Aurora Innovation
AUR on Nasdaq. Aurora sells self-driving systems for trucks and passenger vehicles to vehicle makers. Market value $5.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.72 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -37 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.75 a share, 60% above its 1-year low
Over the past year the price has ranged from $3.60 to $8.56.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $82m | $68m | $0 | $0 | $3m |
| Operating margin | |||||
| Operating margin | -891.5% | -2723.5% | n/a | n/a | -30033.3% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 1.12bn | 1.17bn | 1.53bn | 1.73bn | 1.94bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.00× equity
- Revenue growth, five yearsShrinking, 56.3% a year
- Buying back its own sharesNo, 73% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 million last quarter, up 100% on a year ago.
- A loss of $270 million, compared with a loss of $201 million a year ago.
- It loses 19400 cents on each $1 of sales, compared with 83600 cents a year earlier.
- Over the past 12 months it spent $751 million more cash than it brought in, compared with $601 million a year earlier.
- 11% more shares than a year ago. Each share owns a bit less of the company.
- It has $136 million more cash than debt, down from $206 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $0 |
| December 2024 | $0 |
| March 2025 | $0 |
| June 2025 | $1m |
| September 2025 | $1m |
| December 2025 | $1m |
| March 2026 | $1m |
| June 2026 | $2m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$208m |
| December 2024 | -$193m |
| March 2025 | -$208m |
| June 2025 | -$201m |
| September 2025 | -$201m |
| December 2025 | -$206m |
| March 2026 | -$223m |
| June 2026 | -$270m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 455 funds in all.
- Third PointDan Loeb
- Value
- $7m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $7m | 0.2% | |
| Polen CapitalDan Davidowitz | $221,786 | <0.1% | New |
Largest holders overall
- T. Rowe Price Investment Management$2.0bnAdded
- Uber Technologies$1.8bnCut
- Morgan Stanley$1.5bnAdded
- Vanguard Portfolio Management$569mCut
- Capital Research Global Investors$566m
- Capital International Investors$529mNew
- Vanguard Capital Management$475m
- BlackRock$467mAdded
- Baillie Gifford$376mCut
- Bank of America$160mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- T. Rowe Price Investment Management, Inc.Passive investor18.1%+1.0 ptsSince 30 June 2026
- Morgan StanleyPassive investorat least 11.0%+1.0 pts(filed with 1 related holder)Since 30 June 2026
- 9.2%−1.7 ptsSince 15 September 2026
What they said
Item 4 is hereby amended and supplemented as follows: On September 15, 2026, Neben Holdings, LLC, a wholly-owned subsidiary of the Reporting Person, sold 29,369,611 shares of Class A Common Stock to a financial institution in a block sale transaction at a price per share of…
Read the filing - Vanguard Portfolio ManagementPassive investor5.4%Since 31 March 2026
- Capital Research Global InvestorsPassive investor5.0%Since 31 March 2026
- BAILLIE GIFFORD & COPassive investorSold down below 5%Since 31 March 2026
- Toyota Motor CorporationPassive investorSold down below 5%Since 18 October 2024
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
- Index Venture Growth Associates III LimitedPassive investorSold down below 5%Since 5 August 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Investment Management, Inc. Passive investor | 18.1%+1.0 pts | 30 June 2026 | |
Morgan Stanley Passive investor | at least 11.0%+1.0 pts (filed with 1 related holder) | 30 June 2026 | |
9.2%−1.7 pts | 15 September 2026 | What they saidItem 4 is hereby amended and supplemented as follows: On September 15, 2026, Neben Holdings, LLC, a wholly-owned subsidiary of the Reporting Person, sold 29,369,611 shares of Class A Common Stock to a financial institution in a block sale transaction at a price per share of… Read the filing | |
Vanguard Portfolio Management Passive investor | 5.4% | 31 March 2026 | |
Capital Research Global Investors Passive investor | 5.0% | 31 March 2026 | |
BAILLIE GIFFORD & CO Passive investor | Sold down below 5% | 31 March 2026 | |
Toyota Motor Corporation Passive investor | Sold down below 5% | 18 October 2024 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 | |
Index Venture Growth Associates III Limited Passive investor | Sold down below 5% | 5 August 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $1m of shares on the open market. 2 sold $99m.
- Volpi MichelangeloDirectorSold
- Date
- 17 August 2026
- Shares
- 2,842,682
- Price
- $7.00
- Value
- $20m
- Volpi MichelangeloDirectorSold
- Date
- 13 August 2026
- Shares
- 22,501
- Price
- $7.01
- Value
- $157,698
- Volpi MichelangeloDirectorSold
- Date
- 12 August 2026
- Shares
- 14,916
- Price
- $7.00
- Value
- $104,422
- Volpi MichelangeloDirectorSold
- Date
- 11 August 2026
- Shares
- 1,441,849
- Price
- $6.99
- Value
- $10m
- Volpi MichelangeloDirectorSold
- Date
- 10 August 2026
- Shares
- 34,701
- Price
- $7.00
- Value
- $242,921
- Volpi MichelangeloDirectorSold
- Date
- 7 August 2026
- Shares
- 1,854,322
- Price
- $7.05
- Value
- $13m
- Volpi MichelangeloDirectorSold
- Date
- 5 August 2026
- Shares
- 179,782
- Price
- $7.07
- Value
- $1m
- Wehner David M.DirectorBought
- Date
- 11 June 2026
- Shares
- 82,500
- Price
- $6.04
- Value
- $498,300
- Hoffman ReidDirectorSold
- Date
- 28 May 2026
- Shares
- 1,202,354
- Price
- $7.27
- Value
- $9m
- Hoffman ReidDirectorSold
- Date
- 18 May 2026
- Shares
- 347,646
- Price
- $7.51
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | Volpi Michelangelo Director | Sold | 2,842,682 | $7.00 | $20m |
| 13 August 2026 | Volpi Michelangelo Director | Sold | 22,501 | $7.01 | $157,698 |
| 12 August 2026 | Volpi Michelangelo Director | Sold | 14,916 | $7.00 | $104,422 |
| 11 August 2026 | Volpi Michelangelo Director | Sold | 1,441,849 | $6.99 | $10m |
| 10 August 2026 | Volpi Michelangelo Director | Sold | 34,701 | $7.00 | $242,921 |
| 7 August 2026 | Volpi Michelangelo Director | Sold | 1,854,322 | $7.05 | $13m |
| 5 August 2026 | Volpi Michelangelo Director | Sold | 179,782 | $7.07 | $1m |
| 11 June 2026 | Wehner David M. Director | Bought | 82,500 | $6.04 | $498,300 |
| 28 May 2026 | Hoffman Reid Director | Sold | 1,202,354 | $7.27 | $9m |
| 18 May 2026 | Hoffman Reid Director | Sold | 347,646 | $7.51 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 56.3% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.