LAW NYSE Services-Prepackaged Software Financials FY2020βFY2025
CS Disco, Inc. had $157M of revenue in fiscal 2025, up 8.3% on the year before. Over five years, revenue changed +18.0% a year on average.
Last close Β· Oct 23, 2026
$5.07
2.8%Hi! I read CS Disco, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+8.3%
Yes. Sales grew 8.3% last year.
Does it make a profit?
β28.3%
No. It lost money last year.
Does profit turn into cash?
β11.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· CS Disco, Inc. had $157M of revenue in fiscal 2025, up 8.3% on the year before. Over five years, revenue changed +18.0% a year on average. Its operating margin was β30.7%, up 11.9Β pts: of every 100 in sales, about β31 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· CS Disco, Inc. lost $44.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$18.0M in fiscal 2025, β11.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· CS Disco, Inc. returned $0.1M to shareholders in fiscal 2025. The diluted share count rose 2.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $3.8M and sold $0.9M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$3.8M
6 insiders
Sold, 12 months
$0.9M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | Karen HerckisEVP, Chief HR Officer | Sold | 8,487 | $4.18 | $0.0M | Form 4 |
| Aug 17, 2026 | Melanie AntoonEVP, Chief Customer Officer | Sold | 8,514 | $4.18 | $0.0M | Form 4 |
| Aug 17, 2026 | Richard Francis CrumEVP, Chief Prod & Tech Officer | Sold | 7,426 | $4.18 | $0.0M | Form 4 |
| Aug 17, 2026 | Susan GarciaGC & Chief Compliance Officer | Sold | 6,840 | $4.18 | $0.0M | Form 4 |
| Aug 10, 2026 | Eric FriedrichsenChief Executive Officer, Director | Bought | 7,500 | $4.26 | $0.0M | Form 4 |
| May 18, 2026 | Karen HerckisEVP, Chief HR Officer | Sold | 8,562 | $3.61 | $0.0M | Form 4 |
| May 18, 2026 | Richard Francis CrumEVP, Chief Prod & Tech Officer | Sold | 7,492 | $3.61 | $0.0M | Form 4 |
| May 18, 2026 | Susan GarciaGC & Chief Compliance Officer | Sold | 6,972 | $3.61 | $0.0M | Form 4 |
| May 18, 2026 | Melanie AntoonEVP, Chief Customer Officer | Sold | 8,590 | $3.61 | $0.0M | Form 4 |
| May 8, 2026 | Eric FriedrichsenChief Executive Officer, Director | Bought | 9,000 | $3.97 | $0.0M | Form 4 |
| Mar 3, 2026 | Scott A HillDirector | Bought | 8,918 | $3.73 | $0.0M | Form 4 |
| Mar 2, 2026 | Scott A HillDirector | Bought | 41,082 | $3.31 | $0.1M | Form 4 |
| Mar 2, 2026 | Karen HerckisEVP, Chief HR Officer | Sold | 3,978 | $3.24 | $0.0M | Form 4 |
| Mar 2, 2026 | Richard Francis CrumEVP, Chief Prod & Tech Officer | Sold | 6,262 | $3.24 | $0.0M | Form 4 |
| Mar 2, 2026 | Susan GarciaGC & Chief Compliance Officer | Sold | 5,956 | $3.24 | $0.0M | Form 4 |
| Mar 2, 2026 | Melanie AntoonEVP, Chief Customer Officer | Sold | 4,882 | $3.24 | $0.0M | Form 4 |
| Feb 27, 2026 | Robert P GoodmanDirector | Bought | 1,026,700 | $3.19 | $3.3M | Form 4 |
| Feb 27, 2026 | Eric FriedrichsenChief Executive Officer, Director | Bought | 15,500 | $2.90 | $0.0M | Form 4 |
| Feb 27, 2026 | Krishna SrinivasanDirector | Bought | 40,000 | $3.25 | $0.1M | Form 4 |
| Feb 26, 2026 | Krishna SrinivasanDirector | Bought | 5,000 | $2.77 | $0.0M | Form 4 |
| Feb 17, 2026 | Melanie AntoonEVP, Chief Customer Officer | Sold | 9,289 | $3.07 | $0.0M | Form 4 |
| Feb 17, 2026 | Susan GarciaGC & Chief Compliance Officer | Sold | 3,743 | $3.07 | $0.0M | Form 4 |
| Feb 17, 2026 | Richard Francis CrumEVP, Chief Prod & Tech Officer | Sold | 6,508 | $3.07 | $0.0M | Form 4 |
| Feb 17, 2026 | Karen HerckisEVP, Chief HR Officer | Sold | 8,171 | $3.07 | $0.0M | Form 4 |
| Feb 9, 2026 | James OfferdahlDirector | Bought plan | 3,000 | $3.99 | $0.0M | Form 4 |
| Dec 10, 2025 | Melanie AntoonEVP, Chief Customer Officer | Sold | 20,000 | $8.71 | $0.2M | Form 4 |
| Nov 17, 2025 | Michael LafairEVP, Chief Financial Officer | Sold | 15,214 | $6.59 | $0.1M | Form 4 |
| Nov 17, 2025 | Susan GarciaGC & Chief Compliance Officer | Sold | 11,162 | $6.59 | $0.1M | Form 4 |
| Nov 17, 2025 | Richard Francis CrumEVP, Chief Prod & Tech Officer | Sold | 4,779 | $6.59 | $0.0M | Form 4 |
| Nov 17, 2025 | Melanie AntoonEVP, Chief Customer Officer | Sold | 7,071 | $6.59 | $0.0M | Form 4 |
| Nov 17, 2025 | Karen HerckisEVP, Chief HR Officer | Sold | 5,826 | $6.59 | $0.0M | Form 4 |
| Nov 10, 2025 | Eric FriedrichsenChief Executive Officer, Director | Bought | 6,660 | $6.68 | $0.0M | Form 4 |
| Nov 4, 2025 | Thomas F BoganDirector | Bought plan | 7,001 | $5.98 | $0.0M | Form 4 |
| Oct 20, 2025 | Thomas F BoganDirector | Bought plan | 6,929 | $5.98 | $0.0M | Form 4 |
| Oct 17, 2025 | Thomas F BoganDirector | Bought plan | 17,902 | $5.94 | $0.1M | Form 4 |
| Oct 7, 2025 | Thomas F BoganDirector | Bought plan | 13,680 | $5.95 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably CS Disco, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $255M | $203M | $160M | $129M | $115M |
| Current ratio | 15.1x | 10.2x | 8.3x | 6.1x | 3.8x |
| Quick ratio | 15.1x | 10.2x | 8.3x | 6.1x | 3.8x |
| Total assets | $287M | $256M | $232M | $180M | $174M |
| Total liabilities | $18.7M | $32.7M | $31.2M | $32.8M | $45.5M |
| Shareholders' equity | $269M | $224M | $200M | $148M | $128M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· CS Disco, Inc. passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 3 / 8 | 3 / 8 | 2 / 8 | 4 / 8 |
| Accruals ratio | β0.2% | β1.5% | β9.1% | β6.8% | β22.8% | β16.6% |
| Altman Z'' | β8.67 | 19.05 | 8.12 | 6.70 | 1.82 | β1.07 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $68.4M | $114M | $135M | $138M | $145M | $157M |
| Gross profit | $48.0M | $83.2M | $101M | $103M | $107M | $117M |
| Research and development | $26.6M | $34.4M | $59.3M | $51.6M | $51.5M | $56.6M |
| Operating income | β$22.5M | β$23.8M | β$71.8M | β$49.8M | β$61.7M | β$48.1M |
| Pretax income | β$22.8M | β$24.3M | β$70.6M | β$41.7M | β$55.4M | β$43.6M |
| Income tax | $0.1M | $0.1M | $0.2M | $0.4M | $0.3M | $0.7M |
| Net income | β$22.9M | β$24.3M | β$70.8M | β$42.2M | β$55.8M | β$44.4M |
| Net income to common | β$23.0M | β$24.4M | β$70.8M | β$42.2M | β$55.8M | β$44.4M |
| Diluted EPS | β$1.74 | β$0.73 | β$1.20 | β$0.70 | β$0.93 | β$0.72 |
| Diluted shares | 0.01B | 0.03B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||||
| Cash from operations | β$22.7M | β$21.6M | β$46.0M | β$25.5M | β$8.7M | β$14.9M |
| Capital expenditure | $1.9M | $3.1M | $4.4M | $4.9M | $2.8M | $3.1M |
| Free cash flow | β$24.6M | β$24.7M | β$50.4M | β$30.4M | β$11.5M | β$18.0M |
| Depreciation and amortization | $1.6M | $1.7M | $3.0M | $4.2M | $3.9M | $3.7M |
| Stock-based compensation | $2.0M | $5.6M | $21.7M | $16.2M | $22.3M | $24.5M |
| Acquisitions | β | $0.0M | $5.3M | $1.2M | $0.0M | β |
| Share buybacks | $0.1M | $0.5M | $0.3M | $0.1M | $0.1M | $0.1M |
| Dividends and buybacks | $0.1M | $0.5M | $0.3M | $0.1M | $0.1M | $0.1M |
| Balance sheet | ||||||
| Cash and short-term investments | $58.6M | $255M | $203M | $160M | $129M | $115M |
| Finance lease liabilities | β | β | β | $0.2M | $0.2M | $0.1M |
| Current assets | $72.8M | $281M | $232M | $192M | $157M | $153M |
| Current liabilities | $12.2M | $18.6M | $22.8M | $23.1M | $25.7M | $40.4M |
| Goodwill | β | $0.0M | $5.9M | $5.9M | $5.9M | $5.9M |
| Intangible assets | β | $0.0M | $1.0M | $0.7M | $0.4M | $0.2M |
| Total assets | $79.1M | $287M | $256M | $232M | $180M | $174M |
| Total liabilities | $13.2M | $18.7M | $32.7M | $31.2M | $32.8M | $45.5M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$94.9M | $269M | $224M | $200M | $148M | $128M |
| Margins | ||||||
| Gross margin | 70.1% | 72.8% | 74.7% | 74.7% | 74.2% | 74.9% |
| Operating margin | β32.9% | β20.8% | β53.1% | β36.1% | β42.6% | β30.7% |
| EBITDA margin | β30.5% | β19.4% | β50.9% | β33.1% | β39.9% | β28.3% |
| Net margin | β33.4% | β21.3% | β52.3% | β30.5% | β38.5% | β28.3% |
| FCF margin | β36.0% | β21.6% | β37.3% | β22.0% | β8.0% | β11.5% |
| Returns | ||||||
| Return on capital employed | β33.7% | β8.9% | β30.7% | β23.9% | β39.9% | β36.1% |
| Return on equity | β | β28.0% | β28.7% | β19.9% | β32.1% | β32.2% |
| Return on assets | β28.9% | β13.3% | β26.0% | β17.3% | β27.1% | β25.1% |
| Return on tangible equity | β | β9.1% | β32.6% | β21.8% | β39.5% | β36.4% |
| Growth | ||||||
| Revenue growth | β | 67.1% | 18.2% | 2.1% | 4.9% | 8.3% |
| Share count change | β | 152.1% | 76.9% | 2.4% | 0.1% | 2.5% |
| Financial health | ||||||
| Current ratio | 6.0x | 15.1x | 10.2x | 8.3x | 6.1x | 3.8x |
| Quick ratio | 6.0x | 15.1x | 10.2x | 8.3x | 6.1x | 3.8x |
| Capital allocation | ||||||
| Capex / revenue | 2.8% | 2.7% | 3.2% | 3.5% | 1.9% | 1.9% |
| Stock comp / revenue | 2.9% | 4.9% | 16.1% | 11.7% | 15.4% | 15.6% |
| Quality scores | ||||||
| Piotroski F-score | β | 4.0 | 3.0 | 3.0 | 2.0 | 4.0 |
| Altman Z'' | β8.7 | 19.0 | 8.1 | 6.7 | 1.8 | β1.1 |
| Accruals ratio | β0.2% | β1.5% | β9.1% | β6.8% | β22.8% | β16.6% |
Source: SEC EDGAR XBRL filings (CIK 0001625641). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
