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US data-engineering company that prepares, labels and generates training data for AI model developers.
US data-engineering company that prepares, labels and generates training data for AI model developers.
Charges for the human and software effort of labelling and generating training data, mostly under contracts with a small number of very large technology companies, so one customer's budget can swing revenue sharply. Began in 1988 as a data-conversion contractor for publishers, now overshadowed.
Moat: narrow (customer qualification, scale, process know-how). Deep, long-standing relationships with a few large AI customers give recurring work, but customer concentration is high.
Headquarters: Ridgefield Park, New Jersey, US · Founded: 1988 · Employees: 10,107
Size Innodata (INOD) is a United States Information Technology company (Data Processing Services) with a market value of $1.27B, the 2098th largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.03 on 6 Nov 2026.
Performance Over six months the shares fell 56.4%, against -26.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 39.0% over the last twelve months (peer median +15.7%); the operating margin is 17.1% (peer median 0.9%).
Valuation It trades at 37.3× forward earnings against a peer median of 15.3× (3rd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is -18 pp: the price already allows for a slowdown.
Short interest Short interest is 13.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $317M | $252M | $170M | $86.8M | $79.0M |
| Revenue growth | — | +48% | +96% | +10% | — |
| Gross profit | $134M | $99.8M | $67.3M | $31.9M | $27.7M |
| EBITDA | $62.4M | $47.1M | $30.4M | $5.66M | -$6.39M |
| Net income | $46.5M | $32.2M | $28.7M | -$908,000 | -$11.9M |
| Free cash flow | $184M | $35.6M | $27.1M | $339,000 | -$7.74M |
| Capital expenditure | $12.4M | $11.1M | $7.74M | $5.56M | $6.53M |
| Total debt | $3.83M | $4.43M | $4.66M | $5.48M | $4.73M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INOD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.5% | -9.9% | 4th lowest of 21 |
| 6-month return | -56.4% | -26.5% | 4th lowest of 21 |
| Distance from 52-week high | -70.4% | -48.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +39.0% | +15.7% | 7th highest of 21 |
| Operating margin | 17.1% | 0.9% | 4th highest of 21 |
| Forward P/E | 37.3× | 15.3× | 3rd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 15.9% | 9.7% | 5th most demanding of 11 |
| Growth delivered (Del g) | +34.0% | +14.3% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -18.1 pp | -0.0 pp | 5th least demanding of 11 |
| EV / EBITDA | 16.5× | 11.1× | 4th most expensive of 10 |
| Net debt / EBITDA | -4.0× | 1.6× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Innodata INOD | United States | $1.27B | -56% | +39% | 17% | 37.3× | 15.9% | +34.0% |
| Capitalonline Data Service 300846.SZ | China | $1.28B | -37% | 0% | -7% | n/a | n/a | n/a |
| ASrock Rack 7711.TW | Taiwan | $1.23B | +35% | +183% | 10% | 15.3× | 7.5% | +42.1% |
| Rendong 002647.SZ | China | $1.20B | -43% | +6% | 6% | 19.1× | 42.3% | -17.2% |
| Keel Infrastructure KEEL | United States | $1.15B | -53% | -23% | -121% | n/a | n/a | n/a |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | n/a | n/a | n/a |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | n/a | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 31.9× | 19.7% | +24.6% |
| Liberty Capital GLIBA | United States | $1.06B | -2% | +13% | 13% | 8.0× | 0.8% | +113.1% |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | n/a | n/a | n/a |
| VNET Group, Inc. Sponsored ADR VNET | United States | $1.00B | -64% | +23% | 7% | 89.6× | n/a | n/a |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | n/a | n/a | n/a |
| BLS International Services BLS.NS | India | $973M | -23% | +29% | 23% | 10.7× | 9.7% | +44.4% |
| Beijing Topnew Info & Tech 300895.SZ | China | $938M | -27% | +1% | -25% | n/a | 54.6% | -3.4% |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 200.1× | n/a | n/a |
| Ucap Cloud Information Technology 688228.SS | China | $786M | -26% | -39% | -14% | n/a | 39.9% | +6.8% |
| SharonAI SHAZ | United States | $781M | -59% | +257% | -894% | n/a | n/a | n/a |
| Yext YEXT | United States | $749M | +88% | -1% | 10% | 10.0× | 9.6% | +4.7% |
| Pason Systems PSI.TO | Canada | $742M | -10% | -2% | 18% | 12.4× | 1.5% | +21.8% |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |
| SAKURA Internet 3778.T | Japan | $688M | -13% | +26% | 8% | 35.7× | n/a | n/a |