Valuation, from the filing
| Public float | $584.90M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $7.73 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / revenue | 220.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
How this compares in its industry
Percentile among the General Industrial Machinery & Equipment, NEC filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| CapEx / revenue | 1408.3% | 100th | |
| Current ratio | 18.13x | 100th | |
| FCF margin | -4435.1% | 0th | |
| Gross margin | -580.2% | 0th | |
| Net margin | -3823.5% | 0th | |
| Operating margin | -4253.8% | 0th | |
| R&D / revenue | 1707.5% | 100th | |
| SBC / revenue | 801.7% | 100th | |
| Revenue YoY growth | 46.2% | 75th |
Serve Robotics Inc. /DE/ (SERV) reported revenue of $2.65M and net income of -$101.36M for the fiscal year ended 2025-12-31. This page shows 4 annual periods of income statement, balance sheet and cash flow figures normalized from Serve Robotics Inc. /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under General Industrial Machinery & Equipment, NEC.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | $2.65M | $1.81M | $207.54K | $107.82K |
| Cost of revenue | $18.03M | $1.89M | $1.73M | $1.15M |
| Gross profit | -$15.38M | -$75.00K | -$1.52M | -$1.04M |
| Operating income | -$112.77M | -$38.29M | -$20.73M | -$20.95M |
| Net income | -$101.36M | -$39.19M | -$24.81M | -$21.86M |
| Research & development | $45.27M | $24.26M | $9.95M | $13.57M |
| Weighted-average diluted shares | shares 62.28M | shares 36.66M | shares 14.20M | shares 6.90M |
| Pretax income | -$105.02M | -$39.19M | Unavailable | Unavailable |
| Income tax expense | -$3.66M | $0 | $0 | Unavailable |
| Diluted EPS | $-1.63 | $-1.07 | $-1.75 | $-3.17 |
| Selling, general & administrative | $40.02M | $10.67M | $5.22M | $4.31M |
| General & administrative | $37.12M | $10.09M | $4.62M | $3.79M |
| Selling & marketing | $2.90M | $577.00K | $605.20K | $525.49K |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash & equivalents | $106.24M | $123.27M | $6.76K | $2.72M |
| Total assets | $367.75M | $139.60M | $2.80M | $8.54M |
| Current assets | $241.08M | $125.25M | $1.46M | $3.44M |
| Total liabilities | $17.01M | $7.92M | $6.84M | $21.00M |
| Current liabilities | $13.30M | $6.81M | $6.24M | $3.90M |
| Total equity incl. NCI | $350.74M | $131.68M | -$4.03M | -$12.45M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $0 | $310.00K | $774.35K | $618.26K |
| Accounts receivable | $851.00K | $87.00K | $2.96K | $23.70K |
| Goodwill | $15.53M | $0 | Unavailable | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $5.01M | $4.90M | $2.05M | $162.03K |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Operating cash flow | -$80.24M | -$21.54M | -$15.97M | -$21.40M |
| Capital expenditures | $37.33M | $10.25M | $4.91K | $3.64M |
| Investing cash flow | -$198.00M | -$10.32M | -$4.91K | -$4.06M |
| Financing cash flow | $261.21M | $155.12M | $13.27M | $20.21M |
| Net change in cash | -$17.03M | $123.26M | Unavailable | Unavailable |
| Stock-based compensation | $21.25M | $14.56M | $544.38K | $195.06K |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $8.21M | $310.00K | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free cash flow | -$117.58M | -$31.79M | -$15.98M | -$25.05M |
| Gross margin | -580.2% | -4.1% | -733.7% | -965.1% |
| Operating margin | -4253.8% | -2111.9% | -9987.0% | -19433.5% |
| FCF margin | -4435.1% | -1753.7% | -7697.5% | -23231.3% |
| SBC / revenue | 801.7% | 802.8% | 262.3% | 180.9% |
| Current ratio | 18.13x | 18.40x | 0.23x | 0.88x |
| Revenue YoY growth | 46.2% | 773.5% | 92.5% | Unavailable |
| Net margin | -3823.5% | -2161.7% | -11955.8% | -20270.2% |
| R&D / revenue | 1707.5% | 1337.8% | 4792.8% | 12582.0% |
| CapEx / revenue | 1408.3% | 565.5% | 2.4% | 3380.6% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open SERV in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.