Estados financieros detallados de Grid Dynamics Holdings, Inc. (GDYN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Grid Dynamics Holdings, Inc. registró ingresos de $411.8M en el último ejercicio fiscal, con un CAGR de 5 años del 29.9%.
Márgenes de los últimos 12 meses: margen bruto 34.7%, margen operativo -0.4%, margen neto 0.7%. El flujo de caja libre creció a un CAGR del 47.0% en 5 años.
Al precio actual de $8.02, GDYN cotiza a un P/E de 297.22 y un ROE del 0.54%. La capitalización bursátil es de $651M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $70.7M | $91.9M | $118.3M | $111.3M | $211.3M | $310.5M | $312.9M | $350.6M | $411.8M |
| Coste de Ventas | $40.6M | $52.6M | $70.1M | $69.7M | $123.6M | $189.9M | $199.8M | $223.6M | $269.5M |
| Beneficio Bruto | $30.0M | $39.3M | $48.2M | $41.6M | $87.7M | $120.6M | $113.1M | $127.0M | $142.3M |
| I+D | $2.0M | $2.6M | $4.3M | $9.3M | $8.5M | $15.8M | $14.7M | $18.3M | $23.7M |
| Generales y Administrativos | $15.0M | $22.8M | $23.5M | $47.8M | $79.2M | $125.8M | $104.0M | $110.8M | $120.3M |
| Gastos Operativos | $16.9M | $25.5M | $32.6M | $57.1M | $87.7M | $141.6M | $118.7M | $129.1M | $143.9M |
| Beneficio Operativo | $13.1M | $13.8M | $15.6M | -$15.4M | $50000 | -$21.0M | -$5.6M | -$2.1M | -$1.6M |
| EBITDA | $15.6M | $15.1M | $17.9M | -$12.8M | $2.6M | -$10.8M | $17.0M | $29.8M | $23.2M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $13.1M | $13.1M | $15.4M | -$15.2M | -$2.5M | -$20.5M | $4.8M | $11.1M | $15.7M |
| Impuestos | -$76000 | $3.9M | $4.6M | -$2.6M | $5.2M | $8.8M | $6.6M | $7.0M | $6.0M |
| Beneficio Neto | $13.2M | $9.2M | $10.8M | -$12.6M | -$7.7M | -$29.2M | -$1.8M | $4.0M | $9.7M |
| BPA | $2.40 | $0.18 | $0.22 | $-0.28 | $-0.13 | $-0.42 | $-0.02 | $0.05 | $0.11 |
| BPA Diluido | $2.40 | $0.18 | $0.22 | $-0.28 | $-0.13 | $-0.42 | $-0.02 | $0.05 | $0.11 |
| Acciones en Circulación (Diluidas) | $5.5M | $50.8M | $50.2M | $44.7M | $58.7M | $69.2M | $75.2M | $80.0M | $86.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $104.2M | $106.2M | $104.1M | $108.2M |
| Beneficio Bruto | $34.7M | $36.1M | $36.2M | $39.6M |
| Beneficio Operativo | -$241000 | $806000 | -$3.7M | $1.3M |
| EBITDA | $6.1M | $7.2M | $2.8M | $7.9M |
| Beneficio Neto | $1.2M | $306000 | -$1.5M | $2.9M |
| BPA | $0.01 | $0.00 | $-0.02 | $0.03 |
| BPA Diluido | $0.01 | $0.00 | $-0.02 | $0.03 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.4M | $17.9M | $42.2M | $112.7M | $144.4M | $256.7M | $257.2M | $334.7M | $342.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $12.3M | $17.3M | $18.9M | $18.7M | $44.2M | $53.9M | $53.6M | $69.4M | $79.5M |
| Inventario | 0 | $429000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $29.0M | $37.2M | $66.0M | $134.6M | $192.8M | $323.1M | $324.0M | $423.3M | $439.5M |
| Inmovilizado Material | $1.2M | $3.2M | $4.0M | $4.1M | $6.2M | $15.9M | $21.8M | $26.1M | $34.0M |
| Fondo de Comercio | $139000 | $139000 | 0 | 0 | $36.0M | $45.5M | $53.9M | $83.4M | $84.4M |
| Activos Intangibles | $299000 | $146000 | $18000 | $22.8M | $19.1M | $20.4M | $26.5M | $47.9M | $41.6M |
| Activos Totales | $31.2M | $41.7M | $71.5M | $167.1M | $256.7M | $411.1M | $435.2M | $592.2M | $612.9M |
| Cuentas por Pagar | $248000 | $467000 | $768000 | $757000 | $2.1M | $3.9M | $3.6M | $4.1M | $3.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | $2.5M | 0 | 0 | 0 |
| Pasivos Corrientes | $6.8M | $8.3M | $8.3M | $13.3M | $25.3M | $38.7M | $42.2M | $55.5M | $52.1M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $6.8M | $8.3M | $17.5M | $15.4M | $29.7M | $48.1M | $52.3M | $74.4M | $70.8M |
| Reservas | $17.4M | $24.6M | $35.4M | $22.8M | $15.1M | -$14.1M | -$15.9M | -$11.8M | -$2.2M |
| Patrimonio Neto | $24.4M | $33.4M | $54.0M | $151.7M | $227.1M | $363.0M | $382.9M | $517.8M | $542.1M |
| Deuda Total | 0 | 0 | 0 | 0 | 0 | $8.1M | $11.0M | $12.6M | $17.0M |
| Deuda Neta | -$10.4M | -$17.9M | -$42.2M | -$112.7M | -$144.4M | -$248.6M | -$246.2M | -$322.0M | -$325.0M |
