Forensic Analysis · Technology / Software · as of Sep 25, 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
6.1
Distress distance
Clean
Earnings quality
5
Forensic signals
-17.6
P / E (ttm)
-36.1%
ROE
$1.7B
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, going concern, valuation). 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 6.1, 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 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. 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 27.2%. 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.
-38.6%
FY2025
Return on invested capital.Return on invested capital is -38.6% in the latest fiscal year and rising across FY2023–FY2025 from -133.1%. After-tax operating profit was ($70M) in FY2023 and ($67M) in FY2025. The capital base behind it grew +230% across FY2023–FY2025, from $53M to $175M, and the return did not fall doing it, so the dollars added over that window earned at least the -133.1% the older base was already earning.
+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: 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
Key fundamentals
Latest Revenue$343.2M
Revenue Growth YoY+14.7%
Revenue CAGR (2yr)+11.4%
Net Margin-25.8%
Free Cash Flow$23.5M
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
Amplitude, Inc. (AMPL) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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 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%.