Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 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.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
12.8
Distress distance
Watch
Earnings quality
4
Forensic signals
-1.8
P / E (ttm)
-28.9%
ROE
$374M
Market cap
0.00%
Dividend yield
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 (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.
Serve Robotics Inc. /De/ earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.8, 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
+186.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +186.7% 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. 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 186.7%. 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.
117d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 18 to 117 days FY2024→FY2025 (receivables +878% vs revenue +46%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 5 → 18 → 117 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-91%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +338% over the last 2 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +109.4%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$2.7M
Revenue Growth YoY+46.2%
Revenue CAGR (2yr)+257.1%
Net Margin-3823.5%
Free Cash Flow-$118.0M
Return on Equity-28.9%
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
802% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 802% of revenue in FY2025 — about $0.34 per diluted share. It is a real cost, but it is not a cash cost — no cash left the business, which is why operating cash flow adds it back. Where a compensation charge lands instead is the share count, and this filer's count is not on file in enough years to say how the count moved.
Serve Robotics Inc. /De/ (SERV) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy