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Innodata

INOD on Nasdaq. Innodata prepares data and tests AI systems for technology companies and AI labs. Market value $2.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
8.1%high

For every $100 of what the whole company costs, it produced $8.07 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 56 of 100. Price score: 61 of 100. Our list needs 70 on quality and 60 on price.

$66.24 a share, 94% above its 1-year low

Over the past year the price has ranged from $34.23 to $125.14.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
0.0
0.0
0.0
0.2
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $184 million in the past 12 months, $36 million in the year to December 2025.

Revenue
$70m$79m$87m$170m$252m
Operating margin
-1.5%-13.3%0.4%14.3%15.8%
Debt to equity
0.250.32n/an/an/a
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 7 checks we could run
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsStrong, 34.0% a year
  • Buying back its own sharesNo, 26% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $92 million last quarter, up 58% on a year ago.
  • Profit: $14 million, up 100% on a year ago.
  • Spare cash over the past 12 months: $184 million, up from $36 million.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$52m
December 2024$59m
March 2025$58m
June 2025$58m
September 2025$63m
December 2025$72m
March 2026$90m
June 2026$92m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$17m
December 2024$10m
March 2025$8m
June 2025$7m
September 2025$8m
December 2025$9m
March 2026$15m
June 2026$14m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

2 long-term investors we follow own it, up from 1 last quarter. 286 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $175m.

  • FORLENZA LOUISE C
    Director
    Sold
    Date
    14 September 2026
    Shares
    10,000
    Price
    $53.54
    Value
    $535,400
  • FORLENZA LOUISE C
    Director
    Sold
    Date
    4 September 2026
    Shares
    10,000
    Price
    $55.01
    Value
    $550,100
  • ABUHOFF JACK
    CEO, Director
    Sold
    Date
    16 June 2026
    Shares
    200,000
    Price
    $110.20
    Value
    $22m
  • ABUHOFF JACK
    CEO, Director
    Sold
    Date
    15 June 2026
    Shares
    94,059
    Price
    $105.70
    Value
    $10m
  • MISHRA ASHOK
    EVP and COO
    Sold
    Date
    2 June 2026
    Shares
    38,666
    Price
    $114.34
    Value
    $4m
  • Espineli Marissa B
    Interim CFO
    Sold
    Date
    29 May 2026
    Shares
    19,667
    Price
    $105.88
    Value
    $2m
  • ABUHOFF JACK
    CEO, Director
    Sold
    Date
    29 May 2026
    Shares
    105,586
    Price
    $103.50
    Value
    $11m
  • ABUHOFF JACK
    CEO, Director
    Sold
    Date
    22 May 2026
    Shares
    38,056
    Price
    $100.39
    Value
    $4m
  • FORLENZA LOUISE C
    Director
    Sold
    Date
    21 May 2026
    Shares
    18,000
    Price
    $94.47
    Value
    $2m
  • ABUHOFF JACK
    CEO, Director
    Sold
    Date
    21 May 2026
    Shares
    150,000
    Price
    $95.63
    Value
    $14m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 58% last year. Losing that customer would hurt.

    “For the fiscal year ended December 31, 2025, one customer in our Digital Data Solutions (“DDS”) segment accounted for approximately 58% of the Company’s total revenues.”

    From the 10-K filed 26 February 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.