Kodiak AI, Inc.
KDK Technology Software Infrastructure
Kodiak AI, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.8 million, down 74.6% from fiscal 2024. In the quarter to June 2026, revenue grew 595.6%, EPS grew 89.4%, free cash flow fell 60.6% and total debt rose 2,745.8%, each against the same quarter a year earlier.
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Kodiak AI, Inc. (KDK) Beneish M-score
Kodiak AI, Inc.'s Beneish M-score for fiscal 2025 is −16.95; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −16.95 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.70 | — | 2.48 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.18 | — | 0.07 | |
| Sales growth index | 0.25 | — | 0.23 | |
| Depreciation index | 3.74 | — | 0.43 | |
| SG&A index | 7.85 | — | −1.35 | |
| Total accruals to total assets | (3.08) | — | −14.41 | |
| Leverage index | 0.26 | — | −0.08 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −16.95 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KDK Kodiak AI, Inc. | −16.9× |
| TLS Telos Corporation compare | −5.0× |
| NUAI New Era Energy & Digital, Inc. compare | −4.0× |
| PSFE Paysafe Limited compare | −2.9× |
| IMXI INTERNATIONAL MONEY EXPRESS, INC. compare | −2.6× |
| AIOT PowerFleet, Inc. compare | −2.5× |
| XNET Xunlei Limited compare | 3.5× |
| QIWI QIWI PLC compare | 10.8× |
| SUPX SuperX AI Technology Limited compare | 48.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI