undamentalytics Newsletter
Sign in

Fluent, Inc. (FLNT) stock

Add to watchlist

Add holding +

NASDAQ: FLNT Nasdaq Advertising Next results ~November 12, 2026

C Fundamentals grade

Fluent, Inc. is a US-listed company in the advertising industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 728% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 728% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Fluent, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders6 buying, 5 selling13 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds12 adding, 11 cuttingOf 2 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Fluent files

Where Fluent stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $202m, down 12.0% on a year earlier, a smaller fall than the 18.6% decline a quarter earlier. That puts it 13 of 13 for growth among the advertising companies we cover. Free-cash-flow margin fell to -2.1% from 0.9% a year earlier. Operating margin widened to -7.4% from -10.2%. The diluted share count is up 50.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 7 financial-health checks.

Our model value for Fluent is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Fluent, Inc.'s trailing-twelve-month revenue fell 12.0% year on year, with a free-cash-flow margin of -2.1%. Where it stands out: days sales outstanding of 48 days ranks 3 of 25 advertising companies we cover. Where it lags: change in share count of 50.2% ranks 21 of 24 advertising companies we cover.

Our discounted-cash-flow model values the business at ~$0.8 per share in the base case (~$0.4–$1.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -12.0% (+6.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Fluent, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 12.0% over the last 12 months.
  • Loss-making. Operating margin is -7.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -2.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 50.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 77% and a beta of 0.4 against the S&P 500.

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
-$0.13 against an average estimate of -$0.15: beat by 11.4%
Revenue
$48m, up 8.4% on a year earlier
Share reaction
+2.0% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$0.10

Fluent's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.3%
  • 1 week+25.5%
  • 1 month+15.8%
  • This year+43.8%
  • 1 year+62.0%
  • 5 years-78.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$202M
Operating margin
-7.4%
Net margin
-11.5%
EPS (TTM, diluted)
$-0.76

Growth

Revenue growth
−12.0%
Change in growth rate
+6.6 pts
Share count change
+50.2%

Cash

Free cash flow (TTM)
-$4.3M
FCF margin
-2.1%
Stock pay % of revenue
2.0%

Earnings

Last results
August 10, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fluent, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 728% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Our value per share comes from a discounted-cash-flow model of Fluent, Inc.'s free cash flow after stock-based pay ( $2.5M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$44.04$20.70$26.40$21.60$15.00$31.86$11.94$6.54$4.02$2.52$2.40$3.45
Market value$96m$154m$269m$276m$198m$422m$159m$89m$55m$41m$62m$105m
+ Net debt (− = net cash)$42m$43m$48m$38m$36m$22m$12m$16m$15m$26m$22m$25m
Enterprise value$137m$196m$318m$314m$235m$444m$171m$104m$71m$67m$84m$130m
Multiples
Price / sales 6.8x0.8x1.3x1.1x0.7x1.4x0.5x0.2x0.2x0.2x0.3x0.5x
Price / earnings —————191.3x——————
Price / free cash flow —114.9x151.1x11.9x8.3x20.9x12.8x45.6x6.8x———
EV / EBITDA ———12.8x12.2x18.8x20.1x—————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

18 /100

Weak moat

How hard Fluent's competitive advantage looks for rivals to wear away, judged from 10 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 -19.0% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -8.8%; its worst year was -27.3%.

  • Cash conversion 6 / 20

    Free cash flow was positive in 5 of 9 years, at a median 0.9% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 126.0% over five years; stock-based pay has been a median 1.7% 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 (32 before it).

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

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $50m and EPS of −$0.10 (range −$0.11 to −$0.08) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.35 +58% $213m +2%
Next −$0.03 +93% $244m +14%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −11.7% on 90 days ago. In the last 30 days, 3 analysts raised Fluent, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Fluent, Inc., last 90 days
−$0.40 −$0.30 −$0.20 −$0.10 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.40 Current fiscal year, 60 days ago: −$0.40 Current fiscal year, 30 days ago: −$0.35 Current fiscal year, 7 days ago: −$0.35 Current fiscal year, Now: −$0.35 −$0.35 Next fiscal year, 90 days ago: −$0.07 Next fiscal year, 60 days ago: −$0.07 Next fiscal year, 30 days ago: −$0.03 Next fiscal year, 7 days ago: −$0.03 Next fiscal year, Now: −$0.03 −$0.03

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.40−$0.07
60 days ago −$0.40−$0.07
30 days ago −$0.35−$0.03
7 days ago −$0.35−$0.03
Now −$0.35−$0.03

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.15 −$0.13 +11.4%
Mar 2026 −$0.21 −$0.19 +10.9%
Dec 2025 −$0.06 −$0.09 −63.6%
Sept 2025 −$0.12 −$0.23 −91.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026

No numeric guidance in Fluent, Inc.'s latest earnings release (filed August 10, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Fluent, Inc.'s revenue by +9.5% next year and +6.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.2%, weight 60%) and the company's own record (+4.0%, weight 40%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy133%
Hold267%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123

Counts of recommendations published by analysts covering Fluent, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.3%
of tradable shares
Days to cover
1.31
at average volume
Short interest, 1 month
+7%
to October 15, 2026
Held by institutions
31%
of shares
Held by insiders
49.7%
of shares
Employees
185
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FLNT−63%−45%−39%−37%−5%+44%
Industry peers (median)+22%−59%+21%−10%−40%−19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FLNT50%25%58%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FLNT−78%−58%−75%−48%−49%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 98% from November 16, 2015 to May 23, 2025. Getting back needed a 3873% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.72 – $4.27
From 52-week high
−19.2%
vs 50-day average
+9.8%
vs 200-day average
+5.9%
Volatility (1 year)
77%
Beta vs S&P 500
0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±6.1%
After a week
3 up, 9 down
typical move ±7.4%
After a month
2 up, 10 down
typical move ±13.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +2.0% −0.3% +2.7% −24.8%
May 13, 2026 +9.6% +1.4% +3.0% −0.7%
March 9, 2026 −6.1% +0.7% −7.4% −14.3%
November 13, 2025 −1.5% −1.7% −3.6% +9.2%
August 19, 2025 −10.0% −0.8% −0.5% −8.1%
May 15, 2025 +2.1% +1.1% −28.5% −23.4%
February 28, 2025 −4.5% −0.2% +1.1% −17.7%
November 19, 2024 −7.5% +0.4% −11.9% −9.1%
November 14, 2024 −6.6% −1.9% −6.6% −11.3%
August 19, 2024 −9.7% +0.8% −9.0% −12.7%
May 15, 2024 −13.1% +1.0% −13.9% −13.6%
April 2, 2024 0.0% −0.5% 0.0% +10.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fluent, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Fluent, Inc.
$150M $200M $250M $300M $350M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $310.3M Revenue (TTM), FY23 Q4: $298.4M Revenue (TTM), FY24 Q1: $287.1M Revenue (TTM), FY24 Q2: $263.7M Revenue (TTM), FY24 Q3: $262M Revenue (TTM), FY24 Q4: $254.6M Revenue (TTM), FY25 Q1: $243.9M Revenue (TTM), FY25 Q2: $229.8M Revenue (TTM), FY25 Q3: $212.4M Revenue (TTM), FY25 Q4: $208.8M Revenue (TTM), FY26 Q1: $198.4M Revenue (TTM), FY26 Q2: $202.1M $202.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $310.3M
FY23 Q4 $298.4M
FY24 Q1 $287.1M
FY24 Q2 $263.7M
FY24 Q3 $262M
FY24 Q4 $254.6M
FY25 Q1 $243.9M
FY25 Q2 $229.8M
FY25 Q3 $212.4M
FY25 Q4 $208.8M
FY26 Q1 $198.4M
FY26 Q2 $202.1M
Revenue growth, TTM YoY Fluent, Inc.
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -17.5% Revenue growth, TTM YoY, FY23 Q4: -17.4% Revenue growth, TTM YoY, FY24 Q1: -17.8% Revenue growth, TTM YoY, FY24 Q2: -20.8% Revenue growth, TTM YoY, FY24 Q3: -15.6% Revenue growth, TTM YoY, FY24 Q4: -14.7% Revenue growth, TTM YoY, FY25 Q1: -15.1% Revenue growth, TTM YoY, FY25 Q2: -12.8% Revenue growth, TTM YoY, FY25 Q3: -18.9% Revenue growth, TTM YoY, FY25 Q4: -18.0% Revenue growth, TTM YoY, FY26 Q1: -18.6% Revenue growth, TTM YoY, FY26 Q2: -12.0% -12.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -17.5%
FY23 Q4 -17.4%
FY24 Q1 -17.8%
FY24 Q2 -20.8%
FY24 Q3 -15.6%
FY24 Q4 -14.7%
FY25 Q1 -15.1%
FY25 Q2 -12.8%
FY25 Q3 -18.9%
FY25 Q4 -18.0%
FY26 Q1 -18.6%
FY26 Q2 -12.0%
