Advantage Solutions Inc. Financials
Advantage Solutions Inc. (ADV) reported $3.5B in revenue for fiscal year 2025, down 0.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A low-capex model still throws off cash, but a shrinking equity cushion leaves financing costs in control.
From FY2023 to FY2025, debt-to-equity rose from 1.7x to 3.0x even though long-term debt fell modestly, which means equity erosion rather than fresh borrowing drove leverage higher. The strain shows up in coverage: FY2025 interest expense was$138.9M while EBITDA was only$75.8M .
Positive free cash flow is coming from an asset-light model, not from strong earnings: operating cash flow stayed positive, but it fell from
Gross margin repair has not translated into full-company profitability because cost pressure sits below the gross line. Since FY2023, gross margin improved by
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Advantage Solutions Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Advantage Solutions Inc. has an operating margin of -3.6%, meaning the company loses $4 on every $100 of revenue. This results in a profitability score of 26/100. This is up from -8.3% the prior year.
Advantage Solutions Inc.'s revenue declined 0.7% year-over-year, from $3.6B to $3.5B. This contraction results in a growth score of 18/100.
Advantage Solutions Inc. has elevated debt relative to equity (D/E of 3.00), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 2/100, reflecting increased financial risk.
Advantage Solutions Inc.'s current ratio of 2.25 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.
Advantage Solutions Inc. has a free cash flow margin of 1.6%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.
Advantage Solutions Inc. posts a -41.1% return on equity (ROE), meaning it loses $41 for every $100 of shareholders' equity. This results in a returns score of 25/100. This is up from -43.7% the prior year.
Advantage Solutions Inc. scores 0.04, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($458.4M) relative to total liabilities ($2.2B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Advantage Solutions Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Advantage Solutions Inc. reported a net loss of $227.7M while generating $61.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Advantage Solutions Inc. reported an operating loss of $126.5M against $138.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Advantage Solutions Inc. generated $3.5B in revenue in fiscal year 2025. This represents a decrease of 0.7% from the prior year.
Advantage Solutions Inc.'s EBITDA was $75.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 183.8% from the prior year.
Advantage Solutions Inc. reported -$227.7M in net income in fiscal year 2025. This represents an increase of 30.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Advantage Solutions Inc. generated $55.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 35.4% from the prior year.
Advantage Solutions Inc. held $240.8M in cash against $1.7B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Advantage Solutions Inc.'s gross margin was 14.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
Advantage Solutions Inc.'s operating margin was -3.6% in fiscal year 2025, reflecting core business profitability. This is up 4.7 percentage points from the prior year.
Advantage Solutions Inc.'s net profit margin was -6.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.
Advantage Solutions Inc.'s ROE was -41.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.6 percentage points from the prior year.
Capital Allocation
Advantage Solutions Inc. spent $869K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 97.4% from the prior year.
Advantage Solutions Inc. invested $6.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.4% from the prior year.
Not reported for fiscal year 2025.
ADV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $3.5B-0.7% | $3.6B-8.6% | $3.9B+7.0% | $3.6B+1.2% | $3.6B+14.2% | $3.2B-16.6% | $3.8B+2.1% | $3.7B |
| Cost of Revenue | $3.1B | $3.0B-0.4% | $3.1B-10.4% | $3.4B+7.6% | $3.2B+7.1% | $3.0B+16.2% | $2.6B-19.3% | $3.2B+1.8% | $3.1B |
| Gross Profit | $482.2M | $494.3M-2.5% | $507.3M+4.6% | $485.1M+2.6% | $472.8M-25.9% | $638.2M+5.6% | $604.2M-2.8% | $621.6M+3.8% | $599.0M |
| SG&A Expenses | $246.8M | $276.1M-15.0% | $324.6M+29.7% | $250.2M+42.7% | $175.4M+4.3% | $168.1M-45.1% | $306.3M+74.6% | $175.4M+15.0% | $152.5M |
| Operating Income | -$116.0M | -$126.5M+57.1% | -$295.0M-733.2% | $46.6M+103.1% | -$1.5B-749.4% | $230.0M+243.3% | $67.0M-68.6% | $213.7M+119.6% | -$1.1B |
| Interest Expense | $143.5M | $138.9M-5.4% | $146.8M-11.5% | $165.8M+58.7% | $104.5M-24.3% | $137.9M-41.1% | $234.0M+0.8% | $232.1M+1.1% | $229.6M |
| Income Tax | -$4.2M | -$37.6M+40.1% | -$62.8M-66.8% | -$37.6M+76.2% | -$158.4M-571.3% | $33.6M+730.6% | -$5.3M-494.0% | $1.4M+100.8% | -$168.3M |
| Net Income | -$275.7M | -$227.7M+30.3% | -$327.0M-416.3% | -$63.3M+95.4% | -$1.4B-2633.3% | $54.5M+131.0% | -$175.8M-730.4% | -$21.2M+98.2% | -$1.2B |
| EPS (Diluted) | — | N/A | N/A | -$0.20+95.4% | -$4.33-2647.1% | $0.17+121.5% | -$0.79-690.0% | -$0.10 | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ADV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.8B-10.1% | $3.1B-17.8% | $3.8B-11.3% | $4.3B-27.2% | $5.9B+1.3% | $5.8B-3.9% | $6.0B | N/A |
| Current Assets | $972.6M+6.8% | $910.7M-10.0% | $1.0B-12.5% | $1.2B+4.8% | $1.1B+22.7% | $899.8M-5.5% | $952.5M | N/A |
| Cash & Equivalents | $240.8M+17.4% | $205.2M+69.8% | $120.8M+2.4% | $118.0M-28.3% | $164.6M-19.4% | $204.3M+10.9% | $184.2M+30.1% | $141.6M |
| Accounts Receivable | $595.0M-1.3% | $603.1M-8.6% | $659.5M-24.1% | $869.0M | N/A | N/A | N/A | N/A |
| Goodwill | $438.9M-8.0% | $477.0M-32.8% | $710.2M-2.0% | $724.8M-67.1% | $2.2B+2.0% | $2.2B+2.2% | $2.1B+0.5% | $2.1B |
| Total Liabilities | $2.2B-5.0% | $2.4B-11.9% | $2.7B-11.8% | $3.0B-7.3% | $3.3B+0.4% | $3.3B-25.0% | $4.3B | N/A |
| Current Liabilities | $432.6M-6.0% | $460.1M-15.0% | $541.3M-9.9% | $600.7M-6.9% | $645.5M+12.3% | $575.0M+11.0% | $518.1M | N/A |
| Long-Term Debt | $1.7B-1.5% | $1.7B-8.7% | $1.8B-8.6% | $2.0B-0.3% | $2.0B0.0% | $2.0B-36.0% | $3.2B | N/A |
| Total Equity | $554.0M-26.0% | $748.7M-32.3% | $1.1B-1.7% | $1.1B-54.7% | $2.5B+2.5% | $2.4B+53.5% | $1.6B-5.5% | $1.7B |
| Retained Earnings | -$2.9B-8.6% | -$2.6B-14.1% | -$2.3B-3.0% | -$2.2B-159.3% | -$866.6M+5.9% | -$921.1M-23.6% | -$745.3M | N/A |
Not reported in any period shown, so not listed: Inventory.
ADV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $126.5M | $61.5M-33.9% | $93.1M-59.3% | $228.5M+118.2% | $104.7M-16.9% | $126.0M-63.6% | $345.7M+128.4% | $151.3M+19.8% | $126.3M |
| Capital Expenditures | $10.1M | $6.5M-17.4% | $7.8M-62.1% | $20.7M+67.5% | $12.4M-60.4% | $31.2M+0.7% | $30.9M-41.0% | $52.4M+11.1% | $47.2M |
| Free Cash Flow | $72.0M | $55.1M-35.4% | $85.3M-59.0% | $207.8M+125.0% | $92.4M-2.6% | $94.8M-69.9% | $314.8M+218.2% | $98.9M+24.9% | $79.2M |
| Investing Cash Flow | $42.5M | $3.8M-98.1% | $206.4M+508.7% | -$50.5M+52.4% | -$106.1M-39.9% | -$75.8M+23.4% | -$99.0M-60.2% | -$61.8M+73.3% | -$231.4M |
| Financing Cash Flow | -$179.9M | -$36.2M+82.9% | -$211.4M-18.5% | -$178.4M-468.5% | -$31.4M+63.6% | -$86.3M+62.5% | -$230.2M-502.4% | -$38.2M-154.5% | $70.1M |
| Dividends Paid | N/A | N/A | $0 | $0 | $0 | $0 | N/A | N/A | N/A |
| Share Buybacks | $17.0M | $869K-97.4% | $34.1M+433.8% | $6.4M | $0-100.0% | $12.6M | $0 | $0 | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ADV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.0%-0.3pp | 14.2%+1.8pp | 12.4%-0.5pp | 13.0%-4.7pp | 17.7%-1.4pp | 19.1%+2.7pp | 16.4%+0.3pp | 16.2% |
| Operating Margin | -3.6%+4.7pp | -8.3%-9.5pp | 1.2%+42.2pp | -41.0%-47.4pp | 6.4%+4.3pp | 2.1%-3.5pp | 5.7%+35.0pp | -29.4% |
| Net Margin | -6.4%+2.7pp | -9.2%-7.6pp | -1.6%+36.2pp | -37.9%-39.4pp | 1.5%+7.1pp | -5.6%-5.0pp | -0.6%+30.6pp | -31.2% |
| Return on Equity | -41.1%+2.6pp | -43.7%-37.9pp | -5.7%+117.1pp | -122.8%-125.0pp | 2.2%+9.4pp | -7.3%-5.9pp | -1.3%+68.0pp | -69.3% |
| Return on Assets | -8.2%+2.4pp | -10.5%-8.9pp | -1.7%+30.7pp | -32.4%-33.3pp | 0.9%+4.0pp | -3.0%-2.7pp | -0.4% | N/A |
| Current Ratio | 2.25+0.3x | 1.98+0.1x | 1.87-0.1x | 1.93+0.2x | 1.71+0.1x | 1.56-0.3x | 1.84 | N/A |
| Debt-to-Equity | 3.00+0.7x | 2.25+0.6x | 1.67-0.1x | 1.80+1.0x | 0.820.0x | 0.84-1.2x | 2.01 | N/A |
| FCF Margin | 1.6%-0.8pp | 2.4%-2.9pp | 5.3%+2.8pp | 2.5%-0.1pp | 2.6%-7.3pp | 10.0%+7.4pp | 2.6%+0.5pp | 2.1% |
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Where Advantage Solutions Inc. Ranks
Frequently Asked Questions
What is Advantage Solutions Inc.'s annual revenue?
Advantage Solutions Inc. (ADV) reported $3.5B in total revenue for fiscal year 2025. This represents a -0.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Advantage Solutions Inc.'s revenue growing?
Advantage Solutions Inc. (ADV) revenue declined by 0.7% year-over-year, from $3.6B to $3.5B in fiscal year 2025.
Is Advantage Solutions Inc. profitable?
No, Advantage Solutions Inc. (ADV) reported a net income of -$227.7M in fiscal year 2025, with a net profit margin of -6.4%.
What is Advantage Solutions Inc.'s EBITDA?
Advantage Solutions Inc. (ADV) had EBITDA of $75.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Advantage Solutions Inc. have?
As of fiscal year 2025, Advantage Solutions Inc. (ADV) had $240.8M in cash and equivalents against $1.7B in long-term debt.
What is Advantage Solutions Inc.'s gross margin?
Advantage Solutions Inc. (ADV) had a gross margin of 14.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Advantage Solutions Inc.'s operating margin?
Advantage Solutions Inc. (ADV) had an operating margin of -3.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Advantage Solutions Inc.'s net profit margin?
Advantage Solutions Inc. (ADV) had a net profit margin of -6.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Advantage Solutions Inc.'s return on equity (ROE)?
Advantage Solutions Inc. (ADV) has a return on equity of -41.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Advantage Solutions Inc.'s free cash flow?
Advantage Solutions Inc. (ADV) generated $55.1M in free cash flow during fiscal year 2025. This represents a -35.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Advantage Solutions Inc.'s operating cash flow?
Advantage Solutions Inc. (ADV) generated $61.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Advantage Solutions Inc.'s total assets?
Advantage Solutions Inc. (ADV) had $2.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Advantage Solutions Inc.'s capital expenditures?
Advantage Solutions Inc. (ADV) invested $6.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Advantage Solutions Inc.'s current ratio?
Advantage Solutions Inc. (ADV) had a current ratio of 2.25 as of fiscal year 2025, which is generally considered healthy.
What is Advantage Solutions Inc.'s debt-to-equity ratio?
Advantage Solutions Inc. (ADV) had a debt-to-equity ratio of 3.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Advantage Solutions Inc.'s return on assets (ROA)?
Advantage Solutions Inc. (ADV) had a return on assets of -8.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Advantage Solutions Inc.'s Altman Z-Score?
Advantage Solutions Inc. (ADV) has an Altman Z-Score of 0.04, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Advantage Solutions Inc.'s Piotroski F-Score?
Advantage Solutions Inc. (ADV) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Advantage Solutions Inc.'s earnings high quality?
Advantage Solutions Inc. (ADV) reported a net loss of $227.7M while generating $61.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Advantage Solutions Inc. cover its interest payments?
Advantage Solutions Inc. (ADV) reported an operating loss of $126.5M against $138.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Advantage Solutions Inc.?
Advantage Solutions Inc. (ADV) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.