Forensic Analysis · Technology / Software · as of Aug 11, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-15.0
P / E (ttm)
-36.1%
ROE
$1.6B
Market cap
0.00%
Dividend yield
14.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Amplitude, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.3, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+27.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +27.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 is more mixed: reported earnings ran behind operating cash by 82% of net operating assets, diverging from the balance-sheet accrual read.
-38.6%
FY2025
Return on invested capital.Return on invested capital is -38.6% in the latest fiscal year and rising from -85% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +18% over the last 3 years to FY2025 (+5.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.8% 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 ~16%.
27% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 27% of revenue and 327% of free cash flow in FY2025 — about $0.70 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 5.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
Key fundamentals
Latest Revenue$343.2M
Revenue Growth YoY+14.7%
Revenue CAGR (3yr)+13.0%
Net Margin-25.8%
Free Cash Flow$28.2M
Return on Equity-36.1%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Amplitude, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Amplitude, Inc. (AMPL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
109% of FCF
FY2025
Shareholder 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. That ratio has been CLIMBING toward the limit — 3% of free cash flow two years back — not just sitting there. Counting the $92M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 436%.