The company's financial stability is increasingly fragile, as evidenced by a debt-to-equity ratio that has climbed to 2.33 alongside a current ratio of 0.95 in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 49.43M | 67.47M | 65.95M | 78.41M | 92.22M | 107.2M | 86.19M | 81.52M | 68.39M | 56.98M | 43.1M | 37.62M | 6.26M | 8.04M | 7.46M | 32.86M | 35.83M | 50.64M | 596.97K | 465.23K |
| Cash & Short-Term Investments | 10.3M | 12.94M | 9.44M | 15.8M | 25.55M | 34.47M | 21.09M | 18.68M | 17.77M | 16.63M | 10.09M | 13.46M | 4.18M | 5.61M | 7.21M | 4.63M | 7.55M | 29.4M | 308.87K | 124.14K |
| Cash Only | 10.3M | 12.94M | 9.44M | 15.8M | 25.55M | 34.47M | 21.09M | 18.68M | 17.77M | 16.63M | 10.09M | 13.46M | 4.18M | 5.61M | 7.21M | 4.63M | 7.55M | 29.4M | 308.87K | 124.14K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 31.77M | 46.73M | 46.53M | 56.53M | 63.16M | 70.23M | 62.67M | 60.91M | 48.65M | 36.28M | 30.96M | 21.22M | 1.74M | 1.6M | 0 | 36K | 19.03M | 15.84M | 10.17M | 291.83K |
| Days Sales Outstanding | 65.24 | 81.71 | 66.7 | 69.15 | 63.84 | 77.85 | 73.62 | 78.93 | 70.95 | 62.55 | 60.48 | 549.77 | 211.52 | 203.51 | - | 0.24 | 141.86 | 153.15 | 89.07 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74K | 37K | 0 | 1K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 9.68 | 7.65 | - | 0.01 | - | - | - | - |
| Other Current Assets | 7.37M | 7.8M | 9.98M | 6.07M | 3.51M | 0 | 0 | 0 | 1.97M | 2.27M | 2.05M | 2.93M | 331K | 558K | 0 | 12.41M | 902K | 750K | 1.65M | 49.26K |
| Total Non-Current Assets | 22.84M | 21.66M | 27.66M | 33.46M | 91.75M | 210.98M | 224.03M | 235.58M | 224.88M | 260.02M | 268.81M | 251.57M | 3.78M | 4.5M | 87K | 17.59M | 51.04M | 49.13M | 79.26M | 78.81M |
| Property, Plant & Equipment | 2.8M | 2.96M | 1.87M | 3.99M | 6.17M | 8.26M | 10.48M | 12.73M | 1.38M | 1.78M | 1.35M | 1.06M | 1.5M | 1.58M | 87K | 633K | 1.13M | 1.41M | 0 | 0 |
| Fixed Asset Turnover | 64.25x | 70.46x | 135.87x | 74.86x | 58.57x | 39.85x | 29.63x | 22.13x | 181.36x | 119.06x | 138.40x | 13.27x | 2.00x | 1.82x | - | 87.79x | 43.22x | 26.86x | - | - |
| Goodwill | 0 | 0 | 0 | 1.26M | 55.11M | 165.09M | 165.09M | 164.77M | 159.79M | 166.26M | 166.26M | 161.75M | 0 | 0 | 0 | 16.93M | 45.95M | 45.89M | 0 | 0 |
| Intangible Assets | 16.7M | 17.28M | 21.8M | 26.81M | 28.75M | 35.75M | 45.42M | 55.6M | 61.81M | 89.71M | 98.53M | 87.44M | 1.64M | 2M | 0 | 0 | 3.95M | 1.28M | 0 | 0 |
| Long-Term Investments | 2.13M | 710K | 0 | 0 | 0 | 0 | 1.48M | 1.48M | 1.48M | 0 | 0 | -18.88M | -74K | 0 | 0 | 0 | 0 | -480K | 0 | 0 |
| Other Non-Current Assets | 3.33M | 715K | 3.99M | 1.41M | 1.73M | 1.89M | 1.56M | 2.47M | 1.89M | 2.28M | 2.67M | 1.31M | 646K | 917K | 0 | 31K | 2K | 553K | 78.81M | 78.81M |
| Total Assets | 72.27M | 89.13M | 93.62M | 111.87M | 183.97M | 318.18M | 310.22M | 317.09M | 293.27M | 317M | 311.91M | 289.19M | 10.04M | 12.55M | 7.55M | 50.45M | 86.87M | 99.77M | 79.85M | 79.28M |
| Asset Turnover | 2.54x | 2.34x | 2.72x | 2.67x | 1.96x | 1.03x | 1.00x | 0.89x | 0.85x | 0.67x | 0.60x | 0.05x | 0.30x | 0.23x | - | 1.10x | 0.56x | 0.38x | 0.52x | - |
| Asset Growth % | -56.65% | -4.79% | -16.31% | -39.19% | -42.18% | 2.57% | -2.17% | 8.12% | -7.49% | 1.63% | 7.86% | 2779.82% | -19.96% | 66.19% | -85.04% | -41.93% | -12.92% | 24.94% | 0.72% | - |
| Total Current Liabilities | 52.21M | 65.03M | 64.68M | 49.21M | 50.22M | 57.94M | 50.22M | 52.23M | 33.37M | 32.78M | 26.16M | 21.06M | 2.57M | 1.98M | 881K | 63.9M | 75.25M | 51.05M | 507.63K | 169.63K |
| Accounts Payable | 7.48M | 7.2M | 8.78M | 10.95M | 6.19M | 16.13M | 7.69M | 21.57M | 7.86M | 7.41M | 14.72M | 8.86M | 1.23M | 1.2M | 46K | 0 | 13.89M | 9.01M | 7.41M | 0 |
