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Innodata Inc (INOD) stock

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NASDAQ: INOD Nasdaq IT Consulting & Other Services Next results ~November 5, 2026

B Fundamentals grade

Innodata Inc is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($104.15) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($104.15) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Innodata Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 82 sales by directors and officers, last 12 monthsInsider trades
  • Funds166 adding, 118 cuttingOf 38 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Innodata files

Where Innodata stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $317m, up 39.0% on a year earlier, slower than the 40.1% growth a quarter earlier. That growth ranks 2 of 23 among the it consulting & other services companies we cover. Free-cash-flow margin rose to 58.0% from 15.7% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks.

Our model value for Innodata is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Innodata Inc's trailing-twelve-month revenue grew 39.0% year on year, with a free-cash-flow margin of 58.0%. Where it stands out: free-cash-flow margin of 58.0% ranks 1 of 38 it consulting & other services companies we cover. Where it lags: stock pay as % of revenue of 5.9% ranks 30 of 36 it consulting & other services companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$81–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 413.4% while net income grew 8.9%: a 405pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 39.0% over the last 12 months, against a median of 6.5% for it consulting & other services companies we cover.
  • Strong cash generation. 58.0% of revenue turned into free cash flow, against a median of 5.1% for it consulting & other services companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 122% and a beta of 3.3 against the S&P 500.
  • Insiders selling. 5 insiders sold $175M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 5.9% ranks 30 of 36 it consulting & other services companies we cover (median 2.3%).
  • Heavily shorted. 13.7% of the shares available to trade are sold short (2.8 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.41 against an average estimate of $0.26: beat by 57.3%
Revenue
$92m, up 57.8% on a year earlier
Share reaction
-10.1% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
full-year revenue growth guidance growth 40% (full-year 2026)
Next report
November 5, 2026; average EPS estimate $0.27

Innodata's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.7%
  • 1 week-31.0%
  • 1 month-41.0%
  • This year-18.9%
  • 1 year-44.6%
  • 5 years+270.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$317M
Operating margin
15.8%
Net margin
14.7%
EPS (TTM, diluted)
$1.33

Growth

Revenue growth
+39.0%
Change in growth rate
−1.1 pts
Share count change
+1.7%

Cash

Free cash flow (TTM)
$184M
FCF margin
58.0%
Stock pay % of revenue
5.9%

Earnings

Last results
August 6, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Leadership
  3. Agreement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Innodata Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($104.15) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Innodata Inc's free cash flow after stock-based pay ( $92.7M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Innodata Inc as an operating company, with every model that fits that kind of business. Cost of equity 12.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.68 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$81–$130 Left out: far from the other models (more than 3x away from their median)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$30 ~$22–$37 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$17–$34 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.6 ~$2.5–$5.1 Left out: out of range vs price (0.09x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.6 ~$3.3–$4.0 Left out: out of range vs price (0.09x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Innodata Inc with IT Consulting & Other Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$2.85$2.45$1.36$1.50$1.14$5.30$5.92$2.97$8.14$39.52$50.95$41.32
Market value$72m$63m$35m$39m$29m$136m$158m$81m$229m$1.3bn$1.8bn$1.4bn
+ Net debt (− = net cash)−$20m−$9m−$4m−$5m−$5m−$10m−$11m−$4m−$14m−$47m−$82m−$240m
Enterprise value$53m$53m$32m$34m$24m$126m$146m$77m$215m$1.2bn$1.7bn$1.2bn
Multiples
Price / sales 1.2x1.0x0.6x0.7x0.5x2.3x2.3x1.0x2.6x7.5x7.1x4.6x
Price / earnings ————47.6xn/m———44.4x55.5x31.2x
Price / free cash flow 36.9x——25.3x11.2x31.9xn/m—n/m46.9x50.1x7.9x
EV / EBITDA 93.6x———————42.7x40.6x36.4x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

10 /100

Weak moat

How hard Innodata's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -0.8% of total assets over 7 years.

  • Pricing power 7 / 20

    Gross margin has been a median 31.0%, moving by 6.2 percentage points (standard deviation) across 7 years.

  • Durability 0 / 20

    Net margin has been a median 0.2%; its worst year was -11.0%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 2.5% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 35.4% over five years; stock-based pay has been a median 2.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (25 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $84m and EPS of $0.27 (range $0.18 to $0.42) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.65 +79% $360m +43%
Next $2.09 +27% $460m +28%

Next year's EPS estimate has moved +4.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +19.5% on 90 days ago. In the last 30 days, 1 analyst raised Innodata Inc's forecast and 0 cut it.

Consensus EPS forecast Innodata Inc, last 90 days
$1.20 $1.40 $1.60 $1.80 $2.00 $2.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.38 Current fiscal year, 60 days ago: $1.38 Current fiscal year, 30 days ago: $1.65 Current fiscal year, 7 days ago: $1.65 Current fiscal year, Now: $1.65 $1.65 Next fiscal year, 90 days ago: $2.00 Next fiscal year, 60 days ago: $2.00 Next fiscal year, 30 days ago: $2.09 Next fiscal year, 7 days ago: $2.09 Next fiscal year, Now: $2.09 $2.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.38$2.00
60 days ago $1.38$2.00
30 days ago $1.65$2.09
7 days ago $1.65$2.09
Now $1.65$2.09

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.26 $0.41 +57.3%
Mar 2026 $0.18 $0.42 +127.0%
Dec 2025 $0.26 $0.25 −3.9%
Sept 2025 $0.16 $0.24 +50.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • full-year revenue growth guidance full-year 2026 about 40% growth Maintained
    “We are reiterating our full-year 2026 revenue growth guidance of 40% or more year-over-year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Innodata Inc's revenue by +23.9% next year and +16.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+29.4%, weight 33%) , management guidance (+26.7%, weight 40%) and the company's own record (+13.0%, weight 27%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026134
  2. Sep 2026134
  3. Aug 2026134

Counts of recommendations published by analysts covering Innodata Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.7%
of tradable shares
Days to cover
2.78
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
60%
of shares
Held by insiders
4.9%
of shares
Employees
10,020
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −44.6%

$74.61 on October 31, 2025 to $41.32

ThenNowEffect
Revenue (last 12 months) $228m $317m +39.0%
Net margin 18.7% 14.7% −21.7%
P/E multiple 60.2x 31.2x −48.3%
Share count 34m 35m −1.7%

Biggest factor: p/e multiple.

Last 3 years +366.9%

$8.85 on November 3, 2023 to $41.32

ThenNowEffect
Revenue (last 12 months) $76m $317m +315.6%
P/S multiple 3.2x 4.6x +43.3%
Share count 27m 35m −21.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INOD+12%−50%+174%+386%+29%−19%
Industry peers (median)+9%−35%+4%+18%−23%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INOD50%33%67%50%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INOD−51%−68%−57%−54%−54%−66%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 74% from November 2, 2021 to December 20, 2022. Getting back needed a 291% gain, reached on May 26, 2023, 157 days after the low.

