CS Disco, Inc.
LAW Technology Software Application
CS Disco, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $156.8 million, up 8.29% from fiscal 2024. In the quarter to June 2026, revenue grew 13.2%, EPS grew 27.8%, free cash flow grew 57.2% and total debt fell 46.8%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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CS Disco, Inc. (LAW) Piotroski F-score
CS Disco, Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 2.00 |
| FY2024 | 3 | (1.00) |
| FY2023 | 4 | 2.00 |
| FY2022 | 2 | (3.00) |
| FY2021 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (25.07%) | (27.08%) | Fail | 0 |
| Positive operating cash flow | (14.94m) | (8.75m) | Fail | 0 |
| Rising return on assets | (25.07%) | (27.08%) | Pass | 1 |
| Cash flow above net income | 29.44m | 47.03m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 3.78 | 6.11 | Fail | 0 |
| No new shares issued | 61,721,000 | 60,212,000 | Fail | 0 |
| Rising gross margin | 74.86% | 74.17% | Pass | 1 |
| Rising asset turnover | 0.89 | 0.70 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| API Agora, Inc. Sponsored ADR compare | 7 |
| GLOO Gloo Holdings, Inc. compare | 6 |
| EGHT 8x8 Inc compare | 6 |
| CMRC Commerce.com, Inc. compare | 6 |
| LAW CS Disco, Inc. | 5 |
| HKD AMTD Digital Inc. Sponsored ADR compare | 5 |
| CURR Currenc Group Inc. compare | 5 |
| QH Quhuo Limited Sponsored ADR compare | 2 |
| PLTS Platinum Analytics Cayman Limited compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover