Marchex, Inc.
MCHX Communication Services Advertising Agencies
Marchex, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $45.4 million, down 5.61% from fiscal 2024. In the quarter to June 2026, revenue fell 5.60%, EPS fell 626.3% and free cash flow fell 329.3%, each against the same quarter a year earlier.
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Marchex, Inc. (MCHX) Piotroski F-score
Marchex, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | 2.00 |
| FY2023 | 3 | (2.00) |
| FY2022 | 5 | (1.00) |
| FY2021 | 6 | 3.00 |
| FY2020 | 3 | 0.00 |
| FY2019 | 3 | (4.00) |
| FY2018 | 7 | 2.00 |
| FY2017 | 5 | 1.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (12.63%) | (10.91%) | Fail | 0 |
| Positive operating cash flow | (1.41m) | (1.10m) | Fail | 0 |
| Rising return on assets | (12.63%) | (10.91%) | Fail | 0 |
| Cash flow above net income | 3.83m | 3.84m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 2.36 | 2.40 | Fail | 0 |
| No new shares issued | 43,860,000 | 43,159,000 | Fail | 0 |
| Rising gross margin | 63.20% | 64.32% | Fail | 0 |
| Rising asset turnover | 1.10 | 1.06 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ACCS ACCESS Newswire Inc. compare | 7 |
| DLPN Dolphin Digital Media Inc. compare | 5 |
| SWAG Stran & Company, Inc. compare | 5 |
| NCMI National CineMedia, Inc. compare | 5 |
| STFS Star Fashion Culture Holdings Limited compare | 4 |
| TSQ Townsquare Media, Inc. compare | 4 |
| MCHX Marchex, Inc. | 3 |
| FLNT FLUENT, INC. compare | 3 |
| MF MindForge Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover