# Innodata Inc. (INOD)

> Source: Nexqual · https://nexqual.com/INOD · data as of 2026-10-29 19:30 UTC · cite as "Nexqual, Innodata Inc. (INOD), nexqual.com/INOD" · informational, not investment advice.

**Price:** USD 45.66 (-4.18% today) · US market open, as of October 29, 2026 at 19:30 UTC; quotes may be delayed. Prev close 47.65 · day 44.27–47.26 · 52w 34.23–125.14 · market cap $1.57B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $317M, net income $46.5M (14.7% margin), free cash flow $184M (SEC filings).
- Valuation: P/E 33.5x (avg 50.0x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold INOD (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 17 Form 4 filings, $159M; 17 not under a Rule 10b5-1 plan ($159M); 10 by opportunistic insiders (10 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 122.75 (range 111–140).
- Total return with dividends: 1Y -42.0% vs S&P 500 +13.0%; 5Y +329.9% vs S&P 500 +79.0%.
- Next earnings: 2026-11-05, EPS estimate USD 0.27, revenue estimate $84.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $69.8M | $79.0M | $86.8M | $170M | $252M | $317M |
| Gross profit | — | — | $31.3M | $67.1M | $99.5M | — |
| Operating income | — | — | $318K | $24.3M | $39.9M | — |
| Net income | -$1.7M | -$11.9M | -$908K | $28.7M | $32.2M | $46.5M |
| EPS (diluted) | -$0.06 | -$0.44 | -$0.03 | $0.89 | $0.92 | — |
| Free cash flow | $783K | -$7.7M | $339K | $27.1M | $35.6M | $184M |
| Gross margin | — | — | 36.1% | 39.3% | 39.5% | — |
| Operating margin | — | — | 0.4% | 14.3% | 15.8% | — |
| Net margin | -2.4% | -15.1% | -1.0% | 16.8% | 12.8% | 14.7% |
| Revenue growth | +19.8% | +13.3% | +9.8% | +96.4% | +47.6% | — |
| Cash + short-term investments | $18.9M | $9.8M | $13.8M | $46.9M | $82.2M | — |
| Total debt | $7.5M | $6.0M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.5x · P/S 4.9x · P/FCF 8.5x · P/B 9.8x · FCF yield 11.80% · Earnings yield 2.98%
P/E at fiscal year-ends: Dec 2025 55.5x, Dec 2024 44.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold INOD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Duan Yongping | H&H International Investment | <0.01% | $756K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 17 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Forlenza Louise C | Director | 10,000 | $535K | 64.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-04 | Forlenza Louise C | Director | 10,000 | $550K | 64.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15…2026-06-16 | Abuhoff Jack | CEO | 294,059 | $32.0M | 18% | No | Too little history (no open-market trades in 2025) |
| 2026-06-02 | Mishra Ashok | EVP and COO | 38,666 | $4.4M | 31.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Espineli Marissa B | Interim CFO | 19,667 | $2.1M | 41.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Abuhoff Jack | CEO | 105,586 | $10.9M | 7.3% | No | Too little history (no open-market trades in 2025) |
| 2026-05-22 | Abuhoff Jack | CEO | 38,056 | $3.8M | 2.8% | No | Too little history (no open-market trades in 2025) |
| 2026-05-21 | Forlenza Louise C | Director | 18,000 | $1.7M | 82% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-21 | Abuhoff Jack | CEO | 150,000 | $14.3M | 10.1% | No | Too little history (no open-market trades in 2025) |
| 2026-05-19…2026-05-20 | Forlenza Louise C | Director | 20,000 | $1.8M | 83.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19…2026-05-20 | Abuhoff Jack | CEO | 152,800 | $14.3M | 10.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-15…2026-05-18 | Abuhoff Jack | CEO | 250,000 | $23.7M | 15.7% | No | Too little history (no open-market trades in 2025) |
| 2026-05-15 | Massey Stewart R | Director | 10,000 | $960K | 19.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12…2026-05-14 | Abuhoff Jack | CEO | 243,150 | $22.8M | 15.4% | No | Too little history (no open-market trades in 2025) |
| 2026-05-13 | Massey Stewart R | Director | 10,000 | $882K | 16.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Mishra Ashok | EVP and COO | 242,901 | $21.9M | 71.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Forlenza Louise C | Director | 30,000 | $2.7M | 88.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 122.75 (low 111, high 140).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | BWS Financial | Maintained | Top Pick | $140 |
| 2026-08-07 | BWS Financial | Maintained | Top Pick | $140 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -42.0% | +329.9% |
| S&P 500 (SPY) | +13.0% | +79.0% |
| Per year | -42.0% | +33.8% |
| Volatility (annualized) | 107.2% | 99.2% |
| Max drawdown | -63.2% (Jun 2026→Oct 2026) | -73.0% (Oct 2021→Sep 2022) |

