F

Amplitude, Inc. — Earnings Quality Grade F

AMPL · Technology

Major red flags

Revenue
$343M
2025
Net Income
-$89M
2025
Gross Margin
74.0%
Free Cash Flow
$23M
01

Screening Summary

14
Passed
2
Watch
1
Failed
-3.87
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 25 days, change -7 days YoY

A2AR vs Revenue Growth

AR growth -11.1% vs revenue growth 14.7%

A3Revenue vs CFFO

Revenue 14.7%, CFFO 61.2%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -6.4% vs revenue 14.7%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 99.4%, exceeds 70%

B4Gross Margin

Gross margin 74.0%, change -0.3pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

C2Free Cash Flow

FCF $0.0B, FCF/NI = -0.27

C3Accruals Ratio

Accruals ratio = -28.1%. Low accruals

C4Cash vs Debt

Cash $0.2B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 13% of equity. Manageable

D2Leverage

Debt/EBITDA = -0.1x. Healthy

!
D3Soft Asset Growth

Other assets grew 30.4% vs revenue 14.7%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

Goodwill+Intangibles change 10% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.87 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-3.87
-4.0 Clean-2.22 Grey-1.78 Danger0
0.775
DSRI
AR growing faster than revenue?
1.004
GMI
Gross margin declining?
1.198
AQI
Asset quality deteriorating?
1.147
SGI
Revenue growth rate
0.855
DEPI
Depreciation slowing?
0.948
SGAI
SG&A ratio changing?
-0.2814
TATA
Accruals level
1.208
LVGI
Leverage increasing?
05

Altman Z-Score

-2.87
Distress Zone
0 Distress1.102.605.0+ Safe
0.2185
Liquidity
-1.2988
Cumulative profit
-0.2282
Operating efficiency
1.3993
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25