INODInnodata Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (4.3×), margins widening, and elite returns on assets.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 31% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is INOD?
Innodata Inc. keeps 18% of every revenue dollar as operating profit, against 9.5% for the median Information Technology Services name.
Operating margin · Information Technology Services median 9.5% · 12 months to Q2 2026
- Cash conversion
- 4.28×
Cash conversion · 1.38× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.5%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 43%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 2.0% |
| FY2021 | −2.2% |
| FY2022 | −13% |
| FY2023 | 0.37% |
| FY2024 | 14% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 43%
- Operating margin12 months to Q2 2026
- 18%
- Net margin12 months to Q2 2026
- 15%
- Free cash flow margin
- 58%
- Revenue, trailing twelve months
- $317M
- Free cash flow, trailing twelve months
- $184M
- Net income, trailing twelve months
- $46M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from INOD and who it buys from, as the companies report it.
- One customer58%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; INOD’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Information Technology Services
Ranks #12 of 30 by RyuScore