Detailed financial statements for Stagwell Inc. (STGW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Stagwell Inc. offers a wide array of specialized services, including digital transformation, data-driven performance media, consumer insights and strategic planning, and creative communications solutions. The company operates through three distinct segments: the Integrated Agencies Network, the Media Network, and the Communications Network. A key part of its business involves designing and building advanced digital platforms and engaging experiences.
Analysis Summary
Stagwell Inc. reported revenue of $2.91B in the most recent fiscal year, growing at a 5-year CAGR of 26.8%. Net income reached $29.1M, with a -12.4% 5-year CAGR.
Balance sheet quality for STGW: current ratio of 0.8, net debt of $1.50B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $247.3M represents 850% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.39B | $1.51B | $1.48B | $628.7M | $888.0M | $1.47B | $2.69B | $2.53B | $2.84B | $2.91B |
| Cost of Revenue | $982.6M | $1.07B | $1.04B | $376.3M | $571.6M | $906.9M | $1.67B | $1.62B | $1.84B | $1.85B |
| Gross Profit | $403.2M | $446.8M | $438.8M | $252.4M | $316.4M | $562.5M | $1.01B | $906.0M | $998.2M | $1.06B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $295.6M | $304.7M | $352.7M | $176.0M | $191.7M | $424.0M | $601.5M | $661.2M | $711.8M | 0 |
| Operating Expenses | $295.6M | $304.7M | $352.7M | $211.7M | $232.7M | $517.8M | $855.0M | $815.5M | $865.2M | $904.0M |
| Operating Income | $107.6M | $142.1M | $86.1M | $40.7M | $83.7M | $44.7M | $159.2M | $90.5M | $133.1M | $159.0M |
| EBITDA | $62.3M | $194.8M | $32.8M | $75.3M | $124.6M | $227.9M | $360.3M | $401.2M | $356.8M | $404.0M |
| Interest Expense | $65.9M | -$65.1M | 0 | $8.7M | $6.2M | $31.9M | $76.1M | $90.6M | $92.3M | $96.4M |
| Pre-tax Income | -$49.7M | $87.1M | -$80.4M | $30.9M | $77.4M | $59.3M | $75.5M | $82.2M | $38.2M | $68.8M |
| Income Tax | -$9.4M | -$168.1M | $31.6M | $10.0M | $5.9M | $23.4M | $25.5M | $40.6M | $13.2M | $38.3M |
| Net Income | -$45.8M | $241.8M | -$123.7M | $18.4M | $56.4M | $21.0M | $19.9M | $134,000 | $2.3M | $29.1M |
| EPS | $-0.89 | $4.38 | $-2.16 | $0.25 | $0.73 | $0.40 | $0.22 | $0.00 | $0.02 | $0.13 |
| EPS (Diluted) | $-0.89 | $4.36 | $-2.16 | $0.25 | $0.73 | $0.40 | $0.22 | $0.00 | $0.02 | $0.11 |
| Shares Outstanding (Diluted) | $51.3M | $55.5M | $57.2M | $69.1M | $77.6M | $90.4M | $124.1M | $122.2M | $115.8M | $264.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $743.0M | $807.4M | $704.1M | $786.3M |
| Gross Profit | $272.1M | $303.7M | $200.3M | $269.2M |
| Operating Income | $60.9M | $56.6M | $9.6M | $11.5M |
| EBITDA | $119.9M | $109.1M | $50.8M | $58.6M |
| Net Income | $24.6M | $12.7M | -$13.0M | -$8.8M |
| EPS | $0.10 | $0.05 | $-0.05 | $-0.03 |
