Innodata Inc. (INOD) 10-Year Financial Performance & Capital Metrics

INOD • • Industrial / General

TechnologyIT ServicesEnterprise Software & AI PlatformsEnterprise AI Platforms

AboutInnodata Inc. operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment offers AI-enabled software platforms and managed services to companies that require data for training AI and machine learning (ML) algorithms, and AI digital transformation solutions to help companies apply AI/ML for problems relating to analyzing and deriving insights from documents. This segment provides a range of data engineering support services, including data annotation, data transformation, data transformation, data curation, data hygiene, data consolidation, data compliance, and master data management. The Synodex segment offers an industry platform that transforms medical records into useable digital data with its proprietary data models or client data models. The Agility segment provides an industry platform that provides marketing communications and public relations professionals to target and distribute content to journalists and social media influencers; and to monitor and analyze global news channels, such as print, web, radio, and TV, as well as social media channels. 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 June 2012. Innodata Inc. was incorporated in 1988 and is headquartered in Ridgefield Park, New Jersey.Show more

Revenue $170M +96.4%
EBITDA $30M +430.3%
Net Income $29M +3256.4%
EPS (Diluted) 0.89 +3066.7%
Gross Margin 39.27% +6.8%
EBITDA Margin 17.59% +170.0%
Operating Margin 14.19% +1211.6%
Net Margin 16.81% +1706.8%
ROE 64.85% +1637.1%
ROIC 95.92% +1919.6%
Debt/Equity 0.07 -66.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 16.0% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 25.0%
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak 3Y average ROE of 2.3%
✗Shares diluted 14.4% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 29.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.18%

5Y25%

3Y34.69%

TTM73.57%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM68.09%

EPS CAGR

10Y-

5Y-

3Y-

TTM64.55%

ROCE

10Y Avg-0.71%

5Y Avg2.89%

3Y Avg5.07%

Latest43.81%

Peer Comparison

Enterprise AI Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INODInnodata Inc.	1.84B	57.61	64.73	96.44%	14.11%	34.6%	1.49%	0.07
NABLN-able, Inc.	1.32B	7.06	44.13	10.49%	-1.31%	-0.8%	4.23%	0.49
MGICMagic Software Enterprises Ltd.	1.35B	27.45	36.60	3.26%	6.64%	13.31%	5.44%	0.29
DLBDolby Laboratories, Inc.	3.84B	63.36	24.18	5.92%	18.9%	9.69%	11.21%	0.01
JDZGJIADE Limited	27.67M	1.24	4.96	20.36%	38.77%	7.41%		0.07
GMMGlobal Mofy Metaverse Limited	69.68M	1.52	3.62	53.82%	28.24%	47.24%		0.13
DVLTDatavault AI Inc.	424.49M	0.74	-0.05	28.37%	-13.94%	-86.44%		0.11
DMRCDigimarc Corporation	139.03M	6.39	-3.49	10.23%	-109.17%	-88.8%		0.10

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	58.52M	63.07M	60.93M	57.42M	55.86M	58.24M	69.75M	79M	86.78M	170.46M
Revenue Growth %	-0.01%	0.08%	-0.03%	-0.06%	-0.03%	0.04%	0.2%	0.13%	0.1%	0.96%
Cost of Goods Sold+	43.72M	47.01M	45.27M	38.89M	37.18M	38.4M	43.49M	51.34M	54.86M	103.53M
COGS % of Revenue	0.75%	0.75%	0.74%	0.68%	0.67%	0.66%	0.62%	0.65%	0.63%	0.61%
Gross Profit+	14.81M	16.07M	15.65M	18.52M	18.68M	19.84M	26.26M	27.66M	31.91M	66.93M
Gross Margin %	0.25%	0.25%	0.26%	0.32%	0.33%	0.34%	0.38%	0.35%	0.37%	0.39%
Gross Profit Growth %	-0.03%	0.09%	-0.03%	0.18%	0.01%	0.06%	0.32%	0.05%	0.15%	1.1%
Operating Expenses+	16.8M	19.29M	20.3M	15.85M	19.48M	18.66M	27.8M	37.94M	30.98M	42.74M
OpEx % of Revenue	0.29%	0.31%	0.33%	0.28%	0.35%	0.32%	0.4%	0.48%	0.36%	0.25%
Selling, General & Admin	16.8M	19.29M	20.2M	15.85M	19.48M	18.66M	27.91M	37.94M	30.98M	42.74M
SG&A % of Revenue	0.29%	0.31%	0.33%	0.28%	0.35%	0.32%	0.4%	0.48%	0.36%	0.25%
Research & Development	0	0	100K	100K	0	0	0	0	0	3.5M
R&D % of Revenue	-	-	0%	0%	-	-	-	-	-	0.02%
Other Operating Expenses	0	0	0	-100K	0	0	-108K	0	0	-3.5M
Operating Income+	-1.99M	-3.22M	-4.64M	2.68M	-803K	1.18M	-1.54M	-10.28M	939K	24.19M
Operating Margin %	-0.03%	-0.05%	-0.08%	0.05%	-0.01%	0.02%	-0.02%	-0.13%	0.01%	0.14%
Operating Income Growth %	-0.91%	-0.62%	-0.44%	1.58%	-1.3%	2.47%	-2.31%	-5.66%	1.09%	24.77%
EBITDA+	784K	-26K	-1.17M	6.05M	1.89M	3.45M	1.33M	-6.39M	5.66M	29.99M
EBITDA Margin %	0.01%	-0%	-0.02%	0.11%	0.03%	0.06%	0.02%	-0.08%	0.07%	0.18%
EBITDA Growth %	-0.61%	-1.03%	-43.81%	6.2%	-0.69%	0.82%	-0.62%	-5.82%	1.89%	4.3%
D&A (Non-Cash Add-back)	2.77M	3.19M	3.48M	3.37M	2.7M	2.27M	2.87M	3.89M	4.72M	5.8M
EBIT	-2.18M	-4.72M	-5.17M	1.59M	-948K	1.18M	-1.65M	-10.48M	318K	24.48M
Net Interest Income+	31K	-63K	23K	-33K	-120K	-135K	108K	0	-179K	149K
Interest Income	31K	0	23K	0	0	0	108K	0	0	149K
Interest Expense	0	63K	0	33K	120K	135K	0	0	179K	0
Other Income/Expense	-192K	-1.56M	-529K	-1.12M	-265K	-135K	580K	-205K	-800K	291K
Pretax Income+	-2.18M	-4.79M	-5.17M	1.56M	-1.07M	1.04M	-963K	-10.48M	139K	24.48M
Pretax Margin %	-0.04%	-0.08%	-0.08%	0.03%	-0.02%	0.02%	-0.01%	-0.13%	0%	0.14%
Income Tax+	1.2M	1.13M	185K	1.81M	1.09M	401K	842K	1.52M	1.03M	-4.19M
Effective Tax Rate %	1.3%	1.15%	0.98%	-0.16%	2.01%	0.59%	1.74%	1.14%	-6.53%	1.17%
Net Income+	-2.83M	-5.52M	-5.05M	-253K	-2.14M	617K	-1.67M	-11.94M	-908K	28.66M
Net Margin %	-0.05%	-0.09%	-0.08%	-0%	-0.04%	0.01%	-0.02%	-0.15%	-0.01%	0.17%
Net Income Growth %	-1.9%	-0.95%	0.08%	0.95%	-7.47%	1.29%	-3.71%	-6.13%	0.92%	32.56%
Net Income (Continuing)	-3.38M	-5.91M	-5.36M	-246K	-2.16M	644K	-1.8M	-12.01M	-889K	28.68M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-3.51M	-3.63M	-3.94M	-3.44M	-3.42M	-3.39M	-3.52M	-727K	-708K	-83K
EPS (Diluted)+	-0.11	-0.22	-0.20	0.00	-0.06	0.02	-0.07	-0.44	-0.03	0.89
EPS Growth %	-1.85%	-1%	0.09%	1%	-	1.38%	-3.81%	-5.49%	0.93%	30.67%
EPS (Basic)	-0.11	-0.22	-0.20	0.00	-0.06	0.03	-0.07	-0.44	-0.03	0.98
Diluted Shares Outstanding	25.4M	25.54M	25.82M	25.88M	25.77M	25.57M	26.63M	27.28M	28.13M	32.18M
Basic Shares Outstanding	25.4M	25.11M	25.27M	25.3M	25.77M	24.61M	26.63M	27.28M	28.13M	29.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	37.34M	27.25M	25.33M	27.27M	24M	31.86M	33.96M	23.68M	32.08M	81M
Cash & Short-Term Investments	24.91M	14.17M	11.41M	10.87M	10.87M	17.57M	18.9M	10.3M	13.82M	46.9M
Cash Only	24.91M	14.17M	11.41M	10.87M	10.87M	17.57M	18.9M	9.79M	13.81M	46.88M
Short-Term Investments	0	0	0	0	0	0	0	507K	14K	14K
Accounts Receivable	9.25M	9.95M	10.29M	10.63M	9.72M	10.05M	11.38M	9.53M	14.29M	28.01M
Days Sales Outstanding	57.68	57.59	61.65	67.55	63.53	62.97	59.54	44.02	60.1	59.98
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	3.86M	3.97M	1.1M
Total Non-Current Assets+	13.9M	20.34M	22.54M	18.78M	25.49M	25.39M	25.25M	24.36M	27.35M	32.45M
Property, Plant & Equipment	4.72M	5.4M	7.19M	6.81M	13.89M	8.46M	8.57M	6.82M	7.33M	8.34M
Fixed Asset Turnover	12.39x	11.69x	8.48x	8.43x	4.02x	6.88x	8.14x	11.58x	11.83x	20.44x
Goodwill	1.48M	2.73M	2.83M	2.05M	2.11M	2.15M	2.14M	2.04M	2.08M	2M
Intangible Assets	3.99M	8.19M	7.61M	6.28M	5.48M	10.03M	10.35M	12.53M	13.76M	13.35M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	2.33M	2.38M	3.16M	2.44M	2.11M	2.56M	2.25M	1.5M	2.44M	8.76M
Total Assets+	51.24M	47.59M	47.87M	46.05M	49.5M	57.25M	59.22M	48.04M	59.43M	113.45M
Asset Turnover	1.14x	1.33x	1.27x	1.25x	1.13x	1.02x	1.18x	1.64x	1.46x	1.50x
Asset Growth %	-0.07%	-0.07%	0.01%	-0.04%	0.07%	0.16%	0.03%	-0.19%	0.24%	0.91%
Total Current Liabilities+	12.38M	12.84M	15.6M	14.29M	15.75M	18.35M	21.3M	20.82M	22.93M	39.51M
Accounts Payable	1.25M	1.02M	1.87M	1.83M	1.42M	1.44M	1.82M	2.63M	2.66M	4.55M
Days Payables Outstanding	10.44	7.9	15.08	17.21	13.93	13.64	15.3	18.7	17.71	16.06
Short-Term Debt	1.58M	1.12M	3.33M	1.53M	912K	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	1000K	1000K
Other Current Liabilities	-293K	1.33M	3.76M	2.13M	528K	1.71M	1.28M	877K	1.26M	1.64M
Current Ratio	3.02x	2.12x	1.62x	1.91x	1.52x	1.74x	1.59x	1.14x	1.40x	2.05x
Quick Ratio	3.02x	2.12x	1.62x	1.91x	1.52x	1.74x	1.59x	1.14x	1.40x	2.05x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.15M	4.6M	5.09M	4.63M	11.63M	12.66M	11.51M	9.18M	11.5M	10.55M
Long-Term Debt	0	3.92M	4.48M	4.06M	4.53M	0	0	0	0	0
Capital Lease Obligations	0	0	829K	1.79M	6.73M	6.33M	5.28M	4.04M	4.7M	3.78M
Deferred Tax Liabilities	716K	680K	614K	571K	363K	44K	15K	65K	22K	32K
Other Non-Current Liabilities	4.23M	0	-829K	-1.79M	0	6.28M	6.22M	5.08M	6.78M	6.74M
Total Liabilities	16.53M	17.44M	20.69M	18.93M	27.38M	31M	32.81M	30M	34.44M	50.06M
Total Debt+	5.02M	5.04M	6.61M	5.59M	13.28M	7.32M	6.31M	4.73M	5.48M	4.66M
Net Debt	-19.89M	-9.13M	-4.8M	-5.28M	2.41M	-10.25M	-12.59M	-5.06M	-8.32M	-42.23M
Debt / Equity	0.14x	0.17x	0.24x	0.21x	0.60x	0.28x	0.24x	0.26x	0.22x	0.07x
Debt / EBITDA	6.40x	-	-	0.92x	7.01x	2.12x	4.76x	-	0.97x	0.16x
Net Debt / EBITDA	-25.37x	-	-	-0.87x	1.27x	-2.97x	-9.50x	-	-1.47x	-1.41x
Interest Coverage	-	-51.13x	-	81.18x	-6.69x	8.74x	-	-	5.25x	-
Total Equity+	34.7M	30.15M	27.18M	27.13M	22.11M	26.25M	26.41M	18.05M	25M	63.39M
Equity Growth %	-0.04%	-0.13%	-0.1%	-0%	-0.18%	0.19%	0.01%	-0.32%	0.39%	1.54%
Book Value per Share	1.37	1.18	1.05	1.05	0.86	1.03	0.99	0.66	0.89	1.97
Total Shareholders' Equity	38.21M	33.78M	31.12M	30.57M	25.53M	29.64M	29.93M	18.77M	25.7M	63.47M
Common Stock	270K	273K	275K	275K	275K	289K	303K	306K	320K	345K
Retained Earnings	17.92M	12.4M	7.34M	7.35M	4.22M	4.83M	3.16M	-8.78M	-9.68M	18.98M
Treasury Stock	-4.49M	-4.62M	-4.62M	-4.62M	-6.46M	-6.46M	-6.46M	-6.46M	-6.46M	-6.46M
Accumulated OCI	-84K	-324K	846K	-15K	-920K	-938K	-2.19M	-2.11M	-1.62M	-2.47M
Minority Interest	-3.51M	-3.63M	-3.94M	-3.44M	-3.42M	-3.39M	-3.52M	-727K	-708K	-83K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.66M	-2.73M	738K	3.6M	4.28M	5.66M	5.15M	-1.22M	5.9M	35.02M
Operating CF Margin %	0.05%	-0.04%	0.01%	0.06%	0.08%	0.1%	0.07%	-0.02%	0.07%	0.21%
Operating CF Growth %	-0.42%	-2.03%	1.27%	3.88%	0.19%	0.32%	-0.09%	-1.24%	5.85%	4.93%
Net Income	-3.38M	-5.91M	-5.36M	11K	-2.14M	617K	-1.67M	-12.01M	-889K	28.68M
Depreciation & Amortization	2.77M	3.19M	3.67M	3.37M	2.7M	2.27M	2.87M	3.89M	4.72M	5.8M
Stock-Based Compensation	1.33M	1.16M	695K	796K	0	0	0	3.28M	4.03M	4M
