Forensic Analysis · Technology / Software · as of Aug 11, 2026
Kodiak Ai, Inc. (KDK)
A forensic read on Kodiak Ai, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-13.7
Distress distance
Clean
Earnings quality
3
Forensic signals
-0.9
P / E (ttm)
$921M
Market cap
0.00%
Dividend yield
-74.6%
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.
Kodiak Ai, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -13.7, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
84d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 31 to 84 days FY2024→FY2025 (receivables -31% vs revenue -75%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. There's no FY2023 figure on file for receivables, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+25.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +57% over the last 2 years to FY2025 (+25.5%/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 ~25.5% 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 ~36%.
503% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 503% of revenue in FY2025 — about $0.21 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 28.5% 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$3.8M
Revenue Growth YoY-74.6%
Net Margin-15420.7%
Free Cash Flow-$116.5M
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 Kodiak Ai, Inc.'s actual 10-K/10-Q/8-K filings?