| EPS (Diluted) | $0.09 | $0.05 | $-0.05 | $-0.03 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.3M | $50.8M | $30.9M | $106.9M | $92.5M | $184.0M | $220.6M | $119.7M | $131.3M | $104.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $423.0M | $469.8M | $442.0M | $484.4M | $236.8M | $760.0M | $738.9M | $811.3M | $889.6M | $900.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $489.6M | $542.8M | $589.9M | $622.0M | $365.7M | $1.01B | $1.03B | $1.03B | $1.14B | $1.16B |
| Property, Plant & Equipment | $78.4M | $90.3M | $88.2M | $304.7M | $93.4M | $409.2M | $372.4M | $332.1M | $292.1M | $286.7M |
| Goodwill | $844.8M | $835.9M | $741.0M | $731.7M | $351.7M | $1.65B | $1.57B | $1.50B | $1.55B | $1.60B |
| Intangible Assets | $85.1M | $70.6M | $174.6M | $54.9M | $186.0M | $958.8M | $907.5M | $818.2M | $836.8M | $834.2M |
| Total Assets | $1.58B | $1.70B | $1.61B | $1.83B | $1.01B | $4.06B | $4.00B | $3.77B | $3.91B | $4.21B |
| Accounts Payable | $251.5M | $244.5M | $222.0M | $200.1M | $147.8M | $271.8M | $357.3M | $415.0M | $449.3M | $548.3M |
| Short-term Debt | $228,000 | $313,000 | $356,000 | $48.7M | $994,000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $802.8M | $775.6M | $742.5M | $819.6M | $337.0M | $1.29B | $1.37B | $1.37B | $1.37B | $1.48B |
| Long-term Debt | $935.8M | $882.4M | $953.9M | $887.6M | $198.0M | $1.19B | $1.18B | $1.15B | $1.35B | $1.33B |
| Total Liabilities | $2.03B | $1.79B | $1.81B | $1.98B | $614.7M | $3.13B | $3.03B | $2.93B | $3.12B | $3.41B |
| Retained Earnings | -$581.8M | -$340.0M | -$464.9M | -$480.8M | 0 | -$7.0M | $22.1M | $21.1M | $11.7M | $32.9M |
| Total Equity | -$575.1M | -$213.5M | -$311.5M | -$230.8M | $358.8M | $370.8M | $498.6M | $356.7M | $331.7M | $758.4M |
| Total Debt | $936.4M | $883.1M | $954.6M | $1.16B | $271.2M | $1.61B | $1.56B | $1.49B | $1.66B | $1.61B |
| Net Debt | $903.2M | $832.3M | $923.7M | $1.05B | $178.7M | $1.42B | $1.33B | $1.37B | $1.53B | $1.50B |
| Working Capital | -$313.2M | -$232.9M | -$152.7M | -$197.7M | $28.7M | -$288.3M | -$336.7M | -$349.3M | -$232.1M | -$317.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $132.2M | $104.5M | $114.9M | $109.5M |
| Total Assets | $4.26B | $4.21B | $4.24B | $4.20B |
| Total Liabilities | $3.48B | $3.41B | $3.50B | $3.49B |
| Total Equity | $749.0M | $758.4M | $704.9M | $669.4M |
| Total Debt | $1.81B | $1.61B | $1.71B | $1.71B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$45.8M | $241.8M | -$123.7M | $20.7M | $71.5M | $35.9M | $50.0M | $134,000 | $25.0M | $29.1M |
| Depreciation & Amortization | $46.4M | $43.5M | $46.2M | $35.7M | $41.0M | $136.5M | $208.6M | $219.5M | $226.8M | $238.7M |
| Stock-based Compensation | $21.0M | $24.4M | $18.4M | 0 | 0 | $75.0M | $33.2M | $57.2M | $52.2M | $54.1M |
| Change in Working Capital | -$115.9M | -$56.4M | -$60.4M | -$8.7M | $8.8M | -$29.5M | -$24.0M | -$179.6M | -$162.9M | $44.3M |
| Operating Cash Flow | $6.2M | $76.2M | $18.9M | $64.8M | $138.1M | $200.9M | $347.6M | $81.0M | $142.9M | $291.0M |
