Innodata Financials
Innodata (INOD) reported $251.7M in revenue for fiscal year 2025, up 47.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rapid scale-up is turning into self-funded growth, with stable unit economics and cash generation strengthening the balance sheet.
In the latest two years, gross margin stayed near39.5% while operating margin reached15.8% . Because the gross layer barely changed, the extra profitability appears to have come from overhead being spread across a much larger revenue base, not from a one-time lift in underlying service economics.
Liquidity has shifted from merely adequate to clearly surplus: cash of
Cash conversion looks real, with free cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Innodata's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Innodata has an operating margin of 15.8%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 66/100, reflecting efficient cost management and pricing power. This is up from 14.3% the prior year.
Innodata's revenue surged 47.6% year-over-year to $251.7M, reflecting rapid business expansion. This strong growth earns a score of 96/100.
Innodata has a moderate D/E ratio of 0.57. This balance of debt and equity financing earns a leverage score of 57/100.
With a current ratio of 2.68, Innodata holds $2.68 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.
Innodata converts 14.2% of revenue into free cash flow ($35.6M). This strong cash generation earns a score of 72/100.
Innodata earns a strong 30.0% return on equity (ROE), meaning it generates $30 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 80/100. This is down from 45.1% the prior year.
Innodata scores 24.83, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.2B) relative to total liabilities ($61.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Innodata passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Innodata generates $1.45 in operating cash flow ($46.8M OCF vs $32.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Innodata generated $251.7M in revenue in fiscal year 2025. This represents an increase of 47.6% from the prior year.
Innodata's EBITDA was $46.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.2% from the prior year.
Innodata reported $32.2M in net income in fiscal year 2025. This represents an increase of 12.3% from the prior year.
Innodata earned $0.92 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.4% from the prior year.
Cash & Balance Sheet
Innodata generated $35.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.4% from the prior year.
Innodata held $82.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Innodata paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
Innodata's gross margin was 39.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
Innodata's operating margin was 15.8% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Innodata's net profit margin was 12.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.0 percentage points from the prior year.
Innodata's ROE was 30.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 15.1 percentage points from the prior year.
Capital Allocation
Innodata invested $11.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.4% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
INOD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $317.2M | $251.7M+47.6% | $170.5M+96.4% | $86.8M+9.8% | $79.0M+13.3% | $69.8M+19.8% | $58.2M+4.3% | $55.9M-2.7% | $57.4M-5.8% | $60.9M-3.4% | $63.1M+7.8% | $58.5M-0.9% | $59.1M-8.1% | $64.2M-25.8% | $86.6M+17.1% | $73.9M |
