Innodata Inc
INOD Technology Information Technology Services
Innodata Inc’s revenue for fiscal 2025 (year ended December 2025) was $251.7 million, up 47.6% from fiscal 2024. In the quarter to June 2026, revenue grew 57.8%, EPS grew 87.0%, free cash flow grew 4,885.7% and total debt rose 771.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Innodata Inc (INOD) Altman Z-score
Innodata Inc's Altman Z-score for fiscal 2025 is 19.10, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 19.10 | 2.41 |
| FY2024 | 16.70 | 11.19 |
| FY2023 | 5.51 | 3.11 |
| FY2022 | 2.40 | (2.24) |
| FY2021 | 4.65 | 0.33 |
| FY2020 | 4.32 | 2.20 |
| FY2019 | 2.12 | (1.35) |
| FY2018 | 3.47 | 0.83 |
| FY2017 | 2.64 | (1.81) |
| FY2016 | 4.45 | (0.96) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.60 | |
| Retained earnings / total assets | 0.30 | — | 0.42 | |
| EBIT / total assets | 0.24 | — | 0.78 | |
| Market value of equity / total liabilities | 26.34 | — | 15.80 | |
| Sales / total assets | 1.49 | — | 1.49 | |
| Altman Z-score | Safe zone | 19.10 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PONY Pony AI Inc. - Sponsored ADR compare | 31.1× |
| INOD Innodata Inc | 19.1× |
| CHRN ChronoScale Holdings Corporation compare | 9.4× |
| GLOB Globant S.A. compare | 3.0× |
| EFOR Everforth Inc. compare | 2.5× |
| FORTY Formula Systems (1985) Ltd. compare | 2.5× |
| DXC DXC Technology Company. compare | 1.1× |
| KEEL Keel Infrastructure Corp compare | 0.9× |
| CNXC Concentrix Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets