Latest Ratios: P/E Ratio -3.7x · EV/EBITDA N/A · ROE -125.9%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76M | $62M | $41M | $55M | $89M | $159M | $422M | $198M | $276M | $245M | $154M |
| Enterprise Value | $100M | $87M | $69M | $74M | $110M | $178M | $451M | $244M | $314M | $291M | $194M |
| P/E Ratio → | -3.69 | — | — | — | — | — | 187.41 | — | — | — | — |
| P/S Ratio | 0.36 | 0.30 | 0.16 | 0.19 | 0.25 | 0.48 | 1.36 | 0.70 | 1.10 | 1.16 | 0.82 |
| P/B Ratio | 5.52 | 3.42 | 1.64 | 1.61 | 0.94 | 0.75 | 1.95 | 0.94 | 1.33 | 1.09 | 0.67 |
| P/FCF | — | — | — | 24.33 | — | 16.88 | 24.20 | 9.31 | 12.55 | — | — |
| P/OCF | — | — | — | 6.80 | 45.18 | 12.81 | 20.80 | 7.63 | 11.76 | 104.11 | 73.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.42 | 0.27 | 0.25 | 0.30 | 0.54 | 1.45 | 0.87 | 1.25 | 1.38 | 1.04 |
| EV / EBITDA | — | — | — | — | — | 20.92 | 19.06 | 12.75 | 12.79 | — | — |
| EV / EBIT | — | — | — | — | — | — | 53.87 | 46.82 | 27.60 | — | — |
| EV / FCF | — | — | — | 32.54 | — | 18.87 | 25.86 | 11.47 | 14.26 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.9% | 19.9% | 23.9% | 26.3% | 25.9% | 26.0% | 30.8% | 31.0% | 35.4% | 30.9% | 28.4% |
| Operating Margin | -9.4% | -9.4% | -9.3% | -20.2% | -33.1% | -1.4% | 2.7% | 1.9% | 4.5% | -9.9% | -18.2% |
| Net Profit Margin | -13.0% | -13.0% | -11.5% | -21.2% | -34.2% | -3.1% | 0.7% | -0.6% | -7.2% | -25.1% | -15.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -125.9% | -125.9% | -98.6% | -98.5% | -80.3% | -4.7% | 1.0% | -0.8% | -8.3% | -23.5% | -13.4% |
| ROA | -29.7% | -29.7% | -28.5% | -42.7% | -49.1% | -3.2% | 0.7% | -0.6% | -5.9% | -16.9% | -9.7% |
| ROIC | -30.6% | -30.6% | -33.5% | -53.6% | -51.6% | -1.5% | 2.5% | 1.6% | 3.3% | -5.8% | -10.0% |
| ROCE | -73.7% | -73.7% | -51.7% | -61.2% | -60.7% | -1.8% | 3.2% | 2.0% | 4.2% | -7.4% | -12.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.07 | 2.07 | 1.50 | 1.00 | 0.50 | 0.25 | 0.23 | 0.31 | 0.27 | 0.28 | 0.22 |
| Debt / EBITDA | — | — | — | — | — | 6.26 | 2.12 | 3.37 | 2.26 | — | — |
| Net Debt / Equity | — | 1.36 | 1.12 | 0.54 | 0.23 | 0.09 | 0.13 | 0.22 | 0.18 | 0.21 | 0.17 |
| Net Debt / EBITDA | — | — | — | — | — | 2.21 | 1.23 | 2.40 | 1.54 | — | — |
| Debt / FCF | — | — | — | 8.21 | — | 1.99 | 1.67 | 2.15 | 1.71 | — | — |
| Interest Coverage | -6.36 | -6.36 | -5.55 | -18.77 | -60.86 | -3.49 | 1.57 | 0.76 | 1.40 | -2.27 | -4.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.02 | 1.59 | 1.84 | 1.85 | 1.72 | 1.56 | 2.05 | 1.74 | 1.65 |
| Quick Ratio | 1.04 | 1.04 | 1.02 | 1.59 | 1.84 | 1.85 | 1.72 | 1.56 | 2.05 | 1.74 | 1.65 |
| Cash Ratio | 0.20 | 0.20 | 0.15 | 0.32 | 0.51 | 0.59 | 0.42 | 0.36 | 0.53 | 0.51 | 0.39 |
| Asset Turnover | — | 2.34 | 2.72 | 2.67 | 1.96 | 1.03 | 1.00 | 0.89 | 0.85 | 0.67 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 81.71 | 66.70 | 69.15 | 63.84 | 77.85 | 73.62 | 78.93 | 70.95 | 62.55 | 60.48 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.5% | — | — | — | — |
| FCF Yield | — | — | — | 4.1% | — | 5.9% | 4.1% | 10.7% | 8.0% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.9% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.9% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $26M | $16M | $14M | $14M | $13M | $13M | $13M | $13M | $9M | $7M |
Regulatory lead-generation model obsolescence
As reported in recent financial filings, Fluent's P/S ratio of 0.31 suggests the market is pricing the firm as a distressed asset, significantly discounting its revenue base compared to historical averages and more stable peers like QuinStreet, which maintain higher valuation multiples despite similar industry headwinds.
The negative TTM P/E ratio of -3.16 underscores the absence of earnings power, rendering traditional earnings-based valuation metrics irrelevant for this business model. Investors appear to be assigning little to no terminal value to the company's proprietary data assets, viewing the current revenue contraction as a permanent impairment of the firm's competitive position.
Based on the company's quarterly data, the ROIC has consistently trended into negative territory, reaching -12.1% in 2026Q1, which demonstrates that the firm is failing to generate returns on invested capital that exceed its cost of capital, thereby eroding shareholder value over the observed ten-quarter period.
The persistent decay in ROIC is primarily driven by the inability to maintain positive operating margins, as the company's cost structure remains too rigid for its declining revenue base. This trend suggests that management's capital allocation, particularly regarding past acquisitions, has failed to yield the expected synergies or competitive advantages.
According to recent financial statements, Fluent's asset turnover ratio has languished at 0.56 in 2026Q1, indicating that the company is struggling to generate sufficient revenue from its existing asset base, a trend that has worsened compared to the 0.75 turnover observed in 2025Q4.
The DSO of 79 days suggests that the company is facing increasing difficulty in collecting payments from its advertising clients, which may imply a weakening of its bargaining power within the performance marketing ecosystem. This inefficiency in the cash conversion cycle forces the firm to rely on external liquidity to fund operations, further exacerbating its financial vulnerability.
As noted in industry research, the most commonly misapplied ratio for Fluent is the headline P/S multiple, which obscures the company's true economic contribution by including pass-through media costs that do not represent actual value creation for the firm's shareholders.
Analysts should instead focus on 'Revenue After Media Buy' (RAMB) to better understand the underlying profitability of the company's data-arbitrage model. Relying on gross revenue figures significantly overstates the scale of the business and masks the thin margins that leave the company highly exposed to fluctuations in traffic acquisition costs.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying FLNT stock.
Fluent, Inc.'s current P/E ratio is -3.7x. The historical average is 90.1x.
Fluent, Inc.'s return on equity (ROE) is -125.9%. The historical average is -43.5%.
Based on historical data, Fluent, Inc. is trading at a P/E of -3.7x. Compare with industry peers and growth rates for a complete picture.
Fluent, Inc. has 19.9% gross margin and -9.4% operating margin.