Kodiak AI, Inc.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kodiak AI, Inc. trades at $4.5, between stages. That is −40.9% against its own 200-day average. It sits at 5% of a 52-week range of $4 to $11. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (16 weeks and counting).

Today the stock is between stages. At $4.5 it trades −40.9% versus its 200-day average and sits at 5% of its 52-week range ($4–$11).

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved −60% while the S&P 500 moved +24% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (16 weeks and counting; last ahead the week of 2026-04-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

P/E does not price Kodiak AI, Inc. — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. A P/E returns here the first period the bottom line turns positive.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read.

Kodiak AI, Inc. reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — Kodiak AI, Inc. is not among the largest members shown in this industry comparison for Software - Infrastructure.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kodiak AI, Inc. reported $0.0 B of revenue in the Mar 26 quarter. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $0.0 B. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY25 revenue came in at $0.0 B (−100.0% on the year). The latest quarter (Mar 26) printed $0.0 B, null year on year.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

A clean operating margin is not in our numbers for Kodiak AI, Inc. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Kodiak AI, Inc..

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kodiak AI, Inc. earned $0.0 B of net profit in the Mar 26 quarter. The full FY25 year was a loss of $0.6 B. The same quarter a year earlier lost $0.01 B.

Mar 26 profit was $0.0 B, null year on year. On the full year, FY25 printed $−0.6 B (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Kodiak AI, Inc.'s cash-flow history is too thin to judge how much reported profit converts into cash. In FY25 that was $−0.1 B of operating cash against $−0.6 B of profit. After $0.0 B of capital spending, $−0.1 B was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of $−0.1 B against reported profit of $−0.6 B, leaving free cash of $−0.1 B after $0.0 B of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kodiak AI, Inc. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Nothing is estimated in place of the missing day-counts, so no cash-cycle chart is drawn.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Kodiak AI, Inc. earns a ROE of 983% in FY25. That is up from a trough of 88% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −700.0% net margin on 0.25× asset turns.

FY25 ROE is 983%, recovered from a FY24 trough of 88% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY24): −700.0% net margin × 0.25× asset turns × −0.50× balance-sheet leverage ≈ 87.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Dividend

Kodiak AI, Inc. pays no dividend. Across the last 6 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

Kodiak AI, Inc. does not currently pay a dividend. Across the last 6 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Kodiak AI, Inc.'s net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of $0.1 B against shareholder equity of $−0.0 B — a debt-to-equity of −2.50. The returns on this page are earned, not borrowed.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

8.9% of Kodiak AI, Inc.'s tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 5.6 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 8.9% of the float is sold short, and at typical trading volumes it would take about 5.6 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kodiak AI, Inc.: the Z-score reads −7.24. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of −7.24 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads −7.24.

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