Who’s making the grade in advertising? We found out today, with the release of Adweek’s annual agency report cards.

Although Adweek admits the ratings aren’t a “perfect science,” they do take some hard numbers into account, including revenue gain, revenue per employee, and billing-to-revenue ratio. Trickier is grading the creative side. Adweek says it judges the work based on creativity, originality, positioning and strategy.

Enough about methodology. Let’s rip open those envelopes.

Top agency grades went to Publicis USA (A-) and Saatchi & Saatchi (A-)

Worst agency grades went to Doner (D) and Campbell Mithun (D), followed by slightly better ones at GSD&M Idea City (D+) and Lowe (D+).

Generally, grades came out stronger on the media agency side, with Initiative, Mediaedge:cia, MediaVest, and Zenith bringing home top grades (A-). MindShare and Carat posted the lowest grades, but even those weren’t so bad (B-).