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Innodata Inc.

Rank #234HypergrowthWatchlistCompare with other stocks

INOD · Nasdaq · Technology

Innodata Inc. (INOD) — Rank #234 by gross profitability (GP/assets 0.28) · ROE 20.2% · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0000903651 · all metrics point-in-time as of the filing date.

About

Innodata Inc. operates as a data engineering company in the United States, the United Kingdom, the Netherlands, Canada, Germany, Belgium, and internationally.

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The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) training and post-training data, model evaluation, alignment, safety, AI model deployment and integration, and AI-enabled platforms. The Synodex segment offers an industry platform that transforms medical records into structured digital data for insurance and healthcare workflows. The company also provides Agility PR Solutions platform that provides media intelligence and public relations workflow software enhanced with AI-driven monitoring, analytics, and content capabilities; and operates R&D laboratory that generate the data needed to train the human-like robots and validate the performance data. It serves banking, insurance, financial services, technology, digital retailing, and information media sectors through its professional staff, senior management, and direct sales personnel. The company was formerly known as Innodata Isogen Inc. and changed its name to Innodata Inc. in November 2003. Innodata Inc.

was incorporated in 1988 and is headquartered in Ridgefield Park, New Jersey.

Industry
Information Technology Services
Sector
Technology
State
DE
Filer Category
Non-accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

10,020

Industry

Information Technology Services

Exchange

Nasdaq

10/11

Flags passed

INOD passes 10/11 quality flags

1 caution to review

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.28
Return on equity
20.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.24
Current ratio
1.73×
Net cash
$250.37M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
4.4%

Growth

1/2 pass
Revenue growth
47.6%
Piotroski F-Score
N/A
Share dilution
8.9%

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 0.28

Gross profitability (GP / assets)

0.28

Primary signal (Novy-Marx).

12th of 14 SIC 7374 peers

Return on equity

20.2%

Gross margin

39.5%

10th of 14 SIC 7374 peers

Revenue growth (YoY)

47.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

47.1%

Revenue CAGR (5Y)

34.0%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 11% above net income

Free cash flow

$35.65M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

10.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

4.4%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $250.37M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.24

7th of 12 SIC 7374 peers (best = lowest)

Current ratio

1.73×

7th of 14 SIC 7374 peers

Quick ratio

1.61×

Net cash

$250.37M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

1.0 / 5

Weak
Share count trend
8.9%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
N/A0/5 Weak

Lifecycle Phase History

20202025
Value
Startup
Hypergrowth

Price History

INOD+646.9% · +49.3% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports