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Forensic Analysis · Chemicals · as of Nov 8, 2026

Solstice Advanced Materials Inc. (SOLS)

A forensic read on Solstice Advanced Materials Inc. 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
Grey Zone
Financial health
1.9
Distress distance
2
Forensic signals
16.8%
ROE

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.

Solstice Advanced Materials Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

1261% of FCF
FY2025
Shareholder returns. Returned $1.5B to shareholders (buybacks + dividends) in FY2025 — 1261% of free cash flow. That is $1.4B (1161%) more than free cash flow covered, and more than operating cash flow as well. 0 cash or debt balance changes listed; read coverage is not recorded; not read: the cash and debt balances for the two year ends. The FY2025 cash-flow statement filed $2.0B of debt issued; $23M from sales of property and equipment; net cash used in investing activities of $330M; net cash used in financing activities of $235M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $27M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 1283%.
12.8%
FY2025
Return on invested capital. Return on invested capital is 12.8% in the latest fiscal year.

Key fundamentals

Latest Revenue$3.89B
Net Margin6.1%
Free Cash Flow$119.0M
Return on Equity16.8%
Debt / Equity1.50x

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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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