vs
Side-by-side financial comparison of GRID DYNAMICS HOLDINGS, INC. (GDYN) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
GRID DYNAMICS HOLDINGS, INC. is the larger business by last-quarter revenue ($104.1M vs $61.1M, roughly 1.7× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -1.4%, a 11.7% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 3.7%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 12.0%).
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
GDYN vs PPIH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $104.1M | $61.1M |
| Net Profit | $-1.5M | $6.3M |
| Gross Margin | 34.8% | 34.4% |
| Operating Margin | 61.7% | 18.6% |
| Net Margin | -1.4% | 10.3% |
| Revenue YoY | 3.7% | 47.1% |
| Net Profit YoY | -150.6% | 153.5% |
| EPS (diluted) | $-0.02 | $0.77 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $104.1M | — | ||
| Q4 25 | $106.2M | $61.1M | ||
| Q3 25 | $104.2M | $47.9M | ||
| Q2 25 | $101.1M | $46.7M | ||
| Q1 25 | $100.4M | $45.0M | ||
| Q4 24 | $100.3M | $41.6M | ||
| Q3 24 | $87.4M | $37.5M | ||
| Q2 24 | $83.0M | $34.3M |
| Q1 26 | $-1.5M | — | ||
| Q4 25 | $306.0K | $6.3M | ||
| Q3 25 | $1.2M | $851.0K | ||
| Q2 25 | $5.3M | $5.0M | ||
| Q1 25 | $2.9M | $1.8M | ||
| Q4 24 | $4.5M | $2.5M | ||
| Q3 24 | $4.3M | $3.3M | ||
| Q2 24 | $-817.0K | $1.4M |
| Q1 26 | 34.8% | — | ||
| Q4 25 | 34.0% | 34.4% | ||
| Q3 25 | 33.3% | 30.1% | ||
| Q2 25 | 34.1% | 35.8% | ||
| Q1 25 | 36.8% | 33.7% | ||
| Q4 24 | 36.9% | 33.9% | ||
| Q3 24 | 37.4% | 35.9% | ||
| Q2 24 | 35.6% | 30.6% |
| Q1 26 | 61.7% | — | ||
| Q4 25 | 0.5% | 18.6% | ||
| Q3 25 | -0.2% | 6.7% | ||
| Q2 25 | -0.1% | 16.9% | ||
| Q1 25 | -2.0% | 12.1% | ||
| Q4 24 | 1.3% | 13.4% | ||
| Q3 24 | 2.4% | 16.4% | ||
| Q2 24 | 0.0% | 9.1% |
| Q1 26 | -1.4% | — | ||
| Q4 25 | 0.3% | 10.3% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 5.2% | 10.6% | ||
| Q1 25 | 2.9% | 3.9% | ||
| Q4 24 | 4.5% | 6.0% | ||
| Q3 24 | 4.9% | 8.8% | ||
| Q2 24 | -1.0% | 4.2% |
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $0.01 | $0.77 | ||
| Q3 25 | $0.01 | $0.10 | ||
| Q2 25 | $0.06 | $0.61 | ||
| Q1 25 | $0.03 | $0.23 | ||
| Q4 24 | $0.06 | $0.31 | ||
| Q3 24 | $0.05 | $0.40 | ||
| Q2 24 | $-0.01 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $327.5M | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $530.1M | $85.8M |
| Total Assets | $605.0M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $327.5M | — | ||
| Q4 25 | $342.1M | $27.2M | ||
| Q3 25 | $338.6M | $17.3M | ||
| Q2 25 | $336.8M | $18.8M | ||
| Q1 25 | $325.5M | $15.7M | ||
| Q4 24 | $334.7M | $13.3M | ||
| Q3 24 | $231.3M | $9.5M | ||
| Q2 24 | $256.0M | $7.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $530.1M | — | ||
| Q4 25 | $542.1M | $85.8M | ||
| Q3 25 | $537.7M | $80.2M | ||
| Q2 25 | $532.2M | $77.9M | ||
| Q1 25 | $517.4M | $72.1M | ||
| Q4 24 | $517.8M | $71.2M | ||
| Q3 24 | $400.2M | $68.6M | ||
| Q2 24 | $388.4M | $65.5M |
| Q1 26 | $605.0M | — | ||
| Q4 25 | $612.9M | $217.0M | ||
| Q3 25 | $613.2M | $189.0M | ||
| Q2 25 | $608.9M | $178.3M | ||
| Q1 25 | $590.9M | $165.2M | ||
| Q4 24 | $592.2M | $160.7M | ||
| Q3 24 | $477.3M | $157.8M | ||
| Q2 24 | $443.6M | $155.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $17.3M | ||
| Q3 25 | $7.0M | $-2.0M | ||
| Q2 25 | $14.4M | $733.0K | ||
| Q1 25 | $9.4M | $6.0M | ||
| Q4 24 | $7.1M | $5.2M | ||
| Q3 24 | $9.2M | $2.8M | ||
| Q2 24 | $10.7M | $-73.0K |
| Q1 26 | — | — | ||
| Q4 25 | $6.1M | $12.4M | ||
| Q3 25 | $2.9M | $-4.6M | ||
| Q2 25 | $10.2M | $-194.0K | ||
| Q1 25 | $6.0M | $4.7M | ||
| Q4 24 | $4.4M | $4.8M | ||
| Q3 24 | $5.9M | $2.2M | ||
| Q2 24 | $8.0M | $-662.0K |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 20.2% | ||
| Q3 25 | 2.8% | -9.6% | ||
| Q2 25 | 10.1% | -0.4% | ||
| Q1 25 | 6.0% | 10.5% | ||
| Q4 24 | 4.4% | 11.6% | ||
| Q3 24 | 6.8% | 5.8% | ||
| Q2 24 | 9.7% | -1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | 8.1% | ||
| Q3 25 | 3.9% | 5.3% | ||
| Q2 25 | 4.1% | 2.0% | ||
| Q1 25 | 3.3% | 2.9% | ||
| Q4 24 | 2.6% | 0.8% | ||
| Q3 24 | 3.7% | 1.7% | ||
| Q2 24 | 3.2% | 1.7% |
| Q1 26 | — | — | ||
| Q4 25 | 32.34× | 2.74× | ||
| Q3 25 | 5.92× | -2.40× | ||
| Q2 25 | 2.73× | 0.15× | ||
| Q1 25 | 3.21× | 3.42× | ||
| Q4 24 | 1.56× | 2.07× | ||
| Q3 24 | 2.15× | 0.86× | ||
| Q2 24 | — | -0.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