## Peers (Information Technology Services)
CHRN (ChronoScale Holdings Corporatio) USD 15.58 -8.46% · DXC (DXC Technology Company) USD 15.1 -6.15% · CSQR (Csquare, Inc.) USD 14.68 -4.65% · KD (Kyndryl Holdings, Inc.) USD 13.78 -2.24% · PENG (Penguin Solutions, Inc.) USD 58.75 -3.37% · CIFR (Cipher Digital Inc.) USD 8.16 -8.06%

## More
Full page: https://nexqual.com/INOD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INOD's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/903651/000110465926020655/inod-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "We host data and applications in our own data centers at our operations centers, in our customers' data centers, and on third-party cloud services including Amazon Web Services ("AWS"), Microsoft Azure ("Azure"), Oracle …" |
| Customer | Microsoft (MSFT) | "We host data and applications in our own data centers at our operations centers, in our customers' data centers, and on third-party cloud services including Amazon Web Services ("AWS"), Microsoft Azure ("Azure"), Oracle …" |
| Customer | Oracle (ORCL) | "We host data and applications in our own data centers at our operations centers, in our customers' data centers, and on third-party cloud services including Amazon Web Services ("AWS"), Microsoft Azure ("Azure"), Oracle …" |
| Customer | Alphabet (Google) (GOOGL) | "We host data and applications in our own data centers at our operations centers, in our customers' data centers, and on third-party cloud services including Amazon Web Services ("AWS"), Microsoft Azure ("Azure"), Oracle …" |
| Competitor | Accenture (ACN) | "We also compete with broader technology and business process services providers, including Accenture, Cognizant Technology Solutions, EXLService Holdings, Inc., Genpact Limited, Infosys Limited, PwC, QuantumBlack, and Ta…" |

