Forensic Analysis · Software & SaaS · as of Nov 9, 2026
LiveRamp Holdings, Inc. (RAMP)
A forensic read on LiveRamp Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
9.3
Distress distance
Clean
Earnings quality
4
Forensic signals
15.2%
ROE
9.0%
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 (auditor quality, say on pay, board independence, going concern). 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.
LiveRamp Holdings, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 9.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
117% of FCF
FY2026
Shareholder returns.Returned $195M to shareholders (buybacks + dividends) in FY2026 — 117% of free cash flow. That is $28M (17%) 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 $34M over FY2026. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $83M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 167%.
$3M
FY2024
Goodwill impairments.Took $3M of goodwill writedowns across 1 year (FY2024 ($3M)) — about 24% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
+10.1%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +10.1% 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 faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +14% against revenue +9%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 10.1%. 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. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
12.0%
FY2026
Return on invested capital.Return on invested capital is 12.0% in the latest fiscal year and rising across FY2024–FY2026 from 1.1%. After-tax operating profit was $7M in FY2024 and $75M in FY2026, with operating income at 1.7% of revenue in FY2024, 0.7% in FY2025 and 10.3% in FY2026. The capital base behind it went from $678M in FY2024 to $624M in FY2026 (-8%), while the revenue it carried went from $660M to $813M.
Key fundamentals
Latest Revenue$812.9M
Revenue Growth YoY+9.0%
Revenue CAGR (2yr)+11.0%
Net Margin18.0%
Free Cash Flow$166.4M
Return on Equity15.2%
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 LiveRamp Holdings, Inc.'s actual 10-K/10-Q/8-K filings?