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Side-by-side financial comparison of GRID DYNAMICS HOLDINGS, INC. (GDYN) and Safehold Inc. (SAFE). 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 $97.9M, roughly 1.1× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -1.4%, a 29.9% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 3.7%). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (12.0% CAGR vs 2.5%).
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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
GDYN vs SAFE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.1M | $97.9M |
| Net Profit | $-1.5M | $27.9M |
| Gross Margin | 34.8% | 98.6% |
| Operating Margin | 61.7% | 27.4% |
| Net Margin | -1.4% | 28.5% |
| Revenue YoY | 3.7% | 6.5% |
| Net Profit YoY | -150.6% | 7.1% |
| EPS (diluted) | $-0.02 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $104.2M | $96.2M | ||
| Q2 25 | $101.1M | $93.8M | ||
| Q1 25 | $100.4M | $97.7M | ||
| Q4 24 | $100.3M | $91.9M | ||
| Q3 24 | $87.4M | $90.7M | ||
| Q2 24 | $83.0M | $89.9M |
| Q1 26 | $-1.5M | — | ||
| Q4 25 | $306.0K | $27.9M | ||
| Q3 25 | $1.2M | $29.3M | ||
| Q2 25 | $5.3M | $27.9M | ||
| Q1 25 | $2.9M | $29.4M | ||
| Q4 24 | $4.5M | $26.0M | ||
| Q3 24 | $4.3M | $19.3M | ||
| Q2 24 | $-817.0K | $29.7M |
| Q1 26 | 34.8% | — | ||
| Q4 25 | 34.0% | 98.6% | ||
| Q3 25 | 33.3% | 98.5% | ||
| Q2 25 | 34.1% | 99.1% | ||
| Q1 25 | 36.8% | 98.8% | ||
| Q4 24 | 36.9% | 98.8% | ||
| Q3 24 | 37.4% | 98.8% | ||
| Q2 24 | 35.6% | 98.8% |
| Q1 26 | 61.7% | — | ||
| Q4 25 | 0.5% | 27.4% | ||
| Q3 25 | -0.2% | 25.9% | ||
| Q2 25 | -0.1% | 25.5% | ||
| Q1 25 | -2.0% | 25.9% | ||
| Q4 24 | 1.3% | 24.6% | ||
| Q3 24 | 2.4% | 17.5% | ||
| Q2 24 | 0.0% | 26.7% |
| Q1 26 | -1.4% | — | ||
| Q4 25 | 0.3% | 28.5% | ||
| Q3 25 | 1.1% | 30.5% | ||
| Q2 25 | 5.2% | 29.8% | ||
| Q1 25 | 2.9% | 30.1% | ||
| Q4 24 | 4.5% | 28.3% | ||
| Q3 24 | 4.9% | 21.3% | ||
| Q2 24 | -1.0% | 33.0% |
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $0.01 | $0.38 | ||
| Q3 25 | $0.01 | $0.41 | ||
| Q2 25 | $0.06 | $0.39 | ||
| Q1 25 | $0.03 | $0.41 | ||
| Q4 24 | $0.06 | $0.36 | ||
| Q3 24 | $0.05 | $0.27 | ||
| Q2 24 | $-0.01 | $0.42 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $530.1M | $2.4B |
| Total Assets | $605.0M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $327.5M | — | ||
| Q4 25 | $342.1M | $21.7M | ||
| Q3 25 | $338.6M | $12.1M | ||
| Q2 25 | $336.8M | $13.9M | ||
| Q1 25 | $325.5M | $17.3M | ||
| Q4 24 | $334.7M | $8.3M | ||
| Q3 24 | $231.3M | $15.6M | ||
| Q2 24 | $256.0M | $13.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B |
| Q1 26 | $530.1M | — | ||
| Q4 25 | $542.1M | $2.4B | ||
| Q3 25 | $537.7M | $2.4B | ||
| Q2 25 | $532.2M | $2.4B | ||
| Q1 25 | $517.4M | $2.4B | ||
| Q4 24 | $517.8M | $2.3B | ||
| Q3 24 | $400.2M | $2.3B | ||
| Q2 24 | $388.4M | $2.3B |
| Q1 26 | $605.0M | — | ||
| Q4 25 | $612.9M | $7.2B | ||
| Q3 25 | $613.2M | $7.1B | ||
| Q2 25 | $608.9M | $7.1B | ||
| Q1 25 | $590.9M | $6.9B | ||
| Q4 24 | $592.2M | $6.9B | ||
| Q3 24 | $477.3M | $6.8B | ||
| Q2 24 | $443.6M | $6.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× |
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 | — | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $9.9M | $47.8M | ||
| Q3 25 | $7.0M | $-1.4M | ||
| Q2 25 | $14.4M | $28.0M | ||
| Q1 25 | $9.4M | $8.9M | ||
| Q4 24 | $7.1M | $37.9M | ||
| Q3 24 | $9.2M | $8.3M | ||
| Q2 24 | $10.7M | $24.8M |
| Q1 26 | — | — | ||
| Q4 25 | $6.1M | — | ||
| Q3 25 | $2.9M | — | ||
| Q2 25 | $10.2M | — | ||
| Q1 25 | $6.0M | — | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $5.9M | — | ||
| Q2 24 | $8.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 10.1% | — | ||
| Q1 25 | 6.0% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 9.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.6% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | 3.3% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 32.34× | 1.72× | ||
| Q3 25 | 5.92× | -0.05× | ||
| Q2 25 | 2.73× | 1.00× | ||
| Q1 25 | 3.21× | 0.30× | ||
| Q4 24 | 1.56× | 1.45× | ||
| Q3 24 | 2.15× | 0.43× | ||
| Q2 24 | — | 0.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GDYN
Segment breakdown not available.
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
