NASDAQ : INOD
Innodata Inc. — Financial statements
Technology · Information Technology Services · United States
Last price 43.81 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.51B
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Financial statements
Innodata Inc. (INOD) reported revenue of 317.16M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 317.16M | 251.66M | 170.46M | 86.78M | 79.00M | 69.75M |
| Cost of Revenue | 180.16M | 150.63M | 101.95M | 53.60M | 49.70M | 41.70M |
| Gross Profit | 137.01M | 101.03M | 68.51M | 33.18M | 29.31M | 28.05M |
| Selling, General & Admin | 81.56M | 61.16M | 44.47M | 32.28M | 39.78M | 29.70M |
| Operating Expenses | 81.56M | 61.16M | 44.47M | 32.28M | 39.78M | 29.70M |
| Operating Income | 55.45M | 39.87M | 24.04M | 898.00K | -10.47M | -1.65M |
| Interest Expense | -400.00K | -11.00K | ||||
| Interest & Investment Income | 2.98M | 1.55M | 149.00K | 221.00K | 108.00K | |
| EBT Excluding Unusual Items | 58.44M | 41.42M | 24.18M | 719.00K | -10.48M | -1.54M |
| Merger & Restructuring Charges | -580.00K | |||||
| Other Unusual Items | 300.00K | 580.00K | ||||
| Pretax Income | 58.44M | 41.42M | 24.48M | 139.00K | -10.48M | -963.00K |
| Income Tax Expense | 11.95M | 9.24M | -4.19M | 1.03M | 1.52M | 842.00K |
| Earnings From Continuing Operations | 46.48M | 32.18M | 28.68M | -889.00K | -12.01M | -1.80M |
| Minority Interest in Earnings | -15.00K | -19.00K | 70.00K | 132.00K | ||
| Net Income | 46.48M | 32.18M | 28.66M | -908.00K | -11.94M | -1.67M |
| Net Income to Common | 46.48M | 32.18M | 28.66M | -908.00K | -11.94M | -1.67M |
| Shares Outstanding (Basic) | 32.52M | 31.81M | 29.16M | 28.13M | 27.28M | 26.63M |
| Shares Outstanding (Diluted) | 34.60M | 35.02M | 32.18M | 28.13M | 27.28M | 26.63M |
| EPS (Basic) | 1.43 | 1.01 | 0.98 | -0.03 | -0.44 | -0.06 |
| EPS (Diluted) | 1.35 | 0.92 | 0.89 | -0.03 | -0.44 | -0.06 |
| Free Cash Flow | 183.85M | 35.65M | 27.12M | 339.00K | -7.74M | 783.00K |
| Free Cash Flow Per Share | 5.31 | 1.02 | 0.84 | 0.01 | -0.28 | 0.03 |
| Gross Margin | 43.20% | 40.15% | 40.19% | 38.23% | 37.10% | 40.21% |
| Operating Margin | 17.48% | 15.84% | 14.10% | 1.03% | -13.26% | -2.37% |
| Profit Margin | 14.66% | 12.79% | 16.81% | -1.05% | -15.11% | -2.40% |
| Free Cash Flow Margin | 57.97% | 14.16% | 15.91% | 0.39% | -9.80% | 1.12% |
| EBITDA | 59.25M | 42.76M | 26.33M | 2.91M | -8.38M | -186.00K |
| EBITDA Margin | 18.68% | 16.99% | 15.45% | 3.36% | -10.61% | -0.27% |
| D&A For EBITDA | 3.80M | 2.89M | 2.30M | 2.02M | 2.09M | 1.47M |
| EBIT | 55.45M | 39.87M | 24.04M | 898.00K | -10.47M | -1.65M |
| EBIT Margin | 17.48% | 15.84% | 14.10% | 1.03% | -13.26% | -2.37% |
| Effective Tax Rate | 20.45% | 22.31% | 739.57% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 240.28M | 82.23M | 46.90M | 13.81M | 9.79M | 18.90M |
| Short-Term Investments | 10.09M | 14.00K | 507.00K | |||
| Cash & Short-Term Investments | 250.37M | 82.23M | 46.90M | 13.82M | 10.30M | 18.90M |
| Receivables | 47.56M | 46.51M | 28.01M | 14.29M | 9.53M | 11.38M |
| Prepaid Expenses | 6.05M | 5.85M | 4.99M | 3.13M | 3.86M | 3.68M |
| Other Current Assets | 16.78M | 800.00K | 1.10M | 841.00K | ||
| Total Current Assets | 320.76M | 135.39M | 81.00M | 32.08M | 23.68M | 33.96M |
| Property, Plant & Equipment | 11.96M | 12.06M | 8.34M | 7.33M | 6.82M | 8.57M |
| Goodwill | 2.04M | 2.08M | 2.00M | 2.08M | 2.04M | 2.14M |
| Other Intangible Assets | 14.19M | 13.98M | 13.35M | 13.76M | 12.53M | 10.35M |
| Long-Term Deferred Tax Assets | 4.51M | 3.43M | 7.49M | 1.74M | 1.48M | 1.95M |
| Other Long-Term Assets | 3.21M | 1.65M | 1.27M | 2.44M | 1.50M | 2.25M |
| Total Assets | 356.67M | 168.59M | 113.45M | 59.43M | 48.04M | 59.22M |
| Accounts Payable | 53.04M | 9.62M | 4.55M | 2.66M | 2.63M | 1.82M |
| Accrued Expenses | 51.14M | 25.75M | 18.23M | 10.86M | 8.62M | 9.10M |
| Current Portion of Leases | 1.29M | 1.20M | 877.00K | 782.00K | 693.00K | 1.03M |
| Current Income Taxes Payable | 3.90M | 4.47M | 5.70M | 3.85M | 3.23M | 3.21M |
| Current Unearned Revenue | 6.25M | 7.49M | 8.01M | 3.52M | 4.40M | 4.50M |
| Other Current Liabilities | 69.99M | 2.00M | 2.14M | 1.26M | 1.24M | 1.63M |
| Total Current Liabilities | 185.60M | 50.53M | 39.51M | 22.93M | 20.82M | 21.30M |
| Long-Term Leases | 2.54M | 3.23M | 3.78M | 4.70M | 4.04M | 5.28M |
| Long-Term Deferred Tax Liabilities | 47.00K | 146.00K | 32.00K | 22.00K | 65.00K | 15.00K |
| Other Long-Term Liabilities | 8.94M | 7.62M | 6.74M | 6.78M | 5.08M | 6.22M |
| Total Liabilities | 197.14M | 61.53M | 50.06M | 34.44M | 30.00M | 32.81M |
| Common Stock | 376.00K | 355.00K | 345.00K | 320.00K | 306.00K | 303.00K |
| Additional Paid-In Capital | 88.14M | 64.21M | 53.09M | 43.15M | 35.81M | 35.12M |
| Retained Earnings | 80.47M | 51.16M | 18.98M | -9.68M | -8.78M | 3.16M |
| Treasury Stock | -6.46M | -6.46M | -6.46M | -6.46M | -6.46M | -6.46M |
| Comprehensive Income & Other | -2.90M | -2.12M | -2.47M | -1.62M | -2.11M | -2.19M |
| Total Common Equity | 159.62M | 107.14M | 63.47M | 25.70M | 18.77M | 29.93M |
| Minority Interest | -83.00K | -83.00K | -83.00K | -708.00K | -727.00K | -3.52M |
| Shareholders' Equity | 159.53M | 107.06M | 63.39M | 25.00M | 18.05M | 26.41M |
| Total Liabilities & Equity | 356.67M | 168.59M | 113.45M | 59.43M | 48.04M | 59.22M |
| Total Debt | 3.83M | 4.43M | 4.66M | 5.48M | 4.73M | 6.31M |