| Capital Expenditure | -$29.4M | -$33.0M | -$20.3M | -$12.5M | -$14.3M | -$22.6M | -$35.4M | -$42.4M | -$54.0M | -$43.7M |
| Acquisitions | $3.2M | $10.6M | -$30.6M | -$5.6M | -$14.7M | $187.6M | -$74.2M | $206.1M | -$103.3M | -$6.2M |
| Stock Repurchased | -$3.4M | -$1.8M | -$776,000 | 0 | 0 | -$841,000 | -$70.3M | -$223.8M | -$108.2M | -$134.3M |
| Dividends Paid | -$32.9M | -$284,000 | -$196,000 | -$40.2M | -$115.5M | -$233.2M | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$23.2M | $43.2M | -$1.4M | $52.4M | $123.8M | $178.2M | $312.1M | $38.6M | $88.9M | $247.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$24.0M | $260.5M | -$26.5M | $90.2M |
| Capital Expenditure | -$14.7M | -$17.1M | -$10.7M | -$11.0M |
| Free Cash Flow | -$38.8M | $243.4M | -$37.2M | $79.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $12.6M | -$1.6M | $14.2M | $18.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.2% | -2.5% | -57.4% | +41.3% | +65.5% | +82.9% | -6.0% | +12.4% | +2.4% | |
| Net Income Growth (YoY) | +627.6% | -151.2% | +114.9% | +206.2% | -62.7% | -5.3% | -99.3% | +1,585.8% | +1,188.2% | |
| EPS Growth (YoY) | +592.1% | -149.3% | +111.6% | +192.0% | -45.2% | -45.0% | -99.5% | +1,754.5% | +537.3% | |
| Shares Change (YoY) | +8.1% | +3.1% | +20.8% | +12.2% | +16.6% | +37.2% | -1.5% | -5.3% | +128.5% | |
| FCF Growth (YoY) | +285.9% | -103.2% | +3,936.9% | +136.4% | +44.0% | +75.1% | -87.6% | +130.2% | +178.3% | |
| Gross Margin | 29.1% | 29.5% | 29.7% | 40.1% | 35.6% | 38.3% | 37.7% | 35.9% | 35.1% | 36.5% |
| Operating Margin | 7.8% | 9.4% | 5.8% | 6.5% | 9.4% | 3.0% | 5.9% | 3.6% | 4.7% | 5.5% |
| EBITDA Margin | 4.5% | 12.9% | 2.2% | 12.0% | 14.0% | 15.5% | 13.4% | 15.9% | 12.6% | 13.9% |
| Net Margin | -3.3% | 16.0% | -8.4% | 2.9% | 6.3% | 1.4% | 0.7% | 0.0% | 0.1% | 1.0% |
| FCF Margin | -1.7% | 2.9% | -0.1% | 8.3% | 13.9% | 12.1% | 11.6% | 1.5% | 3.1% | 8.5% |
| Effective Tax Rate | 18.9% | -193.0% | -39.3% | 32.4% | 7.7% | 39.4% | 33.7% | 49.3% | 34.5% | 55.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.45 | $0.78 | $-0.02 | $0.76 | $1.60 | $1.97 | $2.52 | $0.32 | $0.77 | $0.93 |
| Dividends Per Share | $0.64 | $0.01 | $0.00 | $0.58 | $1.49 | $2.58 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $51.3M | $55.3M | $57.2M | $69.1M | $77.6M | $90.4M | $124.1M | $117.3M | $110.9M | $220.6M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -7.36 | 2.23 | -1.21 | 11.12 | 3.44 | 21.67 | 28.23 | 6,027.27 | 322.55 | 37.62 |
| P/B | -0.58 | -2.52 | -0.48 | -0.83 | 0.54 | 2.11 | 1.55 | 2.18 | 2.20 | 1.42 |
| P/S | 0.24 | 0.36 | 0.10 | 0.31 | 0.22 | 0.53 | 0.29 | 0.31 | 0.26 | 0.37 |
| Gross Margin | 29.1% | 29.5% | 29.7% | 40.1% | 35.6% | 38.3% | 37.7% | 35.9% | 35.1% | 36.5% |
| Operating Margin | 7.8% | 9.4% | 5.8% | 6.5% | 9.4% | 3.0% | 5.9% | 3.6% | 4.7% | 5.5% |
| Net Margin | -3.3% | 16.0% | -8.4% | 2.9% | 6.3% | 1.4% | 0.7% | 0.0% | 0.1% | 1.0% |
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