Forensic Analysis · Technology / Software · as of Jun 27, 2026
Amplitude, Inc. (AMPL)
A forensic read on Amplitude, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-2.7
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-35.7%
ROE
$983M
Market cap
Amplitude, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -2.7, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+27.2%Accruals ratio.Net operating assets grew +27.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -82% of net operating assets.
-39%Return on invested capital.Return on invested capital is -39% and rising from -85% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.1%/yrShare-count dilution.Diluted share count changed +18% over the last 3 years to FY2025 (+6.1%/yr). The count is GROWING — existing holders are being diluted. That's ~6.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~18%.
27% of revStock-based comp load.Stock-based compensation ran 27% of revenue and 327% of free cash flow in FY2025 — about $0.70 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
109% of FCFShareholder returns.Returned $31M to shareholders (buybacks + dividends) in FY2025 — 109% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet.
Key fundamentals
Net Margin-25.8%
Free Cash Flow$28.2M
Latest Revenue$343.2M
Return on Equity-36.1%
Revenue Growth YoY+14.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Amplitude, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AMPL's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown