Fluent (FLNT)


Market Price (10/9/2026): $2.9 | Market Cap: $91.5 MilSector: Communication Services | Industry: Advertising

Fluent (FLNT)


Market Price (10/9/2026): $2.9
Market Cap: $91.5 Mil
Sector: Communication Services
Industry: Advertising

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%

Megatrend and thematic drivers
Megatrends include Social Media & Creator Economy, Digital Advertising, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -77%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.0%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.3%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -32%

Key risks
FLNT key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial instability and [2] a high-stakes business model transition where collapsing legacy revenue may outpace the growth of its new commerce platform.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
1 Megatrend and thematic drivers
Megatrends include Social Media & Creator Economy, Digital Advertising, and E-commerce & Digital Retail. Themes include Ad-Tech Platforms, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -77%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.0%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.3%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -32%
7 Key risks
FLNT key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial instability and [2] a high-stakes business model transition where collapsing legacy revenue may outpace the growth of its new commerce platform.

FLNT in ETFs

Weight = FLNT's share of each fund

VTI0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/5/2026

Fluent (FLNT) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. Persistent Net Losses and Delayed Profitability Outlook. Fluent continued to report net losses, with a net loss of $6.2 million and an adjusted EBITDA loss of $1.8 million in fiscal Q2 2026, despite narrowing the losses from the prior year. Management indicated that only fiscal Q4 2026 is expected to be EBITDA positive, signaling continued unprofitability for the immediate future. Additionally, the consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated, with expected losses increasing to $0.52 per share, and a consensus EPS forecast of -$0.153 for fiscal Q3 2026.

2. Weakening Cash Position and Liquidity Concerns. The company's cash and cash equivalents significantly declined to $6.9 million at the end of fiscal Q2 2026, down from $12.9 million at the previous year-end. This raised substantial doubt about Fluent's ability to continue as a going concern, as stated by management, due to its reliance on an uncommitted financing agreement and existing short-term debt of $26.8 million. While the accounts receivable financing advance limit was increased from $30 million to $35 million on September 30, 2026, the underlying liquidity challenges and debt obligations remain a significant concern.

Show more
Updated on 10/5/2026

Fluent (FLNT) stock has lost about 25% since 6/30/2026 because of the following key factors:

1. Persistent Net Losses and Delayed Profitability Outlook. Fluent continued to report net losses, with a net loss of $6.2 million and an adjusted EBITDA loss of $1.8 million in fiscal Q2 2026, despite narrowing the losses from the prior year. Management indicated that only fiscal Q4 2026 is expected to be EBITDA positive, signaling continued unprofitability for the immediate future. Additionally, the consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated, with expected losses increasing to $0.52 per share, and a consensus EPS forecast of -$0.153 for fiscal Q3 2026.

2. Weakening Cash Position and Liquidity Concerns. The company's cash and cash equivalents significantly declined to $6.9 million at the end of fiscal Q2 2026, down from $12.9 million at the previous year-end. This raised substantial doubt about Fluent's ability to continue as a going concern, as stated by management, due to its reliance on an uncommitted financing agreement and existing short-term debt of $26.8 million. While the accounts receivable financing advance limit was increased from $30 million to $35 million on September 30, 2026, the underlying liquidity challenges and debt obligations remain a significant concern.

3. Decline in Owned and Operated Revenue. Although Commerce Media Solutions revenue showed strong growth of 90% year-over-year to $30.5 million in fiscal Q2 2026, accounting for 63% of total revenue, the company's owned and operated revenue decreased by 24% to $16.3 million. This decline in legacy business segments, even as part of a strategic pivot, contributed to an overall reported revenue growth of 8% for the quarter, compared to a 25% increase from aggregate continuing businesses.

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Stock Movement Drivers

Fundamental Drivers

The -25.7% change in FLNT stock from 6/30/2026 to 10/7/2026 was primarily driven by a -26.6% change in the company's P/S Multiple.
(LTM values as of)630202610072026Change
Stock Price ($)3.732.77-25.7%
Change Contribution By: 
Total Revenues ($ Mil)1982021.9%
P/S Multiple0.60.4-26.6%
Shares Outstanding (Mil)3132-0.7%
Cumulative Contribution-25.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/7/2026
ReturnCorrelation
FLNT-25.7% 
Market (SPY)4.1%-5.1%
Sector (XLC)3.9%17.8%

