Forensic Analysis · General / Diversified · as of Jun 27, 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
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-40.2%
ROE
$586M
Market cap
Advantage Solutions Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -2.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-5%Return on invested capital.Return on invested capital is -5% and rising from -33% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+0.6%/yrShare-count dilution.Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$1.6BGoodwill impairments.Took $1.6B of goodwill writedowns across 3 year(s) (FY2022 ($1.4B), FY2024 ($233M), FY2025 ($37M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-6.4%
Debt / Equity3.02x
Free Cash Flow$55.1M
Latest Revenue$3.54B
Return on Equity-41.1%
Revenue Growth YoY-0.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Advantage Solutions Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ADV's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown