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Cardlytics, Inc. key statistics and ratios

In fiscal 2025, Cardlytics, Inc. had a net margin of -44.4%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin−67.1%−15.1%−35.2%−8.1%−29.7%−48.1%−155.8%−43.6%−68.0%−44.4%−55.9%
Return on equity———−17.6%−36.9%−30.3%−103.1%−77.8%−184.9%——
Return on assets—−19.5%−41.7%−9.1%−17.1%−15.2%−47.6%−21.3%−39.2%−30.5%−38.5%
R&D as % of revenue12.3%9.3%10.8%5.6%9.4%14.3%18.2%16.6%17.8%17.0%16.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $235m
Short-term assets $101mLonger-term assets $134m
What it owes, and who funded it · $251m
Short-term liabilities $62mLonger-term liabilities $188mShareholders' equity $-16m
  • Short-term assets cover short-term liabilities $101m of assets due within a year against $62m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $101m short-term assets against $188m of longer-dated liabilities.
  • More cash than debt $28m of cash against $184m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $532,000 of operating cash flow against $184m of debt.
  • Operating profit covers interest at least five times over Operating income of −$89m against −$10m of interest.

From Cardlytics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

0 /100

Weak moat

How hard Cardlytics's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -28.3% of total assets over 9 years.

  • Durability 10 / 20

    Operating margin has been a median -47.9%; its worst year was -129.4%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 9 years, at a median -10.5% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 85.0% over five years; stock-based pay has been a median 12.8% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (15 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Cardlytics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cardlytics, Inc.