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Grid Dynamics Valuation Multiples

Discover revenue and EBITDA valuation multiples for Grid Dynamics and similar public comparables like Toukei Computer, Infibeam Avenues, TXT Group, Troy Information Technology and more.

Grid Dynamics Overview

About Grid Dynamics

Grid Dynamics Holdings Inc is a provider of technology consulting, platform and product engineering, and advanced analytics services. The company delivers tailored solutions in several industry verticals like Tech, Media and Telecom, Retail, Finance and Consumer Packaged goods (CPG)/manufacturing. The company derives maximum revenue from Retails. Geographically company earns revenue from North America, Europe and other regions.


Founded

2018

HQ

United States

Employees

4.7K

Financials (LTM)

Revenue: $423M
EBITDA: $56M

EV

$161M

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Grid Dynamics Financials

Grid Dynamics reported last 12-month revenue of $423M and EBITDA of $56M.

In the same LTM period, Grid Dynamics generated $146M in gross profit, $56M in EBITDA, and $36M in net income.

Revenue (LTM)


Grid Dynamics P&L

In the most recent fiscal year, Grid Dynamics reported revenue of $412M and EBITDA of $54M.

Grid Dynamics is profitable as of last fiscal year, with gross margin of 35%, EBITDA margin of 13%, and net margin of 9%.

See analyst estimates for Grid Dynamics
LTMLast FY202320242025202620272028
Revenue$423M$412M$313M$351M$412M
Gross Profit$146M$142M$113M$127M$142M
Gross Margin35%35%36%36%35%
EBITDA$56M$54M$7M$17M$23M
EBITDA Margin13%13%2%5%6%
EBIT Margin9%8%(2%)(1%)(0%)
Net Profit$36M$35M($2M)$4M$10M
Net Margin9%9%(1%)1%2%

Financial data powered by Morningstar, Inc.

Grid Dynamics Stock Performance

Grid Dynamics has current market cap of $486M, and enterprise value of $161M.

Market Cap Evolution


Grid Dynamics' stock price is $5.69.

Grid Dynamics share price decreased by 54.6% in the last year.

Grid Dynamics has an EPS (earnings per share) of $0.41.

See more trading valuation data for Grid Dynamics
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$161M$486M1.3%-15.7%-54.6%$0.41

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Grid Dynamics Valuation Multiples

Grid Dynamics trades at 0.4x EV/Revenue multiple, and 2.8x EV/EBITDA.

See NTM and 2027E valuation multiples for Grid Dynamics

EV / Revenue (LTM)


Grid Dynamics Financial Valuation Multiples

As of May 1, 2026, Grid Dynamics has market cap of $486M and EV of $161M.

Grid Dynamics has a P/E ratio of 13.5x.

LTMLast FY202320242025202620272028
EV/Revenue0.4x0.4x0.5x0.5x0.4x
EV/EBITDA2.8x3.0x24.6x9.7x6.9x
EV/EBIT4.5x4.7x(28.8x)(76.3x)(100.7x)
EV/Gross Profit1.1x1.1x1.4x1.3x1.1x
P/E13.5x13.8xn/m120.2x50.2x
EV/FCF5.4x5.9x4.8x8.7x6.4x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Grid Dynamics Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Grid Dynamics Margins & Growth Rates

Grid Dynamics grew revenue by 8% and EBITDA by 15% in the last fiscal year.

In the most recent fiscal year, Grid Dynamics reported gross margin of 35%, EBITDA margin of 13%, and net margin of 9%.

See estimated margins and future growth rates for Grid Dynamics

Grid Dynamics Margins

Last FY202420252026202720282029
Gross Margin35%36%35%34%
EBITDA Margin13%5%6%14%
EBIT Margin8%(1%)(0%)9%
Net Margin9%1%2%9%
FCF Margin7%5%6%8%

Grid Dynamics Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth8%12%17%8%
Gross Profit Growth7%12%12%7%
EBITDA Growth15%154%40%167%
EBIT Growth19%(62%)(24%)(2628%)
Net Profit Growth8%(329%)139%292%
FCF Growth30%(45%)37%39%

Data powered by FactSet, Inc. and Morningstar, Inc.

Grid Dynamics Operational KPIs

Grid Dynamics' revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.0M for the same period.

Grid Dynamics' Rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Grid Dynamics' Rule of X is 34% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Grid Dynamics
LTMLast FY202320242025202620272028
Rule of 4022%22%
Bessemer Rule of X36%34%
Revenue per Employee$0.1M
Opex per Employee$0.0M
S&M Expenses to Revenue6%7%8%8%7%
G&A Expenses to Revenue19%22%26%23%22%
R&D Expenses to Revenue5%6%5%5%6%
Opex to Revenue35%38%37%35%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Grid Dynamics Competitors

Grid Dynamics competitors include Toukei Computer, Infibeam Avenues, TXT Group, Troy Information Technology, Altron, Aurionpro Solutions, Sygnity, Datamatics Global Services, Edarat Group and JBCC Holdings.

Most Grid Dynamics public comparables operate across IT Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Toukei Computer3.5x3.5x8.9x
Infibeam Avenues
TXT Group1.3x1.3x8.6x8.4x
Troy Information Technology2.7x(269.1x)
Altron0.9x0.9x5.1x4.4x
Aurionpro Solutions3.3x2.9x16.0x14.2x
Sygnity4.3x14.1x
Datamatics Global Services2.3x12.7x

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Grid Dynamics Funding History

Before going public, Grid Dynamics raised $17M in total equity funding, across 2 rounds.


