CS Disco, Inc.
- Open
- 4.32
- Day high
- 4.46
- Day low
- 4.32
- Prev close
- 4.34
- Volume
- 191K
- Mkt cap
- $284M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.4
- P/S
- 1.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$99K over the last 3 months (1 open-market buy, 4 sales)
- 🏛Institutions reducing (13F)
CS Disco, Inc. (LAW) is a Technology company listed on NYSE. The stock is down 17% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 4 sales (SEC Form 4). Drillr has 1 published research article covering LAW.
CS Disco, Inc. (LAW) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LAW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $-0.06 | $-0.06 | +0.8% | $43M | +0.1% |
| May 6, 2026 | $-0.09 | $-0.07 | +19.2% | $42M | +3.9% |
| Feb 25, 2026 | $-0.05 | $-0.14 | -170.4% | $41M | +3.1% |
| Nov 5, 2025 | $-0.06 | $-0.01 | +83.3% | $41M | +2.5% |
| Aug 6, 2025 | $-0.07 | $-0.04 | +42.9% | $38M | +1.3% |
| May 7, 2025 | $-0.11 | $-0.08 | +27.3% | $37M | +1.5% |
| Feb 20, 2025 | $-0.11 | $-0.07 | +36.4% | $37M | +2.7% |
| Aug 8, 2024 | $-0.09 | $-0.07 | +22.2% | $36M | -0.9% |
| May 9, 2024 | $-0.12 | $-0.08 | +33.3% | $36M | -0.1% |
| Feb 22, 2024 | $-0.10 | $-0.01 | +90.0% | $36M | +2.1% |
| Nov 9, 2023 | $-0.12 | $-0.06 | +50.0% | $35M | -0.5% |
| Feb 23, 2023 | $-0.29 | $-0.18 | +37.9% | $33M | +3.0% |
LAW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Crum Richard Francisofficer: EVP, Chief Prod & Tech Officer | Sell | 7,426 | $4.18 |
| Aug 19, 2026 | Herckis Karenofficer: EVP, Chief HR Officer | Sell | 8,487 | $4.18 |
| Aug 19, 2026 | Antoon Melanieofficer: EVP, Chief Customer Officer | Sell | 8,514 | $4.18 |
| Aug 19, 2026 | Garcia Susanofficer: GC & Chief Compliance Officer | Sell | 6,840 | $4.18 |
| Aug 18, 2026 | Friedrichsen Ericdirector, officer: Chief Executive Officer | Tax | 44,492 | $4.40 |
| Aug 11, 2026 | Friedrichsen Ericdirector, officer: Chief Executive Officer | Buy | 7,500 | $4.26 |
| Jul 23, 2026 | Mintz Andre Ldirector | Grant | 74,442 | — |
| Jun 12, 2026 | GOODMAN ROBERT Pdirector | Grant | 41,096 | — |
| Jun 11, 2026 | BOGAN THOMAS Fdirector | Grant | 41,096 | — |
| Jun 11, 2026 | Hill Scott Adirector | Grant | 41,096 | — |
| Jun 11, 2026 | Srinivasan Krishnadirector | Grant | 41,096 | — |
| Jun 11, 2026 | Blount Susan Ldirector | Grant | 41,096 | — |
| Jun 11, 2026 | Offerdahl Jamesdirector | Grant | 41,096 | — |
| May 19, 2026 | Crum Richard Francisofficer: EVP, Chief Prod & Tech Officer | Sell | 7,492 | $3.61 |
| May 19, 2026 | Friedrichsen Ericdirector, officer: Chief Executive Officer | Tax | 44,492 | $3.83 |
Source: LAW SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full LAW insider & 13F page →CS Disco, Inc. company profile
Overview
CS Disco, Inc. (NASDAQ:LAW) is a legal technology company founded in 2012 and headquartered in Austin, Texas. The company went public in July 2021 and specializes in providing cloud-native and artificial intelligence-powered legal solutions for the legal industry. CS Disco serves a diverse client base including enterprises, law firms, legal services providers, and government entities, helping them navigate complex legal processes through advanced technology platforms.
