INNODATA INC
INOD · Services-Computer Processing & Data Preparation · 32.7M shares · +6%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$4M (gross $134K, SBC $4M)
Reference price $107.31 · est. market cap ~$3.5B — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Fast-growing, debt-free AI-data-services provider with strong returns and profitability, riding the LLM data-prep wave.
Strengths
- Strong growth and returns — revenue +47.6% (75th), ROA 19.1% (94th), ROE 30.0% (69th)
- Profitable, debt-free — operating margin 15.8% (82nd), net margin 12.8%, current ratio 2.68
- AI-data-engineering demand tailwind — qualitative (per 10-K)
Risks
- Customer concentration — risk factors: historically reliant on a limited number of large customers
- Project-based revenue volatility — qualitative (per 10-K)
- Competition as AI-data-services scales — qualitative (per 10-K)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~58% of revenue from one customer/distributor — One customer in the DDS segment generated approximately 58% and 48% of the Company’s total revenues in the fiscal year ended December 31, 2025 and 2024
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 73 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$158M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
39.5%
Operating margin
15.8%
Net margin
12.8%
Return on equity
30.0%
Return on assets
19.1%
Revenue growth (QoQ)
24.5%
Net-income growth
12.3%
Current ratio
2.7×
Free cash flow
$36M
EBITDA
$47M
Tangible book value
$91M
Cash & investments
$82M
Stock comp / revenue
4.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | ABUHOFF JACK | Sell | 17K | $107.31 |
| 2026-06-16 | ABUHOFF JACK | Sell | 19K | $108.31 |
| 2026-06-16 | ABUHOFF JACK | Sell | 54K | $109.55 |
| 2026-06-16 | ABUHOFF JACK | Sell | 42K | $110.42 |
| 2026-06-16 | ABUHOFF JACK | Sell | 43K | $111.50 |
| 2026-06-16 | ABUHOFF JACK | Sell | 24K | $112.39 |
| 2026-06-16 | ABUHOFF JACK | Sell | 1.6K | $113.16 |
| 2026-06-16 | ABUHOFF JACK | Option exercise | 66K | $3.41 |
| 2026-06-16 | ABUHOFF JACK | Option exercise | 134K | $1.24 |
| 2026-06-15 | ABUHOFF JACK | Sell | 12K | $103.49 |
| 2026-06-15 | ABUHOFF JACK | Sell | 16K | $104.64 |
| 2026-06-15 | ABUHOFF JACK | Sell | 26K | $105.81 |
| 2026-06-15 | ABUHOFF JACK | Sell | 33K | $106.52 |
| 2026-06-15 | ABUHOFF JACK | Sell | 6.2K | $107.35 |
| 2026-06-15 | ABUHOFF JACK | Sell | 1.3K | $108.50 |
| 2026-06-15 | ABUHOFF JACK | Option exercise | 94K | $3.41 |
| 2026-06-04 | Callahan Don | Grant | 1.5K | — |
| 2026-06-04 | Clarke Richard D | Grant | 1.5K | — |
| 2026-06-04 | Massey Stewart R | Grant | 1.5K | — |
| 2026-06-04 | FORLENZA LOUISE C | Grant | 1.5K | — |
| 2026-06-02 | MISHRA ASHOK | Option exercise | 27K | $43.01 |
| 2026-06-02 | MISHRA ASHOK | Sell | 10K | $113.75 |
| 2026-06-02 | MISHRA ASHOK | Sell | 15K | $114.67 |
| 2026-06-02 | MISHRA ASHOK | Sell | 1.1K | $115.37 |
| 2026-06-02 | MISHRA ASHOK | Sell | 4.5K | $113.89 |
| 2026-06-02 | MISHRA ASHOK | Sell | 7.5K | $114.60 |
| 2026-05-29 | ABUHOFF JACK | Sell | 8.7K | $101.51 |
| 2026-05-29 | Espineli Marissa B | Option exercise | 12K | $3.41 |
| 2026-05-29 | Espineli Marissa B | Option exercise | 8.0K | $43.01 |
| 2026-05-29 | Espineli Marissa B | Sell | 12K | $105.45 |
| 2026-05-29 | Espineli Marissa B | Sell | 6.0K | $106.36 |
| 2026-05-29 | Espineli Marissa B | Sell | 1.6K | $107.35 |
| 2026-05-29 | ABUHOFF JACK | Option exercise | 106K | $4.99 |
| 2026-05-29 | ABUHOFF JACK | Sell | 7.4K | $100.51 |
| 2026-05-29 | ABUHOFF JACK | Sell | 16K | $102.54 |
| 2026-05-29 | ABUHOFF JACK | Sell | 40K | $103.53 |
| 2026-05-29 | ABUHOFF JACK | Sell | 18K | $104.32 |
| 2026-05-29 | ABUHOFF JACK | Sell | 9.2K | $105.49 |
| 2026-05-29 | ABUHOFF JACK | Sell | 5.2K | $106.42 |
| 2026-05-29 | ABUHOFF JACK | Sell | 1.3K | $107.44 |
| 2026-05-22 | ABUHOFF JACK | Option exercise | 38K | $4.99 |
| 2026-05-22 | ABUHOFF JACK | Sell | 37K | $100.37 |
| 2026-05-22 | ABUHOFF JACK | Sell | 1.3K | $101.07 |
| 2026-05-21 | FORLENZA LOUISE C | Option exercise | 18K | $1.24 |
| 2026-05-21 | FORLENZA LOUISE C | Sell | 8.0K | $95.48 |
| 2026-05-21 | FORLENZA LOUISE C | Sell | 8.7K | $93.51 |
| 2026-05-21 | FORLENZA LOUISE C | Sell | 764 | $94.29 |
| 2026-05-21 | FORLENZA LOUISE C | Sell | 500 | $95.18 |
| 2026-05-21 | ABUHOFF JACK | Option exercise | 150K | $4.99 |
| 2026-05-21 | ABUHOFF JACK | Sell | 12K | $94.92 |
| 2026-05-21 | ABUHOFF JACK | Sell | 121K | $95.50 |
| 2026-05-21 | ABUHOFF JACK | Sell | 14K | $96.88 |
| 2026-05-21 | ABUHOFF JACK | Sell | 3.3K | $97.49 |
| 2026-05-20 | ABUHOFF JACK | Sell | 38K | $94.45 |
| 2026-05-20 | FORLENZA LOUISE C | Sell | 2 | $94.76 |
| 2026-05-20 | ABUHOFF JACK | Option exercise | 150K | $4.99 |
| 2026-05-20 | ABUHOFF JACK | Sell | 44K | $92.51 |
| 2026-05-20 | ABUHOFF JACK | Sell | 69K | $93.52 |
| 2026-05-20 | FORLENZA LOUISE C | Option exercise | 15K | $1.24 |
| 2026-05-20 | FORLENZA LOUISE C | Sell | 5.0K | $93.02 |
| 2026-05-20 | FORLENZA LOUISE C | Sell | 5.0K | $90.07 |
| 2026-05-20 | FORLENZA LOUISE C | Sell | 5.0K | $93.89 |
| 2026-05-19 | FORLENZA LOUISE C | Sell | 5.0K | $86.10 |
| 2026-05-19 | ABUHOFF JACK | Sell | 2.8K | $93.03 |
| 2026-05-19 | FORLENZA LOUISE C | Option exercise | 5.0K | $1.24 |
| 2026-05-19 | ABUHOFF JACK | Option exercise | 2.8K | $4.99 |
| 2026-05-18 | ABUHOFF JACK | Option exercise | 150K | $4.99 |
| 2026-05-18 | ABUHOFF JACK | Sell | 60K | $93.59 |
| 2026-05-18 | ABUHOFF JACK | Sell | 43K | $94.28 |
| 2026-05-18 | ABUHOFF JACK | Sell | 40K | $95.36 |
| 2026-05-18 | ABUHOFF JACK | Sell | 6.5K | $96.48 |
| 2026-05-15 | ABUHOFF JACK | Sell | 14K | $94.88 |
| 2026-05-15 | ABUHOFF JACK | Option exercise | 100K | $4.99 |
| 2026-05-15 | ABUHOFF JACK | Sell | 9.8K | $96.36 |
| 2026-05-15 | ABUHOFF JACK | Sell | 76K | $95.87 |
| 2026-05-15 | Massey Stewart R | Sell | 10K | $96.00 |
| 2026-05-14 | ABUHOFF JACK | Sell | 4.3K | $95.20 |
| 2026-05-14 | ABUHOFF JACK | Option exercise | 77K | $4.99 |
| 2026-05-14 | ABUHOFF JACK | Sell | 22K | $93.04 |
| 2026-05-14 | ABUHOFF JACK | Sell | 2.8K | $94.62 |
| 2026-05-14 | ABUHOFF JACK | Sell | 42K | $96.69 |
| 2026-05-14 | ABUHOFF JACK | Sell | 6.5K | $97.66 |
| 2026-05-13 | ABUHOFF JACK | Sell | 60K | $90.20 |
| 2026-05-13 | ABUHOFF JACK | Sell | 1.3K | $91.30 |
| 2026-05-13 | ABUHOFF JACK | Sell | 33K | $93.01 |
| 2026-05-13 | Massey Stewart R | Option exercise | 10K | $7.24 |
| 2026-05-13 | Massey Stewart R | Sell | 9.0K | $88.02 |
| 2026-05-13 | Massey Stewart R | Sell | 1.0K | $90.00 |
| 2026-05-13 | ABUHOFF JACK | Option exercise | 35K | $7.24 |
| 2026-05-13 | ABUHOFF JACK | Option exercise | 59K | $4.99 |
| 2026-05-12 | ABUHOFF JACK | Option exercise | 45K | $7.24 |
| 2026-05-12 | ABUHOFF JACK | Sell | 20K | $94.89 |
| 2026-05-12 | ABUHOFF JACK | Option exercise | 27K | $43.01 |
| 2026-05-12 | ABUHOFF JACK | Sell | 52K | $95.87 |
| 2026-05-12 | MISHRA ASHOK | Option exercise | 243K | $4.99 |
| 2026-05-12 | MISHRA ASHOK | Sell | 234K | $90.02 |
| 2026-05-12 | MISHRA ASHOK | Sell | 8.9K | $93.56 |
| 2026-05-12 | FORLENZA LOUISE C | Option exercise | 20K | $1.07 |
| 2026-05-12 | FORLENZA LOUISE C | Option exercise | 10K | $1.24 |