| Gross Profit | N/A | $99.5M+48.3% | $67.1M+114.3% | $31.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $80.0M | $59.6M+39.5% | $42.7M+38.0% | $31.0M-18.4% | $37.9M+35.9% | $27.9M+49.6% | $18.7M-4.2% | $19.5M+22.9% | $15.8M-21.6% | $20.2M+3.4% | $19.5M+16.3% | $16.8M+2.3% | $16.4M-5.1% | $17.3M-22.1% | $22.2M+16.3% | $19.1M |
| Operating Income | N/A | $39.9M+63.8% | $24.3M+7552.8% | $318K | N/A | N/A | N/A | N/A | N/A | -$5.1M-7.9% | -$4.7M-113.5% | -$2.2M-37.0% | -$1.6M+79.0% | -$7.7M-218.1% | $6.5M+39.1% | $4.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $86K |
| Income Tax | $11.9M | $9.2M+320.6% | -$4.2M-507.6% | $1.0M-32.5% | $1.5M+80.8% | $842K+110.0% | $401K-63.2% | $1.1M-39.7% | $1.8M+534.4% | $285K-74.7% | $1.1M-6.4% | $1.2M+196.3% | $406K-92.6% | $5.5M+374.0% | $1.1M-15.5% | $1.4M |
| Net Income | $46.5M | $32.2M+12.3% | $28.7M+3254.6% | -$909K+92.4% | -$11.9M-613.3% | -$1.7M-371.2% | $617K0.0% | $617K+343.9% | -$253K+95.0% | -$5.1M+8.5% | -$5.5M-95.5% | -$2.8M-190.1% | -$974K+90.8% | -$10.6M-242.3% | $7.5M+67.1% | $4.5M |
| EPS (Diluted) | — | $0.92+3.4% | $0.89+3066.7% | -$0.03+93.2% | -$0.44-633.3% | -$0.06-400.0% | $0.02+125.0% | -$0.08 | N/A | N/A | N/A | N/A | -$0.04+90.7% | -$0.43-253.6% | $0.28+55.6% | $0.18 |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
INOD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $168.6M+48.6% | $113.4M+90.9% | $59.4M+23.7% | $48.0M-18.9% | $59.2M+3.4% | $57.3M+15.7% | $49.5M+10.1% | $44.9M-6.1% | $47.9M+0.6% | $47.6M-7.1% | $51.2M-6.6% | $54.9M+9.7% | $50.0M-24.5% | $66.2M+11.4% | $59.4M |
| Current Assets | $135.4M+67.2% | $81.0M+152.5% | $32.1M+35.4% | $23.7M-30.3% | $34.0M+6.6% | $31.9M+32.7% | $24.0M-8.2% | $26.2M+3.3% | $25.3M-7.0% | $27.2M-26.5% | $37.1M-2.3% | $37.9M-1.7% | $38.6M-17.0% | $46.5M+6.1% | $43.8M |
| Cash & Equivalents | $82.2M+75.3% | $46.9M+239.7% | $13.8M+41.0% | $9.8M-48.2% | $18.9M+7.6% | $17.6M+61.6% | $10.9M0.0% | $10.9M-4.7% | $11.4M-19.5% | $14.2M-43.1% | $24.9M+2.9% | $24.2M-2.2% | $24.8M-2.6% | $25.4M+123.2% | $11.4M |
| Accounts Receivable | $46.5M+66.0% | $28.0M+96.1% | $14.3M+50.0% | $9.5M-16.3% | $11.4M+13.2% | $10.0M+3.3% | $9.7M-8.5% | $10.6M+3.3% | $10.3M+3.4% | $10.0M+7.6% | $9.2M-11.5% | $10.4M-12.0% | $11.9M-17.0% | $14.3M-34.0% | $21.7M |
| Goodwill | $2.1M+4.1% | $2.0M-3.7% | $2.1M+1.8% | $2.0M-4.9% | $2.1M-0.3% | $2.1M+2.0% | $2.1M+2.8% | $2.0M-27.6% | $2.8M+3.6% | $2.7M+85.2% | $1.5M-9.7% | $1.6M+142.2% | $675K0.0% | $675K0.0% | $675K |
| Total Liabilities | $61.5M+22.9% | $50.1M+45.4% | $34.4M+14.8% | $30.0M-8.6% | $32.8M+5.8% | $31.0M+13.2% | $27.4M+78.2% | $15.4M-10.9% | $17.2M+25.0% | $13.8M+6.0% | $13.0M-16.7% | $15.6M+56.0% | $10.0M-36.0% | $15.7M-14.0% | $18.2M |
| Current Liabilities | $50.5M+27.9% | $39.5M+72.3% | $22.9M+10.2% | $20.8M-2.3% | $21.3M+16.1% | $18.3M+16.5% | $15.8M+13.4% | $13.9M-10.9% | $15.6M+21.5% | $12.8M+4.4% | $12.3M+1.1% | $12.2M+25.0% | $9.7M-29.0% | $13.7M-12.6% | $15.7M |
| Long-Term Debt | N/A | N/A | N/A | $5.1M-18.3% | $6.2M-1.0% | $6.3M+38.6% | $4.5M+11.6% | $4.1M-9.3% | $4.5M+14.3% | $3.9M+14.0% | $3.4M-38.0% | $5.5M+47.9% | $3.7M+11.1% | $3.4M+14.6% | $2.9M |
| Total Equity | $107.1M+68.8% | $63.5M+146.9% | $25.7M+36.9% | $18.8M-37.3% | $29.9M+1.0% | $29.6M+16.1% | $25.5M-13.7% | $29.6M-3.4% | $30.6M-9.4% | $33.8M-11.6% | $38.2M-2.6% | $39.2M-1.9% | $40.0M-20.9% | $50.5M+22.7% | $41.2M |
| Retained Earnings | $51.2M+169.6% | $19.0M+296.0% | -$9.7M-10.3% | -$8.8M-377.7% | $3.2M-34.6% | $4.8M+14.6% | $4.2M-36.1% | $6.6M-10.2% | $7.3M-40.8% | $12.4M-30.8% | $17.9M-13.6% | $20.8M-4.5% | $21.7M-32.9% | $32.4M+30.0% | $24.9M |
Not reported in any period shown, so not listed: Inventory.
INOD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $196.2M | $46.8M+34.1% | $34.9M+490.6% | $5.9M+585.4% | -$1.2M-123.6% | $5.2M-9.0% | $5.7M+32.2% | $4.3M+20.0% | $3.6M+458.2% | $639K+123.4% | -$2.7M-202.9% | $2.7M-42.4% | $4.6M+642.8% | $621K-96.5% | $17.8M+696.1% | -$3.0M |
| Capital Expenditures | $12.4M | $11.1M+43.4% | $7.7M+39.1% | $5.6M-14.7% | $6.5M+49.4% | $4.4M+208.9% | $1.4M-15.2% | $1.7M-18.0% | $2.0M-40.4% | $3.4M+24.5% | $2.7M+293.1% | $697K-65.7% | $2.0M-46.2% | $3.8M-44.8% | $6.8M+16.3% | $5.9M |
| Free Cash Flow | $183.8M | $35.6M+31.4% | $27.1M+7900.9% | $339K+104.4% | -$7.7M-1088.8% | $783K-81.6% | $4.2M+62.5% | $2.6M+70.3% | $1.5M+155.4% | -$2.8M+49.4% | -$5.5M-379.1% | $2.0M-24.0% | $2.6M+181.7% | -$3.2M-128.9% | $10.9M+223.2% | -$8.9M |
| Investing Cash Flow | -$22.4M | -$11.1M-43.4% | -$7.7M-52.7% | -$5.1M+27.9% | -$7.0M-61.0% | -$4.4M-217.7% | -$1.4M+17.5% | -$1.7M+18.0% | -$2.0M+40.4% | -$3.4M+51.1% | -$7.0M | N/A | N/A | N/A | -$4.1M-290.1% | $2.2M |
| Financing Cash Flow | $8.2M | -$426K-106.9% | $6.2M+116.2% | $2.9M+1035.5% | -$307K-139.7% | $773K-66.6% | $2.3M+196.4% | -$2.4M-18.4% | -$2.0M-613.7% | -$284K+66.1% | -$837K | N/A | N/A | N/A | $379K+119.8% | -$1.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5.2M+23.8% | $4.2M | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.8M | N/A | $0-100.0% | $134K-33.0% | $200K | $0 | $0 | $0-100.0% | $1.3M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
INOD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.5%+0.2pp | 39.4%+3.3pp | 36.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 15.8%+1.6pp | 14.3%+13.9pp | 0.4% | N/A | N/A | N/A | N/A | N/A | -8.4%-0.9pp | -7.5%-3.7pp | -3.8%-1.0pp | -2.7%+9.3pp | -12.0%-19.5pp | 7.5%+1.2pp | 6.3% |
| Net Margin | 12.8%-4.0pp | 16.8%+17.9pp | -1.1%+14.1pp | -15.1%-12.7pp | -2.4%-3.5pp | 1.1%0.0pp | 1.1%+1.5pp | -0.4%+7.9pp | -8.3%+0.5pp | -8.8%-3.9pp | -4.8%-3.2pp | -1.7%+14.9pp | -16.6%-25.2pp | 8.6%+2.6pp | 6.0% |
| Return on Equity | 30.0%-15.1pp | 45.1%+48.7pp | -3.5%+60.0pp | -63.6%-58.0pp | -5.6%-7.7pp | 2.1%-0.3pp | 2.4%+3.3pp | -0.9%+15.7pp | -16.5%-0.2pp | -16.4%-9.0pp | -7.4%-4.9pp | -2.5%+24.1pp | -26.6%-41.4pp | 14.8%+3.9pp | 10.9% |
| Return on Assets | 19.1%-6.2pp | 25.3%+26.8pp | -1.5%+23.3pp | -24.8%-22.0pp | -2.8%-3.9pp | 1.1%-0.2pp | 1.3%+1.8pp | -0.6%+10.0pp | -10.6%+1.0pp | -11.6%-6.1pp | -5.5%-3.7pp | -1.8%+19.5pp | -21.3%-32.6pp | 11.3%+3.8pp | 7.5% |
| Current Ratio | 2.68+0.6x | 2.05+0.7x | 1.40+0.3x | 1.14-0.5x | 1.59-0.1x | 1.74+0.2x | 1.52-0.4x | 1.88+0.3x | 1.62-0.5x | 2.12-0.9x | 3.01-0.1x | 3.12-0.8x | 3.96+0.6x | 3.39+0.6x | 2.79 |
| Debt-to-Equity | 0.57-0.2x | 0.79-0.6x | 1.34+1.1x | 0.27+0.1x | 0.210.0x | 0.210.0x | 0.180.0x | 0.140.0x | 0.150.0x | 0.120.0x | 0.09-0.1x | 0.140.0x | 0.090.0x | 0.070.0x | 0.07 |