## Revenue by business segment (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Dds | $54.8M | 87.6% | +22.6% | $11.9M | 21.7% |
| Agility | $6.1M | 9.8% | +9.3% | -$103,000 | -1.7% |
| Synodex | $1.7M | 2.6% | -14.6% | -$44,000 | -2.7% |
| Total revenue | $62.5M | 100% | — | $11.8M | 18.8% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $79.9M | 86.7% | +64.4% |
| Other Principally Europe | $3.8M | 4.1% | +78.8% |
| Canada | $3.3M | 3.6% | +12.6% |
| United Kingdom | $3.0M | 3.2% | +19.4% |
| Netherlands | $2.2M | 2.4% | -3.3% |
| Total revenue | $92.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 37%, 34% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "While our largest customer contributed less revenue in Q2 than in Q1, we continue to forecast it to grow year-over-year for the full year."
- "Our base continues to broaden, in both customers and customer programs. &ldquo;We are reiterating our full-year 2026 revenue growth guidance of 40% or more year-over-year."
- "There are large potential programs from both new and anticipated customers - likely wins, in our judgment - that are not factored into our 40% number."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.27 | $0.29 | -4.9% | $84.4M | 3 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.36 | -0.7% | $94.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.65 | $1.38 | +19.5% | $359.6M | 2 |
| Next fiscal year (ends 2027-12-31) | $2.09 | $2.00 | +4.4% | $460.0M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±18.2%; last 8 reports averaged ±15.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 1 | 139.3% | ±6.1% |
| 2026-11-06 | 8 | 152.9% | ±18.2% |
| 2026-11-13 | 15 | 125.0% | ±20.3% |
| 2026-11-20 | 22 | 112.9% | ±22.2% |
| 2026-11-27 | 29 | 108.7% | ±24.6% |
| 2026-12-04 | 36 | 99.1% | ±25.0% |
| 2026-12-11 | 43 | 94.8% | ±26.1% |
| 2026-12-18 | 50 | 92.3% | ±27.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.41 | $0.26 | Beat +57.7% | -10.1% |
| Jun 17, 2026 | Quarter ended Mar 31, 2026 | $0.42 | $0.19 | Beat +121.1% | -11.1% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.42 | $0.19 | Beat +121.1% | +82.5% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | $0.25 | $0.26 | Miss −3.8% | -4.4% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | $0.24 | $0.16 | Beat +50.0% | +0.6% |
| Jul 31, 2025 | — | — | — | — | -7.3% |
| May 8, 2025 | — | — | — | — | -5.8% |
| Feb 20, 2025 | — | — | — | — | +4.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-30 | 8-K/A | Director or executive officer change, or pay arrangement — “As previously reported on the Current Report on Form 8-K filed by Innodata Inc., a Delaware corporation (the "Company") on August 6, 2026 (the "Original 8-K"), the Board of Directors of the Company (the "Board") approved the transition of (i) Jack S. Abuhoff from the role of Chief Executive Officer of the Company to the role of Executive Chairman, effective as of September 30, 2026 (the "Executive Chairman Transition"), and (ii) Rahul Singhal from the role of President and Chief Revenue Officer of the Company to…” | https://www.sec.gov/Archives/edgar/data/903651/000110465926112351/0001104659-26-112351-index.htm |
| 2026-09-15 | 8-K | Director or executive officer change, or pay arrangement — “On September 10, 2026, the Board of Directors (the "Board") of Innodata Inc., a Delaware corporation (the "Company") elected Admiral Michael S. Rogers to serve as an independent director of the Company, effective as of September 10, 2026. In accordance with the Company's compensation policies for non-employee directors, Admiral Rogers will be compensated at the rate of $75,000 per annum, paid in equal monthly installments, and will also receive a grant, pursuant to the Company's Amended and Restated Innodata Inc.…” | https://www.sec.gov/Archives/edgar/data/903651/000110465926107790/0001104659-26-107790-index.htm |
| 2026-08-06 | 8-K | Entered a material agreement — “On August 6, 2026, Innodata Inc., a Delaware corporation (the "Company"), entered into an equity distribution agreement (the "Sales Agreement") with Goldman Sachs & Co. LLC, Craig-Hallum Capital Group LLC, Wells Fargo Securities, LLC, Maxim Group LLC, and Wedbush Securities Inc. (each, a "Sales Agent" and collectively, the "Sales Agents"), pursuant to which the Company may offer and sell shares (the "Shares") of its common stock, par value $0.01 per share (the "Common Stock"), having an aggregate offering price of…” | https://www.sec.gov/Archives/edgar/data/903651/000110465926092133/0001104659-26-092133-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/903651/000110465926092021/0001104659-26-092021-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Director or executive officer change, or pay arrangement — “On August 3, 2026, the Board of Directors (the "Board") of the Company approved the transition of Jack S. Abuhoff from the role of Chief Executive Officer of the Company to the role of Executive Chairman, effective as of September 30, 2026 (the "Effective Date"). Mr. Abuhoff will continue to serve as Chairman of the Board. On August 3, 2026, the Board also appointed Rahul Singhal, age 52, current President and Chief Revenue Officer of the Company, to serve as Chief Executive Officer and Principal Executive Officer…” | https://www.sec.gov/Archives/edgar/data/903651/000110465926092010/0001104659-26-092010-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/903651/000210011926001391/0002100119-26-001391-index.htm |
| 2026-07-28 | Schedule 13G/A | BlackRock, Inc.: 7.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/903651/000201238326002596/0002012383-26-002596-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.