FLUENT, INC.
FLNT Communication Services Advertising Agencies
FLUENT, INC.’s revenue for fiscal 2025 (year ended December 2025) was $208.8 million, down 18.0% from fiscal 2024. In the quarter to June 2026, revenue grew 8.37%, EPS grew 33.3%, free cash flow fell 835.5% and total debt rose 37.7%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow FLNT
FLUENT, INC. (FLNT) Beneish M-score
FLUENT, INC.'s Beneish M-score for fiscal 2025 is −3.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.90 | (0.49) |
| FY2024 | −3.41 | 2.43 |
| FY2023 | −5.84 | 0.19 |
| FY2022 | −6.03 | (3.35) |
| FY2021 | −2.69 | (0.01) |
| FY2020 | −2.68 | (0.05) |
| FY2019 | −2.63 | (0.09) |
| FY2018 | −2.54 | 0.42 |
| FY2017 | −2.96 | (10.21) |
| FY2016 | 7.25 | (7.24) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.22 | — | 1.13 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.83 | — | 0.33 | |
| Sales growth index | 0.82 | — | 0.73 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.29) | — | −1.35 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SDM Smart Digital Group Limited compare | −14.7× |
| STFS Star Fashion Culture Holdings Limited compare | −13.9× |
| FLNT FLUENT, INC. | −3.9× |
| MCHX Marchex, Inc. compare | −2.9× |
| TSQ Townsquare Media, Inc. compare | −2.9× |
| NCMI National CineMedia, Inc. compare | −2.5× |
| SWAG Stran & Company, Inc. compare | −1.9× |
| TJGC TJGC Group Limited compare | −1.6× |
| MF MindForge Inc. compare | 37.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI