The company maintains a highly conservative capital structure with a negligible debt-to-equity ratio of 0.03, providing significant financial resilience as total assets grew to $210.4M in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 172.99M | 135.39M | 81M | 32.08M | 23.68M | 33.96M | 31.86M | 24M | 27.27M | 25.33M | 27.25M | 37.34M | 37.94M | 38.58M | 46.5M | 43.84M | 36.81M | 43.88M | 34.25M | 28.2M | 22.92M | 30.32M | 31.08M | 18.04M | 14.21M | 16.88M | 16.87M | 9.6M | 7.4M | 6.1M | 7.2M |
| Cash & Short-Term Investments | 117.37M | 82.23M | 46.9M | 13.82M | 10.3M | 18.9M | 17.57M | 10.87M | 10.87M | 11.41M | 14.17M | 24.91M | 24.22M | 24.75M | 28.52M | 17.22M | 23M | 26.48M | 13.88M | 14.75M | 13.6M | 20.06M | 20.66M | 5.05M | 7.25M | 6.27M | 9.04M | 3.4M | 3.5M | 2M | 2.1M |
| Cash Only | 117.37M | 82.23M | 46.88M | 13.81M | 9.79M | 18.9M | 17.57M | 10.87M | 10.87M | 11.41M | 14.17M | 24.91M | 24.22M | 24.75M | 25.43M | 11.39M | 14.12M | 26.48M | 13.88M | 14.75M | 13.6M | 20.06M | 20.66M | 5.05M | 7.25M | 6.27M | 9.04M | 3.4M | 3.5M | 2M | 2.1M |
| Short-Term Investments | 0 | 0 | 14K | 14K | 507K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.09M | 5.83M | 8.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 45.94M | 46.51M | 28.01M | 14.29M | 9.53M | 11.38M | 10.05M | 9.72M | 10.63M | 10.29M | 9.95M | 9.25M | 10.45M | 11.88M | 14.32M | 21.71M | 8.39M | 11.74M | 14.02M | 11.13M | 7.55M | 8.38M | 8.02M | 8.5M | 3.25M | 7.85M | 5.8M | 5.2M | 2.9M | 3.2M | 3.7M |
| Days Sales Outstanding | 53.45 | 67.46 | 59.98 | 60.1 | 44.02 | 59.54 | 62.97 | 63.53 | 67.55 | 61.65 | 57.59 | 57.68 | 64.53 | 67.47 | 60.35 | 107.15 | 49.78 | 54.02 | 68.22 | 59.96 | 67.25 | 72.77 | 54.25 | 84.47 | 32.63 | 49.14 | 41.72 | 69.02 | 54.01 | 58.11 | 65.88 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.42M | 2.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 46.18 | 25.17 | - | - | - | - | - | - |
| Other Current Assets | 9.69M | 6.65M | 1.1M | 3.97M | 3.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 254K | 45K | 1.1M | 4.92M | 5.42M | 1.76M | 6.36M | 655K | 190K | 338K | 645K | 3.5M | 2.99M | 2.3M | 2.03M | 1M | 1M | 900K | 1.4M |
| Total Non-Current Assets | 37.42M | 33.2M | 32.45M | 27.35M | 24.36M | 25.25M | 25.39M | 25.49M | 18.78M | 22.54M | 20.34M | 13.9M | 16.93M | 11.42M | 19.68M | 15.56M | 15.44M | 9.68M | 11.13M | 10.25M | 7.41M | 7.29M | 6.13M | 7.1M | 8.49M | 13.21M | 11.07M | 6M | 3.2M | 3.9M | 5.2M |
| Property, Plant & Equipment | 11.83M | 0 | 8.34M | 7.33M | 6.82M | 8.57M | 8.46M | 13.89M | 6.81M | 7.19M | 5.4M | 4.72M | 5.92M | 6.08M | 10.66M | 7.43M | 4.28M | 5.56M | 6.73M | 7.16M | 4.56M | 4.82M | 4.56M | 5.63M | 6.71M | 10.24M | 9.46M | 4.9M | 2.7M | 2.9M | 3.6M |
| Fixed Asset Turnover | 25.82x | - | 20.44x | 11.83x | 11.58x | 8.14x | 6.88x | 4.02x | 8.43x | 8.48x | 11.69x | 12.39x | 9.99x | 10.56x | 8.13x | 9.95x | 14.36x | 14.27x | 11.15x | 9.46x | 8.97x | 8.72x | 11.83x | 6.52x | 5.42x | 5.69x | 5.36x | 5.61x | 7.26x | 6.93x | 5.69x |
| Goodwill | 2.05M | 2.08M | 2M | 2.08M | 2.04M | 2.14M | 2.15M | 2.11M | 2.05M | 2.83M | 2.73M | 1.48M | 1.64M | 675K | 675K | 675K | 675K | 675K | 675K | 675K | 675K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 14.09M | 13.98M | 13.35M | 13.76M | 12.53M | 10.35M | 10.03M | 5.48M | 6.28M | 7.61M | 8.19M | 3.99M | 5.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 675K | 675K | 675K | 675K | 623K | 0 | 0 | 0 | 400K | 1.2M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.16M | 17.14M | 8.76M | 2.44M | 1.5M | 2.25M | 2.56M | 2.11M | 2.44M | 3.16M | 2.38M | 2.33M | 2.72M | 3.32M | 3.5M | 3.56M | 2.68M | 2.5M | 2.83M | 2.04M | 1.91M | 1.79M | 893K | 800K | 1.11M | 2.35M | 1.61M | 1.1M | 500K | 600K | 400K |
| Total Assets | 210.41M | 168.59M | 113.45M | 59.43M | 48.04M | 59.22M | 57.25M | 49.5M | 46.05M | 47.87M | 47.59M | 51.24M | 54.86M | 50M | 66.18M | 59.4M | 52.25M | 53.56M | 45.38M | 38.45M | 30.33M | 37.61M | 37.21M | 25.15M | 22.7M | 30.09M | 27.95M | 15.6M | 10.6M | 10M | 12.4M |
| Asset Turnover | 1.71x | 1.49x | 1.50x | 1.46x | 1.64x | 1.18x | 1.02x | 1.13x | 1.25x | 1.27x | 1.33x | 1.14x | 1.08x | 1.29x | 1.31x | 1.24x | 1.18x | 1.48x | 1.65x | 1.76x | 1.35x | 1.12x | 1.45x | 1.46x | 1.60x | 1.94x | 1.82x | 1.76x | 1.85x | 2.01x | 1.65x |
| Asset Growth % | 291.11% | 48.61% | 90.89% | 23.71% | -18.87% | 3.43% | 15.67% | 7.48% | -3.8% | 0.59% | -7.12% | -6.61% | 9.73% | -24.45% | 11.42% | 13.69% | -2.46% | 18.02% | 18.04% | 26.77% | -19.36% | 1.07% | 47.98% | 10.79% | -24.58% | 7.69% | 79.14% | 47.17% | 6% | -19.35% | -0.8% |
| Total Current Liabilities | 69.77M | 50.53M | 39.51M | 22.93M | 20.82M | 21.3M | 18.35M | 15.75M | 14.29M | 15.6M | 12.84M | 12.38M | 12.17M | 9.74M | 13.71M | 15.69M | 10.72M | 11.29M | 11.45M | 11.87M | 9.29M | 8.89M | 8.88M | 6.06M | 5.64M | 8.03M | 7.37M | 3.6M | 2.7M | 4M | 2.4M |
| Accounts Payable | 4.18M | 9.62M | 4.55M | 2.66M | 2.63M | 1.82M | 1.44M | 1.42M | 1.83M | 1.87M | 1.02M | 1.25M | 1.27M | 898K | 1.62M | 1.53M | 855K | 1.26M | 1.05M | 1.97M | 987K | 2.89M | 2.75M | 1.3M | 647K | 2.88M | 3.2M | 1.6M | 1.3M | 1.5M | 1.3M |
| Days Payables Outstanding | 12.36 | 23.11 | 16.06 | 17.71 | 18.7 | 15.3 | 13.64 | 13.93 | 17.21 | 15.08 | 7.9 | 10.44 | 10.59 | 6.87 | 10.48 | 10.86 | 6.6 | 8.4 | 7.21 | 14.82 | 10.55 | 34.14 | 30.4 | 17.54 | 7.38 | 23.66 | 37.03 | 36.27 | 40.21 | 37.24 | 30.81 |
| Short-Term Debt | 1.23M | 1.2M | 0 | 0 | 0 | 0 | 0 | 912K | 1.53M | 3.33M | 1.12M | 1.58M | 1.61M | 351K | 818K | 639K | 458K | 892K | 915K | 370K | 632K | 663K | 180K | 146K | 0 | 650K | 0 | 0 | 100K | 100K | 200K |
| Deferred Revenue (Current) | 20.66M | 0 | 8.01M | 3.52M | 0 | 0 | 0 | 0 | 3.53M | 4.5M | 5.25M | 4.65M | 4.26M | 5.36M | 7.98M | 8.54M | 8.95M | 8.25M | 8.56M | 7.47M | 6.38M | 5.34M | 5.94M | 4.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 29.48M | 35.24M | 1.64M | 1.26M | 877K | 1.28M | 1.71M | 528K | 2.13M | 3.76M | 1.33M | -293K | 1.82M | 2.18M | 1.72M | 4.34M | 2.19M | 2.29M | 2.54M | 2.23M | 2.12M | 1.77M | 1.96M | 598K | 455K | 4.5M | 4.17M | 2M | 1.3M | 2.4M | 900K |
