-37.89	-59.36	-287.25
Price/Tangible Book Value	- -	14.87	10.21	4.37	12.95	2.61	3.31	4.46	1.83
Price/Tangible Book Value Average	- -	14.78	9.48	3.08	7.63	4	2.8	2.7	2.55
Price/Tangible Book Value High	- -	15.79	10.44	4.69	14.6	9.24	3.54	4.84	5.18
Price/Tangible Book Value Low	- -	14.59	9.08	1.6	4.08	2.12	1.99	1.82	1.5
Price/Sales	- -	5.36	4.66	5.07	10.54	2.5	3.2	4.91	1.85
Price/Sales Average	- -	5.33	4.33	3.57	6.21	3.83	2.71	2.97	2.58
Price/Sales High	- -	5.69	4.77	5.43	11.89	8.84	3.42	5.34	5.23
Price/Sales Low	- -	5.26	4.15	1.85	3.32	2.02	1.92	2	1.51
Price/Cash Flow	- -	46.49	44	95.02	123.93	24.53	24.39	57.05	18.8
Price/Cash Flow Average	- -	46.23	40.86	66.99	73.05	37.54	20.61	34.51	26.18
Price/Cash Flow High	- -	49.37	45.02	101.89	139.73	86.73	26.06	61.98	53.1
Price/Cash Flow Low	- -	45.63	39.14	34.77	39.07	19.86	14.64	23.27	15.35
Price/Free Cash Flow Average	- -	35.81	33.37	48.56	57.87	31.5	17.3	25.64	19.53
Price/Free Cash Flow High	- -	38.25	36.77	73.85	110.68	72.77	21.87	46.04	39.61
Price/Free Cash Flow Low	- -	35.35	31.97	25.2	30.95	16.67	12.29	17.29	11.45
EV/Sales Average	- -	5.13	3.97	2.56	5.53	3.03	1.92	2.05	1.79
EV/Sales High	- -	5.49	4.41	4.42	11.2	8.04	2.63	4.42	4.45
EV/Sales Low	- -	5.06	3.79	0.84	2.64	1.22	1.14	1.09	0.72
EV/EBITDA Average	- -	31.14	26.2	-22.28	229.18	-82.71	79.69	37.83	31.79
EV/EBITDA High	- -	33.33	29.11	-38.48	464.2	-219.74	109.38	81.42	78.88
EV/EBITDA Low	- -	30.72	25	-7.32	109.4	-33.45	47.14	20	12.84
EV/EBIT Average	- -	34.09	30.08	-18.43	23,371.65	-44.73	-131.17	2,440.8	-462.63
EV/EBIT High	- -	36.5	33.41	-31.83	47,339.12	-118.83	-180.03	5,252.63	-1,147.79
EV/EBIT Low	- -	33.63	28.69	-6.05	11,156.4	-18.09	-77.58	1,290.09	-186.85
Last Price	- -	9.68	10.85	12.6	37.97	11.22	13.33	22.24	9.03
High Price	- -	10.28	11.1	13.51	42.81	39.67	14.24	24.16	25.5
Enterprise Value Average	- -	471	470	285	1,169	940	601	720	738
Enterprise Value High	- -	505	522	492	2,367	2,496	825	1,550	1,831
Enterprise Value Low	- -	465	448	93	558	380	355	381	298

Shares Outstanding	- -	51	51	51	67	74	76	84	85
Diluted Weighted Avg Shares	51	51	51	45	59	69	75	80	87
Basic Weighted Avg Shares	51	51	51	45	59	69	75	77	85
Revenue per Share	1.39	1.81	2.33	2.49	3.6	4.49	4.16	4.53	4.87
EBITDA per Share	0.27	0.3	0.35	-0.29	0.09	-0.16	0.1	0.25	0.27
Operating Income per Share	0.26	0.27	0.31	-0.35	- -	-0.3	-0.06	- -	-0.02
Basic EPS, GAAP	0.26	0.18	0.21	-0.28	-0.13	-0.42	-0.02	0.05	0.11
Basic EPS from Cont Ops	0.26	0.18	0.21	-0.28	-0.13	-0.42	-0.02	0.05	0.11
Diluted EPS, GAAP	0.26	0.18	0.21	-0.28	-0.13	-0.42	-0.02	0.05	0.11
Diluted EPS from Cont Ops	0.26	0.18	0.21	-0.28	-0.13	-0.42	-0.02	0.05	0.11
Dividend per Share	0.06	- -	0.04	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.11	0.21	0.25	0.13	0.31	0.46	0.55	0.39	0.48
Free Cash Flow per Basic Share	0.09	0.15	0.19	0.08	0.23	0.37	0.44	0.24	0.3
Cash & Equivalents per Share	- -	0.35	0.83	2.52	2.46	3.71	3.42	4.32	4.05
Book Value per Share	- -	0.48	0.7	0.51	0.26	-0.2	-0.21	-0.15	-0.03
Tangible Book Value per Share	- -	0.65	1.06	2.88	2.93	4.29	4.02	4.99	4.92

Grid Dynamics Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)