Innodata Inc.

NasdaqGM:INOD Stock Report

Market Cap: US$3.1b

Innodata Future Growth

Future criteria checks 5/6

Innodata is forecast to grow earnings and revenue by 25.7% and 26.7% per annum respectively while EPS is expected to grow by 18.2% per annum.

Key information

25.7%

Earnings growth rate

18.18%

EPS growth rate

Professional Services earnings growth15.2%
Revenue growth rate26.7%
Future return on equityn/a
Analyst coverage

Low

Last updated13 May 2026

Recent future growth updates

Recent updates

New Narrative • May 08

Innodata Inc. (INOD): Powering Smart Data for Generative AI and the Inflection Point in High-Complexity LLM Engineering

Innodata Inc. (INOD), a leading data engineering provider for the world’s largest technology companies, reported its Q1 fiscal 2026 earnings on May 7, 2026 , delivering a performance that signaled its total transformation into a mission-critical AI utility [1, 2].
Narrative Update • May 02

INOD: Complex Data Training And Customer Diversification Will Support Future Upside

Analysts have lifted their price target on Innodata to $100 from $95, citing Q4 revenue and EBITDA that came in ahead of estimates, as well as management commentary about expanding complex data training capabilities and a broader customer base. Analyst Commentary Recent research points to stronger Q4 execution, with revenue and EBITDA coming in ahead of estimates and management emphasizing progress in complex data training and a broader customer base.
Narrative Update • Apr 18

INOD: Complex Data Training Expansion Will Support Future Enterprise Demand

Analysts have raised their price target on Innodata by $5 to $100, citing recent revenue and EBITDA results that exceeded expectations as well as the company’s progress in expanding its data training capabilities and diversifying its customer base. Analyst Commentary Recent research highlights both optimism and caution around Innodata, with the latest price target move to $100 reflecting how analysts are weighing strong execution against ongoing risks.
Seeking Alpha • Apr 09

Innodata: Not The Cheapest Data Refiner Around, But The Growth Profile Helps

Summary Innodata, which has three-and-a-half decade old expertise in data engineering, has outperformed other data refiners quite handsomely over the past year. INOD's data moat and its stress-testing capabilities in the development of agentic AI systems position it well for the future. INOD's revenue, which has averaged over 35% over the past 5 years, is expected to grow at 37% in FY26, while it also has a solid balance sheet. Despite trading at 32x forward earnings, a premium over other data refiners, INOD's 37% EPS CAGR through FY27 points to a PEG of less than 1x. Key risks include high client concentration (58% revenue from one customer) and rising dilution from surging stock-based compensation. Read the full article on Seeking Alpha
Narrative Update • Apr 04

INOD: Complex Data Training Expansion Will Drive Next Wave Of AI Demand

Analysts have lifted their price target on Innodata to $100 from $95, pointing to recent revenue and EBITDA results versus expectations and the company’s progress in expanding more complex data training services while diversifying its customer base. Analyst Commentary Recent research shows bullish analysts growing more constructive on Innodata, supported by reported Q4 revenue and EBITDA that were above both their own estimates and consensus expectations.
Narrative Update • Mar 21

INOD: Complex Data Training Expansion Will Support Bullish Long Term Upside

Analysts have lifted their price target on Innodata to $100 from $95, citing recent Q4 revenue and EBITDA results relative to estimates, as well as management commentary on expanding complex data training capabilities and a more diversified customer base. Analyst Commentary Recent research highlights that the higher US$100 price target is closely linked to Innodata's Q4 revenue and EBITDA relative to estimates, as well as commentary on expanding complex data training capabilities and a broader customer base.
Narrative Update • Mar 07

INOD: Complex Data Training And Customer Diversification Will Support Future Upside

Analysts have updated their fair value estimate for Innodata to $75.00 from $80.00, citing higher assumed revenue growth, improved profit margin expectations, a lower future P/E multiple, and recent Street research that raised the price target to $100 based on stronger Q4 results and progress in more complex data training and customer diversification. Analyst Commentary Recent Street research has centered on Innodata's updated fair value estimates and the shift in valuation assumptions that accompany stronger Q4 revenue and EBITDA figures.
Narrative Update • Feb 21

INOD: Defense And AI Data Contracts Will Drive Future Enterprise Demand

Analysts have kept their fair value estimate for Innodata steady at $93.75 per share, with minor tweaks to inputs such as the discount rate and assumed future P/E that reflect updated views on risk and long term profitability rather than a change in the overall price target narrative. What's in the News Innodata was selected to provide high quality training data and data engineering services to Palantir Technologies, supporting AI enabled platforms for rodeo event analysis and computer vision models that process thousands of hours of video footage across multiple rodeo disciplines (Key Developments).
Narrative Update • Feb 06