| Current Ratio | 2.48x | 2.68x | 2.05x | 1.40x | 1.14x | 1.59x | 1.74x | 1.52x | 1.91x | 1.62x | 2.12x | 3.02x | 3.12x | 3.96x | 3.39x | 2.79x | 3.43x | 3.89x | 2.99x | 2.38x | 2.47x | 3.41x | 3.50x | 2.98x | 2.52x | 2.10x | 2.29x | 2.67x | 2.74x | 1.53x | 3.00x |
| Quick Ratio | 2.48x | 2.68x | 2.05x | 1.40x | 1.14x | 1.59x | 1.74x | 1.52x | 1.91x | 1.62x | 2.12x | 3.02x | 3.12x | 3.96x | 3.39x | 2.79x | 3.43x | 3.89x | 2.99x | 2.38x | 2.47x | 3.41x | 3.50x | 2.41x | 2.13x | 2.10x | 2.29x | 2.67x | 2.74x | 1.53x | 3.00x |
| Cash Conversion Cycle | 41.09 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 113.12 | 50.42 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.46M | 11M | 10.55M | 11.5M | 9.18M | 11.51M | 12.66M | 11.63M | 4.63M | 5.09M | 4.6M | 4.15M | 6.42M | 3.94M | 3.56M | 3.1M | 2.09M | 1.29M | 3.75M | 3.35M | 2.03M | 1.91M | 1.6M | 1.68M | 1.49M | 1.7M | 1.26M | 300K | 400K | 700K | 500K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.53M | 4.06M | 4.48M | 3.92M | 0 | 5.54M | 3.75M | 3.37M | 2.94M | 0 | 1.2M | 1.5M | 2.13M | 904K | 548K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 200K |
| Capital Lease Obligations | 12.94M | 3.23M | 3.78M | 4.7M | 4.04M | 5.28M | 6.33M | 6.73M | 1.79M | 829K | 0 | 0 | 5.54M | 0 | 3.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 150K | 272K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 303K | 146K | 32K | 22K | 65K | 15K | 44K | 363K | 571K | 614K | 680K | 716K | 879K | 190K | 182K | 153K | 486K | 87K | 2.08M | 1.22M | 1.13M | 1.36M | 1.45M | 1.41M | 1.49M | 1.7M | 1.26M | 400K | 400K | 700K | 400K |
| Other Non-Current Liabilities | 9.55M | 7.63M | 6.74M | 6.78M | 5.08M | 6.22M | 6.28M | 0 | -1.79M | -829K | 0 | 4.23M | -5.54M | 0 | -3.37M | 0 | 1.6M | 0 | 176K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | -100K | -100K |
| Total Liabilities | 82.23M | 61.53M | 50.06M | 34.44M | 30M | 32.81M | 31M | 27.38M | 18.93M | 20.69M | 17.44M | 16.53M | 18.59M | 13.67M | 17.27M | 18.79M | 12.81M | 12.58M | 15.2M | 15.22M | 11.32M | 10.8M | 10.47M | 7.74M | 7.13M | 9.73M | 8.63M | 3.9M | 3.1M | 4.7M | 2.9M |
| Total Debt | 4.1M | 4.43M | 4.66M | 5.48M | 4.73M | 6.31M | 7.32M | 13.28M | 5.59M | 6.61M | 5.04M | 5.02M | 7.15M | 4.1M | 4.19M | 3.58M | 458K | 2.09M | 2.59M | 2.5M | 1.54M | 1.21M | 330K | 418K | 0 | 650K | 0 | 20K | 100K | 200K | 400K |
| Net Debt | -113.27M | -77.8M | -42.23M | -8.32M | -5.06M | -12.59M | -10.25M | 2.41M | -5.28M | -4.8M | -9.13M | -19.89M | -17.07M | -20.65M | -21.23M | -7.81M | -13.66M | -24.39M | -11.29M | -12.25M | -12.06M | -18.85M | -20.33M | -4.63M | -7.25M | -5.62M | -9.04M | -3.38M | -3.4M | -1.8M | -1.7M |
| Debt / Equity | 0.03x | 0.04x | 0.07x | 0.22x | 0.26x | 0.24x | 0.28x | 0.60x | 0.21x | 0.24x | 0.17x | 0.14x | 0.20x | 0.11x | 0.09x | 0.09x | 0.01x | 0.05x | 0.09x | 0.11x | 0.08x | 0.05x | 0.01x | 0.02x | - | 0.03x | - | 0.00x | 0.01x | 0.04x | 0.04x |
| Debt / EBITDA | 0.08x | 0.09x | 0.16x | 0.97x | - | 4.76x | 2.12x | 7.01x | 0.92x | - | - | 6.40x | 3.57x | 1.40x | 0.35x | 0.52x | 0.20x | 0.17x | 0.27x | 0.36x | - | 1.99x | 0.02x | 0.08x | - | 0.10x | - | 0.00x | 0.04x | 2.00x | 1.33x |
| Net Debt / EBITDA | -2.11x | -1.65x | -1.41x | -1.47x | - | -9.50x | -2.97x | 1.27x | -0.87x | - | - | -25.37x | -8.52x | -7.06x | -1.76x | -1.13x | -6.01x | -2.04x | -1.19x | -1.74x | - | -31.00x | -1.30x | -0.87x | - | -0.85x | -0.75x | -0.73x | -1.21x | -18.00x | -5.67x |
| Interest Coverage | - | - | - | 1.78x | - | - | 8.74x | -7.90x | 48.33x | - | -74.95x | - | - | - | - | 62.29x | -134.00x | 296.71x | 100.07x | 137.79x | -1056.14x | -116.39x | 444.76x | 87.44x | -195.10x | 293.89x | 210.46x | - | 14.93x | - | - |
| Total Equity | 128.18M | 107.06M | 63.39M | 25M | 18.05M | 26.41M | 26.25M | 22.11M | 27.13M | 27.18M | 30.15M | 34.7M | 36.27M | 36.32M | 48.91M | 40.61M | 39.44M | 40.98M | 30.19M | 23.23M | 19.01M | 26.81M | 26.74M | 17.4M | 15.57M | 20.36M | 19.32M | 11.7M | 7.5M | 5.3M | 9.5M |
| Equity Growth % | 452.21% | 68.9% | 153.61% | 38.51% | -31.66% | 0.59% | 18.7% | -18.47% | -0.2% | -9.85% | -13.12% | -4.33% | -0.14% | -25.73% | 20.45% | 2.96% | -3.77% | 35.77% | 29.95% | 22.21% | -29.11% | 0.29% | 53.63% | 11.79% | -23.54% | 5.41% | 65.1% | 56% | 41.51% | -44.21% | -2.06% |
| Book Value per Share | 3.60 | 3.06 | 1.97 | 0.89 | 0.66 | 0.99 | 1.03 | 0.86 | 1.05 | 1.05 | 1.18 | 1.37 | 1.44 | 1.45 | 1.86 | 1.62 | 1.56 | 1.59 | 1.20 | 0.92 | 0.79 | 1.17 | 1.08 | 0.73 | 0.72 | 0.76 | 0.84 | 0.59 | 0.42 | 0.30 | 0.51 |
| Total Shareholders' Equity | 128.26M | 107.06M | 63.47M | 25.7M | 18.77M | 29.93M | 29.64M | 25.53M | 30.57M | 31.12M | 33.78M | 38.21M | 39.22M | 39.97M | 50.51M | 41.17M | 39.44M | 40.98M | 30.19M | 23.23M | 19.01M | 26.81M | 26.74M | 17.4M | 15.57M | 20.36M | 19.32M | 11.7M | 7.5M | 5.3M | 9.5M |
| Common Stock | 358K | 355K | 345K | 320K | 306K | 303K | 289K | 275K | 275K | 275K | 273K | 270K | 268K | 266K | 264K | 262K | 262K | 262K | 249K | 249K | 241K | 237K | 227K | 226K | 220K | 217K | 216.88K | 100K | 0 | 0 | 0 |
| Retained Earnings | 66.06M | 51.16M | 18.98M | -9.68M | -8.78M | 3.16M | 4.83M | 4.22M | 7.35M | 7.34M | 12.4M | 17.92M | 20.75M | 21.72M | 32.36M | 24.88M | 20.41M | 21.16M | 14.77M | 7.19M | 2.62M | 9.95M | 11.6M | 3.74M | 3.26M | 8.43M | 7.08M | 900K | -1.2M | -3.4M | 800K |
| Treasury Stock | -6.46M | -6.46M | -6.46M | -6.46M | -6.46M | -6.46M | -6.46M | -6.46M | -4.62M | -4.62M | -4.62M | -4.49M | -4.29M | -4.29M | -4.29M | -4.29M | -2.96M | -2.19M | -2.19M | -319K | -319K | 0 | 0 | -1.97M | -2M | -1.64M | -221K | -200K | 0 | 0 | 0 |
| Accumulated OCI | -2.72M | -2.12M | -2.47M | -1.62M | -2.11M | -2.19M | -938K | -920K | -15K | 846K | -324K | -84K | -287K | -692K | 37K | -1.03M | 1.2M | 1.49M | 742K | -211K | -760K | -16.03M | -14.05M | -12.14M | -12.78M | -9.89M | -5.76M | -6.2M | -5.1M | -4M | -3.3M |
| Minority Interest | -83K | -83K | -83K | -708K | -727K | -3.52M | -3.39M | -3.42M | -3.44M | -3.94M | -3.63M | -3.51M | -2.95M | -3.65M | -1.6M | -561K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hyperscaler revenue concentration risk
