Grid Dynamics Holdings, Inc. — Earnings Quality Grade B
GDYN · Technology
Generally healthy
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 63 days, change -4 days YoY
AR growth 10.0% vs revenue growth 17.5%
Revenue 17.5%, CFFO 34.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 30.3% vs revenue 17.5%. Normal
SG&A/Gross Profit = 84.5%, exceeds 70%
Gross margin 34.6%, change -1.7pp. Stable
Cash Flow Quality
CFFO/NI = 4.20. Profits backed by cash
FCF $0.0B, FCF/NI = 2.61
Accruals ratio = -5.0%. Low accruals
Cash $0.3B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 23% of equity. Manageable
Debt/EBITDA = 0.7x. Healthy
Other assets grew 68.0% vs revenue 17.5%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -4% YoY. Normal
Manipulation Score
M-Score = -2.58 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25