| Capital Circulante | $22.2M | $28.9M | $57.7M | $121.3M | $167.4M | $284.4M | $281.8M | $367.8M | $387.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $338.6M | $342.1M | $327.5M | $298.4M |
| Activos Totales | $613.2M | $612.9M | $605.0M | $600.4M |
| Pasivos Totales | $75.4M | $70.8M | $74.9M | $80.4M |
| Patrimonio Neto | $537.7M | $542.1M | $530.1M | $519.9M |
| Deuda Total | $13.6M | $17.0M | $17.4M | $16.7M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $13.2M | $9.2M | $10.8M | -$12.6M | -$7.7M | -$29.2M | -$1.8M | $4.0M | $9.7M |
| Amortizaciones | $660000 | $1.3M | $2.3M | $2.7M | $5.0M | $9.6M | $12.1M | $18.7M | $24.8M |
| Compensación en Acciones | $756000 | $1.8M | $2.4M | $20.0M | $33.0M | $61.0M | $35.5M | $34.2M | $30.3M |
| Cambio en Capital Circulante | -$9.5M | -$1.1M | -$2.7M | -$410000 | -$16.0M | -$6.3M | $2.3M | -$21.9M | -$17.0M |
| Flujo de Caja Operativo | $5.5M | $10.6M | $12.5M | $5.9M | $18.0M | $31.7M | $41.1M | $30.2M | $40.6M |
| Inversiones (CapEx) | -$1.1M | -$3.1M | -$2.8M | -$2.3M | -$4.7M | -$6.1M | -$7.9M | -$11.8M | -$15.3M |
| Adquisiciones | 0 | 0 | 0 | -$16.1M | -$30.6M | -$9.3M | -$17.8M | -$43.1M | $198000 |
| Recompra de Acciones | 0 | 0 | 0 | -$123.9M | 0 | 0 | 0 | 0 | -$2.0M |
| Dividendos Pagados | -$3.0M | 0 | -$2.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $4.5M | $7.5M | $9.7M | $3.7M | $13.3M | $25.6M | $33.2M | $18.4M | $25.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $7.0M | $9.9M | $8.4M | $6.1M |
| Inversiones (CapEx) | -$4.0M | -$3.8M | -$4.0M | -$3.6M |
| Flujo de Caja Libre | $2.9M | $6.1M | $4.4M | $2.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $6.4M | $6.5M | $8.5M | $4.4M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +30.0% | +28.8% | -6.0% | +89.9% | +47.0% | +0.8% | +12.0% | +17.5% |
| Crecimiento Beneficio Neto (anual) | | -30.0% | +17.1% | -216.6% | +38.9% | -279.4% | +94.0% | +329.0% | +139.2% |
| Crecimiento BPA (anual) | | -92.5% | +22.2% | -227.3% | +53.6% | -223.1% | +94.4% | +322.1% | +110.7% |
| Cambio en Acciones (anual) | | +824.2% | -1.2% | -10.9% | +31.1% | +18.0% | +8.7% | +6.4% | +8.7% |
| Crecimiento FCF (anual) | | +67.4% | +29.6% | -62.2% | +260.2% | +93.0% | +29.9% | -44.5% | +37.1% |
| Margen Bruto | 42.5% | 42.8% | 40.8% | 37.4% | 41.5% | 38.8% | 36.2% | 36.2% | 34.6% |
| Margen Operativo | 18.5% | 15.1% | 13.2% | -13.9% | 0.0% | -6.8% | -1.8% | -0.6% | -0.4% |
| Margen EBITDA | 22.1% | 16.5% | 15.2% | -11.5% | 1.2% | -3.5% | 5.4% | 8.5% | 5.6% |
| Margen Neto | 18.7% | 10.0% | 9.1% | -11.3% | -3.6% | -9.4% | -0.6% | 1.2% | 2.3% |
| Margen FCF | 6.3% | 8.2% | 8.2% | 3.3% | 6.3% | 8.2% | 10.6% | 5.3% | 6.1% |
| Tasa Impositiva Efectiva | -0.6% | 29.5% | 30.0% | 17.2% | -214.0% | -42.8% | 136.5% | 63.4% | 38.4% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.81 | $0.15 | $0.19 | $0.08 | $0.23 | $0.37 | $0.44 | $0.23 | $0.29 |
| Dividendo por Acción | $0.55 | $0.00 | $0.04 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $5.5M | $50.8M | $50.2M | $44.7M | $58.7M | $69.2M | $75.2M | $77.5M | $84.5M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 0.54% |
| Rentabilidad sobre capital invertido | -0.10% |
| Rentabilidad sobre activos | 0.48% |
| Margen bruto | 34.72% |
| Margen operativo | -0.44% |
| Margen neto | 0.68% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 7.22 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 3.96 | 53.78 | 49.32 | -45.00 | -292.08 | -26.71 | -567.23 | 426.05 | 82.09 |
| P/VC | 2.14 | 14.74 | 10.08 | 3.72 | 9.81 | 2.14 | 2.62 | 3.33 | 1.41 |
| P/V | 0.74 | 5.36 | 4.61 | 5.07 | 10.54 | 2.50 | 3.20 | 4.91 | 1.85 |
| Margen Bruto | 42.5% | 42.8% | 40.8% | 37.4% | 41.5% | 38.8% | 36.2% | 36.2% | 34.6% |
| Margen Operativo | 18.5% | 15.1% | 13.2% | -13.9% | 0.0% | -6.8% | -1.8% | -0.6% | -0.4% |
| Margen Neto | 18.7% | 10.0% | 9.1% | -11.3% | -3.6% | -9.4% | -0.6% | 1.2% | 2.3% |