| 2026-05-12 | FORLENZA LOUISE C | Sell | 25K | $88.19 |
| 2026-05-12 | FORLENZA LOUISE C | Sell | 800 | $89.53 |
| 2026-05-12 | FORLENZA LOUISE C | Sell | 4.6K | $92.36 |
| 2025-12-31 | Espineli Marissa B | Grant | 13K | — |
| 2025-12-31 | Singhal Rahul | Grant | 43K | — |
| 2025-12-31 | MISHRA ASHOK | Grant | 43K | — |
| 2025-12-31 | ABUHOFF JACK | Grant | 100K | — |
| 2025-12-20 | Singhal Rahul | Tax withheld | 10K | $53.00 |
| 2025-12-20 | Espineli Marissa B | Tax withheld | 3.1K | $53.00 |
| 2025-12-20 | MISHRA ASHOK | Tax withheld | 8.0K | $53.00 |
| 2025-12-20 | ABUHOFF JACK | Tax withheld | 8.0K | $53.00 |
| 2025-12-04 | MISHRA ASHOK | Sell | 24K | $60.16 |
| 2025-12-04 | MISHRA ASHOK | Option exercise | 24K | $4.99 |
| 2025-11-12 | MISHRA ASHOK | Sell | 1.4K | $64.39 |
| 2025-11-12 | MISHRA ASHOK | Option exercise | 150K | $4.99 |
| 2025-11-12 | MISHRA ASHOK | Sell | 168K | $61.09 |
| 2025-11-12 | MISHRA ASHOK | Sell | 11K | $62.28 |
| 2025-11-12 | MISHRA ASHOK | Sell | 20K | $63.23 |
| 2025-11-12 | FORLENZA LOUISE C | Sell | 8.3K | $65.00 |
| 2025-11-12 | MISHRA ASHOK | Option exercise | 23K | $3.41 |
| 2025-11-12 | MISHRA ASHOK | Option exercise | 27K | $7.24 |
| 2025-11-11 | Callahan Don | Grant | 1.7K | — |
| 2025-11-11 | Clarke Richard D | Grant | 1.7K | — |
| 2025-11-11 | MISHRA ASHOK | Option exercise | 28K | $3.41 |
| 2025-11-11 | MISHRA ASHOK | Sell | 28K | $62.52 |
| 2025-06-05 | Massey Stewart R | Grant | 3.9K | — |
| 2025-06-05 | Toor Nauman Sabeeh | Grant | 3.9K | — |
| 2025-06-05 | FORLENZA LOUISE C | Grant | 3.9K | — |
| 2025-03-17 | FORLENZA LOUISE C | Option exercise | 1.0K | $7.24 |
| 2025-03-17 | FORLENZA LOUISE C | Sell | 1.0K | $50.15 |
| 2025-03-03 | FORLENZA LOUISE C | Option exercise | 5.0K | $7.24 |
| 2025-03-03 | FORLENZA LOUISE C | Sell | 5.0K | $52.92 |
| 2025-02-27 | FORLENZA LOUISE C | Sell | 774 | $64.99 |
| 2025-02-26 | MISHRA ASHOK | Option exercise | 49K | $3.41 |
| 2025-02-26 | MISHRA ASHOK | Sell | 49K | $65.07 |
| 2025-02-26 | Espineli Marissa B | Option exercise | 30K | $1.11 |
| 2025-02-26 | Espineli Marissa B | Sell | 30K | $65.09 |
| 2025-02-26 | Massey Stewart R | Option exercise | 44K | $3.21 |
| 2025-02-26 | Massey Stewart R | Sell | 37K | $63.54 |
| 2025-02-26 | Toor Nauman Sabeeh | Sell | 14K | $65.25 |
| 2025-02-26 | Toor Nauman Sabeeh | Sell | 183K | $64.33 |
| 2025-02-26 | Massey Stewart R | Sell | 7.4K | $64.25 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | ResultsExec/director changeExhibits | filing ↗ |
| 2026-06-08 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-24 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-03-10 | Exec/director changeExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2025-11-07 | Exec/director changeExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-12 | 0001104659-26-075184 ↗ |
| 8-K | 2026-06-08 | 2026-06-04 | 0001104659-26-071384 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-057270 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-057150 ↗ |
| 8-K | 2026-03-24 | 2026-03-19 | 0001104659-26-033893 ↗ |
| 8-K | 2026-03-10 | 2026-03-09 | 0001104659-26-025739 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001104659-26-020655 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001104659-26-020514 ↗ |
| 8-K | 2025-11-07 | 2025-11-04 | 0001104659-25-108168 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001104659-25-107811 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107873 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001104659-25-072724 ↗ |