Fundamental Drivers

The -12.3% change in FLNT stock from 3/31/2026 to 10/7/2026 was primarily driven by a -6.0% change in the company's P/S Multiple.
(LTM values as of)331202610072026Change
Stock Price ($)3.162.77-12.3%
Change Contribution By: 
Total Revenues ($ Mil)209202-3.2%
P/S Multiple0.50.4-6.0%
Shares Outstanding (Mil)3032-3.7%
Cumulative Contribution-12.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/7/2026
ReturnCorrelation
FLNT-12.3% 
Market (SPY)19.8%7.5%
Sector (XLC)0.6%4.8%

Fundamental Drivers

The 24.8% change in FLNT stock from 9/30/2025 to 10/7/2026 was primarily driven by a 86.0% change in the company's P/S Multiple.
(LTM values as of)930202510072026Change
Stock Price ($)2.222.7724.8%
Change Contribution By: 
Total Revenues ($ Mil)230202-12.0%
P/S Multiple0.20.486.0%
Shares Outstanding (Mil)2432-23.7%
Cumulative Contribution24.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/7/2026
ReturnCorrelation
FLNT24.8% 
Market (SPY)17.6%9.1%
Sector (XLC)-5.2%7.2%

Fundamental Drivers

The 4.0% change in FLNT stock from 9/30/2023 to 10/7/2026 was primarily driven by a 292.0% change in the company's P/S Multiple.
(LTM values as of)930202310072026Change
Stock Price ($)2.662.774.0%
Change Contribution By: 
Total Revenues ($ Mil)333202-39.3%
P/S Multiple0.10.4292.0%
Shares Outstanding (Mil)1432-56.3%
Cumulative Contribution4.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/7/2026
ReturnCorrelation
FLNT4.0% 
Market (SPY)88.1%11.7%
Sector (XLC)75.1%10.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FLNT Return-63%-45%-39%-37%-5%11%-92%
Peers Return71%-18%4%20%-32%22%45%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
FLNT Win Rate50%25%58%33%50%40% 
Peers Win Rate40%48%52%50%40%52% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
FLNT Max Drawdown-78%-58%-75%-48%-49%-49% 
Peers Max Drawdown-36%-61%-57%-45%-54%-46% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ZETA, QNST, STGW, CDLX, HHS. See FLNT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/7/2026 (YTD)

How Low Can It Go

EventFLNTS&P 500
2025 US Tariff Shock
  % Loss-46.7%-18.8%
  % Gain to Breakeven87.5%23.1%
  Time to Breakeven228 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.4%-7.8%
  % Gain to Breakeven27.2%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.3%-9.5%
  % Gain to Breakeven54.6%10.5%
  Time to Breakeven73 days24 days
2020 COVID-19 Crash
  % Loss-62.3%-33.7%
  % Gain to Breakeven165.1%50.9%
  Time to Breakeven161 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-43.3%-3.7%
  % Gain to Breakeven76.3%3.9%
  Time to Breakeven157 days6 days
2013 Taper Tantrum
  % Loss-28.6%-0.2%
  % Gain to Breakeven40.0%0.2%
  Time to Breakeven27 days1 days

Compare to ZETA, QNST, STGW, CDLX, HHS

In The Past

Fluent's stock fell -46.7% during the 2025 US Tariff Shock. Such a loss loss requires a 87.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFLNTS&P 500
2025 US Tariff Shock
  % Loss-46.7%-18.8%
  % Gain to Breakeven87.5%23.1%
  Time to Breakeven228 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.4%-7.8%
  % Gain to Breakeven27.2%8.5%
  Time to Breakeven50 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-35.3%-9.5%
  % Gain to Breakeven54.6%10.5%
  Time to Breakeven73 days24 days
2020 COVID-19 Crash
  % Loss-62.3%-33.7%
  % Gain to Breakeven165.1%50.9%
  Time to Breakeven161 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-43.3%-3.7%
  % Gain to Breakeven76.3%3.9%
  Time to Breakeven157 days6 days
2013 Taper Tantrum
  % Loss-28.6%-0.2%
  % Gain to Breakeven40.0%0.2%
  Time to Breakeven27 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-40.3%-17.9%
  % Gain to Breakeven67.5%21.8%
  Time to Breakeven184 days123 days

Compare to ZETA, QNST, STGW, CDLX, HHS

In The Past

Fluent's stock fell -46.7% during the 2025 US Tariff Shock. Such a loss loss requires a 87.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Fluent (FLNT)

Fluent, Inc. (FLNT) is a public company that provides data-driven digital marketing services, primarily operating within the United States. The company specializes in customer acquisition, acting as a crucial link between advertiser clients and potential consumers through the execution of targeted digital marketing campaigns.

Fluent's core offering involves delivering performance-based marketing executions and leveraging data to optimize these campaigns. Their services are designed to help clients efficiently acquire new customers by connecting them with relevant audiences across various digital channels.

The company serves a broad array of clients, including approximately 500 consumer brands, direct marketers, and agencies. These customers represent diverse industries such as financial products and services, media and entertainment, health and wellness, retail and consumer goods, and staffing and recruitment, all seeking to enhance their digital reach and customer base.

AI Analysis | Feedback

Here are 1-3 brief analogies for Fluent (FLNT):

  • Fluent is like a digital headhunter for customers, using data and online campaigns to find and deliver new consumers to various brands, similar to how LinkedIn helps companies find talent.
  • Fluent is like an Uber for customer acquisition, connecting brands with potential customers through digital channels and optimizing for performance, much like Uber connects riders with drivers efficiently.
  • Fluent is like the Stripe for customer acquisition, providing a streamlined, data-driven service that helps businesses efficiently acquire new customers through digital marketing, much like Stripe simplifies payment processing.

AI Analysis | Feedback

  • Customer Acquisition Services: Fluent provides data-driven digital marketing services that connect advertiser clients with consumers, focusing on acquiring new customers through performance-based campaigns.

AI Analysis | Feedback

Major Customers of Fluent (FLNT)

Fluent, Inc. primarily sells its data-driven digital marketing services to other companies (B2B). The provided company description indicates that Fluent connects its advertiser clients with consumers and delivers marketing executions to consumer brands, direct marketers, and agencies.

The description does not list specific names of customer companies. However, it identifies the following types of organizations as its major customers:

  • Advertiser clients
  • Consumer brands
  • Direct marketers
  • Agencies

These customers operate across a range of industries, including financial products and services, media and entertainment, health and wellness, retail and consumer, and staffing and recruitment.

AI Analysis | Feedback

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AI Analysis | Feedback

Don Patrick, Chief Executive Officer

Don Patrick was appointed Chief Executive Officer of Fluent, Inc. in January 2022, having served as Interim CEO from July 2021, and Chief Operating Officer from March 2018 to June 2021. Prior to joining Fluent, he was the Chief Executive Officer of Seneca One Finance, Inc., a specialty consumer finance company, from 2014 to 2017. From 2011 to 2013, Mr. Patrick served as President of Infogroup Marketing Services, a business unit of InfoGROUP, Inc. Earlier in his career, he was Chief Operating Officer of Merkle from 1997 to 2010, where he was part of the original management team that significantly grew the company's revenue.

Ryan Perfit, Chief Financial Officer

Ryan Perfit is responsible for Fluent's financial strategy and capital allocation.

Ryan Schulke, Chief Strategy Officer & Co-founder

Ryan Schulke co-founded Fluent, LLC in 2010, which was initially a privately held digital marketing firm. He served as Chief Executive Officer of Fluent, Inc. from March 2018 until June 2021, when he transitioned to Chief Strategy Officer. Fluent, LLC was acquired by IDI, Inc. for $100 million in 2015. Before co-founding Fluent, Mr. Schulke was Media Director at Clash Media. He has been recognized as an EY Entrepreneur of the Year.

Matthew Conlin, Chief Customer Officer & Co-founder

Matthew Conlin co-founded Fluent, Inc. in 2010. He previously held the position of President of the company and became Chief Customer Officer on July 1, 2021. Mr. Conlin met co-founder Ryan Schulke at St. John's University, and their entrepreneurial journey in digital marketing began with prior experience at Innovation Ads and Clash Media.

Dan Hall, Chief Technology Officer

As Chief Technology Officer, Dan Hall is responsible for building Fluent's infrastructure to support its scalability and rapid growth.

AI Analysis | Feedback

Key Risks to Fluent, Inc. (FLNT)

  1. Uncertainty Regarding Going Concern and Financial Distress: Fluent Inc. faces significant doubt about its ability to continue as a going concern, primarily due to a sustained decline in operating results and non-compliance with financial covenants under its credit agreement. The company has a critical need to raise additional capital, and failure to do so could lead to an event of default with severe financial repercussions, potentially impacting relationships with business partners and its stock price.
  2. Impact of Strict Regulatory Requirements: A major factor contributing to the sustained decline in Fluent Inc.'s operating results is the imposition of strict regulatory requirements on its digital media properties. As a data-driven digital marketing services provider, the company is highly susceptible to evolving data privacy laws and regulations, which can significantly affect its ability to operate and connect advertiser clients with consumers.
  3. Evolving Digital Marketing Landscape and Reliance on Third-Party Factors: The digital marketing industry in which Fluent Inc. operates is continuously evolving. This includes changes in technology, consumer preferences, and the policies of major digital platforms that impact data collection, usage, and advertising practices. The company's business, financial condition, and results of operations could be materially adversely affected if it cannot adapt to these ongoing changes or if third-party platforms alter their terms in ways that limit Fluent's access to data or advertising inventory.

AI Analysis | Feedback

Threat 1: Increasing Data Privacy Regulations and Platform Restrictions

Fluent's core business relies on "data-driven digital marketing services" for customer acquisition. A clear emerging threat is the accelerating trend of stricter data privacy regulations (such as GDPR, CCPA, and new state-level privacy laws in the US) and platform-level restrictions (e.g., Apple's App Tracking Transparency framework, and Google's planned phasing out of third-party cookies). These changes fundamentally impact the ability to collect, process, and utilize consumer data for targeted advertising, measurement, and personalization. This could significantly diminish the effectiveness and reach of Fluent's digital marketing campaigns, forcing a fundamental re-evaluation and overhaul of their data strategies and service delivery models.

Threat 2: Rapid Advancements in Generative AI and Marketing Automation

Fluent provides customer acquisition services and operates digital marketing campaigns. The rapid evolution and deployment of generative artificial intelligence (AI) and advanced marketing automation tools pose a significant emerging threat. These technologies are increasingly capable of automating tasks such as ad creative generation, audience segmentation, campaign optimization, and performance analysis. This could empower advertisers and brands to manage more aspects of their digital marketing in-house with fewer resources, or to directly leverage AI-driven platforms, thereby reducing the reliance on third-party service providers like Fluent for strategic input, execution, and optimization.

AI Analysis | Feedback

Fluent, Inc. (FLNT) operates in several addressable markets within the digital marketing landscape, primarily focused on the United States.

The key addressable markets for Fluent's main products and services include:

  • Digital Marketing Services: The broader USA digital marketing market was valued at approximately USD 23 billion in 2024. Additionally, the U.S. SEO & internet marketing market was valued at USD 103.7 billion in 2024 and is expected to grow to USD 380.2 billion by 2032.
  • Customer Acquisition Services: For North America, the customer acquisition tool market was valued at approximately USD 2.5 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2025 to 2033.
  • Commerce Media Solutions: Fluent has made a strategic pivot towards Commerce Media Solutions. The global commerce media sector is projected by Boston Consulting Group to reach USD 100 billion within five years (from September 2025) and is expected to constitute over 25% of digital media spending by 2026. While this is a global projection, Fluent primarily operates in the United States.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Fluent (FLNT) over the next 2-3 years:

  1. Rapid Expansion of Commerce Media Solutions (CMS): Fluent is strategically pivoting its business to focus on its high-growth Commerce Media Solutions segment. This segment has consistently delivered triple-digit year-over-year revenue growth and is expected to be the primary driver of consolidated revenue, projected to achieve double-digit growth in 2026.
  2. Growth through Strategic Partnerships and Network Expansion: Fluent is actively forming new partnerships with prominent brands, including DICK'S Sporting Goods, Databricks, Authentic Brands Group, and Rebuy Engine. Expanding its commerce network is crucial for increasing market share and scaling its CMS business.
  3. Investment in Advanced Monetization and Engagement Technologies: The company plans further strategic investments in areas such as relevance-driven monetization, creative intelligence, and rewards-based engagement within its Commerce Media Solutions. These investments aim to enhance the value offered to both advertisers and consumers, supporting sustained growth across its retail commerce network.
  4. Leveraging First-Party Data and Proprietary Machine Learning: Fluent will continue to utilize its robust first-party data and proprietary machine learning capabilities. This technology enables the company to optimize performance marketing, connect brands with high-intent consumers more effectively, and unlock additional revenue streams for its partners.

AI Analysis | Feedback

Share Repurchases

No significant share repurchase programs or activities were identified for Fluent (FLNT) in the provided information for the last 3-5 years.

Share Issuance

  • Fluent closed a $10.3 million private placement in August 2025, which improved its liquidity and introduced new institutional shareholders.
  • Proceeds from the issuance of common stock and warrants amounted to approximately $19.37 million for the full year 2025 and $12.63 million in full year 2024.
  • The number of outstanding shares for Fluent (FLNT) increased by 53.09% in 2025 to 28.09 million, from 18.35 million in 2024.

Inbound Investments

  • In August 2025, Fluent secured $10.3 million through a private placement, which brought in new institutional shareholders.

Outbound Investments

  • Fluent has aggressively invested in pivoting its business towards the high-growth commerce media industry over the last three years (since around 2023).
  • Subsequent to the close of Q4 2025, in January 2026, the company completed the sale of its Call Solutions subsidiary to reallocate resources towards the growth of Commerce Media Solutions.

Capital Expenditures

  • Purchases of property and equipment, representing capital expenditures, were approximately -$21,000 in the fourth quarter of 2025, indicating a slight increase of 75.0% year-over-year.
  • The company is prioritizing growth investments, particularly in its Commerce Media Solutions business model, and expects to continue investing in its technology.

Better Bets vs. Fluent (FLNT)

Peer Outperformance in Advertising

FLNT has trailed 61% of its 18 Advertising peers over 5Y. Advertising ranks 6th of 9 industries in Communication Services by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Advertising constituents that FLNT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
68%
of 19 industry peers · 17.4% return
3Y
50%
of 18 industry peers · 1.7% return
5Y
39%
of 18 industry peers · -79.4% return
No Advertising peer with a comparable growth profile has beaten FLNT by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Advertising is FLNT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Wireless Telecommunication Services 3 -11.4%26.8%45.5% ECHO 282% · TMUS 45% · SHEN -61%
Publishing 5 19.7%18.2%16.7% NYT 29% · NWSA 24% · SCHL 17%
Integrated Telecommunication Services 21 -11.0%7.8%-22.0% IQST 1524% · GSAT 274% · AD 139%
Movies & Entertainment 26 4.4%48.3%-45.8% IMAX 142% · MSGS 126% · BATRA 115%
Alternative Carriers 4 8.0%16.7%-48.2% IRDM 40% · UNIT -48% · LUMN -48%
Advertising ← 19 -21.7%1.7%-60.9% APP 226% · EVC 24% · OMC 19%
Interactive Media & Services 30 -26.5%-33.6%-71.0% GOOGL 153% · META 121% · EVER 9%
Interactive Home Entertainment 8 -35.3%-27.7%-71.9% TTWO 17% · MYPS 0% · RBLX -34%
Broadcasting 15 -19.6%-22.0%-72.1% FOXA 58% · NXST 22% · WBD 20%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FLNTZETAQNSTSTGWCDLXHHSMedian
NameFluent Zeta Glo.QuinStre.Stagwell Cardlyti.Harte-Ha. 
Mkt Price2.7733.8315.448.662.284.426.54
Mkt Cap0.18.30.92.10.00.00.5
Rev LTM2021,5711,2943,041179155748
Op Inc LTM-145335139-28-416
FCF LTM-11202117152-11-158
FCF 3Y Avg-1012962150-19-329
CFO LTM-42411313001166
CFO 3Y Avg-316776241-3-038

Growth & Margins

FLNTZETAQNSTSTGWCDLXHHSMedian
NameFluent Zeta Glo.QuinStre.Stagwell Cardlyti.Harte-Ha. 
Rev Chg LTM-12.0%35.9%18.3%6.4%-29.8%-11.6%-2.6%
Rev Chg 3Y Avg-15.2%33.9%34.1%5.1%-14.4%-8.7%-1.8%
Rev Chg Q8.4%43.5%42.7%11.2%-36.5%-1.7%9.8%
QoQ Delta Rev Chg LTM1.9%9.4%9.5%2.7%-10.6%-0.4%2.3%
Op Inc Chg LTM34.8%449.0%472.0%9.8%45.9%-166.3%40.3%
Op Inc Chg 3Y Avg-212.3%191.5%186.4%-7.1%34.5%-70.7%13.7%
Op Mgn LTM-7.0%3.4%2.7%4.6%-15.3%-2.4%0.2%
Op Mgn 3Y Avg-8.2%-4.6%-0.4%4.3%-18.1%1.9%-2.5%
QoQ Delta Op Mgn LTM1.2%1.2%1.0%-0.5%0.3%-2.9%0.7%
CFO/Rev LTM-2.1%15.3%10.1%9.9%0.3%0.8%5.3%
CFO/Rev 3Y Avg-1.3%13.9%6.6%8.4%-1.0%-0.3%3.2%
FCF/Rev LTM-5.3%12.9%9.0%5.0%-6.1%-1.0%2.0%
FCF/Rev 3Y Avg-4.1%10.4%5.0%5.2%-7.4%-1.9%1.5%

Valuation

FLNTZETAQNSTSTGWCDLXHHSMedian
NameFluent Zeta Glo.QuinStre.Stagwell Cardlyti.Harte-Ha. 
Mkt Cap0.18.30.92.10.00.00.5
P/S0.45.30.70.70.10.20.6
P/Op Inc-6.1155.524.915.3-0.5-8.87.4
P/EBIT-4.2-394.924.814.8-0.1-8.1-2.2
P/E-3.8-3,826.510.9131.5-0.1-5.7-1.9
P/CFO-20.834.46.77.124.725.515.9
Total Yield-26.6%-0.0%9.2%0.8%-763.7%-17.5%-8.8%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-14.2%3.3%7.2%12.7%-32.0%-12.1%-4.4%
D/E0.40.00.10.814.50.70.6
Net D/E0.3-0.0-0.10.712.30.60.4

Returns

FLNTZETAQNSTSTGWCDLXHHSMedian
NameFluent Zeta Glo.QuinStre.Stagwell Cardlyti.Harte-Ha. 
1M Rtn-12.1%7.9%-17.6%-1.3%-37.0%3.5%-6.7%
3M Rtn-26.5%56.2%-5.5%12.9%-43.1%93.9%3.7%
6M Rtn-10.9%115.2%25.0%32.6%-78.3%83.4%28.8%
12M Rtn17.4%69.5%2.9%59.5%-90.0%22.8%20.1%
3Y Rtn1.7%298.0%72.1%90.7%-98.3%-32.0%36.9%
1M Excs Rtn-12.3%8.2%-16.3%-1.8%-40.7%3.1%-7.1%
3M Excs Rtn-27.7%50.9%-11.7%8.3%-48.6%87.0%-1.7%
6M Excs Rtn-26.0%100.1%10.0%17.6%-93.3%68.3%13.8%
12M Excs Rtn6.8%53.5%-15.5%42.3%-106.9%6.1%6.5%
3Y Excs Rtn-77.0%233.5%-7.7%6.2%-180.2%-115.8%-42.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fluent202241279351316
Unallocated revenue714191013
Total209255298361329


Operating Income by Segment
$ Mil20242023202220212020
Unallocated revenue-11-15-01-1
Fluent-12-45-106725
Depreciation and amortization  -13-13-15
Total-24-60-120-58


Assets by Segment
$ Mil20252024202320222021
Fluent808490168168
Unallocated revenue109211515
Total8994112184184


Price Behavior

Price Behavior
Market Price$2.77 
Market Cap ($ Bil)0.1 
First Trading Date12/27/2007 
Distance from 52W High-35.1% 
   50 Days200 Days
DMA Price$3.52$3.24
DMA Trendupdown
Distance from DMA-21.2%-14.6%
 3M1YR
Volatility55.3%76.4%
Downside Capture-18.2094.22
Upside Capture-169.7095.49
Correlation (SPY)-8.3%9.4%
FLNT Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-0.090.130.040.580.600.60
Up Beta5.452.340.800.660.320.66
Down Beta4.333.970.830.03-0.330.30
Up Capture-167%-106%-63%50%122%36%
Bmk +ve Days6162766132424
Stock +ve Days8182758117343
Down Capture21%-66%25%89%92%92%
Bmk -ve Days16263760120328
Stock -ve Days12223564124375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FLNT
FLNT22.7%76.4%0.58-
Sector ETF (XLC)-3.7%15.9%-0.437.2%
Equity (SPY)16.8%13.0%0.929.2%
Gold (GLD)3.2%29.5%0.118.5%
Commodities (DBC)44.6%20.9%1.66-1.1%
Real Estate (VNQ)1.6%13.7%-0.13-2.0%
Bitcoin (BTCUSD)-31.7%44.2%-0.7311.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FLNT
FLNT-27.9%76.1%-0.10-
Sector ETF (XLC)7.8%21.0%0.2820.4%
Equity (SPY)13.8%17.1%0.6220.0%
Gold (GLD)18.4%18.9%0.79-0.7%
Commodities (DBC)10.3%19.6%0.401.6%
Real Estate (VNQ)0.8%18.8%-0.0715.6%
Bitcoin (BTCUSD)15.5%52.2%0.469.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FLNT
FLNT-36.0%85.0%-0.02-
Sector ETF (XLC)9.2%22.1%0.4626.1%
Equity (SPY)15.5%17.9%0.7325.1%
Gold (GLD)11.5%16.4%0.571.1%
Commodities (DBC)8.4%18.1%0.389.3%
Real Estate (VNQ)4.2%20.7%0.1620.9%
Bitcoin (BTCUSD)64.0%66.2%1.046.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity0.0 Mil
Short Interest: % Change Since 8312026-29.5%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest1
Basic Shares Quantity31.5 Mil
Short % of Basic Shares0.1%

Earnings Returns History

Updated 10/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-3.5%-2.8%-28.8%
5/13/202613.0%5.9%2.3%
3/9/2026-3.7%-5.1%-12.1%
11/13/2025-5.0%-6.9%2.0%
8/19/2025-12.7%-3.5%-11.0%
5/15/2025-0.6%-30.3%-25.5%
2/28/20252.3%-2.6%-16.6%
11/19/2024-5.3%-9.7%-6.8%
...
SUMMARY STATS   
# Positive9910
# Negative161615
Median Positive5.0%9.5%6.9%
Median Negative-6.1%-8.7%-13.7%
Max Positive21.6%24.4%48.4%
Max Negative-32.6%-31.1%-40.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/2026-3.5%-2.8%-28.8%
5/13/202613.0%5.9%2.3%
3/9/2026-3.7%-5.1%-12.1%
11/13/2025-5.0%-6.9%2.0%
8/19/2025-12.7%-3.5%-11.0%
5/15/2025-0.6%-30.3%-25.5%
2/28/20252.3%-2.6%-16.6%
11/19/2024-5.3%-9.7%-6.8%
8/19/2024-9.7%-9.0%-12.7%
5/15/2024-13.1%-13.9%-13.7%
2/29/20245.0%8.8%-8.0%
11/14/2023-16.5%-12.2%0.0%
8/14/20233.1%10.8%-10.4%
5/15/2023-20.2%-15.3%-9.1%
3/15/2023-32.6%-27.1%-28.9%
11/7/2022-2.4%2.4%-15.0%
8/9/20229.6%24.4%8.1%
5/9/202219.8%5.8%25.6%
3/8/202221.6%22.3%20.3%
11/4/2021-1.2%-3.2%-15.8%
8/9/20210.0%-8.4%5.6%
5/10/2021-6.8%-1.8%2.8%
3/16/2021-8.4%-31.1%-40.3%
1/15/2021-0.9%15.3%48.4%
10/29/20200.8%9.5%36.0%
SUMMARY STATS   
# Positive9910
# Negative161615
Median Positive5.0%9.5%6.9%
Median Negative-6.1%-8.7%-13.7%
Max Positive21.6%24.4%48.4%
Max Negative-32.6%-31.1%-40.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/13/202610-Q
12/31/202503/31/202610-K
09/30/202511/14/202510-Q
06/30/202508/19/202510-Q
03/31/202505/16/202510-Q
12/31/202403/31/202510-K
09/30/202411/15/202410-Q
06/30/202408/19/202410-Q
03/31/202405/15/202410-Q
12/31/202304/02/202410-K
09/30/202311/15/202310-Q
06/30/202308/21/202310-Q
03/31/202305/15/202310-Q
12/31/202203/15/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/13/202610-Q
12/31/202503/31/202610-K
09/30/202511/14/202510-Q
06/30/202508/19/202510-Q
03/31/202505/16/202510-Q
12/31/202403/31/202510-K
09/30/202411/15/202410-Q
06/30/202408/19/202410-Q
03/31/202405/15/202410-Q
12/31/202304/02/202410-K
09/30/202311/15/202310-Q
06/30/202308/21/202310-Q
03/31/202305/15/202310-Q
12/31/202203/15/202310-K
09/30/202211/07/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/09/202210-K
09/30/202111/04/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202003/16/202110-K
09/30/202010/30/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/13/202010-K
09/30/201911/12/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Revenue GrowthReported 10.0%  0.0%AffirmedGuidance: 10.0% for 2026
2026 Commerce Media Solutions Gross MarginReported25.0%27.5%  2.5%RaisedGuidance: 25.0% for 2026


