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Innodata Inc INOD

Technology — Information Technology Services
Cash Flow Champion (3y)
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
175.43
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 2 1 — — — — 13 2 — — 2
Insider Ownership
2.23%

Capital & Financial Ratios

Market Cap
1,990.00
Revenue
317.16
Net Income
46.49
Free Cash Flow
183.85
Net Debt
(172.21)
Current Ratio
1.73
Debt/Equity
0.49
P/E ratio
39.96
P/S ratio
6.03
P/B ratio
11.99
Past 5Y EPS Growth
(26.94%)
This Y EPS Growth
31.09%
Next Y EPS Growth
35.52%
Next 5Y EPS Growth
13.46%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2018 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 13.82 46.90 82.23 250.37
Receivables 14.29 28.01 46.51 47.56
Inventory — — — —
Other — — — —
32.08 81.00 135.39 320.76
2023 2024 2025 Q'26
Payables 2.66 4.55 9.62 53.04
ST’ Debt 1.26 1.64 1.66 69.22
Other — — — —
22.94 39.51 50.53 185.60
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡
Earnings ‡‡‡ ‡‡‡‡‡ ‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 90.10 92.14 — —
—
’25 58.34 58.39 62.55 72.38
251.66
’24 26.50 32.55 52.22 59.18
170.46
’23 18.84 19.66 22.17 26.11
86.78
’22 21.19 19.99 18.45 19.38
79.00
’21 15.97 17.05 17.45 19.29
69.76
’20 14.53 13.86 14.55 15.29
58.24
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 37.26 127.18 — —
—
’25 10.79 4.20 18.88 12.88
46.75
’24 6.77 (0.45) 11.37 17.18
34.86
’23 1.78 2.40 1.61 0.11
5.90
’22 (1.50) (2.38) 2.21 0.44
(1.22)
’21 0.76 4.83 0.06 (0.49)
5.15
’20 0.75 2.53 2.38 0.01
5.66
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 34.84 124.29 — —
—
’25 8.44 2.49 14.65 10.06
35.65
’24 5.43 (3.18) 9.92 14.96
27.12
’23 0.08 1.09 0.30 (1.13)
0.34
’22 (3.43) (4.07) 0.60 (0.83)
(7.74)
’21 0.25 3.86 (1.39) (1.94)
0.78
’20 0.17 2.14 2.27 (0.29)
4.29
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.42 0.41 — —
—
’25 0.22 0.20 0.24 0.25
0.92
’24 0.03 0.00 0.51 0.31
0.89
’23 (0.08) (0.03) 0.01 0.05
(0.03)
’22 (0.10) (0.14) (0.12) (0.07)
(0.44)
’21 0.01 0.00 (0.03) (0.04)
(0.06)
’20 (0.01) (0.02) 0.01 0.04
0.02

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 2.78 2.96 5.46 26.41 — — —
Low Price
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 9.00 15.36 55.17 93.85 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4,209 4,325 6,648 10,107 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.02 0.02 0.03 0.02 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 79.00 86.78 170.46 251.66 ‡‡‡‡‡ ‡‡‡‡‡ —
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 34.77% 36.06% 39.35% 39.53% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (10.48) 0.14 24.49 41.43 ‡‡‡‡‡ — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (13.27%) 0.16% 14.36% 16.46% ‡‡‡ ‡‡‡ —
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (12.00) (0.89) 28.68 32.18 ‡‡‡‡‡ ‡‡‡‡‡ —
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.89 4.72 5.80 6.89 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.90 3.08 5.85 7.91 ‡‡‡‡‡ ‡‡‡‡‡ —
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ (0.44) (0.03) 0.98 1.01 ‡‡‡‡‡ ‡‡‡‡‡ —
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ (0.04) 0.21 1.20 1.47 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.24) (0.20) (0.27) (0.35) ‡‡‡ ‡‡‡ —
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (0.28) 0.01 0.93 1.12 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.69 0.91 2.17 3.37 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 27.28 28.13 29.16 31.81 ‡‡‡‡‡ ‡‡‡‡‡ —
Shares
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡ 0.00 0.00 40.74 49.95 ‡‡‡‡ ‡‡‡‡ —
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 1.06 2.53 6.76 6.44 ‡‡‡ ‡‡‡ —
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ 4.45 8.53 18.18 15.14 ‡‡‡ ‡‡‡ —
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.00 2.46 6.54 6.16 ‡‡‡‡ ‡‡‡‡ —
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (10.22) 629.38 41.07 43.46 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.22) 5.90 34.86 46.75 ‡‡‡ ‡‡‡ —
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (6.53) (5.56) (7.74) (11.10) ‡‡‡‡‡ — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (7.74) 0.34 27.12 35.65 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.87 9.14 41.49 84.86 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.96 8.04 8.39 9.28 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (4.34) (5.78) (38.51) (72.95) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 18.77 25.70 63.39 107.06 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (22.25%) (1.69%) 33.16% 22.82% ‡‡‡‡‡ — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (45.36%) 1.00% 61.14% 73.05% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (49.01%) (4.08%) 64.34% 37.76% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Innodata Inc. (INOD) has transformed from a stagnant data services provider plagued by losses into a standout beneficiary of the AI data revolution, propelled by the 2022 ChatGPT surge and Big Tech’s demand for high-quality training data. Revenue exploded from $86.8 million in 2023 to $170.5 million in 2024—a 96% year-over-year leap—driven by efficient scaling, with revenue per employee up 28% despite a 54% headcount increase. Profitability flipped dramatically, delivering $28.7 million in net income and $0.94 free cash flow per share in 2024, bolstering a pristine balance sheet with $38.5 million in net cash and ROE soaring to 64.3%.

Yet, the story tempers excitement with maturing growth—projections show 46% revenue growth to $248.8 million in 2025, slowing to 26% in 2026 before flattening—and frothy valuations like a 40.7x P/E and 6.8x P/S. Insider selling exceeding $16 million raises caution flags, contrasting bullish analyst targets implying 57-148% upside amid AI tailwinds. With risks from competition, rising capex, and potential market saturation, Innodata offers compelling growth potential for patient investors—dive deeper to unpack the full metrics and road ahead.

Read full commentary →

Innodata Inc (INOD) Latest News

News by impact score

Fine-tune

16 Sep

3 , 11:12 AM
Innodata Inc is seeing positive results from its customer diversification strategy. Customer diversification can stabilize revenues and reduce client concentration risks for Innodata.

15 Sep

3 , 10:35 AM
Innodata Inc appoints Admiral Michael S. Rogers, former NSA Director and U.S. Cyber Command Commander, to its board of directors. High-profile cyber expert joins board, adding strategic cybersecurity depth to Innodata operations.

7 Sep

4 , 10:36 AM
Innodata evaluates agentic AI deployment as a potential driver for enterprise growth and revenue expansion. Agentic AI deployment positions Innodata to capture major enterprise contracts and reshape its growth trajectory.

3 Sep

3 , 7:07 AM
Innodata reaffirmed 2026 growth targets while analysts assess whether the stock trades at a 56% discount to fair value. Reaffirmed targets support moderate sentiment without shifting operations or competitive positioning.

1 Sep

3 , 1:00 PM
Innodata Inc converts research into revenue streams while assessing whether innovation can sustain growth. Innovation revenue conversion efforts may moderately affect Innodata's financial performance and positioning.

28 Aug

3 , 10:06 AM
Innodata Inc posts 49% margins positioned as potential new benchmark for AI growth. Strong AI margins could lift financial performance and market positioning but effects remain moderate without broader confirmation.

19 Aug

4 , 1:04 PM
Innodata targets government AI evaluation contracts, with questions raised over the size of the addressable market and growth runway. Pursuit of government AI evaluation work opens a substantial new revenue channel that can materially shift Innodata's growth trajectory.

14 Aug

3 , 11:46 AM
Innodata Inc shares rose 40% over six months after posting record Q2 results, with questions raised over potential for additional gains. Record quarterly results lifted shares 40% in six months and support expectations for continued positive momentum.

12 Aug

3 , 12:26 PM
Innodata reaffirms 40% growth outlook, raising questions on further upside potential for the company. Reaffirmed 40% growth outlook signals sustained positive momentum for Innodata's performance.

10 Aug

4 , 9:23 AM
Innodata Inc is positioned to emerge as a leader in AI solutions with a recommendation to buy and hold the stock. Positioning Innodata as an AI solutions leader signals major strategic growth that could significantly alter its market trajectory.

9 Aug

4 , 8:10 AM
Innodata posted record Q2 results, launched an AI Cyber Suite and executed a CEO transition, raising questions on whether these moves strengthen the bull case for INOD. Record quarterly results, new AI product launch and leadership change signal major strategic shifts with strong potential to alter company trajectory.

8 Aug

4 , 2:12 PM
Innodata launches AI Cyber Training Suite. New AI product launch targets cybersecurity growth and alters competitive positioning.

3 , 4:11 PM
Innodata reports record Q2 results and reaffirms 2026 guidance amid intensifying valuation debates. Record results paired with reaffirmed long-term guidance indicate operational strength that may moderately shape near-term sentiment and positioning.

7 Aug

4 , 12:25 PM
Innodata beat Q2 earnings expectations on AI growth and margin expansion, driving its stock higher. AI-fueled Q2 earnings beat and margin gains point to material acceleration in Innodata's core business trajectory.

4 transcript , 1:05 AM
Innodata Inc reported record revenue in Q2 2026 alongside strategic expansion initiatives during its earnings call. Record revenue and strategic expansion signal major positive shifts in financial performance and growth trajectory.

3 , 10:00 AM
Innodata Inc held its Q2 earnings call with emphasis on advancing AI research initiatives and pursuing operational diversification to support long-term growth. AI research focus combined with diversification plans can moderately affect financial performance and competitive positioning over time.

6 Aug

4 , 4:05 PM
Innodata Inc (INOD) reported record financial results for the second quarter of 2026. Record quarterly results point to strong operational performance that can materially lift valuation and investor outlook.

3 www.marketbeat.com, 11:03 PM
Innodata Inc reported Q2 financial results and strategic updates during its earnings call, covering revenue performance, operational metrics and forward outlook. Quarterly earnings and guidance directly shape near-term valuation and sentiment for INOD.

4 Aug

4 , 8:30 AM
Innodata releases the first stage of its AI Cyber Training Suite to enable AI coding agents to write and repair secure code. New AI cybersecurity product launch targets expanding secure code market and can shift company trajectory.

21 Jul

4 , 10:05 AM
Innodata projects 40% growth from AI demand, signaling potential expansion into broader technology markets and stronger competitive positioning. Projected 40% growth linked to AI positions Innodata for major trajectory shifts and elevated investor focus.

17 Jul

3 , 5:11 PM
Innodata (INOD) stock appears overvalued as optimism from AI data growth fuels investor interest without matching fundamentals. AI data growth creates moderate upside potential for Innodata operations but valuation concerns limit broader trajectory shifts.

15 Jul

4 , 9:51 AM
Innodata Inc may be entering a new hypergrowth phase in the AI market. Potential AI hypergrowth phase could substantially shift Innodata's trajectory and investor sentiment.

13 Jul

4 , 10:10 AM
Innodata advances its focus on safer and smarter AI model development as part of ongoing strategic shift. Strategic emphasis on safer smarter AI models signals major positioning that can alter Innodata's competitive trajectory.

4 , 10:00 AM
Innodata raises its financial outlook as AI demand broadens across new workloads. Raised outlook from expanding AI demand signals stronger revenue growth and improved market position.

9 Jul

4 , 1:22 PM
Innodata Inc evaluates its positioning to capture revenue from the trillion-dollar AI spending surge through data engineering and AI services expansion. Trillion-dollar AI spending wave could drive major revenue growth and competitive gains for Innodata.

2 Jul

4 , 2:14 PM
Innodata raised AI-driven revenue growth guidance while shifting revenue mix, triggering an 11.4% stock price drop. Raising forward AI revenue guidance represents a major strategic signal that can materially shift growth trajectory and investor views.

3 , 12:00 PM
Innodata Inc posts 47% margins, raising questions on whether this reflects stronger underlying economics in its AI business. 47% margins indicate improved AI profitability that may lift Innodata valuation and near-term performance.

29 Jun

3 www.barchart.com, 7:30 AM
Innodata stock is positioned as a long-term AI winner with Wall Street analysts forecasting 93% upside potential. Positive Wall Street outlook on Innodata AI positioning may lift near-term sentiment and valuation without altering core operations.

26 Jun

4 , 10:16 AM
Innodata Inc advances into Physical AI to potentially drive its next growth phase. Strategic push into Physical AI marks major move likely to alter company trajectory and investor views.

25 Jun

4 Insider Monkey, 9:35 PM
Innodata shifts beyond pure service provision into new capabilities, prompting analysts to upgrade views and increase focus on the company's growth trajectory. Transition beyond core services signals strategic repositioning that can materially expand addressable markets and re-rate valuation.
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