Start here if you're new
what it is
Innodata cleans, transforms, and manages data for media, publishing, and enterprise customers.
how it gets paid
Last year Innodata made $252M in revenue. Data transformation was the main engine at $135M, or 54% of sales.
why it's growing
Revenue grew 47.6% last year. The number that mattered was $179M. That is the latest quarter's revenue.
what just happened
Revenue hit $179M, up 187%, while EPS reached $0.67.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
63.6x trailing p/e — you're paying up for this one
41.0% return on capital — every dollar works hard here
$0.89 fy2024 eps est
xvary composite: 50/100 — below average
What they do
Innodata cleans, transforms, and manages data for media, publishing, and enterprise customers.
You are not buying a logo. You are buying 6,648 employees and a workflow clients do not want to rebuild. That is sticky because your messy files become their operating system. Gross margin, the money left after direct costs, was 40.0% on $252M of revenue.
How they make money
$252M
annual revenue · their business grew +47.6% last year
Data transformation
$135M
Data management
$78M
Agility PR Solutions
$22M
Synodex
$17M
The products that matter
data annotation and labeling
AI Data Services
$171M listed revenue · +35% growth
current snapshot data lists this segment at $171M with +35% growth. If that pace holds, it is the entire reason investors are willing to pay 63.6x earnings.
growth engine
data transformation and management
Data Engineering
$81M listed revenue · flat
this segment is listed at $81M and flat here, while another page input references $252M and +47.6% for the legacy business. The takeaway is simple: the source data is still messy, so you should focus more on direction than segment precision.
legacy base
Key numbers
$0.89
fy2024 eps est
$171M
fy2024 rev est
63.6x
trailing p/e
40.0%
gross margin
Gross profit kept about 40.0% of each revenue dollar.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $4M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for INOD right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $179M, up 187%, while EPS reached $0.67.
That is a huge jump for a company this size. Gross margin held at 40.0%, which means direct costs took 60 cents of every sales dollar.
$179M
revenue
$0.67
eps
40.0%
gross margin
revenue
The number that mattered was $179M. That is the latest quarter's revenue, and it was 187% above last year.
source: company earnings report
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What could go wrong
the #1 risk is an ai-services valuation reset — the market is treating Innodata like a software asset, but the economics on this page still look like services.
med
valuation reset
The stock trades at 63.6x trailing earnings. That is a premium multiple on a business with a 17.7% operating margin and just $171M of revenue in the current snapshot.
If growth cools, the multiple can compress before the income statement has time to explain itself.
med
customer concentration
This is a project-based AI services model. Losing one major client would matter more here than it would at a diversified software company with deep recurring revenue.
The company is targeting 35%+ growth in 2026. A single client slip could make that target feel ambitious in a hurry.
med
data quality and disclosure noise
The revenue mix shown on this page does not reconcile cleanly: total revenue is listed at $171M, while the segment lines shown here add to $252M.
When the story is priced for precision, messy disclosure makes it harder for you to underwrite what is actually happening inside the business.
med
execution dependence on leadership
A new employment agreement with the President and CRO in March 2026 keeps attention on commercial execution. Small-cap growth stories rarely get the luxury of a quiet transition.
If bookings slow or delivery stumbles during a leadership handoff, the stock does not have a cheap valuation to cushion the reaction.
At $61.66 per share, a $1B market cap, and 63.6x trailing earnings, this stock does not need bad news to fall. It just needs the market to decide it is a services company again.
source: institutional data · regulatory filings · risk analysis
Pay attention to
growth target
35%+ has to become a number, not a slogan
Management has set a 35%+ revenue growth target for 2026. If the first few prints come in soft, the valuation debate gets much louder.
next report
Q1 will be the first real stress test
After a $66.7M Q4 beat, the next quarter matters more than the last one. High-multiple stocks live in the future tense.
revenue quality
Watch whether the segment data starts making sense
This page lists $171M of total revenue while the segment lines shown here add to $252M. Clean reporting would make the story easier to trust.
institutional flow
Big money bought. Now watch whether it stays
224 institutions bought $319M worth of stock in the last 12 months, and institutions own roughly 30% of shares. Momentum investors are helpful on the way up and less charming on the way down.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not see this as a smooth quarter-to-quarter story. You should expect swings.
risk rank
3
A risk rank of 3 means it sits around the middle of the pack on safety. Not a bunker stock. Not a balance-sheet accident.
price stability
5 / 100
A 5 / 100 stability score means the share price has not behaved in a calm, steady way. The 52-week range of $26–$94 already told you that, but now it has a label.
source: institutional data
Institutional activity
institutional ownership data for INOD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$62
current price
n/a
target midpoint · n/a from current
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