Forensic Analysis · Technology / Software · as of Jun 27, 2026
Aurora Innovation, Inc. (AUR)
A forensic read on Aurora Innovation, 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
Safe
Financial health
4.7
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-39.6%
ROE
$12.5B
Market cap
Aurora Innovation, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 4.7, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-35%Return on invested capital.Return on invested capital is -35% and rising from -88% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+20.3%/yrShare-count dilution.Diluted share count changed +61% over the last 3 years to FY2025 (+20.3%/yr). The count is GROWING — existing holders are being diluted. That's ~20.3% 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 ~61%.
+14.2%Accruals ratio.Net operating assets grew +14.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -13% of net operating assets.
6267% of revStock-based comp load.Stock-based compensation ran 6267% of revenue in FY2025 — about $0.10 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$1.1BGoodwill impairments.Took $1.1B of goodwill writedowns across 1 year(s) (FY2022 ($1.1B)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-27200.0%
Free Cash Flow$-612.0M
Latest Revenue$3.0M
Return on Equity-38.1%
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 Aurora Innovation, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AUR'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