Kodiak AI, Inc.

KDKdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	$16.9M¹	$14.9M¹	$3.8M¹
Net income	−$3,542²	−$56.9M³	−$69.5M³	−$585.5M³
Operating cash flow	$0⁴	−$43.8M⁵	−$51M⁵	−$94.4M⁵
Capital expenditure	—	$3.27M⁶	$3.19M⁶	$22M⁶
Free cash flow (derived)	—	−$47.1M⁵	−$54.2M⁵	−$116.5M⁵
Total debt	$0⁷	$5M⁸	$17.6M⁹	$41.8M⁹
Cash & equivalents	$0¹⁰	$27.8M¹¹	$16.7M¹¹	$50.8M¹¹
Diluted shares	—	57.9M	58.4M	91.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$31.03

your share of equity

Profit it earned you last year

−$64.18

Free cash flow it threw off

−$12.77

Debt you’d be carrying

$4.58

10 shares is a claim on −$31.03 of net worth that earned you −$64.18 and generated −$12.77 of cash last year, against $4.58 of debt.

iii. Is this a good business?

Moat signal · return on equity

— avg · 4y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

+57% shares · 4y

Share count is up 57% over 4 years — owners have been diluted. Worth asking what they got for it.

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts