Advantage Solutions

ADV · Nasdaq · Communication Services · Financials, fiscal 2018 to 2025

ADV · Last close · November 6, 2026

$31.57

Advantage Solutions' revenue fell 0.7% to $3.5 billion in fiscal 2025. Its operating margin was −3.6%, up from −8.3% a year earlier. Free cash flow was $55 million, down 35.4%. It paid out $1 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 0.9%.

Advantage Solutions Inc. Latest fiscal year ended December 31, 2025 10-K filed March 3, 2026 · 0001193125-26-088543 Updated November 9, 2026

Revenue

$3.5B

0.7%

Operating margin

−3.6%

4.7 pts

Net income

−$228M

Free cash flow

$55M

35.4%

Return on capital

−4.7%

4.4 pts

Market cap

$404M

Nov 6 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Advantage Solutions does

Advantage Solutions provides outsourced sales, marketing, merchandising and sampling services to makers of consumer packaged goods (everyday products sold in stores) and to retailers, mainly in North America. Its services cover grocery, mass-market, club, pharmacy and convenience stores, in more than 100,000 retail locations, for more than 4,000 clients.

It reports three segments. Branded Services represents manufacturers to retailers, stocks and maintains shelves and displays in stores, and runs shopper marketing, including online. Experiential Services runs in-store and digital sampling, demonstrations and events. Retailer Services supports retailers with merchandising, private brands and retail media. It earns revenue as commissions, fees for service, or cost-plus pricing, depending on the contract.

Its own employees, which it calls teammates, are a major cost. It says it has simplified operations by selling non-core businesses and updating its enterprise systems.

Its biggest risks, as it describes them

Wage increases and trouble hiring, training and keeping the many workers who deliver its services.
Its largest clients account for a significant part of its revenue.
Consolidation among retailers and manufacturers, and clients changing their programs, which could squeeze prices.
Policies of retailers that it does not control, and changes in how retail works, including online.
Supply chain disruptions and tariffs that could hurt its clients and its own profits.

From Advantage Solutions's annual report on Form 10-K, filed March 3, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Advantage Solutions lost money in fiscal 2025: a net loss of $228 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	165	118	121	205	241
Debt incl. finance leases	2,093	2,079	1,898	1,721	1,688
Net debt (negative means net cash)	1,928	1,961	1,777	1,516	1,447
Net debt to EBITDA	4.1x	—	7.0x	—	19.1x
Debt to equity	0.8x	1.9x	1.7x	2.3x	3.0x
Interest coverage	1.7x	−14.3x	0.3x	−2.0x	−0.9x
Current ratio	1.7x	1.9x	1.9x	2.0x	2.2x
Quick ratio	1.7x	1.9x	1.9x	2.0x	2.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Advantage Solutions' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Advantage Solutions' projections

Insider trades

No officer, director or 10% owner of Advantage Solutions reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 8	5 of 8	5 of 8
Rule of 40	12.3%	−6.2%	0.9%
Altman Z''	−0.66	−2.13	−2.13
Accruals ratio	−7.3%	−12.2%	−9.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 8	5 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Advantage Solutions side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Advantage Solutions	FY25	−0.7%	−3.6%	1.6%	−4.7%	19.1x	5
Stagwell	FY25	2.4%	5.5%	8.5%	4.0%	3.7x	6	Compare
The Trade Desk	FY25	18.5%	20.4%	27.5%	—	—	—	Compare
AppLovin	FY25	70.0%	75.8%	—	98.2%	0.3x	9	Compare
Ziff Davis	FY25	3.5%	12.6%	19.8%	6.0%	0.6x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,708	3,785	3,156	3,602	3,646	3,900	3,566	3,543
Revenue growth	—	2.1%	−16.6%	14.2%	1.2%	7.0%	−8.6%	−0.7%
Gross profit	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—
Operating income	−1,090	214	67	230	−1,494	47	−295	−126
Net income	−1,157	−21	−176	54	−1,380	−63	−327	−228
Diluted EPS (US$)	−5.68	−0.10	−0.79	0.17	−4.33	−0.20	—	—
Diluted shares (millions)	204	204	223	321	319	324	322	325
Cash flow
Cash from operations	126	151	346	126	105	228	93	62
Capital expenditure	47	52	31	31	12	21	8	6
Free cash flow	79	99	315	95	92	208	85	55
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	13	0	6	34	1
Acquisitions	186	11	68	43	74	0	0	0
Stock-based compensation	−8	1	90	−15	−7	−2	1	−2
Balance sheet at fiscal year end
Cash and short-term investments	142	184	204	165	118	121	205	241
Debt incl. finance leases	—	3,200	2,154	2,093	2,079	1,898	1,721	1,688
Total assets	—	6,013	5,778	5,854	4,262	3,779	3,106	2,793
Total liabilities	—	4,343	3,259	3,272	3,033	2,675	2,358	2,240
Shareholders' equity	1,669	1,578	2,422	2,483	1,124	1,105	749	554
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—
Operating margin	−29.4%	5.7%	2.1%	6.4%	−41.0%	1.2%	−8.3%	−3.6%
Net margin	−31.2%	−0.6%	−5.6%	1.5%	−37.9%	−1.6%	−9.2%	−6.4%
Free cash flow margin	2.1%	2.6%	10.0%	2.6%	2.5%	5.3%	2.4%	1.6%
Rule of 40 (growth + FCF margin)	—	4.7%	−6.7%	16.8%	3.8%	12.3%	−6.2%	0.9%
Return on capital	—	—	1.2%	3.2%	−30.7%	1.2%	−9.1%	−4.7%
Return on equity	—	—	−8.8%	2.2%	−76.5%	−5.7%	−35.3%	−35.0%
Return on assets	—	—	−3.0%	0.9%	−27.3%	−1.6%	−9.5%	−7.7%
Net debt to EBITDA	—	6.8x	6.4x	4.1x	—	7.0x	—	19.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Advantage Solutions' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Advantage Solutions.