Deferred Taxes	-157K	-159K	-255K	175K	-313K	-618K	88K	217K	-276K	-5.61M
Other Non-Cash Items	431K	1.28M	106K	1.15M	1.15M	1.78M	1.54M	1.55M	1.47M	2.04M
Working Capital Changes	1.67M	-2.3M	1.88M	-1.9M	2.88M	1.62M	2.32M	1.85M	-3.15M	114K
Change in Receivables	1.04M	17K	-40K	-533K	1.22M	-481K	-1.87M	1.3M	-5.12M	-14.69M
Change in Inventory	543K	-444K	580K	-826K	0	0	0	0	0	0
Change in Payables	132K	-1.75M	1.59M	-779K	-589K	155K	4.44M	322K	353K	3.43M
Cash from Investing+	-697K	-6.97M	-3.41M	-2.03M	-1.67M	-1.38M	-4.37M	-7.03M	-5.07M	-7.74M
Capital Expenditures	-697K	-2.74M	-3.41M	-2.03M	-1.67M	-1.41M	-4.37M	-6.53M	-5.56M	-7.74M
CapEx % of Revenue	0.01%	0.04%	0.06%	0.04%	0.03%	0.02%	0.06%	0.08%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-1.13M	-837K	-284K	-2.03M	-2.4M	2.31M	773K	-307K	2.87M	6.06M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-930K	-703K	0	0	0	0	-763K	332K	3.32M	-97K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.96M	-5.47M	-2.67M	1.57M	2.61M	4.25M	783K	-7.74M	339K	27.27M
FCF Margin %	0.03%	-0.09%	-0.04%	0.03%	0.05%	0.07%	0.01%	-0.1%	0%	0.16%
FCF Growth %	-0.24%	-3.79%	0.51%	1.59%	0.66%	0.62%	-0.82%	-10.89%	1.04%	79.45%
FCF per Share	0.08	-0.21	-0.10	0.06	0.10	0.17	0.03	-0.28	0.01	0.85
FCF Conversion (FCF/Net Income)	-0.94x	0.50x	-0.15x	-14.25x	-2.00x	9.17x	-3.08x	0.10x	-6.50x	1.22x
Interest Paid	0	0	0	0	0	0	0	19K	400K	287K
Taxes Paid	1.06M	1.31M	1.09M	680K	0	0	0	1.11M	753K	2.42M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.96%	-17.03%	-17.63%	-0.93%	-8.7%	2.55%	-6.35%	-53.7%	-4.22%	64.85%
Return on Invested Capital (ROIC)	-8.77%	-13.48%	-16.05%	9.09%	-2.6%	4.37%	-7.76%	-57.53%	4.75%	95.92%
Gross Margin	25.3%	25.47%	25.69%	32.26%	33.44%	34.07%	37.65%	35.01%	36.78%	39.27%
Net Margin	-4.83%	-8.76%	-8.3%	-0.44%	-3.83%	1.06%	-2.4%	-15.11%	-1.05%	16.81%
Debt / Equity	0.14x	0.17x	0.24x	0.21x	0.60x	0.28x	0.24x	0.26x	0.22x	0.07x
Interest Coverage	-	-51.13x	-	81.18x	-6.69x	8.74x	-	-	5.25x	-
FCF Conversion	-0.94x	0.50x	-0.15x	-14.25x	-2.00x	9.17x	-3.08x	0.10x	-6.50x	1.22x
Revenue Growth	-0.94%	7.78%	-3.4%	-5.76%	-2.72%	4.26%	19.77%	13.26%	9.84%	96.44%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
DDS	-	50.64M	46.75M	43.55M	-	-	52.57M	56.52M	61.58M	141.1M
DDS Growth	-	-	-7.67%	-6.86%	-	-	-	7.52%	8.94%	129.14%
Agility	-	-	-	9.81M	10.74M	11.43M	13.02M	15.37M	17.69M	21.5M
Agility Growth	-	-	-	-	9.53%	6.38%	13.95%	18.04%	15.06%	21.55%
Synodex	-	-	-	4.06M	-	-	4.16M	7.11M	7.51M	7.86M
Synodex Growth	-	-	-	-	-	-	-	70.67%	5.71%	4.70%
Dds	-	-	-	-	41.17M	41.98M	-	-	-	-
Dds Growth	-	-	-	-	-	1.97%	-	-	-	-
Synodex Member	-	-	-	-	3.94M	4.83M	-	-	-	-
Synodex Member Growth	-	-	-	-	-	22.48%	-	-	-	-
Iads	2.11M	4.35M	4.75M	-	-	-	-	-	-	-
Iads Growth	-	105.92%	9.29%	-	-	-	-	-	-	-
Content Services	51.72M	-	-	-	-	-	-	-	-	-
Content Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	38.16M	48.72M	54.43M	133.88M
UNITED STATES Growth	-	-	-	-	-	-	-	27.67%	11.71%	145.96%
UNITED KINGDOM	-	-	-	-	-	-	11.59M	10.9M	10.77M	10.01M
UNITED KINGDOM Growth	-	-	-	-	-	-	-	-5.93%	-1.24%	-7.06%
Other - Principally Europe	5.61M	7.55M	7.77M	7.67M	-	7.81M	7.27M	7.04M	7.13M	9.82M
Other - Principally Europe Growth	-	34.74%	2.89%	-1.35%	-	-	-6.92%	-3.12%	1.32%	37.75%
CANADA	-	-	-	-	-	-	6.19M	5.51M	7.16M	8.7M
CANADA Growth	-	-	-	-	-	-	-	-11.02%	29.92%	21.52%
NETHERLANDS	-	-	-	-	-	-	6.55M	6.83M	7.29M	8.06M
NETHERLANDS Growth	-	-	-	-	-	-	-	4.31%	6.77%	10.53%
Other Principally Europe	-	-	-	-	7.75M	-	-	-	-	-
Other Principally Europe Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Innodata Inc. (INOD) has a price-to-earnings (P/E) ratio of 64.7x. This suggests investors expect higher future growth.

Growth & Financials

Innodata Inc. (INOD) reported $238.5M in revenue for fiscal year 2024. This represents a 223% increase from $73.9M in 2011.

Innodata Inc. (INOD) grew revenue by 96.4% over the past year. This is strong growth.

Yes, Innodata Inc. (INOD) is profitable, generating $33.6M in net income for fiscal year 2024 (16.8% net margin).

Dividend & Returns

Innodata Inc. (INOD) has a return on equity (ROE) of 64.9%. This is excellent, indicating efficient use of shareholder capital.

Innodata Inc. (INOD) generated $40.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Innodata Inc. (INOD) 10-Year Financial Performance & Capital Metrics

INOD • • Industrial / General

TechnologyIT ServicesEnterprise Software & AI PlatformsEnterprise AI Platforms

Revenue $170M +96.4%
EBITDA $30M +430.3%
Net Income $29M +3256.4%
EPS (Diluted) 0.89 +3066.7%
Gross Margin 39.27% +6.8%
EBITDA Margin 17.59% +170.0%
Operating Margin 14.19% +1211.6%
Net Margin 16.81% +1706.8%
ROE 64.85% +1637.1%
ROIC 95.92% +1919.6%
Debt/Equity 0.07 -66.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 16.0% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 25.0%
✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Weak 3Y average ROE of 2.3%
✗Shares diluted 14.4% in last year
✗Trading more than 30% below 52-week high
✗Expensive at 29.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.18%

5Y25%

3Y34.69%

TTM73.57%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM68.09%

EPS CAGR

10Y-

5Y-

3Y-

TTM64.55%

ROCE

10Y Avg-0.71%

5Y Avg2.89%

3Y Avg5.07%

Latest43.81%

Peer Comparison

Enterprise AI Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INODInnodata Inc.	1.84B	57.61	64.73	96.44%	14.11%	34.6%	1.49%	0.07
NABLN-able, Inc.	1.32B	7.06	44.13	10.49%	-1.31%	-0.8%	4.23%	0.49
MGICMagic Software Enterprises Ltd.	1.35B	27.45	36.60	3.26%	6.64%	13.31%	5.44%	0.29
DLBDolby Laboratories, Inc.	3.84B	63.36	24.18	5.92%	18.9%	9.69%	11.21%	0.01
JDZGJIADE Limited	27.67M	1.24	4.96	20.36%	38.77%	7.41%		0.07
GMMGlobal Mofy Metaverse Limited	69.68M	1.52	3.62	53.82%	28.24%	47.24%		0.13
DVLTDatavault AI Inc.	424.49M	0.74	-0.05	28.37%	-13.94%	-86.44%		0.11
DMRCDigimarc Corporation	139.03M	6.39	-3.49	10.23%	-109.17%	-88.8%		0.10

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	58.52M	63.07M	60.93M	57.42M	55.86M	58.24M	69.75M	79M	86.78M	170.46M
Revenue Growth %	-0.01%	0.08%	-0.03%	-0.06%	-0.03%	0.04%	0.2%	0.13%	0.1%	0.96%
Cost of Goods Sold+	43.72M	47.01M	45.27M	38.89M	37.18M	38.4M	43.49M	51.34M	54.86M	103.53M
COGS % of Revenue	0.75%	0.75%	0.74%	0.68%	0.67%	0.66%	0.62%	0.65%	0.63%	0.61%
Gross Profit+	14.81M	16.07M	15.65M	18.52M	18.68M	19.84M	26.26M	27.66M	31.91M	66.93M
Gross Margin %	0.25%	0.25%	0.26%	0.32%	0.33%	0.34%	0.38%	0.35%	0.37%	0.39%
Gross Profit Growth %	-0.03%	0.09%	-0.03%	0.18%	0.01%	0.06%	0.32%	0.05%	0.15%	1.1%
Operating Expenses+	16.8M	19.29M	20.3M	15.85M	19.48M	18.66M	27.8M	37.94M	30.98M	42.74M
OpEx % of Revenue	0.29%	0.31%	0.33%	0.28%	0.35%	0.32%	0.4%	0.48%	0.36%	0.25%
Selling, General & Admin	16.8M	19.29M	20.2M	15.85M	19.48M	18.66M	27.91M	37.94M	30.98M	42.74M
SG&A % of Revenue	0.29%	0.31%	0.33%	0.28%	0.35%	0.32%	0.4%	0.48%	0.36%	0.25%
Research & Development	0	0	100K	100K	0	0	0	0	0	3.5M
R&D % of Revenue	-	-	0%	0%	-	-	-	-	-	0.02%
Other Operating Expenses	0	0	0	-100K	0	0	-108K	0	0	-3.5M
Operating Income+	-1.99M	-3.22M	-4.64M	2.68M	-803K	1.18M	-1.54M	-10.28M	939K	24.19M
Operating Margin %	-0.03%	-0.05%	-0.08%	0.05%	-0.01%	0.02%	-0.02%	-0.13%	0.01%	0.14%
Operating Income Growth %	-0.91%	-0.62%	-0.44%	1.58%	-1.3%	2.47%	-2.31%	-5.66%	1.09%	24.77%
EBITDA+	784K	-26K	-1.17M	6.05M	1.89M	3.45M	1.33M	-6.39M	5.66M	29.99M
EBITDA Margin %	0.01%	-0%	-0.02%	0.11%	0.03%	0.06%	0.02%	-0.08%	0.07%	0.18%
EBITDA Growth %	-0.61%	-1.03%	-43.81%	6.2%	-0.69%	0.82%	-0.62%	-5.82%	1.89%	4.3%
D&A (Non-Cash Add-back)	2.77M	3.19M	3.48M	3.37M	2.7M	2.27M	2.87M	3.89M	4.72M	5.8M
EBIT	-2.18M	-4.72M	-5.17M	1.59M	-948K	1.18M	-1.65M	-10.48M	318K	24.48M
Net Interest Income+	31K	-63K	23K	-33K	-120K	-135K	108K	0	-179K	149K
Interest Income	31K	0	23K	0	0	0	108K	0	0	149K
Interest Expense	0	63K	0	33K	120K	135K	0	0	179K	0
Other Income/Expense	-192K	-1.56M	-529K	-1.12M	-265K	-135K	580K	-205K	-800K	291K
Pretax Income+	-2.18M	-4.79M	-5.17M	1.56M	-1.07M	1.04M	-963K	-10.48M	139K	24.48M
Pretax Margin %	-0.04%	-0.08%	-0.08%	0.03%	-0.02%	0.02%	-0.01%	-0.13%	0%	0.14%
Income Tax+	1.2M	1.13M	185K	1.81M	1.09M	401K	842K	1.52M	1.03M	-4.19M
Effective Tax Rate %	1.3%	1.15%	0.98%	-0.16%	2.01%	0.59%	1.74%	1.14%	-6.53%	1.17%
Net Income+	-2.83M	-5.52M	-5.05M	-253K	-2.14M	617K	-1.67M	-11.94M	-908K	28.66M
Net Margin %	-0.05%	-0.09%	-0.08%	-0%	-0.04%	0.01%	-0.02%	-0.15%	-0.01%	0.17%
Net Income Growth %	-1.9%	-0.95%	0.08%	0.95%	-7.47%	1.29%	-3.71%	-6.13%	0.92%	32.56%
Net Income (Continuing)	-3.38M	-5.91M	-5.36M	-246K	-2.16M	644K	-1.8M	-12.01M	-889K	28.68M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-3.51M	-3.63M	-3.94M	-3.44M	-3.42M	-3.39M	-3.52M	-727K	-708K	-83K
EPS (Diluted)+	-0.11	-0.22	-0.20	0.00	-0.06	0.02	-0.07	-0.44	-0.03	0.89
EPS Growth %	-1.85%	-1%	0.09%	1%	-	1.38%	-3.81%	-5.49%	0.93%	30.67%
EPS (Basic)	-0.11	-0.22	-0.20	0.00	-0.06	0.03	-0.07	-0.44	-0.03	0.98
Diluted Shares Outstanding	25.4M	25.54M	25.82M	25.88M	25.77M	25.57M	26.63M	27.28M	28.13M	32.18M
Basic Shares Outstanding	25.4M	25.11M	25.27M	25.3M	25.77M	24.61M	26.63M	27.28M	28.13M	29.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	37.34M	27.25M	25.33M	27.27M	24M	31.86M	33.96M	23.68M	32.08M	81M
Cash & Short-Term Investments	24.91M	14.17M	11.41M	10.87M	10.87M	17.57M	18.9M	10.3M	13.82M	46.9M
