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CS Disco, Inc. (LAW) stock

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NYSE: LAW NYSE Application Software Next results ~November 4, 2026

C Fundamentals grade

CS Disco, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.1

Valuation models combined (2)

Base case. Range ~$2.3–$4.9. Weighted average of 2 models (growth cash-flow model, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

CS Disco, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders6 buying, 5 selling11 purchases and 22 sales by directors and officers, last 12 monthsInsider trades
  • Funds65 adding, 48 cuttingOf 21 active managers that changed their stake, 15 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter CS Disco files

Where CS Disco stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $167m, up 12.9% on a year earlier, faster than the 11.1% growth a quarter earlier. Free-cash-flow margin rose to -9.8% from -12.4% a year earlier. Operating margin widened to -25.7% from -41.5%. The diluted share count is up 4.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $5.05 a share, against a share price of $5.26.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

CS Disco, Inc.'s trailing-twelve-month revenue grew 12.9% year on year, with a free-cash-flow margin of -9.8%.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 11.0% while net income grew 28.5%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 15.8 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -25.7%: costs exceed revenue.
  • Burning cash. Free cash flow was -9.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 76% and a beta of 0.3 against the S&P 500.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.06 against an average estimate of -$0.06: beat by 5.3%
Revenue
$43m, up 13.2% on a year earlier
Share reaction
+4.1% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
software revenue $38.1m to $39.1m (Third quarter of 2026); total revenue $43.75m to $45.75m (Third quarter of 2026)
Next report
November 4, 2026; average EPS estimate -$0.02

CS Disco's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.7%
  • 1 week+3.0%
  • 1 month+23.2%
  • This year-33.6%
  • 1 year-18.5%
  • 5 years-90.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$167M
Operating margin
-25.7%
Net margin
-24.2%
EPS (TTM, diluted)
$-0.64

Growth

Revenue growth
+12.9%
Change in growth rate
+1.8 pts
Share count change
+4.8%

Cash

Free cash flow (TTM)
-$16.4M
FCF margin
-9.8%
Stock pay % of revenue
13.6%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

CS Disco, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value CS Disco, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.3 ~$1.7–$2.7 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.9 ~$5.8–$16 Left out: out of range vs price (0.17x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$4.9 ~$4.1–$6.0 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.1 ~$2.3–$4.9 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare CS Disco, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$35.75$6.32$7.59$4.99$7.76$5.15
Market value$1.2bn$371m$456m$300m$479m$326m
+ Net debt (− = net cash)−$255m−$203m−$160m−$53m−$20m−$11m
Enterprise value$932m$168m$297m$248m$459m$315m
Multiples
Price / sales 10.4x2.7x3.3x2.1x3.1x2.0x
Price / earnings ——————
Price / free cash flow ——————
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

30 /100

Weak moat

How hard CS Disco's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Cash operating profit has been a median 5.9% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 74.4%, moving by 1.3 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -31.7%; its worst year was -59.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -17.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $45m and EPS of −$0.02 (range −$0.02 to −$0.01) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.13 +22% $176m +12%
Next −$0.03 +75% $194m +11%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.8% on 90 days ago. In the last 30 days, 0 analysts raised CS Disco, Inc.'s forecast and 3 cut it.

Consensus EPS forecast CS Disco, Inc., last 90 days
−$0.15 −$0.10 −$0.05 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.14 Current fiscal year, 60 days ago: −$0.14 Current fiscal year, 30 days ago: −$0.14 Current fiscal year, 7 days ago: −$0.14 Current fiscal year, Now: −$0.13 −$0.13 Next fiscal year, 90 days ago: −$0.03 Next fiscal year, 60 days ago: −$0.03 Next fiscal year, 30 days ago: −$0.03 Next fiscal year, 7 days ago: −$0.03 Next fiscal year, Now: −$0.03 −$0.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.14−$0.03
60 days ago −$0.14−$0.03
30 days ago −$0.14−$0.03
7 days ago −$0.14−$0.03
Now −$0.13−$0.03

