Forensic Analysis · Packaged Foods · as of Nov 9, 2026
Kraft Heinz Co (KHC)
A forensic read on Kraft Heinz Co 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
0.6
Distress distance
Clean
Earnings quality
2
Forensic signals
-12.9%
ROE
-3.5%
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.
Kraft Heinz Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.6, 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
-4.8%
FY2025
Return on invested capital.Return on invested capital is -4.8% in the latest fiscal year and slipping across FY2023–FY2025 from 4.4%. After-tax operating profit was $3.6B in FY2023 and ($3.7B) in FY2025, with operating income at 17.2% of revenue in FY2023, 6.5% in FY2024 and -18.7% in FY2025. The capital base behind it went from $80.9B in FY2023 to $76.3B in FY2025 (-6%), while the revenue it carried went from $26.6B to $24.9B. FY2023's operating profit carried a $662M asset write-down, a $510M goodwill write-off and a $225M restructuring charge that took about 1.4 points off that year's return, and FY2025's carried a $9.3B asset write-down, a $6.7B goodwill write-off and a $21M restructuring charge that took about 16.6 points off the latest; so, net of each other, the two charges take about 15.2 points off the -9.2-point change across FY2023–FY2025. FY2024's operating profit carried a $3.7B asset write-down, a $1.6B goodwill write-off and a $20M restructuring charge that alone took about 5.9 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.
$8.9B
FY2023–FY2025
Goodwill impairments.Took $8.9B of goodwill writedowns across 3 years (FY2023 ($510M), FY2024 ($1.6B), FY2025 ($6.7B)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$24.94B
Revenue Growth YoY-3.5%
Revenue CAGR (2yr)-3.2%
Net Margin-23.4%
Free Cash Flow$3.66B
Return on Equity-12.9%
Debt / Equity0.51x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Kraft Heinz Co's actual 10-K/10-Q/8-K filings?