INODNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
INNODATA INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$54.00+1.18 (+2.23%)
Close on Oct 19, 2026
- Market cap
- $1.88B
- P/E (TTM)
- 40.9
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
39.5%
Operating margin
15.8%
Net margin
12.8%+11.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +47.6% | +47.1% | +34.0% | +15.7% | |
| Gross profit | +48.3% | – | – | – | |
| Operating income | +63.8% | – | – | – | |
| Net income | +12.3% | – | +120.5% | – | |
| EPS, diluted | +3.4% | – | +115.1% | – | |
| Free cash flow | +31.4% | – | +53.0% | +33.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -15.3% | 2.2% | 37.7% | |
| Return on assets | -11.2% | 1.2% | 22.8% | |
| Current ratio | 2.12 | 1.74 | 2.68 | |
| Debt to equity | 0.15 | 0.27 | – | |
| Net debt to EBITDA | 5.98× | – | – | |
| Capex to revenue | 4.3% | 2.4% | 4.4% | |
| Diluted shares | 26M | 26M | 35M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Innodata generated $93.89M from operations and spent $35.30M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$93.89M
Used
$35.30M
Capital expenditure$35.30M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.8%
×Asset turnover1.78×
×Equity multiplier1.65×
=Return on equity, FY202537.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.8% | 1.78× | 1.65× | 37.7% |
| FY2024 | 16.8% | 1.97× | 1.94× | 64.3% |
| FY2023 | -1.0% | 1.61× | 2.42× | -4.1% |
| FY2022 | -15.1% | 1.47× | 2.20× | -49.0% |
| FY2021 | -2.4% | 1.20× | 1.96× | -5.6% |
| FY2020 | 1.1% | 1.09× | 1.93× | 2.2% |
| FY2019 | 1.1% | 1.18× | 1.71× | 2.2% |
| FY2018 | -0.4% | 1.24× | 1.54× | -0.8% |
| FY2017 | -8.3% | 1.28× | 1.48× | -15.7% |
| FY2016 | -8.8% | 1.28× | 1.37× | -15.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$32.18M
- Cash generatingOperating cash flow above zero$46.75M
- Return on assets improvedROA up on the prior year48.2% → 28.4%
- Earnings backed by cashOperating cash flow above net income$46.75M vs $32.18M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.05 → 2.68
- No dilutionShare count did not rise32M → 35M
- Gross margin improvedGross margin up on the prior year39.35% → 39.53%
- More efficientAsset turnover rose2.87 → 2.22