ADVAdvantage Solutions Inc.

Services-Business Services, NEC

Revenue: $3.5B; 0.7% YoY
Operating margin: -3.6%; 57% YoY
EBITDA: $76M; 184% YoY
Market cap: $388M
Employees: —
Net debt / EBITDA: 19.6×; $1.5B net debt
AI in 10-K: 5.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
-0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
1% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
5.4 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
19.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$388M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$369K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.6B	$3.6B	$3.9B	$3.6B	$3.5B	0.7%
Operating income	$230M	−$1.5B	$47M	−$295M	−$126M	57%
Net income	$54M	−$1.4B	−$63M	−$327M	−$228M	30%
Operating cash flow	$126M	$105M	$228M	$93M	$62M	34%
Capex	$31M	$12M	$21M	$8M	$6M	17%
Stock-based comp	−$15M	−$7M	−$3M	$723K	−$2M	311%
Buybacks	$13M	$0	$6M	$34M	$869K	97%

Deal filings

Filed	Form	Acquirer	Price	Premium
Oct 9, 2020	DEFM14A	Centerview Capital	$10.00	100%
Sep 10, 2020	PREM14A	CVC Capital Partners, Leonard Green & Partners, Juggernaut Capital Partners, Centerview Capital	$10.00	100%

13D filers

Filed	Filer	Form	Stake	Intent
May 18, 2026	Karman Topco L.P.	SCHEDULE 13D/A	52.6%	Passive
May 1, 2024	Karman Topco L.P.	SC 13D/A	55.8%	Passive
Nov 8, 2023	Karman Topco L.P.	SC 13D/A	57.2%	Passive
Sep 19, 2023	Karman Topco L.P.	SC 13D/A	59.4%	Passive
Jan 20, 2021	Karman Topco L.P.	SC 13D/A	65.6%	Passive
Nov 12, 2020	Karman Topco L.P.	SC 13D	65.0%	Active

Insider trading

Open-market buys, 12 mo: $369K · 9
Open-market sells, 12 mo: $0 · 0
Net: $369K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	7	116
FY2024	—	—	22	118
FY2023	—	—	27	107
FY2022	—	—	16	111
FY2021	—	—	61	114