An industry chapter · Advertising & Marketing

Advertising & Marketing

11 members, 4324 to WPP, A to Z by ticker.

Gross profitability: median 25% — gross profit as a share of total assets, each member's median across its readable years; read on 7 of 11 members
Capital intensity: median 1.7% — capital expenditure as a share of revenue, each member's median across its readable years; read on 8 of 11 members
Net cash: 4 of the 11 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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4324 Dentsu Group

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, ¥173.1B

CCO Clear Channel Outdoor Holdings Inc.

Clear Channel Outdoor Holdings Inc. is a leading provider of out-of-home advertising solutions, offering advertisers impactful and innovative opportunities to reach mass audiences across a variety of high-traffic public spaces.

Owner earnings 2016–2025 $79M($64M)($24M)($18M)($262M)($282M)($45M)($135M)($63M)$32M

Retained capital Paid out $3.8B more than it earned over 2016–2025; annual owner earnings fell $52M.

Balance sheet Heavy net debt, $5.0B · dividend paid 5 of 10 yrs, cut at least once

CRTO Criteo S.A.

We reach shoppers wherever they are with personalized advertising and deliver the outcomes that matter most to brands.

Owner earnings 2022–2025 $192M$108M$180M$208M

Retained capital Paid out $319M more than it earned over 2022–2025; annual owner earnings grew $5M.

Balance sheet Net cash, +$363M · buybacks at an average near $34.69

IBTA Ibotta Inc.

We source digital promotions from our clients, which are primarily consumer packaged goods brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform.

Owner earnings 2022–2025 ($57M)$22M$115M$87M

Retained capital Paid out $209M more than it earned over 2022–2025; annual owner earnings grew $48M.

Balance sheet Net cash, debt-free, +$187M

IPG Interpublic

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2015–2024 $527M$312M$726M$388M$1.3B$1.7B$1.9B$464M$375M$913M

Retained capital Retained $1.4B of earnings over 2015–2024; annual owner earnings grew $62M, $0.05 per $1 retained.

Balance sheet Modest net debt, $731M · buybacks at an average near $25.86 · dividend paid 10 of 10 yrs, never cut

MNTN MNTN Inc.

Our market opportunity sits at the center of three large advertising markets: performance marketing, traditional TV advertising, and CTV advertising.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$210M

NCMI National CineMedia Inc.

CineMedia is the largest cinema advertising platform in the U.S.

Owner earnings 2016–2026 $121M$127M$136M$130M$47M($101M)($50M)($10M)$55M$3M

Retained capital Retained $360M of earnings over 2016–2026; annual owner earnings fell $112M, $-0.31 per $1 retained.

Balance sheet Net cash, +$23M · buybacks at an average near $5.32 · dividend paid 10 of 10 yrs, cut at least once

OMC Omnicom

Omnicom's agencies integrate data, creativity, and technology to deliver coordinated marketing, communications, and commerce solutions.

Owner earnings 2016–2025 $1.8B$1.9B$1.5B$1.8B$1.6B$1.3B$848M$1.3B$1.6B$2.8B

Retained capital Retained $483M of earnings over 2016–2025; annual owner earnings grew $181M.

Balance sheet Heavy net debt, $2.9B · dividend paid 10 of 10 yrs, never cut

STGW Stagwell Inc.

Stagwell Inc. is the global challenger network transforming marketing through artificial intelligence.

Owner earnings 2016–2025 ($75M)$39M($3M)$68M$133M$192M$325M$67M$124M$247M

Retained capital Paid out $388M more than it earned over 2016–2025; annual owner earnings grew $159M.

Balance sheet Heavy net debt, $1.2B · buybacks at an average near $9.76 · dividend paid 4 of 10 yrs, cut at least once

TJGC TJGC Group Limited

Revenue is led by Offline advertising and web banner (59%) and Online advertising (35%), with 2 more lines behind.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, HK$8M

WPP WPP plc

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 £1.5B£1.1B£1.4B£1.5B£1.8B£1.8B£492M£1.1B£1.2B£633M

Retained capital Paid out £4.4B more than it earned over 2016–2025; annual owner earnings fell £369M.

Balance sheet Heavy net debt, £2.2B · dividend paid 10 of 10 yrs, cut at least once

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.