Five9, Inc. (FIVN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Aug 11, 2026
Five9, Inc. (FIVN)
A forensic read on Five9, 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
4.8
Distress distance
Clean
Earnings quality
4
Forensic signals
37.9
P / E (ttm)
5.0%
ROE
$2.5B
Market cap
10.3%
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.
Five9, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+72.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +72.3% 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 build is led by receivables up +14% against revenue +10%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 46% of net operating assets, diverging from the balance-sheet accrual read.
1.9%
FY2025
Return on invested capital.Return on invested capital is 1.9% in the latest fiscal year and rising from -8% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +26% over the last 3 years to FY2025 (+8.0%/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 ~8.0% 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 ~21%.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue and 74% of free cash flow in FY2025 — about $1.68 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 8.2% 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$1.15B
Revenue Growth YoY+10.3%
Revenue CAGR (3yr)+13.8%
Net Margin3.4%
Free Cash Flow$201.2M
Return on Equity5.0%
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 Five9, Inc.'s actual 10-K/10-Q/8-K filings?