Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 11, 2026
Serve Robotics Inc. /De/ (SERV)
A forensic read on Serve Robotics Inc. /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
12.8
Distress distance
3
Forensic signals
-42.0%
ROE
46.2%
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.
Serve Robotics Inc. /De/ earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 12.8, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+149.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +149.6% relative to their own average in FY2025 — 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. Net operating assets also rose $46.8M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +878% against revenue +46% and PP&E up +293% against revenue +46%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 17% of net operating assets, against an accruals ratio of 149.6%. 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.
+109.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +338% over the last 2 years to FY2025 (+109.4%/yr). The count is growing — 14.2M shares in FY2023, 62.3M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~109.4% 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 ~77%.
802% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 802% of revenue in FY2025 — about $0.34 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 109.4% a year across FY2023–FY2025, 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$2.7M
Revenue Growth YoY+46.2%
Revenue CAGR (2yr)+257.4%
Net Margin-3823.5%
Free Cash Flow-$118.0M
Return on Equity-42.0%
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 Serve Robotics Inc. /De/'s actual 10-K/10-Q/8-K filings?