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.06 −$0.06 +5.3%
Mar 2026 −$0.09 −$0.07 +19.2%
Dec 2025 −$0.05 −$0.04 +20.0%
Sept 2025 −$0.07 −$0.01 +85.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Total revenue Fiscal year 2026 $172m to $179m New
    “Total revenue in the range of $172.0 million - $179.0 million.” source
  • Total revenue Third quarter of 2026 $43.75m to $45.75m New
    “Total revenue in the range of $43.75 million - $45.75 million.” source
  • Software revenue Fiscal year 2026 $148m to $153m New
    “Software revenue in the range of $147.5 million - $152.5 million.” source
  • Adjusted EBITDA Fiscal year 2026 $-8m to $-5m Non-GAAP New
    “Adjusted EBITDA in the range of $(8.0) million - $(5.0) million.” source
  • Software revenue Third quarter of 2026 $38.1m to $39.1m New
    “Software revenue in the range of $38.1 million - $39.1 million.” source
  • Adjusted EBITDA Third quarter of 2026 $-1.75m to $-0.25m Non-GAAP New
    “Adjusted EBITDA in the range of $(1.75) million - $(0.25) million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 20261113

Counts of recommendations published by analysts covering CS Disco, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.3%
of tradable shares
Days to cover
9.34
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
76%
of shares
Held by insiders
23.3%
of shares
Employees
577
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −18.5%

$6.32 on October 31, 2025 to $5.15

ThenNowEffect
Revenue (last 12 months) $148m $167m +12.9%
P/S multiple 2.6x 2.0x −24.4%
Share count 60m 63m −4.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −14.5%

$6.02 on November 3, 2023 to $5.15

ThenNowEffect
Revenue (last 12 months) $134m $167m +24.3%
P/S multiple 2.7x 2.0x −26.8%
Share count 59m 63m −6.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
LAW−82%+20%−34%+56%−34%
Industry peers (median)−50%+19%+2%−21%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
LAW25%42%50%58%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
LAW−86%−51%−42%−38%−64%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 21, 2021: 96% from September 8, 2021 to February 25, 2026. Getting back needed a 2287% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.76 – $8.91
From 52-week high
−42.2%
vs 50-day average
+16.5%
vs 200-day average
+22.4%
Volatility (1 year)
76%
Beta vs S&P 500
0.34

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.2%
After a week
6 up, 6 down
typical move ±12.9%
After a month
7 up, 5 down
typical move ±16.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +4.1% −0.4% +3.4% +4.8%
May 6, 2026 −13.4% +1.1% −24.0% −18.6%
February 25, 2026 −8.6% +0.3% +28.5% +23.9%
November 5, 2025 +13.9% −0.7% +19.2% +24.5%
August 6, 2025 +6.8% +0.7% +19.7% +35.5%
May 7, 2025 +12.7% +1.1% +15.3% +25.7%
February 20, 2025 +1.7% −2.1% −4.7% −13.4%
November 6, 2024 −0.5% +3.3% −3.8% −0.8%
August 8, 2024 −2.2% +2.8% −1.1% −1.3%
May 9, 2024 −14.8% +0.7% −12.7% −25.7%
February 22, 2024 −4.5% +2.1% −9.3% +7.4%
January 4, 2024 +3.1% −0.2% +12.7% +17.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

CS Disco, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) CS Disco, Inc.
$130M $140M $150M $160M $170M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $134.9M Revenue (TTM), FY23 Q4: $138.1M Revenue (TTM), FY24 Q1: $140.5M Revenue (TTM), FY24 Q2: $142.3M Revenue (TTM), FY24 Q3: $143.6M Revenue (TTM), FY24 Q4: $144.8M Revenue (TTM), FY25 Q1: $145.9M Revenue (TTM), FY25 Q2: $148M Revenue (TTM), FY25 Q3: $152.7M Revenue (TTM), FY25 Q4: $156.8M Revenue (TTM), FY26 Q1: $162.1M Revenue (TTM), FY26 Q2: $167.1M $167.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $134.9M
FY23 Q4 $138.1M
FY24 Q1 $140.5M
FY24 Q2 $142.3M
FY24 Q3 $143.6M
FY24 Q4 $144.8M
FY25 Q1 $145.9M
FY25 Q2 $148M
FY25 Q3 $152.7M
FY25 Q4 $156.8M
FY26 Q1 $162.1M
FY26 Q2 $167.1M
Revenue growth, TTM YoY CS Disco, Inc.
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -1.2% Revenue growth, TTM YoY, FY23 Q4: 2.1% Revenue growth, TTM YoY, FY24 Q1: 5.0% Revenue growth, TTM YoY, FY24 Q2: 5.8% Revenue growth, TTM YoY, FY24 Q3: 6.4% Revenue growth, TTM YoY, FY24 Q4: 4.9% Revenue growth, TTM YoY, FY25 Q1: 3.8% Revenue growth, TTM YoY, FY25 Q2: 4.1% Revenue growth, TTM YoY, FY25 Q3: 6.3% Revenue growth, TTM YoY, FY25 Q4: 8.3% Revenue growth, TTM YoY, FY26 Q1: 11.1% Revenue growth, TTM YoY, FY26 Q2: 12.9% 12.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -1.2%
FY23 Q4 2.1%
FY24 Q1 5.0%
FY24 Q2 5.8%
FY24 Q3 6.4%
FY24 Q4 4.9%
FY25 Q1 3.8%
FY25 Q2 4.1%
FY25 Q3 6.3%
FY25 Q4 8.3%
FY26 Q1 11.1%
FY26 Q2 12.9%
Operating margin (TTM) CS Disco, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -46.1% Operating margin (TTM), FY23 Q4: -36.1% Operating margin (TTM), FY24 Q1: -28.4% Operating margin (TTM), FY24 Q2: -24.8% Operating margin (TTM), FY24 Q3: -30.1% Operating margin (TTM), FY24 Q4: -42.6% Operating margin (TTM), FY25 Q1: -42.5% Operating margin (TTM), FY25 Q2: -41.5% Operating margin (TTM), FY25 Q3: -42.6% Operating margin (TTM), FY25 Q4: -30.7% Operating margin (TTM), FY26 Q1: -28.1% Operating margin (TTM), FY26 Q2: -25.7% -25.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -46.1%
FY23 Q4 -36.1%
FY24 Q1 -28.4%
FY24 Q2 -24.8%
FY24 Q3 -30.1%
FY24 Q4 -42.6%
FY25 Q1 -42.5%
FY25 Q2 -41.5%
FY25 Q3 -42.6%
FY25 Q4 -30.7%
FY26 Q1 -28.1%
FY26 Q2 -25.7%
FCF margin (TTM) CS Disco, Inc.
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -31.4% FCF margin (TTM), FY23 Q4: -22.0% FCF margin (TTM), FY24 Q1: -16.2% FCF margin (TTM), FY24 Q2: -10.8% FCF margin (TTM), FY24 Q3: -7.8% FCF margin (TTM), FY24 Q4: -8.0% FCF margin (TTM), FY25 Q1: -10.0% FCF margin (TTM), FY25 Q2: -12.4% FCF margin (TTM), FY25 Q3: -10.9% FCF margin (TTM), FY25 Q4: -11.5% FCF margin (TTM), FY26 Q1: -11.9% FCF margin (TTM), FY26 Q2: -9.8% -9.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -31.4%
FY23 Q4 -22.0%
FY24 Q1 -16.2%
FY24 Q2 -10.8%
FY24 Q3 -7.8%
FY24 Q4 -8.0%
FY25 Q1 -10.0%
FY25 Q2 -12.4%
FY25 Q3 -10.9%
FY25 Q4 -11.5%
FY26 Q1 -11.9%
FY26 Q2 -9.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 68 114 135 138 145 157 167
Gross profit 48 83 101 103 107 117 125
EBITDA −21 −22 −69 −46 −58 −44 −40
Operating income −23 −24 −72 −50 −62 −48 −43
Net income −23 −24 −71 −42 −56 −44 −40
Diluted EPS −$1.74 −$0.73 −$1.20 −$0.70 −$0.93 −$0.72 −$0.64
Growth (year on year)
Revenue — +67.1% +18.2% +2.1% +4.9% +8.3% +12.9%
Margins
Gross margin 70.1% 72.8% 74.7% 74.7% 74.2% 74.9% 74.8%
EBITDA margin −30.5% −19.4% −50.9% −33.1% −39.9% −28.3% −23.6%
Operating margin −32.9% −20.8% −53.1% −36.1% −42.6% −30.7% −25.7%
Net margin −33.4% −21.3% −52.3% −30.5% −38.5% −28.3% −24.2%
Free-cash-flow margin −36.0% −21.6% −37.3% −22.0% −8.0% −11.5% −9.8%
Cash flow
Cash from operations −23 −22 −46 −26 −9 −15 −13
Capital spending 2 3 4 5 3 3 3
Free cash flow −25 −25 −50 −30 −12 −18 −16
Stock-based pay 2 6 22 16 22 24 23
Free cash flow after stock pay −27 −30 −72 −47 −34 −42 −39
Balance sheet
Cash 59 255 203 160 53 20 11
Total debt 0 0 0 0 0 0 0
Net debt (negative = net cash) −59 −255 −203 −160 −53 −20 −11
Diluted shares 13m 33m 59m 60m 60m 62m 63m
Returned to shareholders
Buybacks 0 0 0 0 0 0 0
Total returned 0 0 0 0 0 0 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $161m
Short-term assets $142mLonger-term assets $20m
What it owes, and who funded it · $161m
Short-term liabilities $38mLonger-term liabilities $4mShareholders' equity $120m
  • Short-term assets cover short-term liabilities $142m of assets due within a year against $38m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $142m short-term assets against $4m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From CS Disco, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$364,000
Returned to shareholders
-2%
of free cash flow
Buybacks, last 3 fiscal years
$321,000
Diluted share count
+4.8%
year over year
Total shareholder yield
0.1%
dividends 0.0% + buybacks 0.1% of market value
R&D spending
34.7%
of revenue
Days sales outstanding
61 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated LAW BLZE KLTR SMRT STEM LGCL Median
Revenue, last 12 months $167m $166m $181m $151m $148m $145m $482m
Revenue growth, last 12 months 12.9% 16.9% −0.2% −2.8% −5.1% −1.9% 12.0%
Revenue growth, 3-year average 7.5% 19.9% 1.6% −9.9% −29.1% — 11.1%
Revenue growth, latest quarter 13.2% 25.5% 5.5% 4.0% −12.3% — 11.9%
Gross margin 74.8% 62.5% 72.0% 36.4% 41.5% 33.8% 69.2%
Operating margin −25.7% −9.7% −1.5% −14.9% −29.1% 1.9% 1.1%
Operating margin, 3-year average −30.7% −22.8% −9.0% −26.7% −127.3% — −0.8%
Net margin −24.2% −11.5% −6.9% −13.0% −49.4% 0.9% 2.1%
Cash from operations / revenue −7.8% 19.4% 6.4% −0.5% 7.9% 3.4% 18.2%
Free-cash-flow margin −9.8% 16.6% 6.2% −0.7% 7.9% −4.6% 15.0%
Free-cash-flow margin, 3-year average −11.0% 11.5% 4.8% −9.8% −7.1% — 16.2%
Stock pay / revenue 13.6% 18.1% 8.5% 6.7% 5.4% — 9.3%
Change in share count 4.8% 12.0% 6.0% −1.4% — 21.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 12.9% 12.0% 88 of 184
Change in growth rate Growth +1.8pp +0.2pp 59 of 184
Gross margin Profitability 74.8% 69.8% 60 of 160
Operating margin Profitability -25.7% 1.1% 136 of 181
Net margin Profitability -24.2% 2.1% 138 of 185
Free-cash-flow margin Cash generation -9.8% 15.2% 139 of 180
Stock pay as % of revenue Cash generation 13.6% 9.3% 119 of 177
Change in share count Balance sheet 4.8% 1.7% 105 of 163
Days sales outstanding Balance sheet 61 days 57 days 92 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Software $134M 85.4% ▲ 11.5%
Services $22.8M 14.6% ▼ 7.5%
Geography
Region Revenue Share YoY
United States $144M 91.6% ▲ 8.3%
Outside the US $13.2M 8.4% ▲ 8.3%

