Innodata Inc. (INOD) intrinsic value & 10-year financials
Innodata Inc. (INOD) has a Graham intrinsic value of $30.56 per share. At $52.82 on Oct 17, 2026, the stock trades 73% above that value. Over the last 10 fiscal years revenue grew 16.6% a year to $251.7M, with an average return on invested capital of 15.5%.
- Graham intrinsic value
- $30.56
- Share price (Oct 17, 2026)
- $52.82
- Price vs Graham value
- 73% above
- Market cap
- $1.9B
- Revenue (FY2025)
- $251.7M
- Revenue growth (10-yr CAGR)
- 16.6%
- ROIC (10-yr avg)
- 15.5%
- Free cash flow (FY2025)
- $35.6M
INOD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $251.7M | $32.2M | $0.92 | $35.6M | 15.8% | 127.7% |
| FY2024 | $170.5M | $28.7M | $0.89 | $27.3M | 14.3% | 131.7% |
| FY2023 | $86.8M | -$908.0K | -$0.00 | $339.0K | 0.4% | 0.9% |
| FY2022 | $79.0M | -$11.9M | -$0.00 | -$7.7M | — | -55.8% |
| FY2021 | $69.8M | -$1.7M | -$0.00 | $783.0K | — | -6.7% |
| FY2020 | $58.2M | $617.0K | $0.00 | $4.2M | — | 2.3% |
| FY2019 | $55.9M | -$1.6M | -$0.00 | $3.1M | — | -6.0% |
| FY2018 | $57.4M | $4.0K | — | $1.6M | — | 0.0% |
| FY2017 | $60.9M | -$5.1M | — | -$2.7M | -8.4% | -19.5% |
| FY2016 | $63.1M | -$5.5M | — | -$5.5M | -7.5% | -19.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
INNODATA INC is a consistent compounder, expanding top-line revenue at 16.6% annually over the past decade.
INNODATA INC has earned high returns on invested capital, averaging 15.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, INNODATA INC shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, INNODATA INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $30.56 per share.