Business
CS Disco operates in the legal technology sector, specifically focusing on ediscovery and legal document management solutions. Ediscovery, short for electronic discovery, is the process of identifying, collecting, and producing electronically stored information (ESI) in response to a request for production in a lawsuit or investigation. This process is crucial in modern litigation as most business communications and documents are now digital. The company's core offerings include three main products: 1. DISCO Ediscovery represents the company's flagship solution and generates the majority of revenue. This platform automates the traditionally manual and time-intensive ediscovery process, helping legal teams collect, process, search, review, analyze, and produce enterprise data that may be relevant to legal matters. The software uses cloud-native architecture and artificial intelligence to streamline what was historically a labor-intensive process requiring significant manual effort and specialized expertise. 2. DISCO Review is an AI-powered document review solution that helps legal professionals consistently and efficiently review large volumes of legal documents. Document review is typically one of the most expensive and time-consuming aspects of litigation, often requiring teams of attorneys to manually examine thousands or millions of documents to determine relevance and privilege. 3. DISCO Case Builder provides a collaborative platform where legal professionals can organize, search, and review witness testimony and other legal data to build compelling cases. This solution serves as a centralized workspace for case preparation and strategy development. The company's revenue is primarily divided between software revenue (approximately 85% of total revenue) and services revenue (approximately 15% of total revenue). Software revenue comes from subscription-based access to the platforms, while services revenue is generated from professional services that help clients implement and optimize their use of the technology.
Competitive moat
CS Disco possesses a moderate competitive moat built primarily around switching costs, network effects, and specialized domain expertise. The company's strongest defensive position comes from the high switching costs associated with legal technology platforms. Once law firms and corporate legal departments integrate ediscovery software into their workflows, migrating to alternative solutions requires significant time, training, and potential disruption to ongoing legal matters. Legal professionals become familiar with specific interfaces and workflows, creating user stickiness. The company also benefits from regulatory and compliance advantages. Legal data handling requires strict security protocols, chain of custody documentation, and compliance with various legal standards. CS Disco's established track record and certifications in handling sensitive legal information create barriers for new entrants who must invest significantly in compliance infrastructure and build trust with risk-averse legal professionals. However, the company's moat faces several challenges. Technology disruption represents the most significant threat, particularly from large technology companies like Microsoft, Google, and Amazon that have vast resources and existing relationships with enterprise customers. These companies could potentially integrate ediscovery capabilities into their broader enterprise software suites. Additionally, the rapid advancement of artificial intelligence and machine learning technologies means that CS Disco must continuously invest in innovation to maintain its technological edge. The legal industry's traditional conservatism provides some protection against disruption, as legal professionals tend to be cautious about adopting new technologies. However, this same conservatism can limit market expansion and growth opportunities. The company's relatively small size compared to major technology players also limits its ability to invest in research and development at the scale of larger competitors.
Risks & safety
CS Disco presents a moderate margin of safety with strong liquidity but ongoing profitability challenges. • Liquidity and Solvency: Strong cash position with $34.5 million in cash and short-term investments as of Q1 2025, down from $52.8 million in Q4 2024. Current ratio of 7.5x indicates excellent short-term liquidity. Very low debt-to-equity ratio of 0.06x suggests minimal financial leverage risk. • Cash Flow Concerns: Negative free cash flow of -$11.0 million in Q1 2025 and -$11.5 million for full year 2024. Operating cash flow remains negative, indicating the company is not yet self-sustaining from operations. • Valuation Metrics: Trading at P/E ratio of -5.4x (negative due to losses), P/B ratio of 1.74x, and EV/EBITDA of -4.8x. Graham net-net ratio of 1.81x suggests the stock trades below liquidation value. • Profitability Path: Management targets adjusted EBITDA breakeven by Q4 2026. Current adjusted EBITDA margin of approximately -32% requires significant improvement. • Revenue Stability: Modest revenue growth of 3% year-over-year with 96% dollar-based net retention rate indicates stable customer relationships but limited expansion.
Recent development
Over the past few years, CS Disco has undergone significant strategic transformation focused on enterprise customer targeting and artificial intelligence integration. The company has shifted from a broad-market approach to specifically targeting larger customers with substantial ediscovery spending, particularly Am Law 200 law firms and Fortune 500 corporate legal departments. The most significant product development has been the launch and expansion of the Cecilia AI platform, which represents the company's bet on artificial intelligence transforming legal workflows. Cecilia includes features like Q&A capabilities, auto-review functionality, and deposition summaries. The platform has shown strong adoption, with Cecilia Q&A customers growing 5x from Q1 2024 to Q1 2025. Organizational restructuring has been a major theme, with the company hiring new leadership including Chief Sales Officer Lauren Caruso and realigning sales incentives to focus on larger deals. The company has also shifted account management responsibilities from sales to customer success teams, allowing sales to focus on new customer acquisition. The company has also refined its go-to-market strategy with a new customer value proposition of "With you in every case," emphasizing CS Disco's ability to provide both self-service software and professional services across different case complexities. This positioning aims to differentiate the company from pure-play software vendors and traditional legal services providers. Recent product enhancements include advanced reproductions, document-level Bates numbering, enhanced document scoping, and expanded support for modern communication platforms like Slack. These developments reflect the company's effort to keep pace with evolving legal technology needs and data sources.
LAW company profile · for informational purposes only — not investment advice.
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