From CS Disco, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$134M
Institutions reporting
119
Shares held vs prior quarter
▼ 0.5%
Positions opened / closed
16 / 17

Top buyers and sellers, Q2 2026: 65 institutions bought and 48 sold ; the biggest buyer was Blackrock, Inc (+281K shares) and the biggest seller Topline Capital Management, LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Deer Management Co. LLC $32.7M 8.7M 24.4% 0.0%
Stephens Group, LLC $29.5M 7.8M 22.0% 0.0%
Blackrock, Inc. $7.6M 2.0M 5.7% ▲ 16.2%
Topline Capital Management, LLC $5.5M 1.5M 4.1% ▼ 44.1%
Solel Partners LP $4.5M 1.2M 3.4% ▲ 13.7%
Lakewood Capital Management, LP $4.2M 1.1M 3.1% 0.0%
Vanguard Capital Management LLC $4.1M 1.1M 3.1% ▲ 1.6%
AQR Capital Management LLC $3.4M 901K 2.5% ▲ 44.6%
Vanguard Portfolio Management LLC $3.1M 811K 2.3% ▲ 7.4%
Formula Growth Ltd $3M 800K 2.3% 0.0%
Geode Capital Management, LLC $2.6M 694K 2.0% ▲ 26.4%
Dimensional Fund Advisors LP $2.5M 672K 1.9% ▼ 14.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not CS Disco, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $3.8M 11 trades by 6 insiders, last 12 months Insider sales History → $862,698 22 trades by 5 insiders · 0% under pre-set plans
Net ▲ $2.9M net buying
Insider Date Trade Shares Price Value
Crum Richard Francis EVP, Chief Prod & Tech Officer August 17, 2026 Sell 7,426 $4.18 $31,041
Garcia Susan GC & Chief Compliance Officer August 17, 2026 Sell 6,840 $4.18 $28,591
Antoon Melanie EVP, Chief Customer Officer August 17, 2026 Sell 8,514 $4.18 $35,589
Herckis Karen EVP, Chief HR Officer August 17, 2026 Sell 8,487 $4.18 $35,476
Friedrichsen Eric Chief Executive Officer August 10, 2026 Buy 7,500 $4.26 $31,950
Herckis Karen EVP, Chief HR Officer May 18, 2026 Sell 8,562 $3.61 $30,909
Garcia Susan GC & Chief Compliance Officer May 18, 2026 Sell 6,972 $3.61 $25,169
Crum Richard Francis EVP, Chief Prod & Tech Officer May 18, 2026 Sell 7,492 $3.61 $27,046
Antoon Melanie EVP, Chief Customer Officer May 18, 2026 Sell 8,590 $3.61 $31,010
Friedrichsen Eric Chief Executive Officer May 8, 2026 Buy 9,000 $3.97 $35,730
Hill Scott A Director March 3, 2026 Buy 8,918 $3.73 $33,264
Hill Scott A Director March 2, 2026 Buy 41,082 $3.31 $135,981

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 25, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on CS Disco, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

CS Disco, Inc. in brief

What does CS Disco, Inc. do?
CS Disco, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is CS Disco, Inc.'s stock ticker?
CS Disco, Inc. trades under the ticker LAW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is CS Disco, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, CS Disco, Inc. reported revenue of $167M, 12.9% higher than a year earlier, according to its SEC filings.
What is CS Disco, Inc.'s free cash flow?
CS Disco, Inc.'s free-cash-flow margin is -9.8% of revenue over the trailing twelve months, ranking 139 of the 180 application software companies we cover.
Who are CS Disco, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Deer Management Co. LLC, Stephens Group, LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is CS Disco, Inc. buying back stock, and does it pay a dividend?
CS Disco, Inc. spent $364,000 on share repurchases over the trailing twelve months, and its diluted share count still rose 4.8% over the year.
What is CS Disco, Inc.'s market cap?
On November 2, 2026, CS Disco, Inc.'s market capitalisation was about $326M and net debt of -$10.9M. Market figures come from third-party market data and may be delayed.
Who are CS Disco, Inc.'s competitors?
In our Application Software peer group, the companies closest to CS Disco, Inc. are Backblaze, Inc., Kaltura Inc, Smartrent, Inc., Stem, Inc. and Lucas GC Ltd. The side-by-side comparison below sets their revenue, margins and growth against CS Disco, Inc.'s.
Are insiders buying or selling CS Disco, Inc. stock?
Over the last 12 months, CS Disco, Inc.'s directors and officers reported 11 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is CS Disco, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — CS Disco, Inc. announces its own schedule.