FRSH // Freshworks Inc.

DES <GO> NASDAQ CIK 0001544522 ↗

Technology • Computer Software: Prepackaged Software

$15.01 ▼ -0.37 (-2.41%)

MKT CAP: $3.92B • VOL: 3.75M

52W L $7 52W H $16

ALTMAN Z

2.02 GREY

PIOTROSKI

9 / 9

FRSH // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 66/100 [C+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C+

RQD CONFIDENCE

66 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Upper Neutral / Watch for Breakout

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF +56.2% vs NI +200% • ROIC-WACC -8.3% • Z 2.02

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON FRSH)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 84/100 Z-SCORE: +2.57σ

FRSH Accounting Gap: Net Income (+220%) Outpaced OCF (+50.9%) With +-34.7% Working-Capital Build

CASH CONVERSION GAP

+169.1% (NI vs OCF)

RECEIVABLES / WC BLOAT

-34.7% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Freshworks Inc. (FRSH) exposes a +169.1% Cash Conversion Gap as YoY Net Income growth (+220.0%) diverged from Operating Cash Flow growth (+50.9%). Non-cash current assets and receivables expanded -34.7% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

FRSH // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +80.39%▲ ASCENDING CHANNEL

2026-10-30O $14.95H $15.09L $14.56C $14.72VOL 4.98M

RES: $15.66SUP: $13.12SMA50: $13.43SMA200: $10.43

FRSH // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 48/100

BEAR 0

100 BULL

Freshworks Inc. (FRSH) exhibits 85.0% gross margins and 1.5% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 95.0x enterprise multiple and 7.5% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 85.0% gross profitability converts into 1.6% operating margin and 1.5% ROIC, outpacing sector cost of capital.

ROIC: 1.5% // GM: 85.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +16.4% paired with 6.04% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +16.4% // FCF YLD: 6.04%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.02 and Piotroski F-Score of 9/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.02 // F-SCORE: 9/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 21.3x trailing P/E (17.9x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 21.3x // EV/EBITDA: 95.0x

02. Options Skew & Event Volatility Risk

Options market prices a ±7.5% implied move with a 0.98 put/call ratio around $15.00 max pain.

IMPL MOVE: ±7.5% // P/C: 0.98

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend 21.9% net margins.

NET MARGIN: 21.9% // D/E: 0.23x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 17.9x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.19).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 21.3x

FORWARD P/E 17.9x

EV / EBITDA 95.0x

FCF YIELD 6.04%

GROSS MARGIN 85.0%

OPERATING MARGIN 1.6%

NET MARGIN 21.9%

ROIC % 1.5%

REV GROWTH YOY +16.4%

DILUTED EPS TTM $0.70

DEBT / EQUITY 0.23x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 56.9

5Y EQUITY BETA 1.19

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // FRSHPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $13.73

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for FRSH & activate live FRED threshold breach alerts.

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