Operating margin (TTM) Fluent, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -40.5% Operating margin (TTM), FY23 Q4: -20.2% Operating margin (TTM), FY24 Q1: -11.5% Operating margin (TTM), FY24 Q2: -19.0% Operating margin (TTM), FY24 Q3: -7.6% Operating margin (TTM), FY24 Q4: -9.3% Operating margin (TTM), FY25 Q1: -11.0% Operating margin (TTM), FY25 Q2: -10.2% Operating margin (TTM), FY25 Q3: -12.2% Operating margin (TTM), FY25 Q4: -9.7% Operating margin (TTM), FY26 Q1: -8.6% Operating margin (TTM), FY26 Q2: -7.4% -7.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -40.5%
FY23 Q4 -20.2%
FY24 Q1 -11.5%
FY24 Q2 -19.0%
FY24 Q3 -7.6%
FY24 Q4 -9.3%
FY25 Q1 -11.0%
FY25 Q2 -10.2%
FY25 Q3 -12.2%
FY25 Q4 -9.7%
FY26 Q1 -8.6%
FY26 Q2 -7.4%
FCF margin (TTM) Fluent, Inc.
-5% 0% 5% 10% FY21 Q2 FY22 Q1 FY22 Q4 FY26 Q2 FCF margin (TTM), FY21 Q2: 3.2% FCF margin (TTM), FY21 Q3: 0.2% FCF margin (TTM), FY21 Q4: 3.8% FCF margin (TTM), FY22 Q1: 1.6% FCF margin (TTM), FY22 Q2: 3.0% FCF margin (TTM), FY22 Q3: 7.0% FCF margin (TTM), FY22 Q4: 0.5% FCF margin (TTM), FY25 Q2: 0.9% FCF margin (TTM), FY25 Q3: -3.0% FCF margin (TTM), FY25 Q4: -0.7% FCF margin (TTM), FY26 Q1: 0.7% FCF margin (TTM), FY26 Q2: -2.1% -2.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q2 3.2%
FY21 Q3 0.2%
FY21 Q4 3.8%
FY22 Q1 1.6%
FY22 Q2 3.0%
FY22 Q3 7.0%
FY22 Q4 0.5%
FY25 Q2 0.9%
FY25 Q3 -3.0%
FY25 Q4 -0.7%
FY26 Q1 0.7%
FY26 Q2 -2.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A, 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3 1 14 187 212 250 282 311 329 361 298 255 209 202
Gross profit 1 0 4 53 — — — — — — — — — —
EBITDA −4 −1 −44 −21 −8 25 19 24 9 −106 −49 −14 −11 −7
Operating income −4 −1 −44 −34 −21 11 5 8 −5 −120 −60 −24 −20 −15
Net income −4 −1 −85 −29 −53 −18 −2 2 −10 −123 −63 −29 −27 −23
Diluted EPS −$0.22 −$0.28 −$6.48 −$0.65 −$0.87 −$0.23 −$0.02 $0.03 −$0.13 −$1.51 −$4.59 −$1.80 −$1.05 −$0.76
Growth (year on year)
Revenue — −71.6% +>999% +>999% +13.3% +18.2% +12.5% +10.3% +6.0% +9.7% −17.4% −14.7% −18.0% −12.0%
EBITDA — — — — — — −21.9% +23.6% −64.1% <−999% — — — —
Operating income — — — — — — −54.1% — −155.7% — — — — —
Margins
Gross margin 38.6% 58.8% 27.2% 28.4% — — — — — — — — — —
EBITDA margin −132.0% −93.0% −309.1% −11.5% −3.8% 9.8% 6.8% 7.6% 2.6% −29.5% −16.5% −5.4% −5.1% −3.4%
Operating margin −138.3% −95.1% −315.1% −18.2% −9.9% 4.5% 1.9% 2.7% −1.4% −33.1% −20.2% −9.3% −9.7% −7.4%
Net margin −136.9% −74.7% −599.9% −15.6% −25.1% −7.2% −0.6% 0.7% −3.1% −34.2% −21.2% −11.5% −13.0% −11.5%
Free-cash-flow margin −201.5% −68.4% −80.4% 0.7% 0.8% 9.3% 8.5% 6.5% 3.8% 0.5% 2.7% −5.5% −0.7% −2.1%
Cash flow
Cash from operations −5 −0 −11 2 3 23 26 20 12 2 8 −14 −1 −4
Capital spending 1 0 1 1 1 0 2 0 0 0 0 0 0 0
Free cash flow −6 −1 −11 1 2 23 24 20 12 2 8 −14 −2 −4
Stock-based pay 2 0 34 29 31 15 10 5 5 4 4 2 2 4
Free cash flow after stock pay −7 −1 −45 −28 −29 9 14 15 8 −2 4 −16 −4 −8
Balance sheet
Cash 6 6 13 10 17 18 19 21 34 26 16 9 13 7
Total debt 0 0 55 53 65 55 55 43 46 41 31 36 35 32
Net debt (negative = net cash) −6 −6 42 43 48 38 36 22 12 16 15 26 22 25
Diluted shares 3m 2m 2m 7m 10m 13m 13m 13m 13m 14m 14m 16m 26m 30m
Returned to shareholders
Buybacks — — — — 0 0 2 1 0 — — — — —
Total returned — — — — 0 0 2 1 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $75m
Short-term assets $53mLonger-term assets $23m
What it owes, and who funded it · $75m
Short-term liabilities $60mLonger-term liabilities $7mShareholders' equity $8m
  • Short-term assets cover short-term liabilities $53m of assets due within a year against $60m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $53m short-term assets against $7m of longer-dated liabilities.
  • More cash than debt $7m of cash against $32m of debt.
  • Debt below 40% of shareholders' equity Debt is 394% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 19% to 394% over five years.
  • A year's operating cash flow covers at least 20% of debt −$4m of operating cash flow against $32m of debt.
  • Operating profit covers interest at least five times over Operating income of −$15m against $3m of interest.

From Fluent, 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.

Dividends, buybacks and capital spending

Diluted share count
+50.2%
year over year
R&D spending
5.6%
of revenue
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in advertising
Last 12 months unless stated FLNT NCMI HHS SWAG NEXN DSP Median
Revenue, last 12 months $202m $249m $155m $120m $365m $388m $202m
Revenue growth, last 12 months −12.0% 5.8% −11.6% 10.3% −0.2% 22.0% −1.2%
Revenue growth, 3-year average −15.3% 8.3% −8.8% 23.0% — 24.3% 7.7%
Revenue growth, latest quarter 8.4% 12.7% −1.7% 2.4% — 33.9% 2.4%
Gross margin 33.3% 94.2% — 29.7% 84.9% 44.5% 40.3%
Operating margin −7.4% −7.1% −3.1% −0.9% 8.9% 2.3% −3.3%
Operating margin, 3-year average −12.2% −9.5% −0.6% −1.9% — 0.2% −2.8%
Net margin −11.5% −3.1% −3.7% 0.0% 6.9% 2.2% −2.3%
Cash from operations / revenue −2.1% 9.6% 0.8% −3.1% 30.2% 17.3% 3.5%
Free-cash-flow margin −2.1% 7.9% −0.9% −3.6% 26.9% 17.0% 3.9%
Free-cash-flow margin, 3-year average 0.1% 8.6% −1.9% −2.8% — 16.6% 8.1%
Stock pay / revenue 2.0% 3.1% 0.4% 0.2% 4.9% 7.6% 2.7%
Change in share count 50.2% −1.4% 0.9% −0.5% −12.9% 16.1% 4.2%

Median of all 27 companies we cover in advertising. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 advertising companies
Measure Company Peer median Rank
Revenue growth Growth -12.0% -1.2% 21 of 27
Change in growth rate Growth +6.6pp -0.5pp 7 of 27
Operating margin Profitability -7.4% -3.2% 16 of 26
Net margin Profitability -11.5% -2.3% 20 of 27
Free-cash-flow margin Cash generation -2.1% 4.7% 16 of 26
Stock pay as % of revenue Cash generation 2.0% 2.7% 9 of 23
Long-term debt as % of assets Balance sheet 6.9% 18.9% 6 of 15
Change in share count Balance sheet 50.2% 4.2% 21 of 24
Days sales outstanding Balance sheet 48 days 91 days 3 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Owned and Operated $94.5M 45.3% ▼ 43.9%
Commerce Media Solutions $82.3M 39.4% ▲ 99.4%
Call Solutions $24.8M 11.9% ▼ 20.5%
Ad Parlor $7.2M 3.4% ▼ 27.7%
Other $47,000 0.0% ▼ 98.8%

