Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026

PERRIGO Co plc (PRGO)

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

C · Mixed — selective

Forensic grade

Distress

Financial health

-0.4

Altman Z-score

Clean

Earnings quality

Forensic signals

-50.6%

ROE

$1.4B

Market cap

12.22%

Dividend yield

PERRIGO Co plc earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -0.4, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-12%Return on invested capital. Return on invested capital is -12% and slipping from 1% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

1% of revStock-based comp load. Stock-based compensation ran 1% of revenue and 38% of free cash flow in FY2025 — about $0.39 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.

152dInventory days. Days inventory outstanding moved from 139 to 152 FY2024→FY2025 (against cost of goods sold; inventory +6% vs -3% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.

+1.0%/yrShare-count dilution. Diluted share count changed +3% over the last 3 years to FY2025 (+1.0%/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.

110% of FCFShareholder returns. Returned $159M to shareholders (buybacks + dividends) in FY2025 — 110% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet.

$1.9BGoodwill impairments. Took $1.9B of goodwill writedowns across 6 year(s) (FY2023 ($90M), FY2024 ($28M), FY2025 ($1.3B)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.

Key fundamentals

Net Margin-33.5%

Debt / Equity1.24x

Free Cash Flow$145.1M

Latest Revenue$4.25B

Return on Equity-48.6%

Revenue Growth YoY-2.8%

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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.