Price behaviour

52-week range
$34.45 – $121.50
From 52-week high
−66.0%
vs 50-day average
−29.2%
vs 200-day average
−32.6%
Volatility (1 year)
122%
Beta vs S&P 500
3.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±23.6%
After a week
5 up, 7 down
typical move ±26.4%
After a month
4 up, 8 down
typical move ±43.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −10.1% +0.5% −10.4% −19.8%
June 17, 2026 −11.1% −0.2% −31.9% −42.2%
May 7, 2026 +82.5% +0.5% +93.8% +121.0%
February 26, 2026 −4.4% −1.0% −3.9% −19.6%
November 6, 2025 +0.6% −1.0% −12.2% −11.0%
July 31, 2025 −7.3% −2.0% −11.7% −21.7%
May 8, 2025 −5.8% +0.6% −3.7% +32.4%
February 20, 2025 +4.0% −2.1% −11.6% −29.7%
November 7, 2024 +77.7% +1.2% +62.6% +81.2%
August 8, 2024 +20.0% +2.8% +10.7% −7.7%
May 7, 2024 +55.3% +0.1% +63.8% +124.9%
February 27, 2024 +4.7% +0.1% +0.8% −8.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Innodata Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Innodata Inc
$0 $100M $200M $300M $400M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $80M Revenue (TTM), FY23 Q4: $86.8M Revenue (TTM), FY24 Q1: $94.4M Revenue (TTM), FY24 Q2: $107.3M Revenue (TTM), FY24 Q3: $137.4M Revenue (TTM), FY24 Q4: $170.5M Revenue (TTM), FY25 Q1: $202.3M Revenue (TTM), FY25 Q2: $228.1M Revenue (TTM), FY25 Q3: $238.5M Revenue (TTM), FY25 Q4: $251.7M Revenue (TTM), FY26 Q1: $283.4M Revenue (TTM), FY26 Q2: $317.2M $317.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $80M
FY23 Q4 $86.8M
FY24 Q1 $94.4M
FY24 Q2 $107.3M
FY24 Q3 $137.4M
FY24 Q4 $170.5M
FY25 Q1 $202.3M
FY25 Q2 $228.1M
FY25 Q3 $238.5M
FY25 Q4 $251.7M
FY26 Q1 $283.4M
FY26 Q2 $317.2M
Revenue growth, TTM YoY Innodata Inc
0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1.4% Revenue growth, TTM YoY, FY23 Q4: 9.8% Revenue growth, TTM YoY, FY24 Q1: 23.2% Revenue growth, TTM YoY, FY24 Q2: 40.6% Revenue growth, TTM YoY, FY24 Q3: 71.7% Revenue growth, TTM YoY, FY24 Q4: 96.4% Revenue growth, TTM YoY, FY25 Q1: 114.2% Revenue growth, TTM YoY, FY25 Q2: 112.5% Revenue growth, TTM YoY, FY25 Q3: 73.6% Revenue growth, TTM YoY, FY25 Q4: 47.6% Revenue growth, TTM YoY, FY26 Q1: 40.1% Revenue growth, TTM YoY, FY26 Q2: 39.0% 39.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1.4%
FY23 Q4 9.8%
FY24 Q1 23.2%
FY24 Q2 40.6%
FY24 Q3 71.7%
FY24 Q4 96.4%
FY25 Q1 114.2%
FY25 Q2 112.5%
FY25 Q3 73.6%
FY25 Q4 47.6%
FY26 Q1 40.1%
FY26 Q2 39.0%
Operating margin (TTM) Innodata Inc
14% 15% 16% 17% 18% FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 Operating margin (TTM), FY24 Q4: 14.3% Operating margin (TTM), FY25 Q1: 15.5% Operating margin (TTM), FY25 Q2: 17.5% Operating margin (TTM), FY25 Q3: 16.9% Operating margin (TTM), FY25 Q4: 15.8% 15.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q4 14.3%
FY25 Q1 15.5%
FY25 Q2 17.5%
FY25 Q3 16.9%
FY25 Q4 15.8%
FCF margin (TTM) Innodata Inc
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 0.8% FCF margin (TTM), FY23 Q4: 0.4% FCF margin (TTM), FY24 Q1: 6.0% FCF margin (TTM), FY24 Q2: 1.3% FCF margin (TTM), FY24 Q3: 8.0% FCF margin (TTM), FY24 Q4: 15.9% FCF margin (TTM), FY25 Q1: 14.9% FCF margin (TTM), FY25 Q2: 15.7% FCF margin (TTM), FY25 Q3: 17.0% FCF margin (TTM), FY25 Q4: 14.2% FCF margin (TTM), FY26 Q1: 21.9% FCF margin (TTM), FY26 Q2: 58.0% 58.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 0.8%
FY23 Q4 0.4%
FY24 Q1 6.0%
FY24 Q2 1.3%
FY24 Q3 8.0%
FY24 Q4 15.9%
FY25 Q1 14.9%
FY25 Q2 15.7%
FY25 Q3 17.0%
FY25 Q4 14.2%
FY26 Q1 21.9%
FY26 Q2 58.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Innodata took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $252M
  2. Other income $1.6M · 0.6%
  3. Cost of revenue $152M · 60.5%
  4. Gross profit $99.5M · 39.5%
  5. Selling, general and admin $59.6M · 23.7%
  6. Operating income $39.9M · 15.8%
  7. Income tax $9.2M · 3.7%
  8. Net income $32.2M · 12.8%

Shares of revenue. Source: Innodata's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 77 62 74 87 64 59 59 63 61 57 56 58 70 79 87 170 252 317
Gross profit — — — — — — — — — — — — — — 31 67 99 —
EBITDA 12 2 8 10 −4 1 1 −2 −1 — — — — — 5 30 47 —
Operating income 8 −1 5 7 −8 −2 −2 −5 −5 — — — — — 0 24 40 —
Net income 7 −1 4 7 −11 −1 −3 −6 −5 −0 1 1 −2 −12 −1 29 32 46
Diluted EPS $0.28 −$0.03 $0.18 $0.28 −$0.43 −$0.04 −$0.11 −$0.22 $0.20 $0.01 −$0.08 $0.02 −$0.06 −$0.44 −$0.03 $0.89 $0.92 $1.33
Growth (year on year)
Revenue — −19.8% +20.2% +17.1% −25.8% −8.1% −0.9% +7.8% −3.4% −5.8% −2.7% +4.3% +19.8% +13.3% +9.8% +96.4% +47.6% +39.0%
EBITDA — −81.0% +256.3% +28.6% −138.8% — −60.8% — — — — — — — — +498.6% +55.2% —
Operating income — −117.3% — +39.1% −218.1% — — — — — — — — — — — +63.8% —
Net income — −110.2% — +67.1% −242.3% — — — — — — — — — — — +12.3% +8.9%
Diluted EPS — −110.7% — +55.6% −253.6% — — — — — — — — — — — +3.4% +7.1%
Margins
Gross margin — — — — — — — — — — — — — — 36.1% 39.3% 39.5% —
EBITDA margin 15.6% 3.7% 11.0% 12.0% −6.3% 2.4% 1.0% −2.4% −2.3% — — — — — 5.8% 17.7% 18.6% —
Operating margin 10.8% −2.3% 6.3% 7.5% −12.0% −2.7% −3.8% −7.5% −8.4% — — — — — 0.4% 14.3% 15.8% —
Net margin 9.5% −1.2% 6.0% 8.6% −16.5% −1.6% −4.8% −8.8% −8.3% −0.4% 1.1% 1.1% −2.4% −15.1% −1.0% 16.8% 12.8% 14.7%
Free-cash-flow margin 12.9% 4.9% −12.0% 12.6% −4.9% 4.4% 3.4% −8.7% −4.5% 2.7% 4.7% 7.3% 1.1% −9.8% 0.4% 15.9% 14.2% 58.0%
Cash flow
Cash from operations 12 5 −3 18 1 5 3 −3 1 4 4 6 5 −1 6 35 47 196
Capital spending 2 2 6 7 4 2 1 3 3 2 2 1 4 7 6 8 11 12
Free cash flow 10 3 −9 11 −3 3 2 −5 −3 2 3 4 1 −8 0 27 36 184
Stock-based pay 0 0 1 1 1 1 1 1 1 1 1 1 2 3 4 4 11 19
Free cash flow after stock pay 10 3 −10 10 −4 1 1 −7 −3 1 2 3 −1 −11 −4 23 25 165
Balance sheet
Cash 26 14 11 25 25 24 25 14 11 11 11 18 19 10 14 47 82 240
Total debt 0 2 4 4 4 7 5 5 8 6 6 8 7 6 — 0 0 0
Net debt (negative = net cash) −26 −12 −8 −21 −21 −17 −20 −9 −4 −5 −5 −10 −11 −4 −14 −47 −82 −240
Diluted shares 26m 25m 25m 26m 25m 25m 25m 26m 26m 26m 26m 26m 27m 27m 28m 32m 35m 35m
Returned to shareholders
Buybacks — 1 1 0 0 0 0 0 0 — 2 — — — — — — —
Total returned — 1 1 0 0 0 0 0 0 — 2 — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $357m
Short-term assets $321mLonger-term assets $36m
What it owes, and who funded it · $357m
Short-term liabilities $186mLonger-term liabilities $12mShareholders' equity $160m
  • Short-term assets cover short-term liabilities $321m of assets due within a year against $186m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $321m short-term assets against $12m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Innodata Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.7%
year over year
Sales & admin spending
25.2%
of revenue
Days sales outstanding
55 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in it consulting & other services
Last 12 months unless stated INOD RCMT HCKT GDYN RMNI TLS Median
Revenue, last 12 months $317m $334m $287m $433m $438m $194m $383m
Revenue growth, last 12 months 39.0% 11.2% −9.1% 6.6% 2.9% 65.9% 5.7%
Revenue growth, 3-year average 60.8% 8.3% −0.4% 11.1% 0.8% 2.7% 4.3%
Revenue growth, latest quarter 57.8% 20.0% −12.1% 9.7% 8.3% 32.7% 4.7%
Gross margin 39.5% 26.9% 41.3% 36.5% 60.5% 36.6% 28.0%
Operating margin 15.8% 7.7% 10.9% 1.7% 5.9% −9.9% 5.9%
Operating margin, 3-year average — 8.2% 12.2% 0.0% 4.7% −28.4% 7.5%
Net margin 14.7% 5.1% 5.9% 1.8% 2.5% −8.1% 2.2%
Cash from operations / revenue 61.9% 7.1% 14.1% 9.3% 6.2% 17.9% 6.7%
Free-cash-flow margin 58.0% 6.8% 10.9% 6.1% 5.1% 17.4% 5.0%
Free-cash-flow margin, 3-year average 25.0% 2.9% 12.3% 5.9% 0.9% 3.0% 6.7%
Stock pay / revenue 5.9% 1.1% 3.4% 5.7% 2.3% 11.1% 2.2%
Change in share count 1.7% −3.4% −7.4% −3.2% 1.9% 3.5% 0.9%

Median of all 40 companies we cover in it consulting & other services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 it consulting & other services companies
Measure Company Peer median Rank
Revenue growth Growth 39.0% 6.5% 5 of 40
Change in growth rate Growth -1.1pp -0.8pp 23 of 40
Gross margin Profitability 39.5% 28.2% 8 of 34
Operating margin Profitability 15.8% 5.9% 4 of 36
Net margin Profitability 14.7% 2.5% 4 of 40
Free-cash-flow margin Cash generation 58.0% 5.1% 1 of 38
Stock pay as % of revenue Cash generation 5.9% 2.3% 30 of 36
Change in share count Balance sheet 1.7% 0.9% 22 of 39
Days sales outstanding Balance sheet 55 days 71 days 10 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Dds $221M 87.7% ▲ 56.5%
Agility $23.5M 9.3% ▲ 9.4%
Synodex $7.3M 2.9% ▼ 6.9%
Geography
Region Revenue Share YoY
United States $212M 84.3% ▲ 58.4%
Canada $11.7M 4.6% ▲ 34.1%
United Kingdom $10.5M 4.2% ▲ 4.6%
Other European Countries Principally Germany and Belgium $8.9M 3.5% ▼ 9.8%
Netherlands $8.5M 3.4% ▲ 6.1%

From Innodata Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
284
Shares held vs prior quarter
▲ 21.4%
Positions opened / closed
81 / 29

Top buyers and sellers, Q2 2026: 166 institutions bought and 118 sold ; the biggest buyer was Jane Street Group, LLC (+829K shares) and the biggest seller Wellington Management Group LLP (−427K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $205M 2.7M 13.9% ▲ 13.7%
Vanguard Capital Management LLC $105M 1.4M 7.1% ▲ 3.4%
Jane Street Group, LLC $96.4M 1.3M 6.5% ▲ 186.0%
D. E. Shaw & Co., Inc. $66.4M 879K 4.5% ▲ 168.7%
Geode Capital Management, LLC $63.2M 837K 4.3% ▲ 7.6%
State Street Corp $61.3M 811K 4.1% ▲ 14.1%
Dimensional Fund Advisors LP $44.9M 595K 3.0% ▲ 2.0%
Jupiter Topco LLC $39.2M 518K 2.6% —
Jpmorgan Chase & Co $36.8M 479K 2.5% ▲ 336.8%
Nuveen, LLC $36.4M 482K 2.5% ▲ 100.3%
Two Sigma Investments, LP $30.9M 409K 2.1% ▲ 20.3%
Driehaus Capital Management LLC $30.5M 404K 2.1% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Innodata Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $175M 82 trades by 5 insiders · 0% under pre-set plans
Net ▼ $175M net selling
Insider Date Trade Shares Price Value
Forlenza Louise C Director September 14, 2026 Sell 10,000 $53.54 $535,400
Forlenza Louise C Director September 4, 2026 Sell 10,000 $55.01 $550,100
Abuhoff Jack CEO June 16, 2026 Sell 16,869 $107.31 $1.8M
Abuhoff Jack CEO June 16, 2026 Sell 42,870 $111.50 $4.8M
Abuhoff Jack CEO June 16, 2026 Sell 23,592 $112.39 $2.7M
Abuhoff Jack CEO June 16, 2026 Sell 1,562 $113.16 $176,756
Abuhoff Jack CEO June 16, 2026 Sell 41,593 $110.42 $4.6M
Abuhoff Jack CEO June 16, 2026 Sell 54,411 $109.55 $6M
Abuhoff Jack CEO June 16, 2026 Sell 19,103 $108.31 $2.1M
Abuhoff Jack CEO June 15, 2026 Sell 25,653 $105.81 $2.7M
Abuhoff Jack CEO June 15, 2026 Sell 32,914 $106.52 $3.5M
Abuhoff Jack CEO June 15, 2026 Sell 6,240 $107.35 $669,864

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • June 17, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Innodata Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Innodata Inc in brief

What does Innodata Inc do?
Innodata Inc is a US-listed company in the IT consulting & other services industry. Its financial year ends in December.
What is Innodata Inc's stock ticker?
Innodata Inc trades under the ticker INOD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Innodata Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Innodata Inc reported revenue of $317M, 39.0% higher than a year earlier, according to its SEC filings.
What is Innodata Inc's free cash flow?
Innodata Inc's free-cash-flow margin is 58.0% of revenue over the trailing twelve months, ranking 1 of the 38 it consulting & other services companies we cover.
Who are Innodata Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Jane Street Group, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Innodata Inc's market cap?
On November 2, 2026, Innodata Inc's market capitalisation was about $1.4B, with a price-to-earnings ratio of 31.2 and net debt of -$240M. Market figures come from third-party market data and may be delayed.
Who are Innodata Inc's competitors?
In our IT Consulting & Other Services peer group, the companies closest to Innodata Inc are RCM Technologies, Inc., Hackett Group, Inc., Grid Dynamics Holdings, Inc., Rimini Street, Inc. and Telos Corp. The side-by-side comparison below sets their revenue, margins and growth against Innodata Inc's.
Are insiders buying or selling Innodata Inc stock?
Over the last 12 months, Innodata Inc's directors and officers reported 0 open-market purchases and 82 sales on Form 4. The insider trading page charts every trade.
When is Innodata Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Innodata Inc announces its own schedule.