Pagerduty, Inc. (PD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Sep 24, 2026
Pagerduty, Inc. (PD)
A forensic read on Pagerduty, 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
Grey Zone
Financial health
2.4
Distress distance
Clean
Earnings quality
4
Forensic signals
5.9
P / E (ttm)
68.4%
ROE
$1.2B
Market cap
5.4%
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.
Pagerduty, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.4, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+45.3%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +45.3% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by payables paid down 8% against -7% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 16% of net operating assets, against an accruals ratio of 45.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
1.2%
FY2026
Return on invested capital.Return on invested capital is 1.2% in the latest fiscal year and rising across FY2024–FY2026 from -27%. The capital base behind it grew +60% across FY2024–FY2026, from $281M to $449M, and the return did not fall doing it, so the dollars added over that window earned at least the -27% the older base was already earning.
131% of FCF
FY2026
Shareholder returns.Returned $135M to shareholders (buybacks + dividends) in FY2026 — 131% of free cash flow. That is $32M (31%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash and short-term investments fell $101M over FY2026, while total debt fell $64M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $98M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 227%.
+0.4%/yr
Key fundamentals
Latest Revenue$492.5M
Revenue Growth YoY+5.4%
Revenue CAGR (2yr)+6.9%
Net Margin35.2%
Free Cash Flow$102.7M
Return on Equity68.4%
Debt / Equity1.66x
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 Pagerduty, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
FY2024–FY2026
Share count.Diluted share count changed +1% over the last 2 years to FY2026 (+0.4%/yr). Roughly flat — buybacks ($135M) are about offsetting stock comp ($98M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.