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The Moat Index

INNODATA INC.

INOD · Technology · $2.0B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

49/ 100
Shallow moat

The four filters

Pricing power66

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

Returns on capital14

Median ROIC 1.7%, above the 9% hurdle in 40% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$60.81
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

INNODATA INC. booked $251.7M 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 $251.7M (FY2025) — about 7.7% a year compounded over 16 years.

It earned 124.3% on invested capital in FY2025, with a median of −1.2% across 12 filed years. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $6.0M of total debt in FY2022. Balance-Sheet Safety scores it 100/100.

The share count rose 28.6% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (14/100), which is how INOD lands at 49/100 — 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

RevenueSales, as filed$251.7M FY2025
$0$100M$200M2008201420202025
Gross marginRevenue kept after cost of goods39.5% FY2025
0%20%40%2008201420202025
Return on invested capitalOperating profit on the capital employed124.3% FY2025
0%100%2008201420202025
Owner earningsCash 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.

Moat Score history

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — INOD has read Shallow moat for every logged capture since Jul 17, 2026.

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

Technology context

#204 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #202GPN GLOBAL PAYMENTS INC.49.1Shallow moat
  2. #203LAWIL LIGHT & WONDER, INC.48.7Shallow moat
  3. #205OKTA Okta, Inc.48.6Shallow moat
  4. #206TBCH TURTLE BEACH CORPORATION48.5Shallow 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) 48.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 14, balance-sheet safety 100, capital discipline 24.
How has INOD's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 48.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell INOD. See the disclaimer.

INNODATA INC. (INOD) Moat Score — The Moat Index · Buy Like Buffett