GDYNGRID DYNAMICS HOLDINGS, INC.

Services-Prepackaged Software

Revenue: $412M; 17% YoY
Operating margin: -0.5%; 23% YoY
EBITDA: $18M; 47% YoY
Market cap: $1.1B
Employees: —
Net debt / EBITDA: -16.8×; −$299M net debt
AI in 10-K: 25.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
420% of net income
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
15% of assets
Over 40% of assets
Shareholder dissentYes
57% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
25.4 per 10K words · 99th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 16.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$211M	$310M	$313M	$351M	$412M	17%
Operating income	$50K	−$21M	−$6M	−$2M	−$2M	10.0%
Net income	−$8M	−$29M	−$2M	$4M	$10M	139%
Operating cash flow	$18M	$32M	$41M	$30M	$41M	34%
Capex	$5M	$6M	$8M	$12M	$15M	30%
Stock-based comp	$33M	$61M	$36M	$34M	$30M	11%
Buybacks	$0	$0	$0	$0	$2M
Dividends	$0	—	—	—	—

Deal filings

Filed	Form	Acquirer	Price	Premium
Feb 10, 2020	DEFM14A	—	$130000000.00	10.16%
Nov 27, 2019	PREM14A	—	$10.64	10.64%

13D filers

Filed	Filer	Form	Stake	Intent
Sep 16, 2024	GDD International Holding Co	SC 13D/A	18.1%	Passive
Feb 1, 2021	Explorer Parent LLC	SC 13D/A	7.1%	Passive
Jun 22, 2020	Explorer Parent LLC	SC 13D/A	2.1%	Passive
Mar 17, 2020	GDD International Holding Co	SC 13D	35.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 23
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.