From Fluent, Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$16.3M
Institutions reporting
27
Shares held vs prior quarter
▼ 5.3%
Positions opened / closed
3 / 4

Top buyers and sellers, Q2 2026: 12 institutions bought and 11 sold ; the biggest buyer was Vanguard Capital Management LLC (+152K shares) and the biggest seller Bleichroeder LP (−286K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Tieton Capital Management, LLC $4.4M 1.2M 26.9% ▲ 0.3%
Bleichroeder LP $4.3M 1.1M 26.1% ▼ 20.0%
Vanguard Capital Management LLC $1.9M 520K 11.9% ▲ 41.4%
Mink Brook Asset Management LLC $1.5M 409K 9.3% ▲ 20.7%
Sei Investments Co $947,625 254K 5.8% ▼ 50.0%
Blackrock, Inc. $652,346 175K 4.0% ▲ 7.7%
Geode Capital Management, LLC $648,007 174K 4.0% ▼ 4.1%
Vanguard Fiduciary Trust Co $354,499 95K 2.2% ▲ 0.7%
State Street Corp $258,676 69K 1.6% 0.0%
Bleakley Financial Group, LLC $249,742 67K 1.5% New
Empowered Funds, LLC $198,488 53K 1.2% 0.0%
Bridgeway Capital Management, LLC $198,488 53K 1.2% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fluent, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 13 trades by 6 insiders, last 12 months Insider sales History → $164,964 14 trades by 5 insiders · 0% under pre-set plans
Net ▲ $858,318 net buying
Insider Date Trade Shares Price Value
Geygan James Director September 14, 2026 Buy 12,376 $3.38 $41,831
Rice Shawn G 10% owner September 14, 2026 Buy 12,376 $3.38 $41,831
Graff David Allen Director September 10, 2026 Sell 25,000 $3.00 $75,000
Schulke Ryan Chief Strategy Officer September 4, 2026 Buy 2,823 $3.08 $8,695
Geygan James Director September 1, 2026 Sell 148 $3.23 $478
Rice Shawn G 10% owner September 1, 2026 Sell 148 $3.23 $478
Geygan James Director August 28, 2026 Sell 665 $3.58 $2,381
Rice Shawn G 10% owner August 28, 2026 Sell 665 $3.58 $2,381
Geygan James Director August 25, 2026 Sell 2 $4.15 $8
Rice Shawn G 10% owner August 25, 2026 Sell 2 $4.15 $8
Geygan James Director August 17, 2026 Sell 500 $4.05 $2,025
Rice Shawn G 10% owner August 17, 2026 Sell 500 $4.05 $2,025

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 13, 2026
  • March 9, 2026
  • November 13, 2025
  • August 19, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Fluent, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fluent, Inc. in brief

What does Fluent, Inc. do?
Fluent, Inc. is a US-listed company in the advertising industry. Its financial year ends in December.
What is Fluent, Inc.'s stock ticker?
Fluent, Inc. trades under the ticker FLNT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fluent, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fluent, Inc. reported revenue of $202M, 12.0% lower than a year earlier, according to its SEC filings.
What is Fluent, Inc.'s free cash flow?
Fluent, Inc.'s free-cash-flow margin is -2.1% of revenue over the trailing twelve months, ranking 16 of the 26 advertising companies we cover.
Who are Fluent, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Tieton Capital Management, LLC, Bleichroeder LP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Fluent, Inc.'s market cap?
On November 2, 2026, Fluent, Inc.'s market capitalisation was about $105M and net debt of $25M. Market figures come from third-party market data and may be delayed.
How much debt does Fluent, Inc. have?
Fluent, Inc.'s debt-to-equity ratio is 393.8%, from its latest balance sheet (18.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Fluent, Inc.'s competitors?
In our Advertising peer group, the companies closest to Fluent, Inc. are National Cinemedia, Inc., Harte Hanks Inc, Stran & Company, Inc., Nexxen International Ltd. and Viant Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against Fluent, Inc.'s.
Are insiders buying or selling Fluent, Inc. stock?
Over the last 12 months, Fluent, Inc.'s directors and officers reported 13 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Fluent, Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fluent, Inc. announces its own schedule.