Cash Only	24.91M	14.17M	11.41M	10.87M	10.87M	17.57M	18.9M	9.79M	13.81M	46.88M
Short-Term Investments	0	0	0	0	0	0	0	507K	14K	14K
Accounts Receivable	9.25M	9.95M	10.29M	10.63M	9.72M	10.05M	11.38M	9.53M	14.29M	28.01M
Days Sales Outstanding	57.68	57.59	61.65	67.55	63.53	62.97	59.54	44.02	60.1	59.98
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	3.86M	3.97M	1.1M
Total Non-Current Assets+	13.9M	20.34M	22.54M	18.78M	25.49M	25.39M	25.25M	24.36M	27.35M	32.45M
Property, Plant & Equipment	4.72M	5.4M	7.19M	6.81M	13.89M	8.46M	8.57M	6.82M	7.33M	8.34M
Fixed Asset Turnover	12.39x	11.69x	8.48x	8.43x	4.02x	6.88x	8.14x	11.58x	11.83x	20.44x
Goodwill	1.48M	2.73M	2.83M	2.05M	2.11M	2.15M	2.14M	2.04M	2.08M	2M
Intangible Assets	3.99M	8.19M	7.61M	6.28M	5.48M	10.03M	10.35M	12.53M	13.76M	13.35M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	2.33M	2.38M	3.16M	2.44M	2.11M	2.56M	2.25M	1.5M	2.44M	8.76M
Total Assets+	51.24M	47.59M	47.87M	46.05M	49.5M	57.25M	59.22M	48.04M	59.43M	113.45M
Asset Turnover	1.14x	1.33x	1.27x	1.25x	1.13x	1.02x	1.18x	1.64x	1.46x	1.50x
Asset Growth %	-0.07%	-0.07%	0.01%	-0.04%	0.07%	0.16%	0.03%	-0.19%	0.24%	0.91%
Total Current Liabilities+	12.38M	12.84M	15.6M	14.29M	15.75M	18.35M	21.3M	20.82M	22.93M	39.51M
Accounts Payable	1.25M	1.02M	1.87M	1.83M	1.42M	1.44M	1.82M	2.63M	2.66M	4.55M
Days Payables Outstanding	10.44	7.9	15.08	17.21	13.93	13.64	15.3	18.7	17.71	16.06
Short-Term Debt	1.58M	1.12M	3.33M	1.53M	912K	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	1000K	1000K
Other Current Liabilities	-293K	1.33M	3.76M	2.13M	528K	1.71M	1.28M	877K	1.26M	1.64M
Current Ratio	3.02x	2.12x	1.62x	1.91x	1.52x	1.74x	1.59x	1.14x	1.40x	2.05x
Quick Ratio	3.02x	2.12x	1.62x	1.91x	1.52x	1.74x	1.59x	1.14x	1.40x	2.05x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.15M	4.6M	5.09M	4.63M	11.63M	12.66M	11.51M	9.18M	11.5M	10.55M
Long-Term Debt	0	3.92M	4.48M	4.06M	4.53M	0	0	0	0	0
Capital Lease Obligations	0	0	829K	1.79M	6.73M	6.33M	5.28M	4.04M	4.7M	3.78M
Deferred Tax Liabilities	716K	680K	614K	571K	363K	44K	15K	65K	22K	32K
Other Non-Current Liabilities	4.23M	0	-829K	-1.79M	0	6.28M	6.22M	5.08M	6.78M	6.74M
Total Liabilities	16.53M	17.44M	20.69M	18.93M	27.38M	31M	32.81M	30M	34.44M	50.06M
Total Debt+	5.02M	5.04M	6.61M	5.59M	13.28M	7.32M	6.31M	4.73M	5.48M	4.66M
Net Debt	-19.89M	-9.13M	-4.8M	-5.28M	2.41M	-10.25M	-12.59M	-5.06M	-8.32M	-42.23M
Debt / Equity	0.14x	0.17x	0.24x	0.21x	0.60x	0.28x	0.24x	0.26x	0.22x	0.07x
Debt / EBITDA	6.40x	-	-	0.92x	7.01x	2.12x	4.76x	-	0.97x	0.16x
Net Debt / EBITDA	-25.37x	-	-	-0.87x	1.27x	-2.97x	-9.50x	-	-1.47x	-1.41x
Interest Coverage	-	-51.13x	-	81.18x	-6.69x	8.74x	-	-	5.25x	-
Total Equity+	34.7M	30.15M	27.18M	27.13M	22.11M	26.25M	26.41M	18.05M	25M	63.39M
Equity Growth %	-0.04%	-0.13%	-0.1%	-0%	-0.18%	0.19%	0.01%	-0.32%	0.39%	1.54%
Book Value per Share	1.37	1.18	1.05	1.05	0.86	1.03	0.99	0.66	0.89	1.97
Total Shareholders' Equity	38.21M	33.78M	31.12M	30.57M	25.53M	29.64M	29.93M	18.77M	25.7M	63.47M
Common Stock	270K	273K	275K	275K	275K	289K	303K	306K	320K	345K
Retained Earnings	17.92M	12.4M	7.34M	7.35M	4.22M	4.83M	3.16M	-8.78M	-9.68M	18.98M
Treasury Stock	-4.49M	-4.62M	-4.62M	-4.62M	-6.46M	-6.46M	-6.46M	-6.46M	-6.46M	-6.46M
Accumulated OCI	-84K	-324K	846K	-15K	-920K	-938K	-2.19M	-2.11M	-1.62M	-2.47M
Minority Interest	-3.51M	-3.63M	-3.94M	-3.44M	-3.42M	-3.39M	-3.52M	-727K	-708K	-83K

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.66M	-2.73M	738K	3.6M	4.28M	5.66M	5.15M	-1.22M	5.9M	35.02M
Operating CF Margin %	0.05%	-0.04%	0.01%	0.06%	0.08%	0.1%	0.07%	-0.02%	0.07%	0.21%
Operating CF Growth %	-0.42%	-2.03%	1.27%	3.88%	0.19%	0.32%	-0.09%	-1.24%	5.85%	4.93%
Net Income	-3.38M	-5.91M	-5.36M	11K	-2.14M	617K	-1.67M	-12.01M	-889K	28.68M
Depreciation & Amortization	2.77M	3.19M	3.67M	3.37M	2.7M	2.27M	2.87M	3.89M	4.72M	5.8M
Stock-Based Compensation	1.33M	1.16M	695K	796K	0	0	0	3.28M	4.03M	4M
Deferred Taxes	-157K	-159K	-255K	175K	-313K	-618K	88K	217K	-276K	-5.61M
Other Non-Cash Items	431K	1.28M	106K	1.15M	1.15M	1.78M	1.54M	1.55M	1.47M	2.04M
Working Capital Changes	1.67M	-2.3M	1.88M	-1.9M	2.88M	1.62M	2.32M	1.85M	-3.15M	114K
Change in Receivables	1.04M	17K	-40K	-533K	1.22M	-481K	-1.87M	1.3M	-5.12M	-14.69M
Change in Inventory	543K	-444K	580K	-826K	0	0	0	0	0	0
Change in Payables	132K	-1.75M	1.59M	-779K	-589K	155K	4.44M	322K	353K	3.43M
Cash from Investing+	-697K	-6.97M	-3.41M	-2.03M	-1.67M	-1.38M	-4.37M	-7.03M	-5.07M	-7.74M
Capital Expenditures	-697K	-2.74M	-3.41M	-2.03M	-1.67M	-1.41M	-4.37M	-6.53M	-5.56M	-7.74M
CapEx % of Revenue	0.01%	0.04%	0.06%	0.04%	0.03%	0.02%	0.06%	0.08%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-1.13M	-837K	-284K	-2.03M	-2.4M	2.31M	773K	-307K	2.87M	6.06M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-930K	-703K	0	0	0	0	-763K	332K	3.32M	-97K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.96M	-5.47M	-2.67M	1.57M	2.61M	4.25M	783K	-7.74M	339K	27.27M
FCF Margin %	0.03%	-0.09%	-0.04%	0.03%	0.05%	0.07%	0.01%	-0.1%	0%	0.16%
FCF Growth %	-0.24%	-3.79%	0.51%	1.59%	0.66%	0.62%	-0.82%	-10.89%	1.04%	79.45%
FCF per Share	0.08	-0.21	-0.10	0.06	0.10	0.17	0.03	-0.28	0.01	0.85
FCF Conversion (FCF/Net Income)	-0.94x	0.50x	-0.15x	-14.25x	-2.00x	9.17x	-3.08x	0.10x	-6.50x	1.22x
Interest Paid	0	0	0	0	0	0	0	19K	400K	287K
Taxes Paid	1.06M	1.31M	1.09M	680K	0	0	0	1.11M	753K	2.42M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-7.96%	-17.03%	-17.63%	-0.93%	-8.7%	2.55%	-6.35%	-53.7%	-4.22%	64.85%
Return on Invested Capital (ROIC)	-8.77%	-13.48%	-16.05%	9.09%	-2.6%	4.37%	-7.76%	-57.53%	4.75%	95.92%
Gross Margin	25.3%	25.47%	25.69%	32.26%	33.44%	34.07%	37.65%	35.01%	36.78%	39.27%
Net Margin	-4.83%	-8.76%	-8.3%	-0.44%	-3.83%	1.06%	-2.4%	-15.11%	-1.05%	16.81%
Debt / Equity	0.14x	0.17x	0.24x	0.21x	0.60x	0.28x	0.24x	0.26x	0.22x	0.07x
Interest Coverage	-	-51.13x	-	81.18x	-6.69x	8.74x	-	-	5.25x	-
FCF Conversion	-0.94x	0.50x	-0.15x	-14.25x	-2.00x	9.17x	-3.08x	0.10x	-6.50x	1.22x
Revenue Growth	-0.94%	7.78%	-3.4%	-5.76%	-2.72%	4.26%	19.77%	13.26%	9.84%	96.44%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
DDS	-	50.64M	46.75M	43.55M	-	-	52.57M	56.52M	61.58M	141.1M
DDS Growth	-	-	-7.67%	-6.86%	-	-	-	7.52%	8.94%	129.14%
Agility	-	-	-	9.81M	10.74M	11.43M	13.02M	15.37M	17.69M	21.5M
Agility Growth	-	-	-	-	9.53%	6.38%	13.95%	18.04%	15.06%	21.55%
Synodex	-	-	-	4.06M	-	-	4.16M	7.11M	7.51M	7.86M
Synodex Growth	-	-	-	-	-	-	-	70.67%	5.71%	4.70%
Dds	-	-	-	-	41.17M	41.98M	-	-	-	-
Dds Growth	-	-	-	-	-	1.97%	-	-	-	-
Synodex Member	-	-	-	-	3.94M	4.83M	-	-	-	-
Synodex Member Growth	-	-	-	-	-	22.48%	-	-	-	-
Iads	2.11M	4.35M	4.75M	-	-	-	-	-	-	-
Iads Growth	-	105.92%	9.29%	-	-	-	-	-	-	-
Content Services	51.72M	-	-	-	-	-	-	-	-	-
Content Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	38.16M	48.72M	54.43M	133.88M
UNITED STATES Growth	-	-	-	-	-	-	-	27.67%	11.71%	145.96%
UNITED KINGDOM	-	-	-	-	-	-	11.59M	10.9M	10.77M	10.01M
UNITED KINGDOM Growth	-	-	-	-	-	-	-	-5.93%	-1.24%	-7.06%
Other - Principally Europe	5.61M	7.55M	7.77M	7.67M	-	7.81M	7.27M	7.04M	7.13M	9.82M
Other - Principally Europe Growth	-	34.74%	2.89%	-1.35%	-	-	-6.92%	-3.12%	1.32%	37.75%
CANADA	-	-	-	-	-	-	6.19M	5.51M	7.16M	8.7M
CANADA Growth	-	-	-	-	-	-	-	-11.02%	29.92%	21.52%
NETHERLANDS	-	-	-	-	-	-	6.55M	6.83M	7.29M	8.06M
NETHERLANDS Growth	-	-	-	-	-	-	-	4.31%	6.77%	10.53%
Other Principally Europe	-	-	-	-	7.75M	-	-	-	-	-
Other Principally Europe Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Innodata Inc. (INOD) has a price-to-earnings (P/E) ratio of 64.7x. This suggests investors expect higher future growth.

Growth & Financials

Innodata Inc. (INOD) reported $238.5M in revenue for fiscal year 2024. This represents a 223% increase from $73.9M in 2011.

Innodata Inc. (INOD) grew revenue by 96.4% over the past year. This is strong growth.

Yes, Innodata Inc. (INOD) is profitable, generating $33.6M in net income for fiscal year 2024 (16.8% net margin).

Dividend & Returns

Innodata Inc. (INOD) has a return on equity (ROE) of 64.9%. This is excellent, indicating efficient use of shareholder capital.

Innodata Inc. (INOD) generated $40.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.