vs
Side-by-side financial comparison of GRID DYNAMICS HOLDINGS, INC. (GDYN) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
GRID DYNAMICS HOLDINGS, INC. is the larger business by last-quarter revenue ($106.2M vs $86.0M, roughly 1.2× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs 0.3%, a 1.1% gap on every dollar of revenue. On growth, GRID DYNAMICS HOLDINGS, INC. posted the faster year-over-year revenue change (5.9% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $6.1M). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (15.3% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
GDYN vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $106.2M | $86.0M |
| Net Profit | $306.0K | $1.2M |
| Gross Margin | 34.0% | 13.0% |
| Operating Margin | 0.5% | -3.1% |
| Net Margin | 0.3% | 1.4% |
| Revenue YoY | 5.9% | -5.8% |
| Net Profit YoY | -93.2% | -68.5% |
| EPS (diluted) | $0.01 | $0.03 |
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.
| Q4 25 | $106.2M | $86.0M | ||
| Q3 25 | $104.2M | $92.8M | ||
| Q2 25 | $101.1M | $85.8M | ||
| Q1 25 | $100.4M | $65.6M | ||
| Q4 24 | $100.3M | $91.4M | ||
| Q3 24 | $87.4M | $63.2M | ||
| Q2 24 | $83.0M | $73.8M | ||
| Q1 24 | $79.8M | $83.1M |
| Q4 25 | $306.0K | $1.2M | ||
| Q3 25 | $1.2M | $3.0M | ||
| Q2 25 | $5.3M | $21.4M | ||
| Q1 25 | $2.9M | $-24.2M | ||
| Q4 24 | $4.5M | $3.7M | ||
| Q3 24 | $4.3M | $-98.0K | ||
| Q2 24 | $-817.0K | $-430.0K | ||
| Q1 24 | $-3.9M | $-216.0K |
| Q4 25 | 34.0% | 13.0% | ||
| Q3 25 | 33.3% | 16.1% | ||
| Q2 25 | 34.1% | 10.4% | ||
| Q1 25 | 36.8% | 4.2% | ||
| Q4 24 | 36.9% | 14.7% | ||
| Q3 24 | 37.4% | 10.3% | ||
| Q2 24 | 35.6% | 17.7% | ||
| Q1 24 | 34.7% | 14.2% |
| Q4 25 | 0.5% | -3.1% | ||
| Q3 25 | -0.2% | 5.8% | ||
| Q2 25 | -0.1% | -0.1% | ||
| Q1 25 | -2.0% | -10.8% | ||
| Q4 24 | 1.3% | 3.9% | ||
| Q3 24 | 2.4% | -7.8% | ||
| Q2 24 | 0.0% | 4.8% | ||
| Q1 24 | -6.9% | 0.9% |
| Q4 25 | 0.3% | 1.4% | ||
| Q3 25 | 1.1% | 3.2% | ||
| Q2 25 | 5.2% | 24.9% | ||
| Q1 25 | 2.9% | -37.0% | ||
| Q4 24 | 4.5% | 4.1% | ||
| Q3 24 | 4.9% | -0.2% | ||
| Q2 24 | -1.0% | -0.6% | ||
| Q1 24 | -4.9% | -0.3% |
| Q4 25 | $0.01 | $0.03 | ||
| Q3 25 | $0.01 | $0.08 | ||
| Q2 25 | $0.06 | $0.54 | ||
| Q1 25 | $0.03 | $-0.62 | ||
| Q4 24 | $0.06 | $0.10 | ||
| Q3 24 | $0.05 | $0.00 | ||
| Q2 24 | $-0.01 | $-0.01 | ||
| Q1 24 | $-0.05 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $342.1M | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $542.1M | $239.7M |
| Total Assets | $612.9M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $342.1M | $22.6M | ||
| Q3 25 | $338.6M | $5.1M | ||
| Q2 25 | $336.8M | $4.3M | ||
| Q1 25 | $325.5M | $5.1M | ||
| Q4 24 | $334.7M | $1.6M | ||
| Q3 24 | $231.3M | $7.2M | ||
| Q2 24 | $256.0M | $6.3M | ||
| Q1 24 | $249.4M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $542.1M | $239.7M | ||
| Q3 25 | $537.7M | $239.9M | ||
| Q2 25 | $532.2M | $240.5M | ||
| Q1 25 | $517.4M | $219.9M | ||
| Q4 24 | $517.8M | $243.8M | ||
| Q3 24 | $400.2M | $243.6M | ||
| Q2 24 | $388.4M | $242.9M | ||
| Q1 24 | $382.8M | $242.5M |
| Q4 25 | $612.9M | $340.0M | ||
| Q3 25 | $613.2M | $343.1M | ||
| Q2 25 | $608.9M | $345.8M | ||
| Q1 25 | $590.9M | $326.9M | ||
| Q4 24 | $592.2M | $341.5M | ||
| Q3 24 | $477.3M | $335.8M | ||
| Q2 24 | $443.6M | $341.8M | ||
| Q1 24 | $435.3M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $9.9M | $22.4M |
| Free Cash FlowOCF − Capex | $6.1M | $20.4M |
| FCF MarginFCF / Revenue | 5.7% | 23.7% |
| Capex IntensityCapex / Revenue | 3.6% | 2.3% |
| Cash ConversionOCF / Net Profit | 32.34× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $25.3M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.9M | $22.4M | ||
| Q3 25 | $7.0M | $18.2M | ||
| Q2 25 | $14.4M | $-5.1M | ||
| Q1 25 | $9.4M | $8.7M | ||
| Q4 24 | $7.1M | $1.0M | ||
| Q3 24 | $9.2M | $5.8M | ||
| Q2 24 | $10.7M | $14.9M | ||
| Q1 24 | $3.2M | $-3.9M |
| Q4 25 | $6.1M | $20.4M | ||
| Q3 25 | $2.9M | $14.8M | ||
| Q2 25 | $10.2M | $-7.8M | ||
| Q1 25 | $6.0M | $5.2M | ||
| Q4 24 | $4.4M | $-840.0K | ||
| Q3 24 | $5.9M | $3.7M | ||
| Q2 24 | $8.0M | $13.5M | ||
| Q1 24 | $43.0K | $-5.5M |
| Q4 25 | 5.7% | 23.7% | ||
| Q3 25 | 2.8% | 15.9% | ||
| Q2 25 | 10.1% | -9.1% | ||
| Q1 25 | 6.0% | 7.9% | ||
| Q4 24 | 4.4% | -0.9% | ||
| Q3 24 | 6.8% | 5.8% | ||
| Q2 24 | 9.7% | 18.3% | ||
| Q1 24 | 0.1% | -6.6% |
| Q4 25 | 3.6% | 2.3% | ||
| Q3 25 | 3.9% | 3.6% | ||
| Q2 25 | 4.1% | 3.1% | ||
| Q1 25 | 3.3% | 5.4% | ||
| Q4 24 | 2.6% | 2.1% | ||
| Q3 24 | 3.7% | 3.4% | ||
| Q2 24 | 3.2% | 1.8% | ||
| Q1 24 | 4.0% | 2.0% |
| Q4 25 | 32.34× | 18.99× | ||
| Q3 25 | 5.92× | 6.05× | ||
| Q2 25 | 2.73× | -0.24× | ||
| Q1 25 | 3.21× | — | ||
| Q4 24 | 1.56× | 0.28× | ||
| Q3 24 | 2.15× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GDYN
| Other | $30.6M | 29% |
| Technology Media And Telecom | $30.1M | 28% |
| Financial Service | $24.3M | 23% |
| Manufactured Product Other | $10.8M | 10% |
| Related Party | $7.6M | 7% |
| Health Care | $2.8M | 3% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
