Forensic Analysis · Technology / Software · as of Sep 25, 2026
Procore Technologies, Inc. (PCOR)
A forensic read on Procore Technologies, 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
6.8
Distress distance
Clean
Earnings quality
3
Forensic signals
-196.7
P / E (ttm)
-8.0%
ROE
$7.8B
Market cap
0.00%
Dividend yield
14.8%
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.
Procore Technologies, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-11.2%
FY2025
Return on invested capital.Return on invested capital is -11.2% in the latest fiscal year and rising across FY2023–FY2025 from -19.1%. After-tax operating profit was ($170M) in FY2023 and ($98M) in FY2025, with operating income at -22.7% of revenue in FY2023, -11.8% in FY2024 and -9.4% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($893M to $874M, -2%), so there has been little new capital for that return to be earned on.
+2.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+2.9%/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 ~2.9% 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 ~6%.
18% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 18% of revenue and 110% of free cash flow in FY2025 — about $1.59 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 2.9% a year, and the rate is falling. 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.
Key fundamentals
Latest Revenue$1.32B
Revenue Growth YoY+14.8%
Revenue CAGR (2yr)+18.0%
Net Margin-7.6%
Free Cash Flow$216.5M
Return on Equity-8.0%
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 Procore Technologies, Inc.'s actual 10-K/10-Q/8-K filings?