Innodata Inc. (INOD) Stock

Innodata Inc. (INOD) is a Technology stock trading at $62.82 (as of 2026-08-20), with a market capitalization of $2.16B and a trailing P/E of 41.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Innodata Inc. operates data engineering and related platforms through segments that include Digital Data Solutions, Synodex, and Agility, serving organizations in the United States, the United Kingdom, the Netherlands, Canada, and internationally. Its offerings include transforming and preparing data for AI and document-based analytics, digitizing medical records, and supporting marketing communications and public relations functions such as content targeting, distribution, and news monitoring.

Understand Innodata Inc.: how it makes money

Innodata provides AI-enabled data engineering and managed services, plus AI digital transformation solutions for companies that need data to train AI and analyze documents, and it also operates the Synodex business.

Profit depends on recurring and renewal strength in its AI and data-services offerings, supported by retention metrics (Net Revenue Retention of 94 percent, and Synodex Net Revenue Retention of 150 percent) while growth visibility appears tied to large customer relationships (Revenue from Largest Customer Account of 0.03 USD_B, and Revenue from Single Big Tech Customer of 0.03 USD_B).

Revenue by segment (latest quarter)
DDS	$0.0B
Synodex	$0.1B
Agility	$0.0B

Business quality (Strong): Some segment-level revenue data provided in the facts does not add up to the stated total revenue, so the Synodex segment revenue was inferred from total revenue minus the other two reported segment figures (DDS and Agility).

Valuation: Trades at 85× trailing earnings · $3B market cap.

Bull case

Retention signals support the repeatable part of the model: Net Revenue Retention is 94 percent, and Synodex Net Revenue Retention is 150 percent, which suggests customers are renewing and expanding within those relationships.
A recurring subscription component exists in Agility: Agility Annual Recurring Subscription Revenue is listed at 0.02 USD_B, aligning with a recurring revenue element in the profit model.

Bear case

Customer concentration could increase volatility: Revenue from the Largest Customer Account is 0.03 USD_B, and Revenue from a Single Big Tech Customer is also 0.03 USD_B, indicating meaningful exposure to a small number of large customers.
Reported expansion metrics for Synodex look limited in the provided data: Annual Contract Value Expansion for Synodex Customers is 0.0 USD_B, and Anticipated Annual Recurring Revenue for Synodex Customer Expansion is 0.0 USD_B, which could point to constrained growth versus retention.

Valuation — source: SEC EDGAR (first-party)
Price	$62.82
Market Cap	$2.16B
P/E Ratio	41.1
EV / EBITDA	24.7
Price / Book	13.54
Price / Sales	6.45
FCF Yield	11.8%
DCF Value (model)	$30.54
DCF Upside vs Price	-51.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$251.66M
Net Margin	12.8%
Revenue Growth (YoY)	47.6%
EPS Growth (YoY)	3.1%
FCF Growth (YoY)	30.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	23.27 (safe)

Valuation vs Sector & Industry
Stock P/E	41.1
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	21.1%
vs Industry	37.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($93.69M)
Institutional Holders Tracked	10
Congressional Trades (recent)	2

Company
Sector	Technology
Industry	Business Services
CEO	Jack S. Abuhoff
Employees	6,597
Country	US
IPO Date	1993-08-10

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.