As reported in recent financial filings, Innodata's total assets have surged from $59.4M in 2023Q4 to $210.4M in 2026Q1, reflecting a rapid scaling of the business that appears to be driven by the successful capture of high-demand AI data engineering contracts from major technology clients.
The dramatic expansion of the asset base suggests that the company is effectively leveraging its current market position to scale operations. Investors should monitor whether this growth trajectory remains sustainable or if it is contingent upon the continued, concentrated spending of a few key hyperscale partners.
Based on the latest quarterly data, Innodata maintains a negligible debt-to-equity ratio of 0.03, which provides the firm with significant financial resilience and suggests that its recent growth is being funded through internal cash generation rather than reliance on external credit markets or high-interest debt instruments.
The company's decision to operate with minimal debt appears to be a strategic choice that insulates it from interest rate volatility. This conservative capital structure provides a substantial buffer, allowing management to navigate potential cyclical downturns in AI spending without the pressure of mandatory debt service obligations.
According to the 2026Q1 balance sheet, Innodata holds $117.4M in cash, representing a significant increase from the $13.8M reported in 2023Q4, which indicates a robust liquidity position that provides ample runway to fund ongoing workforce expansion and potential strategic investments in AI-enabled toolsets.
The current ratio of 2.48 suggests that the company is well-positioned to meet its short-term obligations comfortably. This liquidity profile appears to be a key strength, offering the firm the flexibility to pursue growth opportunities or weather unexpected operational disruptions in its global delivery centers.
As indicated by the transition from a negative retained earnings balance of $9.7M in 2023Q4 to a positive $66.1M in 2026Q1, Innodata's equity base has been significantly strengthened by consistent profitability, signaling a fundamental improvement in the company's long-term financial health and value creation capabilities.
The shift in retained earnings suggests that the business model has successfully moved past its historical struggles and is now generating meaningful value. However, investors should continue to evaluate the impact of stock-based compensation on equity dilution, as the company relies on specialized talent to maintain its competitive edge.
Quick answers to the most common questions about buying INOD stock.
As of 2025, Innodata Inc. (INOD) had total assets of $168.6M including $135.4M in current assets.
Innodata Inc. (INOD) carries total debt of $4.4M, offset by $82.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Innodata Inc. (INOD) has total shareholders' equity (book value) of $107.1M ($3.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Innodata Inc. (INOD) reported a current ratio of 2.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.