Innodata Inc. (INOD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-107.9%

-$3.25

vs $41.32 price

Levered DCF

$9.64

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.52

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	50.45×	40.33×	-271.33×	-6.74×	-87.32×	211.16×	-18.15×	-150×
P/B	15.14×	18.16×	8.91×	4.31×	5.27×	4.4×	1.15×	1.24×
P/S	6.44×	6.76×	2.64×	1.02×	2.26×	2.24×	0.53×	0.66×
EV / EBITDA	31.93×	36.67×	43.83×	-11.5×	119.09×	34.87×	18.18×	6.58×
Gross margin	39.7%	39.3%	36.8%	35.0%	37.6%	34.1%	33.4%	32.3%
Operating margin	16.0%	14.2%	1.1%	-13.0%	-2.2%	2.0%	-1.4%	4.7%
Net margin	12.8%	16.8%	-1.0%	-15.1%	-2.4%	1.1%	-3.8%	-0.4%
Current ratio	2.68×	2.05×	1.4×	1.14×	1.59×	1.74×	1.52×	1.91×
Debt / equity	0.04×	0.07×	0.21×	0.25×	0.21×	0.25×	0.52×	0.18×
Interest coverage	0×	0×	5.25×	0×	0×	8.74×	-6.69×	81.18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.1%	45.2%	-3.5%	-63.6%	-5.6%	2.1%	-8.4%	-0.8%
Return on invested capital	26.2%	32.3%	-16.1%	-36.8%	-4.0%	1.8%	-2.2%	-1.4%
Return on assets	19.1%	25.3%	-1.5%	-24.8%	-2.8%	1.1%	-4.3%	-0.5%
Free cash flow yield	2.2%	2.4%	0.1%	-9.6%	0.5%	3.3%	8.9%	4.1%
Earnings yield	2.0%	2.5%	-0.4%	-14.8%	-1.1%	0.5%	-7.3%	-0.7%
Enterprise value	$1.5B	$1.1B	$220.7M	$75.8M	$145.1M	$120.2M	$31.8M	$32.7M
Net debt / EBITDA	-1.61×	-1.39×	-1.65×	0.77×	-10.34×	-2.97×	1.38×	-1.06×
Cash conversion cycle (days)	44	44	42	25	44	49	50	50