INOD: Defense And AI Data Contracts Will Support Expanding Enterprise Customer Opportunities

Analysts maintained their price target on Innodata at US$93.75, making only minor model tweaks to the discount rate, revenue growth and profit margin assumptions to support this unchanged view. What's in the News Innodata was selected to provide high quality training data and data engineering services to Palantir Technologies, supporting Palantir's AI enabled platforms for rodeo event analysis.
Narrative Update • Jan 22

INOD: Federal Defense Wins Will Drive Next Wave Of AI Demand

Analysts have maintained their fair value estimate for Innodata at $110.00, with small adjustments to the discount rate, revenue growth and profit margin assumptions. Together, these changes leave the overall price target unchanged while still reflecting updated views on the company’s earnings profile and a future P/E of 64.55x.
Narrative Update • Jan 08

INOD: Early Enterprise AI Adoption Will Drive Expanded Customer Base

Narrative Update: Innodata Analysts have lifted their fair value estimate for Innodata from US$55.00 to US$80.00, citing higher assumed revenue growth, a richer future P/E of about 74x, and confidence that the company can tap into early stage enterprise AI adoption as spending extends beyond core technology customers. Analyst Commentary Recent research commentary has focused on how Innodata might participate in early stage enterprise AI spending as companies work on helping employees use these tools effectively.
Narrative Update • Dec 22

INOD Will Benefit From Early Stage Enterprise AI Adoption

Analysts have raised their price target on Innodata from $75 to $110 per share, citing expectations for materially faster revenue growth, modestly higher profit margins, and a stronger earnings multiple, as the company stands to benefit from early stage enterprise AI adoption and broader customer diversification. Analyst Commentary Bullish analysts highlight that the increased price target reflects rising confidence in Innodata's ability to execute on its AI driven growth strategy, with faster top line expansion and improved operating leverage underpinning a higher valuation framework.
Narrative Update • Dec 08

INOD: Early Enterprise AI Adoption Will Drive Expanding Customer Base Opportunities

Analysts have raised their price target on Innodata shares from $74 to $110, citing the company’s strong positioning to benefit from early stage enterprise AI adoption and a broadening customer base beyond traditional technology companies. Analyst Commentary Bullish analysts point to the latest price target increase as evidence that expectations for Innodata's growth trajectory are accelerating, particularly as enterprises begin to scale AI initiatives across more functions.
Analysis Article • Dec 02

Innodata Inc.'s (NASDAQ:INOD) Popularity With Investors Under Threat As Stock Sinks 26%

Innodata Inc. ( NASDAQ:INOD ) shares have retraced a considerable 26% in the last month, reversing a fair amount of...
Narrative Update • Nov 24

INOD: Expanding Customer Base Will Drive Sustained AI Demand Momentum

Analysts have raised their fair value estimate for Innodata from $86 to $93.75. This reflects expectations of stronger revenue growth and expanding opportunities as enterprise adoption of artificial intelligence accelerates.
Analysis Article • Nov 13

Innodata's (NASDAQ:INOD) Solid Earnings Have Been Accounted For Conservatively

Investors signalled that they were pleased with Innodata Inc.'s ( NASDAQ:INOD ) most recent earnings report. Looking...
Narrative Update • Nov 08

INOD: Expanding Enterprise AI Adoption Will Drive Stronger Profitability Momentum

Innodata's analyst price target increased from $78 to $86, as analysts cite the company's expanding role in early-stage enterprise AI adoption and its potential to capitalize on growing industry demand. Analyst Commentary Analyst perspectives on Innodata have highlighted both the opportunities and risks associated with the company's evolving role within the enterprise AI sector.
Narrative Update • Oct 25

Enterprise AI Expansion Will Drive Opportunities Despite Early Adoption Uncertainties

Analysts have raised their fair value estimate for Innodata from $75 to $78.00, citing increased confidence in the company’s potential to capitalize on expanding enterprise AI adoption and growth in customer base. Analyst Commentary Recent reports reflect a growing sense of optimism among analysts regarding Innodata’s trajectory in the evolving artificial intelligence landscape.
Analysis Article • Oct 16

Innodata Inc. (NASDAQ:INOD) Stocks Shoot Up 26% But Its P/S Still Looks Reasonable

Despite an already strong run, Innodata Inc. ( NASDAQ:INOD ) shares have been powering on, with a gain of 26% in the...
Narrative Update • Oct 10

Advanced AI Demand Will Forge Expansion Amid Margin Risks

Narrative Update on Innodata: Analyst Price Target Revision Analysts have raised their price target for Innodata significantly, increasing it from $67.80 to $75.00. They cited the company's strong position to capitalize on expanding enterprise AI adoption and improved profit margin expectations.
Narrative Update • Sep 19

Advanced AI Demand Will Forge Expansion Amid Margin Risks

The upward revision in Innodata’s consensus price target largely reflects increased future P/E expectations, with valuation rising from $64.40 to $67.80. What's in the News Innodata raised full-year 2025 revenue guidance, now expecting 45% or more organic revenue growth, up from 40%.
Analysis Article • Jul 09

Why We Like The Returns At Innodata (NASDAQ:INOD)

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Analysis Article • Jun 20

Revenues Tell The Story For Innodata Inc. (NASDAQ:INOD) As Its Stock Soars 33%

Innodata Inc. ( NASDAQ:INOD ) shares have had a really impressive month, gaining 33% after a shaky period beforehand...
Seeking Alpha • Mar 30

Innodata: Up 580% - The Microcap Behind The Magnificent 7

Summary INOD delivers 100% YoY growth, driven by booming demand for LLM training data. Heavy reliance on human labor limits scalability; recruitment costs remain a key concern. Future success hinges on sustained demand and delayed automation of annotation tasks. Read the full article on Seeking Alpha
Analysis Article • Mar 30

With A 29% Price Drop For Innodata Inc. (NASDAQ:INOD) You'll Still Get What You Pay For

Innodata Inc. ( NASDAQ:INOD ) shareholders won't be pleased to see that the share price has had a very rough month...
Seeking Alpha • Feb 21

Innodata: Short-Term Momentum Play

Summary Innodata is a compelling short-term momentum play with explosive growth, but long-term prospects are uncertain due to a rapidly changing AI landscape. FY24 results show impressive revenue growth of 96% and positive net income, driven by efficient cost management and strong performance in AI-related segments. The balance sheet is secure with a $46.9 million cash position but limited for significant M&A or large investments, indicating reliance on organic growth. Despite strong growth, concerns exist about long-term competitive advantages and potential risks from short reports alleging overstated revenues and questionable auditing practices. Read the full article on Seeking Alpha
Analysis Article • Feb 13

Innodata Inc.'s (NASDAQ:INOD) P/S Is Still On The Mark Following 31% Share Price Bounce

Innodata Inc. ( NASDAQ:INOD ) shares have had a really impressive month, gaining 31% after a shaky period beforehand...
Seeking Alpha • Jan 08

Innodata: Why I'm Long This Explosive AI Growth Stock

Summary Innodata's strong partnerships with Big Tech and AI focus drive impressive growth, making it an attractive buy at 35x next year's free cash flow. The company's revenue growth rates are expected to stabilize at 50% in 2025, reflecting its solid momentum and increasing guidance. Despite potential 4% dilution, management's disciplined approach and significant free cash flow growth enhance shareholder value, supporting a $65 price target by early 2026. Key risks include customer concentration and the non-recurring nature of services, but broadening client base and strategic scaling efforts mitigate these concerns. Read the full article on Seeking Alpha
Analysis Article • Jan 01

Is There An Opportunity With Innodata Inc.'s (NASDAQ:INOD) 28% Undervaluation?

Key Insights Innodata's estimated fair value is US$55.09 based on 2 Stage Free Cash Flow to Equity Innodata is...
Analysis Article • Dec 09

Why We Like The Returns At Innodata (NASDAQ:INOD)

There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want...
Analysis Article • Nov 03

Innodata Inc. (NASDAQ:INOD) Looks Just Right With A 36% Price Jump

Innodata Inc. ( NASDAQ:INOD ) shareholders have had their patience rewarded with a 36% share price jump in the last...
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New Narrative • Sep 24

Critical Moves And Big Tech Partnerships Set To Spur Unprecedented Growth And Innovation

Innodata shows significant operational momentum with market demand driving expected future revenue and profitability through record growth and raised guidance.
Analysis Article • Sep 19

Why We're Not Concerned Yet About Innodata Inc.'s (NASDAQ:INOD) 25% Share Price Plunge

Innodata Inc. ( NASDAQ:INOD ) shares have retraced a considerable 25% in the last month, reversing a fair amount of...
Seeking Alpha • Sep 01

Innodata: Hitting A Potential Inflection Point

Summary Innodata has shown exceptional growth, doubling its share price YTD and achieving 65% YoY revenue growth, but the stock seems fairly valued now. The company's competitive edge lies in its high-quality, proprietary data and customizable AI platforms, which are in high demand across various industries. Despite the impressive growth, Innodata has yet to demonstrate consistent profitability and strong cash flows, making the current valuation a bit expensive. Investors should hold Innodata for now, awaiting more evidence of sustainable, profitable growth and potential regulatory impacts on the AI and data training sectors. Read the full article on Seeking Alpha
Analysis Article • Aug 17

