Fluent vs National Cinemedia
National Cinemedia is the larger business, with $243m of revenue in fiscal 2025 against $209m for Fluent (1.2 times as much). National Cinemedia grew faster (1.0% against -18.0%). National Cinemedia kept more of each dollar of sales as profit: a net margin of -4.4% against -13.0%. National Cinemedia carries less debt relative to equity (3.2% against 189.9%).
| Latest fiscal year | FluentFLNT, 2025 | National CinemediaNCMI, 2025 |
|---|---|---|
| Revenue | $209m | $243m |
| Revenue growth | -18.0% | 1.0% |
| Net income | −$27.2m | −$10.6m |
| Operating margin | -9.7% | -5.7% |
| Net margin | -13.0% | -4.4% |
| Return on equity | -125.9% | -2.7% |
| Free cash flow | −$1.5m | $2.8m |
| Cash | $12.9m | $34.6m |
| Total debt | $34.6m | $12.0m |
| Debt to equity | 189.9% | 3.2% |
| Dividend per share | — | $0.12 |
| Dividend yield | — | 7.5% |
| Share buybacks | — | $22.0m |
| Employees | 186 | 248 |
| Market value | $112m | $144m |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | 18 (Weak) | 23 (Weak) |
| Insider trades, 12 months | 13 buys, 14 sales | 0 buys, 22 sales |