Forensic Analysis · Retail / Consumer Discretionary · as of Aug 12, 2026

Portillo'S Inc. (PTLO)

A forensic read on Portillo'S 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

0.1

Distress distance

Clean

Earnings quality

Forensic signals

21.5

P / E (ttm)

4.1%

ROE

$343M

Market cap

3.0%

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 (red flags, auditor quality, say on pay, board independence). 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.

Portillo'S Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.1, 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

2.7%

FY2025

Return on invested capital. Return on invested capital is 2.7% in the latest fiscal year and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+18.5%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +66% over the last 3 years to FY2025 (+18.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~18.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~40%.

0.9% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 0.9% of revenue in FY2025 — about $0.09 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 19.0% a year and is falling.

Key fundamentals

Latest Revenue$732.1M

Revenue Growth YoY+3.0%

Revenue CAGR (3yr)+7.6%

Net Margin2.6%

Free Cash Flow-$18.5M

Return on Equity4.1%

Debt / Equity0.52x

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.