Innodata Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Dds was 88% and Agility was 9% of revenue; Dds rose from 83% in the fiscal year to Dec 2024.

In the fiscal year to Dec 2025, United States was 84% and Canada was 5% of revenue; United States rose from 79% in the fiscal year to Dec 2024.

Quarters: Innodata Inc.'s SEC filings, named by the month they end. Fiscal years: Innodata Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $12.8 ends up as net income. Net margin rose from −15.1% to 12.8% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Innodata Inc.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Innodata buys from Amazon, Microsoft, Oracle and 1 more; one customer it does not name accounts for 58% of its revenue.

Their suppliers

AppLovin APPto Alphabet

Celestica CLSto Alphabet, Amazon

Marvell Technology MRVLto Alphabet

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon, Microsoft +1

CoreWeave CRWVto Microsoft

AMD AMDto Microsoft, Oracle

NVIDIA NVDAto Oracle

Show 9

Suppliers

Alphabet GOOGL

Amazon AMZN

Microsoft MSFT

Oracle ORCL

 

INODInnodata

Customers

Unnamed customer 58%

Innodata's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Client (43%) and One Client (31%).

From Innodata Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Only the companies Innodata names in its 10-K filed Feb 26, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 26.5x, above the peer median of 19.6x, so it needs earnings to keep growing to hold up.

Priced 35% above the peer median of 19.6x (excludes 1 unprofitable peer).

At 26.5× trailing earnings INOD is below most of its five-year range; the five-year median is 57.2×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $112, 207% above the current price; 100% of 4 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 4 analysts (100%). Sell or Strong Sell: 0.

The day after each of these reports the stock moved −4.4% (Dec 2025, missed); +82.5% (Mar 2026, beat); −10.1% (Jun 2026, beat); −14.5% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.22 a share, 12% less than the $0.25 of a year earlier, and revenue of $80M, up 11% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $456M, up 27% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $83M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Innodata had 36M diluted shares in the quarter ended Sep 2026, 1.0% more than a year earlier, and 6.0% more each year on average since Mar 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.7, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 funds whose copy leaves INOD out (on the exchange, not in the app yet): Swiss National Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 5 held INOD at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares, 2 cut and 1 held the same. The largest of them is Tudor Investment Corp Et Al, 228,899 shares worth $17.3M at Jun 30, 2026, 335.0% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of INOD at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $161M of INOD on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Jack Abuhoff (CEO; director), who sold $122M in 48 sales.

From the Form 4s filed with the SEC about Innodata Inc. (34 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 43 other transactions (grants, option exercises and shares withheld for tax).