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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.

52.82 3.75 −6.63%
Market cap
$2.0B
P/E
36.9×
Fwd P/E
94.5×
Dividend yield
—
F-score
6/9
Altman Z
19.10
Beneish M
−2.42
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 175.43
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 1 — — — — 13 2 — — 2 —
Insider Ownership 2.23%

Capital & Financial Ratios $m

Market Cap 1,950.00
Revenue 317.16
Net Income 46.49
Free Cash Flow 183.85
Net Debt (172.21)
Current Ratio 1.73 (at or above 1.5: strong)
Debt/Equity 0.49 (at or below 0.5: strong)
P/E ratio 36.94 (above 35: high)
Fwd P/E 94.50 (above 35: high)
P/S ratio 5.57
P/B ratio 11.08 (above 6: high)
Past 5Y EPS Growth 115.06% (at or above 15%: strong)
This Y EPS Growth 34.06% (at or above 15%: strong)
Next Y EPS Growth 31.16% (at or above 15%: strong)
Next Y revenue growth 42.89% (at or above 10%: strong)
Next 5Y EPS Growth 13.46%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.0×, against a ten-year median of 1.7×; over the ten years it ranged from 0.3× in 2020 to 11.7× in 2026.
P/E against its own 10 years 17.04%
10-year low 10-year high
P/S against its own 10 years 84.63%
10-year low 10-year high
P/B against its own 10 years 73.76%
10-year low 10-year high
EV/Sales against its own 10 years 83.16%
10-year low 10-year high
EV/FCF against its own 10 years 4.80%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 14 47 82 250
Receivables 14 28 47 48
Inventory — — — —
Other — — — —
32 81 135 321
2023 2024 2025 Q'26
Payables 3 5 10 53
ST’ Debt 1 2 2 69
Other — — — —
23 40 51 186

Compound Annual Growth %

10y 5y 3y
Sales 15.70% 34.00% 47.14%
Cash Flow 33.20% 52.54% 0.00%
Earnings 0.00% 120.53% 0.00%
Book Value 10.85% 29.29% 78.66%

Revenue $m

Mar Jun Sep Dec Year
’26 90 92 — — —
’25 58 58 63 72 252
’24 27 33 52 59 170
’23 19 20 22 26 87
’22 21 20 18 19 79
’21 16 17 17 19 70
’20 15 14 15 15 58
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 37 127 — — —
’25 11 4 19 13 47
’24 7 0 11 17 35
’23 2 2 2 0 6
’22 (1) (2) 2 0 (1)
’21 1 5 0 0 5
’20 1 3 2 0 6
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 35 124 — — —
’25 8 2 15 10 36
’24 5 (3) 10 15 27
’23 0 1 0 (1) 0
’22 (3) (4) 1 (1) (8)
’21 0 4 (1) (2) 1
’20 0 2 2 0 4
Fiscal quarters ending in the months shown.

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
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 1.90 0.88 0.96 0.88 0.75 4.81 2.78 2.96 5.46 26.41

Analyst estimates 2026–2028

Powerpack
High 2.83 2.45 2.05 1.70 6.25 11.25 9.00 15.36 55.17 93.85
People
People Employees 4,750 3,944 3,147 3,640 3,769 4,931 4,209 4,325 6,648 10,107
Revenue/emp, $m 0.01 0.02 0.02 0.02 0.02 0.01 0.02 0.02 0.03 0.02
Income, $m
Income, $m Revenue 63 61 57 56 58 70 79 87 170 252
Gross margin, % 25.14 24.79 31.55 33.18 34.07 37.65 34.77 36.06 39.35 39.53
EBT (5) (5) 2 (1) 1 (1) (10) 0 24 41
EBT margin, % (7.59) (8.33) 2.72 (1.91) 1.79 (1.38) (13.27) 0.16 14.36 16.46
Net income (6) (5) 0 (2) 1 (2) (12) (1) 29 32
Depreciation 3 4 4 3 2 3 4 5 6 7
Per share, $
Per share, $ Revenue 2.47 2.36 2.22 2.17 2.37 2.62 2.90 3.08 5.85 7.91
Earnings (0.22) (0.20) (0.01) (0.08) 0.03 (0.06) (0.44) (0.03) 0.98 1.01
Cash flow (0.11) 0.02 0.14 0.17 0.23 0.19 (0.04) 0.21 1.20 1.47
Capex (0.11) (0.13) (0.08) (0.06) (0.06) (0.16) (0.24) (0.20) (0.27) (0.35)
Free cash flow (0.21) (0.11) 0.06 0.10 0.17 0.03 (0.28) 0.01 0.93 1.12
Book value 1.32 1.21 1.15 0.99 1.20 1.12 0.69 0.91 2.17 3.37
Shares, m 26 26 26 26 25 27 27 28 29 32
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 176.67 0.00 0.00 0.00 40.74 49.95
P/S 0.95 0.54 0.68 0.53 2.24 2.26 1.06 2.53 6.76 6.44
P/B 1.78 1.05 1.30 1.15 4.40 5.27 4.45 8.53 18.18 15.14
EV/Sales 0.81 0.48 0.58 0.44 2.07 2.10 1.00 2.46 6.54 6.16
EV/FCF (9.29) (10.53) 21.86 9.37 28.20 186.77 (10.22) 629.38 41.07 43.46
Cash, $m
Cash, $m Operating cash flow (3) 1 4 4 6 5 (1) 6 35 47
Capex (3) (3) (2) (2) (1) (4) (7) (6) (8) (11)
Free cash flow (5) (3) 2 3 4 1 (8) 0 27 36
Balance, $m
Balance, $m Working capital 14 10 12 8 14 13 3 9 41 85
Total debt 5 8 6 6 8 7 6 8 8 9
Net debt (9) (4) (5) (5) (10) (11) (4) (6) (39) (73)
Shareholders’ equity 34 31 30 26 30 30 19 26 63 107
Returns, %
Returns, % ROA (11.18) (10.59) (0.55) (4.54) 1.16 (2.87) (22.25) (1.69) 33.16 22.82
ROIC (11.97) (11.57) 4.06 (2.87) 3.68 (5.57) (45.36) 1.00 61.14 73.05
ROE (15.35) (15.58) (0.83) (7.74) 2.24 (5.62) (49.01) (4.08) 64.34 37.76
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Innodata Inc vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CHRN ChronoScale Holdings Corporation $2.3B — (loss-making) — (loss-making) +148.13% (above 0%: growing) n/m +653.15% (above 0%: growing) (9.99%) (59.99%) Compare
DXC DXC Technology Company. $2.2B 18.7× 14.8× −5.06% (below 0%: shrinking) +733.33% (above 0%: growing) +149.64% (above 0%: growing) 20.37% 0.53% Compare
INOD Innodata Inc $2.0B 36.9× 94.5× +57.80% (above 0%: growing) +86.96% (above 0%: growing) +4,885.72% (above 0%: growing) 46.08% 17.21%
PONY Pony AI Inc. - Sponsored ADR $1.8B — (loss-making) — (loss-making) +68.82% (above 0%: growing) n/m −73.21% (below 0%: shrinking) 17.53% (181.51%) Compare
FORTY Formula Systems (1985) Ltd. $1.8B 2.7× 13.9× +29.82% (above 0%: growing) +55.10% (above 0%: growing) +1,330.84% (above 0%: growing) 20.25% 9.16% Compare
CNXC Concentrix Corporation $1.7B — (loss-making) 7.0× −1.19% (below 0%: shrinking) n/m +38.49% (above 0%: growing) 34.60% (37.10%) Compare
GLOB Globant S.A. $1.7B 15.3× 10.6× +0.04% (above 0%: growing) n/m +476.16% (above 0%: growing) 33.89% 3.23% Compare
EFOR Everforth Inc. $1.6B 19.7× 14.3× −1.33% (below 0%: shrinking) −47.76% (below 0%: shrinking) −60.02% (below 0%: shrinking) 28.26% 4.08% Compare
KEEL Keel Infrastructure Corp $1.6B — (loss-making) — (loss-making) −50.04% (below 0%: shrinking) n/m −772.56% (below 0%: shrinking) (285.09%) (462.62%) Compare
Median of peers $1.7B 17.0× 13.9× −0.58% +55.10% +94.07% 20.31% (18.28%)

All 73 Information Technology Services stocks →

Innodata Inc (INOD) key facts

  • Strength: Innodata Inc’s revenue for fiscal 2025 (year ended December 2025) was $251.7 million, up 47.6% from fiscal 2024.
  • Innodata Inc (INOD) is an Information Technology Services company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, INOD traded at $52.82, a market capitalization of $2.0 billion.
  • Return on equity was 37.8% and debt-to-equity 0.49.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 19.10 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Innodata Inc (INOD) Latest News

13 May

Impact 5 ·

8 May

Impact 5 ·
Impact 5 ·

21 Mar

Impact 5 ·

17 Mar

Impact 5 ·

25 Feb

Impact 5 ·
stockrow.com/INOD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com