Forensic Analysis · General / Diversified · as of Jun 27, 2026
RISKIFIED LTD. (RSKD)
A forensic read on RISKIFIED LTD. 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
Safe
Financial health
2.9
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-5.9%
ROE
$750M
Market cap
RISKIFIED LTD. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.9, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+168.7%Accruals ratio.Net operating assets grew +168.7% 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 -85% of net operating assets.
-15%Return on invested capital.Return on invested capital is -15% and rising from -25% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
15% of revStock-based comp load.Stock-based compensation ran 15% of revenue and 156% of free cash flow in FY2025 — about $0.33 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
321% of FCFShareholder returns.Returned $106M to shareholders (buybacks + dividends) in FY2025 — 321% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely.
Key fundamentals
Net Margin-8.0%
Free Cash Flow$33.1M
Latest Revenue$344.6M
Return on Equity-9.4%
Revenue Growth YoY+5.2%
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 RISKIFIED LTD.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RSKD'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