Innodata

INOD · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

INOD · Last close · November 6, 2026

$37.03

Innodata's revenue rose 47.6% to $252 million in fiscal 2025. Its operating margin was 15.8%, up from 14.3% a year earlier. Free cash flow was $36 million, up 31.4%. The diluted share count rose 8.8%.

INNODATA INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001104659-26-020655 Updated November 6, 2026

Revenue

$252M

47.6%

Operating margin

15.8%

1.6 pts

Net income

$32M

12.3%

Free cash flow

$36M

31.4%

Return on equity

37.7%

26.6 pts

Market cap

$1.3B

Nov 6 close

P/E

27.0x

On $1.37 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Innodata does

Innodata provides data and testing services for companies that build artificial intelligence (AI) systems. Its staff and software prepare the data used to train AI models, tune them after training, and test whether they work well and safely. Its customers are large technology companies, AI research labs and other businesses.

It reports three segments: Digital Data Solutions, which holds the AI data work; Synodex, which turns medical records into structured data for insurance and healthcare use; and Agility, which sells media monitoring and public relations software. Much of its revenue depends on one customer: in 2025 a single customer in the first segment accounted for about 58% of total revenue.

Innodata relies on people as well as software. At the end of 2025 it employed 10,107 people, and it says many hold advanced degrees in fields such as law, medicine and technology.

Its biggest risks, as it describes them

Depending on a small number of customers for a large share of its revenue.
Project work that is not recurring, so large projects must be replaced when they end.
Customers that may stop services or drop their own products.
Competition from new vendors with lower or more flexible costs.
Reliance on key employees and on third-party technology and content.

From Innodata's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2020 to 2025, earnings per share grew 115.1% a year and net income 121.8% a year, as new shares raised the share count by 37% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	19	10	14	47	82
Debt incl. finance leases	8	6	—	—	—
Net debt (negative means net cash)	−11	−4	—	—	—
Net debt to EBITDA	−5.9x	—	—	—	—
Debt to equity	0.2x	0.3x	—	—	—
Interest coverage	−33.4x	−550.7x	0.8x	84.8x	174.1x
Current ratio	1.6x	1.1x	1.4x	2.0x	2.7x
Quick ratio	1.6x	1.1x	1.4x	2.0x	2.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Innodata's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Innodata's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Innodata shares on the open market, and 5 insiders sold $175.4 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Louise C ForlenzaDirector	Sold	10,000	$53.54	$535,400	Form 4
Sep 4, 2026	Louise C ForlenzaDirector	Sold	10,000	$55.01	$550,100	Form 4
Jun 16, 2026	Jack AbuhoffCEO, Director	Sold	200,000	$110.20	$22.0 million	Form 4
Jun 15, 2026	Jack AbuhoffCEO, Director	Sold	94,059	$105.70	$9.9 million	Form 4
Jun 2, 2026	Ashok MishraEVP and COO	Sold	38,666	$114.34	$4.4 million	Form 4
May 29, 2026	Jack AbuhoffCEO, Director	Sold	105,586	$103.50	$10.9 million	Form 4
May 29, 2026	Marissa B EspineliInterim CFO	Sold	19,667	$105.88	$2.1 million	Form 4
May 22, 2026	Jack AbuhoffCEO, Director	Sold	38,056	$100.39	$3.8 million	Form 4
May 21, 2026	Jack AbuhoffCEO, Director	Sold	150,000	$95.63	$14.3 million	Form 4
May 21, 2026	Louise C ForlenzaDirector	Sold	18,000	$94.47	$1.7 million	Form 4
May 20, 2026	Jack AbuhoffCEO, Director	Sold	150,000	$93.46	$14.0 million	Form 4
May 20, 2026	Louise C ForlenzaDirector	Sold	15,000	$92.33	$1.4 million	Form 4

The latest 12 of 27 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	10.2%	112.3%	61.8%
Altman Z''	1.28	5.72	7.71
Accruals ratio	−12.7%	−7.2%	−10.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Innodata side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Innodata	FY25	47.6%	15.8%	14.2%	—	—	—
TSS	FY25	65.9%	2.6%	0.9%	—	−9.1x	5	Compare
Information Services Group	FY25	−1.2%	7.3%	10.2%	8.9%	1.4x	6	Compare
Hackett Group	FY25	−2.6%	7.7%	10.6%	11.8%	2.0x	5	Compare
Grid Dynamics Holdings	FY25	17.5%	−0.5%	6.1%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	63	61	57	56	58	70	79	87	170	252
Revenue growth	7.8%	−3.4%	−5.8%	−2.7%	4.3%	19.8%	13.2%	9.8%	96.4%	47.6%
Gross profit	—	—	—	—	—	—	—	31	67	100
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−5	−5	—	—	—	—	—	0	24	40
Net income	−6	−5	−0	1	1	−2	−12	−1	29	32
Diluted EPS (US$)	−0.22	0.20	0.01	−0.08	0.02	−0.06	−0.44	−0.03	0.89	0.92
Diluted shares (millions)	26	26	26	26	26	27	27	28	32	35
Cash flow
Cash from operations	−3	1	4	4	6	5	−1	6	35	47
Capital expenditure	3	3	2	2	1	4	6	6	8	11
Free cash flow	−5	−3	2	3	4	1	−8	0	27	36
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	2	0	0	0	0	0	0
Acquisitions	4	0	0	0	0	0	0	0	0	0
Stock-based compensation	1	1	1	1	1	2	3	4	4	11
Balance sheet at fiscal year end
Cash and short-term investments	14	11	11	11	18	19	10	14	47	82
Debt incl. finance leases	5	8	6	7	8	8	6	—	—	—
Total assets	48	48	45	50	57	59	48	59	113	169
Total liabilities	14	17	15	27	31	33	30	34	50	62
Shareholders' equity	34	31	30	26	30	30	19	26	64	107
Margins and ratios
Gross margin	—	—	—	—	—	—	—	36.1%	39.4%	39.5%
Operating margin	−7.5%	−8.4%	—	—	—	—	—	0.4%	14.3%	15.8%
Net margin	−8.8%	−8.3%	−0.4%	1.1%	1.1%	−2.4%	−15.1%	−1.1%	16.8%	12.8%
Free cash flow margin	−8.7%	−4.5%	2.7%	4.7%	7.3%	1.1%	−9.8%	0.4%	15.9%	14.2%
Rule of 40 (growth + FCF margin)	−0.9%	−8.0%	−3.1%	2.0%	11.6%	20.9%	3.5%	10.2%	112.3%	61.8%
Return on capital	−17.4%	−15.6%	—	−3.2%	3.5%	−3.8%	−50.2%	—	—	—
Return on equity	−15.3%	−15.7%	−0.8%	2.2%	2.2%	−5.6%	−49.0%	−4.1%	64.3%	37.7%
Return on assets	−11.2%	−10.6%	−0.6%	1.3%	1.2%	−2.9%	−22.2%	−1.7%	33.2%	22.8%
Net debt to EBITDA	—	—	—	−2.4x	−2.7x	−5.9x	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Innodata's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Innodata.