Prior: Q1 2026 Earnings Reported 5/13/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Revenue GrowthReported 10.0%  0.0%AffirmedGuidance: 10.0% for 2026
2026 Commerce Media Solutions Gross MarginReported 25.0%  0.0%AffirmedGuidance: 25.0% for 2026

Q4 2025 Earnings Reported 3/9/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Revenue GrowthReported 10.0%  0.0%AffirmedGuidance: 10.0% for 2026
2026 Gross MarginReported 25.0%    

Q3 2025 Earnings Reported 11/13/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Adjusted EBITDAReported 0   AffirmedGuidance: 0 for Q4 2025
2026 Consolidated Revenue GrowthReported 10.0%   Higher NewGuidance: null for 2026
2026 Adjusted EBITDAReported 0   AffirmedGuidance: 0 for 2026

Insider Activity

Updated 9/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Global, Value Investment Corp Global Value Investment CorporationBuy91620263.3812,37641,83110,916,139Form
2Geygan, James Global Value Investment CorporationBuy91620263.3812,37641,83110,606,305Form
3Global, Value Investment Corp Global Value Investment CorporationSell91620263.2314847810,391,721Form
4Geygan, James Global Value Investment CorporationSell91620263.2314847810,095,636Form
5Global, Value Investment Corp Global Value Investment CorporationSell91620263.586652,38111,518,288Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Global, Value Investment Corp Global Value Investment CorporationBuy91620263.3812,37641,83110,916,139Form
2Geygan, James Global Value Investment CorporationBuy91620263.3812,37641,83110,606,305Form
3Global, Value Investment Corp Global Value Investment CorporationSell91620263.2314847810,391,721Form
4Geygan, James Global Value Investment CorporationSell91620263.2314847810,095,636Form
5Global, Value Investment Corp Global Value Investment CorporationSell91620263.586652,38111,518,288Form
6Geygan, James Global Value Investment CorporationSell91620263.586652,38111,190,121Form
7Global, Value Investment Corp Global Value Investment CorporationSell91620264.152813,354,966Form
8Geygan, James Global Value Investment CorporationSell91620264.152812,974,548Form
9Global, Value Investment Corp Global Value Investment CorporationSell91620264.055002,02513,033,167Form
10Geygan, James Global Value Investment CorporationSell91620264.055002,02512,661,916Form
11Global, Value Investment Corp Global Value Investment CorporationSell91620264.156002,49013,357,049Form
12Geygan, James Global Value Investment CorporationSell91620264.156002,49012,976,631Form
13Graff, David Allen DirectSell91420263.0025,00075,000286,314Form
14Schulke, RyanChief Strategy OfficerDirectBuy90820263.082,8238,68412,785,754Form
15Geygan, James Global Value Investment CorporationBuy61620262.7560,183165,6068,532,576Form
16Geygan, James DirectBuy61620262.781,1853,297165,794Form
17Global, Value Investment Corp Global Value Investment CorporationBuy61620262.7561,368168,9038,672,618Form
18Patrick, Donald HuntleyChief Executive OfficerDirectSell61220261.811,3532,454569,577Form
19Conlin, MatthewChief Customer OfficerDirectBuy60220262.075,00010,3505,110,161Form
20Schulke, RyanChief Strategy OfficerDirectBuy60220262.075,00010,3507,240,850Form
21Patrick, Donald HuntleyChief Executive OfficerDirectSell52720262.48286711775,740Form
22Perfit, Ryan MacNabChief Financial OfficerDirectSell52720262.599,60424,90850,143Form
23Patrick, Donald HuntleyChief Executive OfficerDirectSell52720262.5819,23049,640806,571Form
24Global, Value Investment Corp Global Value Investment CorporationBuy31620263.4765,148226,14210,724,883Form
25Geygan, James Global Value Investment CorporationBuy31620263.4765,148226,14210,554,722Form
26Geygan, James DirectBuy31620263.47125434202,739Form
27Global, Value Investment Corp Global Value Investment CorporationBuy31620263.4917,20759,98010,542,900Form
28Geygan, James Global Value Investment CorporationBuy31620263.4917,20759,98010,372,458Form
29Perfit, Ryan MacNabChief Financial OfficerDirectSell91520252.053,6627,507137,215Form
Core Cache Last Updated: 10/7/2026