Forensic Analysis · Software & SaaS · as of Nov 9, 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
Distress distance
Clean
Earnings quality
5
Forensic signals
-32.7%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -2.7, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+25.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +25.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $2.8M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 82% of net operating assets, against an accruals ratio of 25.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
-44.3%
FY2025
Return on invested capital.Return on invested capital is -44.3% in the latest fiscal year. $149M of the $152M base at FY2025 is short-term investments and long-term marketable securities (97.9%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+6.2%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +13% over the last 2 years to FY2025 (+6.2%/yr). The count is growing — 116.9M shares in FY2023, 132.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.2% 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 FY2023 has been diluted ~11%.
27% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 27% of revenue and 392% of free cash flow in FY2025 — about $0.70 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.2% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
131% of FCF
FY2025
Shareholder returns.Returned $31M to shareholders (buybacks + dividends) in FY2025 — 131% of free cash flow. That is $7M (31%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash, short-term investments and long-term marketable securities fell $46M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $92M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 523%.
Key fundamentals
Latest Revenue$343.2M
Revenue Growth YoY+14.7%
Revenue CAGR (2yr)+11.5%
Net Margin-25.8%
Free Cash Flow$23.5M
Return on Equity-32.7%
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?