| Days Payables Outstanding | 19.61 | 15.71 | 16.53 | 18.18 | 8.45 | 24.16 | 13.05 | 40.5 | 17.75 | 18.34 | 40.17 | 315.52 | 160.99 | 247.33 | 126.24 | - | 139.12 | 117.24 | 88.32 | - |
| Short-Term Debt | 24.56M | 31.95M | 31.61M | 5M | 5M | 5M | 7.29M | 9.15M | 3.5M | 2.75M | 4.13M | 2.25M | 0 | 0 | 0 | 0 | 729K | 654K | 16.86M | 0 |
| Deferred Revenue (Current) | 1.67M | 721K | 556K | 430K | 1.01M | 651K | 1.37M | 1.14M | 444K | 298K | 318K | 783K | 70K | 9K | 0 | 2.64M | 2.48M | 1.9M | 0 | 0 |
| Other Current Liabilities | 20.02M | 25.16M | 0 | 0 | 0 | 0 | 0 | -2.28M | 0 | 13.35M | 1.5M | 1.01M | 1.19M | 759K | 1.01M | 59.16M | 42.67M | 24.64M | -53.84M | 142.91K |
| Current Ratio | 0.95x | 1.04x | 1.02x | 1.59x | 1.84x | 1.85x | 1.72x | 1.56x | 2.05x | 1.74x | 1.65x | 1.79x | 2.44x | 4.06x | 8.47x | 0.51x | 0.48x | 0.99x | 1.18x | 2.74x |
| Quick Ratio | 0.95x | 1.04x | 1.02x | 1.59x | 1.84x | 1.85x | 1.72x | 1.56x | 2.05x | 1.74x | 1.65x | 1.79x | 2.41x | 4.04x | 8.47x | 0.51x | 0.48x | 0.99x | 1.18x | 2.74x |
| Cash Conversion Cycle | 45.64 | - | - | - | - | - | - | - | - | - | - | - | 60.21 | -36.17 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.78M | 5.89M | 3.98M | 28.25M | 39.8M | 46.83M | 43.12M | 53.93M | 52.74M | 60.21M | 56.1M | 62.24M | 0 | 0 | 0 | 0 | 11.15M | 316K | 26.37M | 26.37M |
| Long-Term Debt | 6.36M | 3.73M | 3.97M | 25.49M | 35.59M | 40.33M | 33.28M | 44.1M | 51.97M | 60.21M | 45.88M | 48.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.56M | 1.99M | 9K | 1.7M | 3.74M | 5.69M | 7.29M | 9.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.57M | 0 | 0 | 0 | 0 | 989K | 316K | 0 | 0 |
| Other Non-Current Liabilities | 420K | 168K | 1K | 1.06M | 458K | 811K | 2.54M | 775K | 766K | 0 | 10.22M | 0 | 0 | 0 | 0 | 0 | 10.16M | 0 | 26.37M | 26.37M |
| Total Liabilities | 58.98M | 70.92M | 68.66M | 77.46M | 90.01M | 104.77M | 93.33M | 106.16M | 86.1M | 92.99M | 82.26M | 83.3M | 2.57M | 1.98M | 881K | 63.9M | 86.41M | 51.37M | 26.88M | 26.54M |
| Total Debt | 30.91M | 37.67M | 37.42M | 34.48M | 46.73M | 53.25M | 50.16M | 64.59M | 55.47M | 62.96M | 50.01M | 50.92M | 0 | 0 | 0 | 0 | 732K | 654K | 0 | 0 |
| Net Debt | 20.62M | 24.73M | 27.98M | 18.68M | 21.18M | 18.78M | 29.07M | 45.91M | 37.7M | 46.33M | 39.92M | 37.46M | -4.18M | -5.61M | -7.21M | -4.63M | -6.82M | -28.74M | -308.87K | -124.14K |
| Debt / Equity | 2.33x | 2.07x | 1.50x | 1.00x | 0.50x | 0.25x | 0.23x | 0.31x | 0.27x | 0.28x | 0.22x | 0.25x | - | - | - | - | 1.58x | 0.01x | - | - |
| Debt / EBITDA | -3.19x | - | - | - | - | 6.26x | 2.12x | 3.37x | 2.26x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.13x | - | - | - | - | 2.21x | 1.23x | 2.40x | 1.54x | - | - | - | - | - | - | - | - | - | - | -0.52x |
| Interest Coverage | -5.57x | -6.36x | -5.55x | -18.77x | -60.86x | -3.49x | 1.57x | 0.76x | 1.40x | -2.27x | -4.68x | -125.43x | - | - | -3.55x | -110.39x | -1003.87x | -8.34x | -11.37x | - |
| Total Equity | 13.29M | 18.21M | 24.95M | 34.4M | 93.95M | 213.41M | 216.88M | 210.94M | 207.17M | 224.01M | 229.65M | 205.9M | 7.47M | 10.56M | 6.67M | -13.45M | 463K | 48.4M | 52.98M | 52.74M |
| Equity Growth % | -89.03% | -27.02% | -27.46% | -63.38% | -55.97% | -1.6% | 2.82% | 1.82% | -7.52% | -2.46% | 11.54% | 2655.19% | -29.27% | 58.44% | 149.57% | -3005.62% | -99.04% | -8.64% | 0.44% | - |
| Book Value per Share | 0.42 | 0.70 | 1.53 | 2.50 | 6.92 | 16.01 | 16.36 | 15.95 | 16.21 | 24.15 | 30.94 | 94.75 | 1.52 | 1.68 | 1.14 | -3.20 | 0.11 | 25.47 | 21.19 | 67.67 |
| Total Shareholders' Equity | 13.29M | 18.21M | 24.95M | 34.4M | 93.95M | 213.41M | 216.88M | 210.94M | 207.17M | 224.01M | 229.65M | 205.9M | 7.47M | 10.56M | 6.67M | -13.45M | 463K | 48.4M | 52.98M | 52.74M |
| Common Stock | 54K | 53K | 47K | 43K | 42K | 42K | 40K | 39K | 38K | 31K | 27K | 8K | 4K | 4K | 3K | 2K | 2K | 2K | 1.25K | 1.25K |
