Latest Ratios: P/E Ratio 74.9x · EV/EBITDA 46.1x · ROE 37.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $1.8B | $1.3B | $229M | $81M | $158M | $136M | $29M | $39M | $35M | $63M |
| Enterprise Value | $2.2B | $1.7B | $1.2B | $221M | $76M | $145M | $125M | $32M | $34M | $30M | $53M |
| P/E Ratio → | 74.87 | 55.38 | 44.40 | — | — | — | 219.92 | — | 7500.00 | — | — |
| P/S Ratio | 8.94 | 7.09 | 7.46 | 2.64 | 1.02 | 2.26 | 2.33 | 0.53 | 0.68 | 0.58 | 0.99 |
| P/B Ratio | 22.53 | 16.67 | 20.06 | 9.16 | 4.48 | 5.97 | 5.16 | 1.33 | 1.43 | 1.29 | 2.08 |
| P/FCF | 63.10 | 50.06 | 46.62 | 675.48 | — | 201.34 | 31.92 | 11.24 | 24.71 | — | — |
| P/OCF | 48.11 | 38.17 | 36.32 | 38.79 | — | 30.61 | 23.95 | 6.87 | 10.77 | 47.57 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.78 | 7.21 | 2.54 | 0.96 | 2.08 | 2.15 | 0.57 | 0.58 | 0.50 | 0.85 |
| EV / EBITDA | 46.09 | 36.23 | 40.99 | 39.02 | — | 109.39 | 36.36 | 16.79 | 5.54 | — | — |
| EV / EBIT | 53.99 | 41.20 | 50.21 | 693.91 | — | — | 106.17 | — | 21.03 | — | — |
| EV / FCF | — | 47.88 | 45.08 | 650.92 | — | 185.26 | 29.51 | 12.17 | 21.35 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.7% | 39.7% | 39.3% | 36.8% | 35.0% | 37.6% | 34.1% | 33.4% | 32.3% | 25.7% | 25.5% |
| Operating Margin | 16.0% | 16.0% | 14.2% | 1.1% | -13.0% | -2.2% | 2.0% | -1.4% | 4.7% | -7.6% | -5.1% |
| Net Profit Margin | 12.8% | 12.8% | 16.8% | -1.0% | -15.1% | -2.4% | 1.1% | -3.8% | -0.4% | -8.3% | -8.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37.8% | 37.8% | 64.9% | -4.2% | -53.7% | -6.4% | 2.6% | -8.7% | -0.9% | -17.6% | -17.0% |
| ROA | 22.8% | 22.8% | 33.2% | -1.7% | -22.3% | -2.9% | 1.2% | -4.5% | -0.5% | -10.6% | -11.2% |
| ROIC | 119.7% | 119.7% | 95.9% | 4.7% | -57.5% | -7.8% | 4.4% | -2.6% | 9.1% | -16.1% | -13.5% |
| ROCE | 41.9% | 41.9% | 43.8% | 2.9% | -31.6% | -4.0% | 3.2% | -2.5% | 8.4% | -13.9% | -8.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.07 | 0.22 | 0.26 | 0.24 | 0.28 | 0.60 | 0.21 | 0.24 | 0.17 |
| Debt / EBITDA | 0.09 | 0.09 | 0.16 | 0.97 | — | 4.76 | 2.12 | 7.01 | 0.92 | — | — |
| Net Debt / Equity | — | -0.73 | -0.67 | -0.33 | -0.28 | -0.48 | -0.39 | 0.11 | -0.19 | -0.18 | -0.30 |
| Net Debt / EBITDA | -1.65 | -1.65 | -1.41 | -1.47 | — | -9.50 | -2.97 | 1.27 | -0.87 | — | — |
| Debt / FCF | — | -2.18 | -1.55 | -24.55 | — | -16.08 | -2.41 | 0.92 | -3.36 | — | — |
| Interest Coverage | — | — | — | 1.78 | — | — | 8.74 | -7.90 | 48.33 | — | -74.95 |
Net cash position: cash ($82M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.68 | 2.68 | 2.05 | 1.40 | 1.14 | 1.59 | 1.74 | 1.52 | 1.91 | 1.62 | 2.12 |
| Quick Ratio | 2.68 | 2.68 | 2.05 | 1.40 | 1.14 | 1.59 | 1.74 | 1.52 | 1.91 | 1.62 | 2.12 |
| Cash Ratio | 1.63 | 1.63 | 1.19 | 0.60 | 0.49 | 0.89 | 0.96 | 0.69 | 0.76 | 0.73 | 1.10 |
| Asset Turnover | — | 1.49 | 1.50 | 1.46 | 1.64 | 1.18 | 1.02 | 1.13 | 1.25 | 1.27 | 1.33 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 67.46 | 59.98 | 60.10 | 44.02 | 59.54 | 62.97 | 63.53 | 67.55 | 61.65 | 57.59 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.8% | 2.3% | — | — | — | 0.5% | — | 0.0% | — | — |
| FCF Yield | 1.6% | 2.0% | 2.1% | 0.1% | — | 0.5% | 3.1% | 8.9% | 4.0% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.3% | 0.0% | 0.0% | 0.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.3% | 0.0% | 0.0% | 0.2% |
| Shares Outstanding | — | $35M | $32M | $28M | $27M | $27M | $26M | $26M | $26M | $26M | $26M |
Hyperscaler revenue concentration risk
According to current market data, INOD trades at a forward P/E of 68.46, a multiple that suggests investors are pricing in aggressive long-term growth expectations that significantly exceed the valuation multiples of traditional BPO peers like ExlService Holdings or Donnelley Financial.
The current P/S ratio of 9.59 indicates that the market has reclassified the company from a legacy service provider to an AI infrastructure play. This valuation premium warrants caution, as it implies that the recent revenue acceleration is a permanent shift in the business model rather than a cyclical surge in AI-related data preparation demand.
Based on reported financial statements, INOD's ROIC has expanded from 9.9% in 2023Q4 to 55.0% in 2026Q1, demonstrating a significant improvement in the company's ability to generate returns on its invested capital as it scales its specialized data engineering workflows.
This rapid improvement in capital efficiency suggests that the company's proprietary AI-enabled tools are successfully augmenting human labor, allowing for higher output without proportional increases in capital intensity. Investors should monitor whether this high level of return on capital is sustainable as the company continues to scale its workforce to meet hyperscaler demand.
As reported in recent filings, INOD's asset turnover ratio reached 0.48 in 2026Q1, reflecting a modest improvement from historical lows and indicating that the company is becoming more effective at utilizing its growing asset base to generate revenue.
The DSO trend, which fluctuated between 36 and 55 days over the last ten quarters, suggests that the company maintains reasonable control over its receivables despite the lumpy nature of large-scale AI contracts. Continued monitoring of the cash conversion cycle is essential to ensure that the company's rapid growth does not lead to a deterioration in working capital efficiency.
Analysts frequently misapply traditional BPO valuation metrics, such as EV/EBITDA, to INOD, which obscures the company's transition toward a high-margin, tech-enabled service model that warrants a different valuation framework than commoditized, labor-heavy outsourcing firms.
Using standard BPO multiples fails to account for the proprietary nature of Innodata's data engineering workflows and the potential for software-like scalability. Investors should instead focus on metrics that capture the value of the company's intellectual property and the stickiness of its multi-year managed services contracts.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying INOD stock.
Innodata Inc.'s current P/E ratio is 74.9x. The historical average is 27.2x. This places it at the 100th percentile of its historical range.
Innodata Inc.'s current EV/EBITDA is 46.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.1x.
Innodata Inc.'s return on equity (ROE) is 37.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 2.4%.
Based on historical data, Innodata Inc. is trading at a P/E of 74.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Innodata Inc. has 39.7% gross margin and 16.0% operating margin. Operating margin between 10-20% is typical for established companies.
Innodata Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.