Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 8, 2026

Hillman Solutions Corp. (HLMN)

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

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

2.3

Distress distance

Clean

Earnings quality

Forensic signals

3.3%

ROE

5.4%

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.

Hillman Solutions Corp. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.9%

FY2025

Return on invested capital. Return on invested capital is 3.9% in the latest fiscal year and rising across FY2023–FY2025 from 2.3%. After-tax operating profit was $48M in FY2023 and $81M in FY2025, with operating income at 4.1% of revenue in FY2023, 6.0% in FY2024 and 7.3% in FY2025. The capital base behind it went from $2.1B in FY2023 to $2.1B in FY2025 (-1%), while the revenue it carried went from $1.5B to $1.6B. FY2023's operating profit carried a $25M asset write-down that alone took about 0.9 points off that year's return, so about 0.9 of the 1.6-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. A non-cash write-down lowers the reported return in the year it lands.

Key fundamentals

Latest Revenue$1.55B

Revenue Growth YoY+5.4%

Revenue CAGR (2yr)+2.5%

Net Margin2.6%

Free Cash Flow$35.1M

Return on Equity3.3%

Debt / Equity0.56x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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