Buy Like Buffett
Watchlist

INNODATA INC.

INOD · Technology · $1.8B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
Share / Embed this score
Embed this score

The five investor questions

80

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $69.8M to $252M, increasing; diluted EPS -0.06 to 0.92, increasing.

66

Median gross margin 39.3% over 3y, very stable.

14

Median ROIC 1.7%, above the 12% hurdle in 40% of years.

100

Net cash position — no leverage risk.

24

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$55.89
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

INNODATA INC. booked $252M of revenue in FY2025 in the Technology sector and kept 39.5% of it as gross profit — a solid-margin business by that measure. After every other cost, 12.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $76.7M (FY2009) to $252M (FY2025) — about 7.7% a year compounded over 16 years.

It earned 124.3% on invested capital in the latest filed year, FY2025. Across the full 12-year measurable filed record, median ROIC was −1.2%. Over the v3 recent window (5 measurable filed years), median ROIC was 1.7%. The Returns on Capital filter above scores it 14/100.

INOD's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Returns on Capital the weakest (14/100), which is how INOD lands at 57/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from INOD’s SEC filings

Sales, as filed$252M FY2025
$0$100M$200M2008201420202025
Revenue kept after cost of goods39.5% FY2025
0%20%40%2008201420202025
Standard ROIC or separately labeled Operating ROICROIC 124.3% FY2025
0%100%2008201420202025
Cash an owner could take out$32.2M FY2025
$0$20M2008201420202025

Gaps in a line mean that item isn’t in INOD’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How INNODATA INC. makes its money

INNODATA INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$252M100%
$99.5M40%
$39.9M16%
Income before tax$41.4M16%
Income tax$9.2M4%
$32.2M13%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What INNODATA INC. owns — and owes

INNODATA INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$169M100%
Cash and equivalents$82.2M49%
Stockholders’ equity$107M64%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives INNODATA INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity38%Tax burden78%net income ÷ pretax incomeInterest burden104%pretax ÷ operating incomeOperating margin16%operating income ÷ revenueAsset turnover1.78×revenue ÷ average assetsEquity multiplier1.65×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$32.2MFY2025
Income before tax$41.4MFY2025
Operating income$39.9MFY2025
$252MFY2025
Ending assets$169MFY2025
Beginning assets$113MFY2024
$107MFY2025
$63.5MFY2024
Source:
  • SEC filingFiling detailsAccession 0001104659-26-020655
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where INNODATA INC.'s cash went

INNODATA INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$46.8M100%
Depreciation and amortization$6.9M15%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding INNODATA INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What INNODATA INC. insiders reported

Records still being gathered — partial as of retrieval Aug 19, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale56.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 19, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for INOD; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Track record

How INNODATA INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored INOD on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score501002005001,000Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, INOD did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#219 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #217STWI STAGEWISE STRATEGIES CORP.57.2Shallow moat
  2. #218DGII DIGI INTERNATIONAL INC.56.9Shallow moat
  3. #220RPD RAPID7, INC.56.6Shallow moat
  4. #221ATEN A10 NETWORKS, INC.56.5Shallow moat

Compare INOD with its nearest peers →All Technology companies on the Index →

Common questions about INOD

Does INNODATA INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores INNODATA INC. (INOD) 56.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 80, pricing power 66, returns on capital 14, balance-sheet safety 100, capital allocation 24.
How has INOD's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 56.7 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INOD. See the disclaimer.