Grid Dynamics Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
May-19Series ABenhamou Global Ventures$15MGrid Dynamics provides enterprise-level digital transformation services, including digital consulting, platform engineering, AI, and cloud applications for Fortune 1000 companies in retail, technology, finance, and other verticals. The company, founded in 2006, received an early investment from Benhamou Global Ventures (BGV) as part of BGV Fund II and an additional Opportunity Fund investment to support organic and inorganic growth. BGV remained involved through Grid Dynamics' integration with parent company ASL and preparation for its 2020 IPO via SPAC. For the year ended December 31, 2018, preceding the 2019 BGV investment, Grid Dynamics reported $91.9 million in revenue, up 30% from $70.6 million in 2017. Revenue grew to $118.3 million in 2019 and continued expanding post-IPO, reaching $312.9 million in 2023, $350.6 million in 2024, and $411.8 million in 2025, driven by AI services and acquisitions like JUXT and Mobile Computing.
Aug-15Series BBenhamou Global Ventures$2M

Grid Dynamics M&A Activity

Grid Dynamics has acquired 7 companies to date.

Last acquisition by Grid Dynamics was on October 7th 2024. Grid Dynamics acquired Mobile Computing for $16M (EV/Revenue multiple of ).

See M&A valuation multiples

Latest Acquisitions by Grid Dynamics

Mobile Computing
JUXT
Next Sphere Technologies
Mutual Mobile
Description
Mobile Computing is a Buenos Aires-based software firm specializing in enterprise mobility solutions. It develops custom applications for logistics, field service, and inventory management on Android and iOS platforms. The company integrates with ERP systems like SAP and Oracle, serving clients in Latin America's manufacturing and retail sectors. Mobile Computing emphasizes offline functionality and barcode scanning for warehouse operations. Founded in 2005, it operates from Argentina with development teams supporting Spanish and Portuguese markets.
JUXT builds software applications using modern technology stacks like Clojure, emphasizing simplicity and efficiency. The firm delivers custom development services to clients while contributing open-source tools to the developer community. Based in the UK, it specializes in scalable web and data systems via https://juxt.pro.
Next Sphere Technologies is a U.S.-based custom software development firm serving industries like healthcare, finance, and logistics. The company builds web and mobile applications using .NET, React, and cloud platforms, supported by a fixed-price Not-To-Exceed model to minimize project risks. Headquartered in Dallas, NextSphere delivers end-to-end solutions from requirements analysis to deployment and maintenance for mid-sized enterprises seeking scalable business tools.
Mutual Mobile provides digital innovation consulting from its Austin, Texas headquarters, blending strategy, design, and engineering for over 200 client projects. The firm has developed apps for AutoTrader.com, Union Bank, and Google, alongside open-source tools like Lavaca for HTML5, VIPER for iOS architecture, and Otter for app analytics. Its team delivers mobile, web, and AI-driven experiences across industries.
HQ CountryArgentinaUnited KingdomUnited StatesUnited States
HQ City
Buenos Aires
Milton Keynes
Clearwater, FL
Austin, TX
Deal Date7 Oct 202426 Sep 202418 Apr 202327 Dec 2022
Valuation$16M$47M$26M$16M
EV/Revenue
EV/EBITDA

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About Grid Dynamics

When was Grid Dynamics founded?Grid Dynamics was founded in 2018.
Where is Grid Dynamics headquartered?Grid Dynamics is headquartered in United States.
How many employees does Grid Dynamics have?As of today, Grid Dynamics has over 4K employees.
Who is the CEO of Grid Dynamics?Grid Dynamics' CEO is Leonard Livschitz.
Is Grid Dynamics publicly listed?Yes, Grid Dynamics is a public company listed on Nasdaq.
What is the stock symbol of Grid Dynamics?Grid Dynamics trades under GDYN ticker.
When did Grid Dynamics go public?Grid Dynamics went public in 2020.
Who are competitors of Grid Dynamics?Grid Dynamics main competitors include Toukei Computer, Infibeam Avenues, TXT Group, Troy Information Technology, Altron, Aurionpro Solutions, Sygnity, Datamatics Global Services, Edarat Group, JBCC Holdings.
What is the current market cap of Grid Dynamics?Grid Dynamics' current market cap is $486M.
What is the current revenue of Grid Dynamics?Grid Dynamics' last 12 months revenue is $423M.
What is the current revenue growth of Grid Dynamics?Grid Dynamics revenue growth (NTM/LTM) is 9%.
What is the current EV/Revenue multiple of Grid Dynamics?Current revenue multiple of Grid Dynamics is 0.4x.
Is Grid Dynamics profitable?Yes, Grid Dynamics is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Grid Dynamics?Grid Dynamics' last 12 months EBITDA is $56M.
What is Grid Dynamics' EBITDA margin?Grid Dynamics' last 12 months EBITDA margin is 13%.
What is the current EV/EBITDA multiple of Grid Dynamics?Current EBITDA multiple of Grid Dynamics is 2.8x.
What is the current FCF of Grid Dynamics?Grid Dynamics' last 12 months FCF is $30M.
What is Grid Dynamics' FCF margin?Grid Dynamics' last 12 months FCF margin is 7%.
What is the current EV/FCF multiple of Grid Dynamics?Current FCF multiple of Grid Dynamics is 5.4x.
How many companies Grid Dynamics has acquired to date?As of May 2026, Grid Dynamics has acquired 7 companies.
What was the largest acquisition by Grid Dynamics?$47M acquisition of JUXT on 26th September 2024 was the largest M&A Grid Dynamics has done to date.
What companies Grid Dynamics acquired?Grid Dynamics acquired JUXT, Tacit Knowledge, Next Sphere Technologies, Mobile Computing, Mutual Mobile, Daxx, and Tonomi.
In how many companies Grid Dynamics has invested to date?Grid Dynamics hasn't invested in any companies yet (or none have been disclosed publicly).

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