| FCF Margin | 14.2%-1.7pp | 15.9%+15.5pp | 0.4%+10.2pp | -9.8%-10.9pp | 1.1%-6.2pp | 7.3%+2.6pp | 4.7%+2.0pp | 2.7%+7.2pp | -4.5%+4.1pp | -8.7%-12.0pp | 3.4%-1.0pp | 4.4%+9.3pp | -4.9%-17.5pp | 12.6%+24.6pp | -12.0% |
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Where Innodata Ranks
Frequently Asked Questions
What is Innodata's annual revenue?
Innodata (INOD) reported $251.7M in total revenue for fiscal year 2025. This represents a 47.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Innodata's revenue growing?
Innodata (INOD) revenue grew by 47.6% year-over-year, from $170.5M to $251.7M in fiscal year 2025.
Is Innodata profitable?
Yes, Innodata (INOD) reported a net income of $32.2M in fiscal year 2025, with a net profit margin of 12.8%.
What is Innodata's EBITDA?
Innodata (INOD) had EBITDA of $46.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Innodata's gross margin?
Innodata (INOD) had a gross margin of 39.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Innodata's operating margin?
Innodata (INOD) had an operating margin of 15.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Innodata's net profit margin?
Innodata (INOD) had a net profit margin of 12.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Innodata's return on equity (ROE)?
Innodata (INOD) has a return on equity of 30.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Innodata's free cash flow?
Innodata (INOD) generated $35.6M in free cash flow during fiscal year 2025. This represents a 31.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Innodata's operating cash flow?
Innodata (INOD) generated $46.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Innodata's total assets?
Innodata (INOD) had $168.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Innodata's capital expenditures?
Innodata (INOD) invested $11.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Innodata's current ratio?
Innodata (INOD) had a current ratio of 2.68 as of fiscal year 2025, which is generally considered healthy.
What is Innodata's debt-to-equity ratio?
Innodata (INOD) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Innodata's return on assets (ROA)?
Innodata (INOD) had a return on assets of 19.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Innodata's Altman Z-Score?
Innodata (INOD) has an Altman Z-Score of 24.83, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Innodata's Piotroski F-Score?
Innodata (INOD) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Innodata's earnings high quality?
Innodata (INOD) has an earnings quality ratio of 1.45x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Innodata?
Innodata (INOD) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.