Forensic Analysis · Professional & Commercial Services · as of Nov 11, 2026

Advantage Solutions Inc. (ADV)

A forensic read on Advantage Solutions Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-2.1

Distress distance

Clean

Earnings quality

Forensic signals

-35.0%

ROE

-0.7%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Advantage Solutions Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -2.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-4.4%

FY2025

Return on invested capital. Return on invested capital is -4.4% in the latest fiscal year, against 1.2% in FY2023, having run between -8.3% and 1.2% across FY2023–FY2025 with no direction held. After-tax operating profit was $37M in FY2023 and ($100M) in FY2025, with operating income at 1.2% of revenue in FY2023, -8.3% in FY2024 and -3.6% in FY2025. The capital base behind it came down -27% across FY2023–FY2025, from $3.1B to $2.3B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $44M asset write-down that alone took about 1.1 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down. FY2024's operating profit carried a $233M goodwill write-off and a $30M restructuring charge that alone took about 7.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

$270M

FY2024–FY2025

Goodwill impairments. Took $270M of goodwill writedowns across 2 years (FY2024 ($233M), FY2025 ($37M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$3.54B

Revenue Growth YoY-0.7%

Revenue CAGR (2yr)-4.7%

Net Margin-6.4%

Free Cash Flow$55.1M

Return on Equity-35.0%

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.