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Advertising agencies · Communication Services · Fiscal year ends Dec 31
Stagwell reported revenue of $2.9B in the fiscal year ended Dec 2025, up 2.4% from the year before. Operating income was $159M, an operating margin of 5.5%, and net income was $29M. Operating cash flow of $291M less capital expenditure of $44M left free cash flow of $247M. Net debt was $1.2B.
Ranks among the 3 advertising agencies companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,469 | 2,688 | 2,527 | 2,841 | 2,909 |
| Cost of revenue | 907 | 1,674 | 1,621 | 1,843 | 1,846 |
| Gross profit | 563 | 1,014 | 906 | 998 | 1,063 |
| Operating income | 44.7 | 159 | 90.5 | 133 | 159 |
| Interest expense | 31.9 | 76.1 | 90.6 | 92.3 | 96.4 |
| Pre-tax income | 59.6 | 75.6 | 91.1 | 37.7 | 68.8 |
| Income tax | 23.4 | 25.5 | 40.6 | 13.2 | 38.3 |
| Net income | 21.0 | 19.9 | 0.1 | 2.3 | 29.1 |
| Diluted shares | 90.4 | 297 | 122 | 116 | 265 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 184 | 221 | 120 | 131 | 105 |
| Receivables | 697 | 646 | 697 | 716 | 736 |
| Current assets | 1,006 | 1,034 | 1,025 | 1,135 | 1,162 |
| Net PP&E | 97.5 | 98.9 | 77.8 | 72.7 | 73.1 |
| Goodwill | 1,653 | 1,567 | 1,499 | 1,554 | 1,595 |
| Total assets | 4,056 | 3,997 | 3,767 | 3,908 | 4,215 |
| Payables | 272 | 357 | 415 | 449 | 548 |
| Deferred revenue | 362 | 337 | 302 | 295 | 330 |
| Current liabilities | 1,294 | 1,370 | 1,374 | 1,367 | 1,480 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 1,192 | 1,185 | 1,146 | 1,354 | 1,326 |
| Total liabilities | 3,133 | 3,029 | 2,931 | 3,123 | 3,413 |
| Shareholders' equity | 371 | 499 | 357 | 332 | 758 |
| Backlog (remaining obligations) | 22.8 | 52.6 | 97.7 | 119 | 17.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 201 | 348 | 81.0 | 143 | 291 |
| Capital expenditure | 8.8 | 22.7 | 14.2 | 18.9 | 43.7 |
| Free cash flow | 192 | 325 | 66.8 | 124 | 247 |
| Depreciation & amortisation | 77.5 | 131 | 143 | 152 | 171 |
| Stock-based compensation | 75.0 | 33.2 | 57.2 | 52.2 | 54.1 |
| Acquisitions | −150 | 74.2 | 23.3 | 103 | 6.2 |
| Share buybacks | 0.8 | 70.3 | 224 | 108 | 134 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 82.9% | −6.0% | 12.4% | 2.4% |
| Operating income growth (YoY) | – | 256.0% | −43.1% | 47.0% | 19.5% |
| Gross margin | 38.3% | 37.7% | 35.9% | 35.1% | 36.5% |
| Operating margin | 3.0% | 5.9% | 3.6% | 4.7% | 5.5% |
| Net margin | 1.4% | 0.7% | 0.0% | 0.1% | 1.0% |
| Return on equityBlank when equity is negative | 5.7% | 4.0% | 0.0% | 0.7% | 3.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.6% | 6.1% | 3.8% | 5.2% | 5.8% |
| Free cash flow margin | 13.1% | 12.1% | 2.6% | 4.4% | 8.5% |
| Cash conversion (CFO ÷ net income) | 9.55x | 17.4x | 605x | 63.2x | 10.0x |
| Receivable days | 173 | 88 | 101 | 92 | 92 |
| Payable days | 109 | 78 | 93 | 89 | 108 |
| Interest cover | 1.40x | 2.09x | 1.00x | 1.44x | 1.65x |
| Debt ÷ equity | 3.21x | 2.38x | 3.21x | 4.08x | 1.75x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,008 | 964 | 1,026 | 1,222 | 1,221 |
| Current ratio | 0.78x | 0.75x | 0.75x | 0.83x | 0.79x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.