Udemy, Inc. — Earnings Quality Grade B
UDMY · Consumer Defensive
Generally healthy
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 44 days, change +3 days YoY
AR growth 8.7% vs revenue growth 0.4%
Revenue 0.4%, CFFO 65.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 19.7% vs revenue 0.4%. Normal
SG&A/Gross Profit = 80.9%, exceeds 70%
Gross margin 65.6%, change +3.1pp. Stable
Cash Flow Quality
CFFO far exceeds NI (ratio 23.0x). Non-cash charges depressing profits
FCF $0.1B, FCF/NI = 18.38
Accruals ratio = -13.6%. Low accruals
Cash $0.4B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 21% of equity. Manageable
Interest coverage = -3.5x (<2x). Financial stress
Other assets 14.1% vs revenue 0.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -3.08 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25