Forensic Analysis · Retail / Consumer Discretionary · as of Jun 27, 2026
KURA SUSHI USA, INC. (KRUS)
A forensic read on KURA SUSHI USA, 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
Grey Zone
Financial health
1.4
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-0.8%
ROE
$718M
Market cap
KURA SUSHI USA, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.4, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+48.8%Accruals ratio.Net operating assets grew +48.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -18% of net operating assets.
17d DSOReceivables vs revenue.Days sales outstanding moved from 5 to 17 days FY2019→FY2020 (receivables +125% vs revenue -30%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-1%Return on invested capital.Return on invested capital is -1% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+7.5%/yrShare-count dilution.Diluted share count changed +23% over the last 3 years to FY2025 (+7.5%/yr). The count is GROWING — existing holders are being diluted. That's ~7.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~23%.
Key fundamentals
Net Margin-0.7%
Free Cash Flow$-21.4M
Latest Revenue$282.8M
Return on Equity-0.8%
Revenue Growth YoY+18.9%
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 KURA SUSHI USA, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about KRUS'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