Serve Robotics Inc. /De/ (SERV) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 12, 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
-2.1
P / E (ttm)
-28.9%
ROE
$425M
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). 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by receivables up +878% against revenue +46% and PP&E up +293% against revenue +46%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 17% of net operating assets, diverging from the balance-sheet accrual read.
65d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 9 to 65 days FY2024→FY2025 (receivables +878% vs revenue +46%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 23 → 9 → 65 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.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +803% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 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 +108.2%/yr figure isn't a real buyback/dilution read here.
802% of rev
FY2025
Stock-based comp load.
Key fundamentals
Latest Revenue$2.7M
Revenue Growth YoY+46.2%
Revenue CAGR (3yr)+190.7%
Net Margin-3823.5%
Free Cash Flow-$117.6M
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 Aug 12, 2026. Forensic signals flag probability, not certainty.
Stock-based compensation ran 802% of revenue in FY2025 — about $0.34 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 37.9% a year, small enough that totals and per-share results tell the same story.