INNODATA INC

INOD

Innodata Inc. operates as a data engineering company in the United States, the United Kingdom, the Netherlands, Canada, Germany, Belgium, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility.

Country: United StatesPrice: $63.85Market Cap: $2.1B

Company Profile

Industry: Business Services
Size: Mid Cap($2.1B)
Revenue: $251.7M+47.6% YoY
Net Income: $32.2M+12.3% YoY

Financial Snapshot

Operating Margin15.8%
Return on Equity30.0%
Debt / Equity--
Current Ratio2.68
EPS (Diluted)$0.92+3.4%
Shares Retired−3.3% / −12.5% 2y

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Shareholder Return

Fiscal 2025

Issued 3.3% of shares last year, 12.5% issued over two.

Buybacks
—
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY25
3.4% = 12.3% + −7.9%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$2.1B$1.2Best.$298.2Mest.$120.6Mest.$154.0Mest.
Revenue$251.7M↑48%$170.5M↑96%$86.8M↑10%$79.0M↑13%$69.8M
Operating Income$39.9M↑64%$24.3M↑7553%$318.0K↑103%-$10.5M↓579%-$1.5M
Net Income$32.2M↑12%$28.7M↑3256%-$908.0K↑92%-$11.9M↓613%-$1.7M
EPS (Diluted)$0.92↑3%$0.89↑3067%$-0.03↑93%$-0.44↓633%$-0.06
Gross Margin39.5%39.3%↑9%36.1%——
Operating Margin15.8%↑11%14.3%↑3796%0.4%↑103%-13.3%↓500%-2.2%
ROE30.0%↓33%45.2%↑1378%-3.5%↑94%-63.6%↓1037%-5.6%
Total Debt------$6.8M↓22%$8.8M
Shareholders' Equity$107.1M↑69%$63.5M↑147%$25.7M↑37%$18.8M↓37%$29.9M
Current Ratio2.68↑31%2.05↑47%1.40↑23%1.14↓29%1.59
Debt / Equity———0.36↑24%0.29
Operating Cash Flow$46.8M↑34%$34.9M↑491%$5.9M↑585%-$1.2M↓124%$5.2M
Free Cash Flow$35.6M↑31%$27.1M↑7901%$339.0K↑104%-$7.7M↓1089%$783.0K
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDPASSPASSBUYHOLDPASSPASSHOLDNot rankedHOLDFAILFAIL
Score
Analysis
Intrinsic ValueN/AN/A
Margin of Safety-3427.6%N/AN/A-308.2%-501.2%-287.4%-61.7%-1829.0%-1116.2%-177.6%-299.1%-671.1%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Valuation models

    INOD overvalued: all 10 models price fair value below $63.85 (median $13.13)

    Marks fair value$1.81
    ✗Marks-3427.6% margin vs $63.85
    Spier fair value$15.64
    ✗Spier-308.2% margin vs $63.85
    Pabrai fair value$10.62
    ✗Pabrai-501.2% margin vs $63.85
    Munger fair value$16.48
    ✗Munger-287.4% margin vs $63.85
    Show 6 more metrics ▾
    Ackman fair value$39.49
    ✗Ackman-61.7% margin vs $63.85
    Piotroski fair value$3.31
    ✗Piotroski-1829.0% margin vs $63.85
    Greenblatt fair value$5.25
    ✗Greenblatt-1116.2% margin vs $63.85
    Lynch fair value$23.00
    ✗Lynch-177.6% margin vs $63.85
    Buffett fair value$16.00
    ✗Buffett-299.1% margin vs $63.85
    Graham fair value$8.28
    ✗Graham-671.1% margin vs $63.85

Where They Disagree

  • Profitability

    3 of 11 pass — Marks, Druckenmiller, Spier +5 more object

    Discount to Intrinsic Value-396.3% (IV=$8.90 vs Price=$44.17)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency10/20 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity23.9% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 3.4%, Prior: 3066.7%
    ✗DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=48.0x, P/B=13.3x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue15.8%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity30.0%
    ✓Ackman>= 15%
    Net Income / Total Assets19.09%
    ✓PiotroskiROA > 0
    ROA Change YoY25.26% -> 19.09% (delta: -6.17%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=27.73%, ROA=19.09%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY39.3% -> 39.5%
    ✓PiotroskiImproved YoY
    EBIT / Enterprise Value3.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.0%, ROC=376.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR115.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE30.0%
    ✓Lynch> 15%
    Net Income Positive (10+ years)10/25 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (5-yr avg)0.5%
    ✗Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)15.8% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$30.5M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)3.91
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness26.55x
    ✓Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)10/25 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)2866.7%
    ✓Graham>= 33% growth
  • Debt & Leverage

    1 of 8 pass — Marks, Akre, Munger +4 more object

    Interest Coverage & Debt/EBITDAIC=174.1x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    2 of 9 pass — Marks, Spier, Pabrai +4 more object

    P/B or P/E vs. Historical AverageP/E=48.0x, P/B=13.3x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-396.3% (IV=$8.90 vs Price=$44.17)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=48.0x, P/B=13.3x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=48.0x, FCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=48.0x, OE Yield=2.0%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share40.1x
    ✗Ackman<= 25
    EBIT / Enterprise Value3.0%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.0%, ROC=376.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate0.42
    ✓Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS74.4x
    ✗Graham<= 15x
    Price-to-Book Ratio13.3x
    ✗Graham<= 1.5x
    P/E x P/B992.40
    ✗Graham<= 22.5
  • Cash Flow

    4 of 6 pass — Pabrai and Ackman object

    FCF Positive12/17 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=48.0x, FCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap2.5%
    ✗Ackman>= 4%
    Price / FCF per Share40.1x
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$46.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=27.73%, ROA=19.09%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$35.6M
    ✓LynchPositive and growing
    Free Cash Flow Proxy$30.5M
    ✓BuffettPositive and growing
  • Growth

    4 of 5 pass — Druckenmiller objects

    Positive Net Income Frequency10/20 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 3.4%, Prior: 3066.7%
    ✗DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 47.6%, Prior: 96.4%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth47.6%
    ✓Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate0.42
    ✓Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR115.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)2866.7%
    ✓Graham>= 33% growth
  • Efficiency

    2 of 6 pass — Akre, Munger, Piotroski +1 more object

    ROIC (high and growing)0/13 years ROIC > 15% (latest: -32.3%)
    ✗AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital
    ✗Munger> 15%
    Current Ratio Change YoY2.05 -> 2.68
    ✓PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY1.50x -> 1.49x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)376.2%
    ✓Greenblatt> 25%
    ROIC (3-5 yr avg)-10.7%
    ✗Buffett> 10%
    ROIC - WACC-20.7%
    ✗BuffettPositive (WACC = 10%)
    Current Ratio2.68
    ✓Graham>= 2.0
  • Verdicts

    Split decision: 4 HOLD · 4 PASS · 2 FAIL · 1 BUY

    Overall verdict
    •MarksHOLD (5/8)✓AkrePASS (3/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (5/8)✓MungerPASS (4/7)✓AckmanPASS (5/9)•PiotroskiHOLD (F-Score 6)•GreenblattNot ranked•LynchHOLD (PEG 0.42)✗BuffettFAIL (3/9)✗GrahamFAIL (3/9)

Historical Score Timeline

Industry Peers

Similar companies in Business Services

INOD vs Peers — Financial Grading

Revenue$251.7MBottom 25%
Net Income$32.2MBottom 25%
ROE30.0%Median
D/E—
Op. Margin15.8%Median
Curr. Ratio2.68Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
Uber Technologies, IncUBER$155.1B$75.95$52.0B$10.1B37.2%0.3910.7%1.141/94/93/70/3F-Score 6
INTUIT INC.INTU$94.6B$345.66$18.8B$3.9B19.6%0.3026.1%1.362/97/95/71/3F-Score 8
MOODYS CORP /DE/MCO$84.0B$484.96$7.7B$2.5B60.7%1.7343.4%1.742/96/94/71/3F-Score 8
Nebius Group N.V.NBIS$70.5B$277.68$529.8M$82.5M1.8%0.90-115.5%3.082/92/91/70/3F-Score 6
QUALYS, INC.QLYS$6.6B$186.05$669.1M$198.3M35.3%—33.2%1.412/93/95/70/3F-Score 8
ACI WORLDWIDE, INC.ACIW$5.4B$53.44$1.8B$226.7M14.9%0.5718.7%1.541/91/93/71/3F-Score 7
Flywire CorpFLYW$2.3B$18.81$623.0M$13.5M1.6%—1.8%1.501/92/92/70/3F-Score 7
INSPERITY, INC.NSP$2.0B$52.20$6.8B$7.0M-15.2%8.02-0.1%1.063/94/92/70/3F-Score 1