| Retained Earnings | -443.32M | -437.96M | -410.8M | -381.52M | -318.3M | -194.97M | -184.91M | -187.12M | -185.37M | -167.44M | -114.23M | -85.14M | -134.39M | -130.85M | -126.61M | -135.67M | -122.21M | -75.57M | 378.63K | 144.12K |
| Treasury Stock | 0 | -11.41M | -11.41M | -11.41M | -11.17M | -10.72M | -10M | -8.18M | -3.27M | -1.27M | -531K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.23M | -1.38M | -702K | -155K | -4.36M | -4.36M | -4.43M | -1.07M | 1.15M | 1.05M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory model obsolescence risk
As reported in recent financial statements, Fluent's total equity has declined from $34.4 million in 2023Q4 to $13.3 million in 2026Q1, reflecting a persistent erosion of shareholder value driven by cumulative net losses that continue to weigh heavily on the company's overall financial position and long-term stability.
The consistent decline in equity, paired with a ballooning deficit in retained earnings, suggests that the company is consuming its capital base to fund ongoing operations. Investors should monitor whether this trajectory forces a dilutive capital raise, as the current rate of equity depletion appears unsustainable for a business facing structural revenue contraction.
Based on the provided balance sheet data, Fluent's debt-to-equity ratio has climbed to 2.33 in 2026Q1, indicating that despite a relatively modest absolute debt load, the company's shrinking equity base is significantly amplifying its leverage profile and increasing the sensitivity of the balance sheet to further operational losses.
While the absolute debt levels have fluctuated, the rising D/E ratio is a function of a contracting equity base rather than strategic borrowing for growth. This leverage profile warrants caution, as the company's inability to generate consistent operating income makes even moderate debt levels a potential constraint on future financial flexibility.
According to the latest quarterly filings, Fluent's current ratio has compressed to 0.95 in 2026Q1, signaling that the company's liquid assets are no longer sufficient to cover its short-term obligations, which may indicate an increasing reliance on working capital management to maintain day-to-day business operations.
A current ratio below unity is a classic indicator of liquidity stress, particularly for a firm with negative operating margins. The company appears to have limited room for error, and any further disruption in cash collection cycles could necessitate immediate liquidity support or restrictive cost-cutting measures.
As evidenced by the company's historical balance sheets, the significant fluctuation in goodwill, which surged from $1.3 million in 2024Q1 to $16.7 million in 2026Q1, suggests that past acquisitions may be creating accounting distortions that mask the true underlying value of the company's tangible asset base.
The sudden appearance and subsequent volatility of goodwill on the balance sheet raise questions regarding the valuation of acquired assets and the potential for future impairment charges. Investors should be wary of these non-cash items, as they may be inflating the asset side of the ledger while the core business continues to struggle with profitability.
Quick answers to the most common questions about buying FLNT stock.
As of 2025, Fluent, Inc. (FLNT) had total assets of $89.1M including $67.5M in current assets.
Fluent, Inc. (FLNT) carries total debt of $37.7M, offset by $12.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fluent, Inc. (FLNT) has total shareholders' equity (book value) of $18.2M ($0.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fluent, Inc. (FLNT) reported a current ratio of 1.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.