We Think Innodata's (NASDAQ:INOD) Robust Earnings Are Conservative

When companies post strong earnings, the stock generally performs well, just like Innodata Inc.'s ( NASDAQ:INOD ) stock...
Analysis Article • Jul 29

Why Investors Shouldn't Be Surprised By Innodata Inc.'s (NASDAQ:INOD) 33% Share Price Surge

Innodata Inc. ( NASDAQ:INOD ) shares have continued their recent momentum with a 33% gain in the last month alone. The...
Analysis Article • Jul 02

Investors Will Want Innodata's (NASDAQ:INOD) Growth In ROCE To Persist

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to...
Seeking Alpha • Apr 11

Innodata: Stay Away From This AI Stock

Summary Innodata is not a high-quality AI company and should be avoided as an investment. The company relies on a few major customers, which introduces uncertainty in revenue growth. The financial position of Innodata is precarious, with a heavy reliance on stock-based compensation and a potential need for additional capital. Read the full article on Seeking Alpha
Analysis Article • Feb 15

Innodata Inc. (NASDAQ:INOD) Looks Just Right With A 60% Price Jump

Innodata Inc. ( NASDAQ:INOD ) shares have had a really impressive month, gaining 60% after a shaky period beforehand...
Analysis Article • Aug 08

Innodata (NASDAQ:INOD) Is In A Good Position To Deliver On Growth Plans

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...
Analysis Article • May 05

Here's Why We're Not Too Worried About Innodata's (NASDAQ:INOD) Cash Burn Situation

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining...
Analysis Article • Jan 12

We're Not Very Worried About Innodata's (NASDAQ:INOD) Cash Burn Rate

We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...
Analysis Article • Jul 22

Here's Why We're Not At All Concerned With Innodata's (NASDAQ:INOD) Cash Burn Situation

We can readily understand why investors are attracted to unprofitable companies. For example, although...
Analysis Article • Feb 24

Returns At Innodata (NASDAQ:INOD) Are On The Way Up

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
Analysis Article • Nov 04

Estimating The Fair Value Of Innodata Inc. (NASDAQ:INOD)

In this article we are going to estimate the intrinsic value of Innodata Inc. ( NASDAQ:INOD ) by taking the expected...

Earnings and Revenue Growth Forecasts

NasdaqGM:INOD - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202745459N/AN/A4
12/31/20263573921384
3/31/2026283396273N/A
12/31/2025252323647N/A
9/30/2025238344051N/A
6/30/2025228433644N/A
3/31/2025202353039N/A
12/31/2024170292735N/A
9/30/2024137201118N/A
6/30/2024107318N/A
3/31/2024942611N/A
12/31/202387-106N/A
9/30/202380-516N/A
6/30/202376-817N/A
3/31/202377-11-42N/A
12/31/202279-12-8-1N/A
9/30/202279-11-9-2N/A
6/30/202278-9-11-4N/A
3/31/202275-5-33N/A
12/31/202170-215N/A
9/30/202166126N/A
6/30/202163268N/A
3/31/202160146N/A
12/31/202058146N/A
9/30/202058-145N/A
6/30/202057-234N/A
3/31/202057-213N/A
12/31/201956-2N/A4N/A
9/30/201956-2N/A4N/A
6/30/201956-1N/A4N/A
3/31/2019570N/A4N/A
12/31/2018570N/A4N/A
9/30/201858-2N/A3N/A
6/30/201859-4N/A0N/A
3/31/201860-4N/A1N/A
12/31/201761-5N/A1N/A
9/30/201761-4N/A0N/A
6/30/201762-6N/A0N/A
3/31/201762-7N/A-2N/A
12/31/201663-6N/A-3N/A
9/30/201663-5N/A-1N/A
6/30/201662-2N/A3N/A
3/31/201660-1N/A1N/A
12/31/201559-3N/A3N/A
9/30/201559-3N/A1N/A
6/30/201559-3N/A1N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: INOD's forecast earnings growth (25.7% per year) is above the savings rate (3.5%).

Earnings vs Market: INOD's earnings (25.7% per year) are forecast to grow faster than the US market (16.8% per year).

High Growth Earnings: INOD's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: INOD's revenue (26.7% per year) is forecast to grow faster than the US market (11.7% per year).

High Growth Revenue: INOD's revenue (26.7% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if INOD's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/18 21:48
End of Day Share Price 2026/05/15 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Innodata Inc. is covered by 6 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Hamed KhorsandBWS Financial Inc.
George SuttonCraig-Hallum Capital Group LLC
Allen KleeMaxim Group