A Business at a Glance
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INNODATA INC
INOD
$2.0B
Mkt Cap
$55.89
-6.87%
INNODATA INC (INOD) has a current P/E ratio of 60.7, compared to its historical median P/E of 51.0. The stock is currently considered Fair based on its historical valuation range.
INNODATA INC (INOD) has a 5-year average return on invested capital (ROIC) of 46.6%. This indicates strong capital allocation and a potential competitive advantage.
INNODATA INC (INOD) has a market capitalization of $1.8B. It is classified as a small-cap stock.
INNODATA INC (INOD) does not currently pay a regular dividend.
Based on historical P/E analysis, INNODATA INC (INOD) appears fair. The current P/E of 60.7 is 19% above its historical median of 51.0. The estimated fair value CAGR (P/E method) is 103.3%.
INNODATA INC (INOD) operates in the Services-Computer Processing & Data Preparation industry, within the Technology sector.
INNODATA INC (INOD) reported annual revenue of $252 million in its most recent fiscal year, based on SEC EDGAR filings.
Business Overview Innodata Inc. (Nasdaq: INOD) (together with its subsidiaries, the “Company”, “Innodata”, “we”, “us” or “our”) is a global data engineering and AI systems services company that supports the development, training, post-training, evaluation, and deployment of advanced artificial intelligence systems. We partner with leading technology companies, frontier AI laboratories, and enterprises to help enable AI systems that perform reliably, align with intended objectives, and operate safely in real-world environments. Our mission is to enable the responsible advancement of artificial intelligence by providing the data, evaluation frameworks, and human expertise required to build AI systems that can be trusted at scale. We believe that AI will increasingly function as a foundational layer of the digital economy - embedded across consumer products, enterprise workflows, and mission-critical systems.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 283M | 252M | 170M | 87M | 79M | 70M |
| Net Income | 39M | 32M | 29M | -908K | -12M | -1.7M |
| EPS | $1.22 | $0.92 | $0.89 | $-0.03 | $-0.44 | $-0.06 |
| Free Cash Flow | 62M | 36M | 27M | 339K | -7.7M | 783K |
| ROIC | 0.0% | 132.7% | 143.5% | 1.2% | -39.8% | -4.6% |
| Gross Margin | - | 39.5% | 39.3% | 36.1% | 34.8% | 37.6% |
| Debt/Equity | 0.00 | 0.05 | 0.08 | 0.23 | 0.57 | 0.46 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 0 | 40M | 24M | 318K | -10M | -803K |
| Operating Margin | 0.0% | 15.8% | 14.3% | 0.4% | -13.2% | -1.2% |
| ROE | 30.6% | 37.7% | 64.3% | -4.1% | -49.0% | -5.6% |
| Shares Outstanding | 33M | 35M | 32M | 30M | 27M | 28M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 59M | 59M | 63M | 61M | 57M | 56M | 58M | 70M | 79M | 87M | 170M | 252M | 283M |
| Gross Margin | 25.7% | 24.9% | 25.1% | 24.8% | 31.6% | 33.2% | 34.1% | 37.6% | 34.8% | 36.1% | 39.3% | 39.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 16M | 17M | 20M | 20M | 16M | 19M | 19M | 28M | 38M | 31M | 43M | 60M | 68M |
| EBIT | -1.6M | -2.2M | -4.7M | -5.1M | 1.6M | 1.8M | 1.2M | -803K | -10M | 318K | 24M | 40M | 0 |
| Op. Margin | -2.7% | -3.8% | -7.5% | -8.4% | 2.7% | 3.3% | 2.0% | -1.2% | -13.2% | 0.4% | 14.3% | 15.8% | 0.0% |
| Net Income | -974K | -2.8M | -5.5M | -5.1M | -253K | 617K | 617K | -1.7M | -12M | -908K | 29M | 32M | 39M |
| Net Margin | -1.6% | -4.8% | -8.8% | -8.3% | -0.4% | 1.1% | 1.1% | -2.4% | -15.1% | -1.0% | 16.8% | 12.8% | 13.9% |
| Non-Recurring | 374K | 0 | 0 | 0 | 675K | 0 | -48K | 0 | 2K | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -2.2% | -6.5% | -13.9% | -13.9% | 3.6% | 4.2% | 3.0% | -4.6% | -39.8% | 1.2% | 143.5% | 132.7% | 0.0% |
| ROE | -2.5% | -7.3% | -15.3% | -15.7% | -0.8% | 2.2% | 2.2% | -5.6% | -49.0% | -4.1% | 64.3% | 37.7% | 30.6% |
| ROA | -1.9% | -5.3% | -11.2% | -10.6% | -0.5% | 1.3% | 1.2% | -2.9% | -22.3% | -1.7% | 33.2% | 22.8% | 18.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 4.6M | 2.7M | -2.7M | 639K | 3.6M | 4.3M | 5.7M | 5.2M | -1.2M | 5.9M | 35M | 47M | 73M |
| Free Cash Flow | 2.6M | 2.0M | -5.5M | -2.8M | 1.5M | 2.6M | 4.2M | 783K | -7.7M | 339K | 27M | 36M | 62M |
| Owner Earnings | 411K | -1.4M | -7.1M | -3.7M | -603K | 747K | 2.5M | 532K | -8.4M | -2.8M | 25M | 29M | 51M |
| CapEx | 2.0M | 697K | 2.7M | 3.4M | 2.0M | 1.7M | 1.4M | 4.4M | 6.5M | 5.6M | 7.7M | 11M | 11M |
| Maint. CapEx | 3.0M | 2.8M | 3.2M | 3.7M | 3.4M | 2.7M | 2.3M | 2.9M | 3.9M | 4.7M | 5.8M | 6.9M | 7.5M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M | 2.6M | 848K | 1.9M | 4.2M | 3.7M |
| D&A | 3.0M | 2.8M | 3.2M | 3.7M | 3.4M | 2.7M | 2.3M | 2.9M | 3.9M | 4.7M | 5.8M | 6.9M | 7.5M |
| CapEx/OCF | 44.1% | 26.2% | N/A | 533.6% | 57.0% | 38.9% | 25.0% | 84.8% | N/A | 94.3% | 22.2% | 23.8% | 15.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 200K | 134K | 0 | 0 | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.3% | 0.2% | N/A | N/A | 5.9% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.2M | 1.3M | 1.2M | 695K | 796K | 836K | 913K | 1.8M | 3.3M | 4.0M | 4.0M | 11M | 14M |
| Debt Repayment | 788K | 930K | 703K | 1.1M | 2.0M | 567K | 864K | 691K | 639K | 452K | 362K | 420K | 420K |
| Balance Sheet | |||||||||||||
| Net Debt | -17M | -20M | -9.1M | -3.6M | -5.3M | 2.9M | -2.3M | -5.1M | 386K | -7.9M | -42M | -77M | -117M |
| Cash & Equiv. | 24M | 25M | 14M | 11M | 11M | 11M | 18M | 19M | 9.8M | 14M | 47M | 82M | 117M |
| Long-Term Debt | 5.5M | 3.4M | 3.9M | 4.5M | 4.1M | 4.5M | 6.3M | 6.2M | 5.1M | 452K | 362K | 420K | 6K |
| Debt/Equity | 0.18 | 0.13 | 0.15 | 0.26 | 0.19 | 0.54 | 0.52 | 0.46 | 0.57 | 0.23 | 0.08 | 0.05 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | 14.1 | 8.2 | -28.7 | -547.1 | 0.8 | 84.8 | 174.1 | 174.1 |
| Equity | 39M | 38M | 34M | 31M | 30M | 26M | 30M | 30M | 19M | 26M | 63M | 107M | 128M |
| Total Assets | 55M | 51M | 48M | 48M | 45M | 49M | 57M | 59M | 48M | 59M | 113M | 169M | 210M |
| Total Liabilities | 19M | 17M | 17M | 21M | 19M | 27M | 31M | 33M | 30M | 34M | 50M | 62M | 82M |
| Intangibles | 5.3M | 4.0M | 8.2M | 7.6M | 6.3M | 5.5M | 10M | 10M | 13M | 14M | 13M | 14M | 14M |
| Retained Earnings | 21M | 18M | 12M | 7.3M | 6.6M | 4.2M | 4.8M | 3.2M | -8.8M | -9.7M | 19M | 51M | 66M |
| Working Capital | 26M | 25M | 14M | 9.7M | 12M | 8.3M | 14M | 13M | 2.9M | 9.1M | 41M | 85M | 104M |
| Current Assets | 38M | 37M | 27M | 25M | 26M | 24M | 32M | 34M | 24M | 32M | 81M | 135M | 174M |
| Current Liabilities | 12M | 12M | 13M | 16M | 14M | 16M | 18M | 21M | 21M | 23M | 40M | 51M | 70M |
| Per Share Data | |||||||||||||
| EPS | -0.04 | -0.11 | -0.22 | -0.20 | 0.01 | 0.03 | 0.02 | -0.06 | -0.44 | -0.03 | 0.89 | 0.92 | 1.22 |
| Owner EPS | 0.02 | -0.06 | -0.28 | -0.14 | -0.02 | 0.03 | 0.08 | 0.02 | -0.31 | -0.09 | 0.78 | 0.82 | 1.58 |
| Book Value | 1.61 | 1.49 | 1.35 | 1.18 | 1.14 | 1.04 | 0.96 | 1.07 | 0.69 | 0.85 | 1.97 | 3.06 | 3.93 |
| Cash Flow/Share | 0.19 | 0.10 | -0.11 | 0.02 | 0.14 | 0.17 | 0.18 | 0.18 | -0.04 | 0.20 | 1.08 | 1.34 | 1.43 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 24.4M | 25.7M | 25.1M | 25.9M | 25.9M | 24.5M | 30.9M | 27.9M | 27.1M | 30.3M | 32.2M | 35.0M | 32.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 6.3 | 151.0 | N/A | 271.5 | N/A | N/A | N/A | 51.0 | 57.1 | 45.9 |
| P/FCF | 27.8 | 34.6 | N/A | N/A | 25.5 | 10.9 | 39.5 | 201.2 | N/A | 757.1 | 53.9 | 51.5 | 29.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | 14.1 | N/A | 123.2 | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.8 | 1.8 | 1.7 | 1.1 | 1.2 | 1.2 | 5.7 | 5.3 | 4.1 | 10.0 | 23.0 | 17.1 | 14.2 |
| Price/Sales | 1.2 | 1.1 | 0.9 | 0.7 | 0.5 | 0.6 | 1.0 | 2.9 | 1.7 | 3.0 | 3.1 | 6.9 | 6.4 |
| FCF Yield | 3.6% | 2.9% | -9.5% | -8.4% | 4.2% | 8.4% | 2.5% | 0.5% | -9.9% | 0.1% | 1.9% | 1.9% | 3.4% |
| Market Cap | 72M | 68M | 58M | 33M | 37M | 31M | 168M | 158M | 78M | 257M | 1.5B | 1.8B | 1.8B |
| Avg. Price | 2.96 | 2.58 | 2.32 | 1.68 | 1.27 | 1.26 | 1.98 | 7.24 | 4.98 | 8.47 | 16.66 | 49.86 | 55.89 |
| Year-End Price | 2.95 | 2.64 | 2.30 | 1.27 | 1.51 | 1.16 | 5.43 | 5.65 | 2.87 | 8.48 | 45.36 | 52.51 | 55.89 |
INNODATA INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
INNODATA INC trades at 60.7x trailing earnings, compared to its 15-year median P/E of 51.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 51.1x vs a median of 39.5x. The company's 5-year average ROIC is 46.6% with a gross margin of 37.5%. At current prices, the estimated annualized return to fair value is +26.1%.
INNODATA INC (INOD) has a net profit margin of 12.8%. This is a healthy margin.
INNODATA INC (INOD) generated $36 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INNODATA INC (INOD) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
INNODATA INC (INOD) reported earnings per share (EPS) of $0.92 in its most recent fiscal year.
INNODATA INC (INOD) has a return on equity (ROE) of 37.7%. This indicates the company generates strong returns for shareholders.
INNODATA INC (INOD) has a 5-year average gross margin of 37.5%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for INNODATA INC (INOD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INNODATA INC (INOD) has a book value per share of $3.06, based on its most recent annual SEC filing.