| Net Cash (Debt) | 246.54M | 77.80M | 42.24M | 8.34M | 5.57M | 12.59M |
| Net Cash Per Share | 7.13 | 2.22 | 1.31 | 0.30 | 0.20 | 0.47 |
| Filing Date Shares Outstanding | 34.38M | 32.60M | 31.30M | 28.75M | 27.40M | 27.16M |
| Total Common Shares Outstanding | 34.38M | 32.34M | 31.30M | 28.75M | 27.41M | 27.16M |
| Working Capital | 135.16M | 84.86M | 41.49M | 9.14M | 2.87M | 12.66M |
| Book Value Per Share | 4.64 | 3.31 | 2.03 | 0.89 | 0.69 | 1.10 |
| Tangible Book Value | 143.39M | 91.08M | 48.12M | 9.87M | 4.21M | 17.44M |
| Tangible Book Value Per Share | 4.17 | 2.82 | 1.54 | 0.34 | 0.15 | 0.64 |
| Machinery | 17.63M | 13.09M | 12.44M | 13.55M | 14.23M | |
| Construction In Progress | 484.00K | 547.00K | 434.00K | |||
| Leasehold Improvements | 2.85M | 2.55M | 2.55M | 2.55M | 3.29M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 46.48M | 32.18M | 28.66M | -908.00K | -11.94M | -1.67M |
| Depreciation & Amortization | 3.80M | 2.89M | 2.30M | 2.02M | 2.09M | 1.47M |
| Other Amortization | 4.40M | 4.00M | 3.50M | 2.70M | 1.80M | 1.40M |
| Stock-Based Compensation | 18.65M | 11.14M | 4.00M | 4.03M | 3.28M | 1.75M |
| Provision & Write-off of Bad Debts | 108.00K | 108.00K | 527.00K | 426.00K | 480.00K | |
| Other Operating Activities | 3.06M | 5.44M | -4.36M | 789.00K | 1.22M | -117.00K |
| Change in Accounts Receivable | -13.86M | -18.35M | -14.41M | -5.12M | 1.30M | -1.87M |
| Change in Accounts Payable | 81.40M | 9.50M | 3.43M | 353.00K | 322.00K | 4.44M |
| Change in Unearned Revenue | -239.00K | -517.00K | 4.49M | -843.00K | ||
| Change in Income Taxes | -266.00K | -1.26M | 1.88M | 605.00K | 13.00K | -1.73M |
| Change in Other Net Operating Assets | 52.67M | 1.61M | 4.86M | 1.85M | 214.00K | 1.48M |
| Operating Cash Flow | 196.20M | 46.75M | 34.86M | 5.90M | -1.22M | 5.15M |
| Capital Expenditures | -12.36M | -11.10M | -7.74M | -5.56M | -6.53M | -4.37M |
| Investment in Securities | -10.08M | 493.00K | -507.00K | |||
| Investing Cash Flow | -22.43M | -11.10M | -7.74M | -5.07M | -7.03M | -4.37M |
| Long-Term Debt Repaid | -420.00K | -362.00K | -452.00K | -639.00K | -691.00K | |
| Net Debt Issued (Repaid) | -1.18M | -420.00K | -362.00K | -452.00K | -639.00K | -691.00K |
| Issuance of Common Stock | 12.77M | 3.33M | 6.67M | 3.32M | 332.00K | 2.23M |
| Repurchase of Common Stock | -3.40M | -3.34M | -97.00K | -763.00K | ||
| Financing Cash Flow | 8.19M | -426.00K | 6.21M | 2.87M | -307.00K | 773.00K |
| Foreign Exchange Rate Adjustments | -1.46M | 111.00K | -255.00K | 310.00K | -554.00K | -227.00K |
| Net Cash Flow | 180.50M | 35.33M | 33.08M | 4.01M | -9.11M | 1.33M |
| Free Cash Flow | 183.85M | 35.65M | 27.12M | 339.00K | -7.74M | 783.00K |
| Free Cash Flow Margin | 57.97% | 14.16% | 15.91% | 0.39% | -9.80% | 1.12% |
| Free Cash Flow Per Share | 5.31 | 1.02 | 0.84 | 0.01 | -0.28 | 0.03 |
| Levered Free Cash Flow | 169.77M | 23.49M | 17.71M | 649.25K | -4.38M | 1.36M |
| Unlevered Free Cash Flow | 169.77M | 23.49M | 17.71M | 899.25K | -4.37M | 1.36M |
| Cash Interest Paid | 229.00K | 229.00K | 287.00K | 400.00K | 19.00K | 28.00K |
| Cash Income Tax Paid | 11.53M | 6.00M | 2.42M | 753.00K | 1.11M | 1.54M |
| Change in Working Capital | 119.70M | -9.01M | 240.00K | -3.15M | 1.85M | 2.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.42B | 1.62B | 1.15B | 233.70M | 81.18M | 160.75M |
| Enterprise Value | 1.17B | 1.55B | 1.12B | 223.78M | 74.39M | 142.92M |
| Last Close Price | 41.32 | 50.95 | 39.52 | 8.14 | 2.96 | 5.92 |
| PE Ratio | 30.68 | 50.44 | 39.99 | |||
| Forward PE | 37.06 | 51.83 | 49.79 | 296.00 | 296.00 | 296.00 |
| PS Ratio | 4.48 | 6.45 | 6.72 | 2.69 | 1.03 | 2.30 |
| PB Ratio | 8.90 | 15.16 | 18.08 | 9.35 | 4.50 | 6.09 |
| P/TBV Ratio | 9.91 | 17.82 | 23.82 | 23.68 | 19.29 | 9.22 |
| P/FCF Ratio | 7.73 | 45.54 | 42.26 | 689.37 | 205.30 | |
| P/OCF Ratio | 7.24 | 34.72 | 32.87 | 39.59 | 31.21 | |
| PEG Ratio | 14.09 | 14.09 | 14.09 | 14.09 | 14.09 | |
| EV/Sales Ratio | 3.70 | 6.17 | 6.59 | 2.58 | 0.94 | 2.05 |
| EV/EBITDA Ratio | 19.82 | 36.34 | 42.68 | 76.80 | ||
| EV/EBIT Ratio | 21.17 | 38.98 | 46.76 | 249.20 | ||
| EV/FCF Ratio | 6.39 | 43.59 | 41.44 | 660.13 | 182.52 | |
| Debt / Equity Ratio | 0.02 | 0.04 | 0.07 | 0.22 | 0.26 | 0.24 |
| Debt / EBITDA Ratio | 0.06 | 0.10 | 0.17 | 1.23 | 3.94 | |
| Debt / FCF Ratio | 0.02 | 0.12 | 0.17 | 16.17 | 8.06 | |
| Net Debt / Equity Ratio | -1.54 | -0.73 | -0.67 | -0.33 | -0.31 | -0.48 |
| Net Debt / EBITDA Ratio | -4.16 | -1.82 | -1.60 | -2.86 | 0.66 | 67.70 |
| Net Debt / FCF Ratio | -1.34 | -2.18 | -1.56 | -24.59 | 0.72 | -16.08 |
| Asset Turnover | 1.30 | 1.78 | 1.97 | 1.61 | 1.47 | 1.20 |
| Quick Ratio | 1.60 | 2.55 | 1.90 | 1.23 | 0.95 | 1.42 |
| Current Ratio | 1.73 | 2.68 | 2.05 | 1.40 | 1.14 | 1.59 |
| Return on Equity (ROE) | 37.77% | 37.76% | 64.89% | -4.13% | -54.01% | -6.86% |
| Return on Assets (ROA) | 14.17% | 17.67% | 17.38% | 1.04% | -12.20% | -1.77% |
| Return on Invested Capital (ROIC) | 122.90% | 127.16% | -39.43% | -79.67% | -11.00% | |
| Return on Capital Employed (ROCE) | 32.40% | 33.80% | 32.50% | 2.50% | -38.50% | -4.40% |
| Earnings Yield | 3.26% | 1.98% | 2.50% | -0.39% | -14.70% | -1.04% |
| FCF Yield | 12.94% | 2.20% | 2.37% | 0.14% | -9.54% | 0.49% |
| Buyback Yield / Dilution | -3.62% | -8.85% | -14.38% | -3.13% | -2.43% | -4.13% |