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Fluent vs National CineMedia: revenue, profit, margins and growth compared

Fluent brought in $208.8M of revenue in fiscal 2025, National CineMedia $243.2M in fiscal 2025. Revenue changed by -18.0% at Fluent and +1.0% at National CineMedia on the year before, so National CineMedia grew faster. Fluent kept -13.0% of its revenue as net profit, National CineMedia -4.4%. Free cash flow was -$1.5M at Fluent and $2.8M at National CineMedia.

Side by side, latest fiscal year

FLNTNCMI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (January 1, 2026)
Revenue$208.8M$243.2M
Revenue growth-18.0%+1.0%
Net income-$27.2M-$10.6M
Net margin-13.0%-4.4%
Free cash flow-$1.5M$2.8M
Free cash flow margin-0.7%1.2%
Earnings per share (diluted)-$1.05-$0.11
Cash$12.9M$34.6M
Debt$34.6M$12M
Price to earningsn/an/a
Market value$99.9M$212.6M
Dividend yieldn/a5.31%
Rank by revenue in sector#648 of 778 · Consumer discretionary#639 of 778 · Consumer discretionary

Over the years

Revenue
FLNT FY2018: $250.3MFLNT FY2019: $281.7MFLNT FY2020: $310.7MFLNT FY2021: $329.3MFLNT FY2022: $361.1MFLNT FY2023: $298.4MFLNT FY2024: $254.6MFLNT FY2025: $208.8MNCMI FY2018: $441.4MNCMI FY2019: $444.8MNCMI FY2020: $90.4MNCMI FY2021: $114.6MNCMI FY2022: $249.2MNCMI FY2023: $165.2MNCMI FY2024: $240.8MNCMI FY2025: $243.2MFY18FY19FY20FY21FY22FY23FY24FY25
FLNT $208.8MNCMI $243.2M
Net income
FLNT FY2018: -$17.9MFLNT FY2019: -$1.7MFLNT FY2020: $2.2MFLNT FY2021: -$10.1MFLNT FY2022: -$123.3MFLNT FY2023: -$63.2MFLNT FY2024: -$29.3MFLNT FY2025: -$27.2MNCMI FY2018: $29.8MNCMI FY2019: $36.1MNCMI FY2020: -$65.4MNCMI FY2021: -$48.7MNCMI FY2022: -$28.7MNCMI FY2023: $705.2MNCMI FY2024: -$22.3MNCMI FY2025: -$10.6MFY18FY19FY20FY21FY22FY23FY24FY25
FLNT -$27.2MNCMI -$10.6M
Net margin
FLNT FY2018: -7.2%FLNT FY2019: -0.6%FLNT FY2020: 0.7%FLNT FY2021: -3.1%FLNT FY2022: -34.2%FLNT FY2023: -21.2%FLNT FY2024: -11.5%FLNT FY2025: -13.0%NCMI FY2018: 6.8%NCMI FY2019: 8.1%NCMI FY2020: -72.3%NCMI FY2021: -42.5%NCMI FY2022: -11.5%NCMI FY2023: 426.9%NCMI FY2024: -9.3%NCMI FY2025: -4.4%FY18FY19FY20FY21FY22FY23FY24FY25
FLNT -13.0%NCMI -4.4%
Revenue growth
FLNT FY2019: +12.5%FLNT FY2020: +10.3%FLNT FY2021: +6.0%FLNT FY2022: +9.7%FLNT FY2023: -17.4%FLNT FY2024: -14.7%FLNT FY2025: -18.0%NCMI FY2019: +0.8%NCMI FY2020: -79.7%NCMI FY2021: +26.8%NCMI FY2022: +117.5%NCMI FY2023: -33.7%NCMI FY2024: +45.8%NCMI FY2025: +1.0%FY19FY20FY21FY22FY23FY24FY25
FLNT -18.0%NCMI +1.0%
Free cash flow
FLNT FY2018: $23.2MFLNT FY2019: $23.9MFLNT FY2020: $20.2MFLNT FY2021: $12.4MFLNT FY2022: $1.9MFLNT FY2023: $8.1MFLNT FY2024: -$14.1MFLNT FY2025: -$1.5MNCMI FY2018: $136.1MNCMI FY2019: $129.6MNCMI FY2020: $47.3MNCMI FY2021: -$100.9MNCMI FY2022: -$50.2MNCMI FY2023: -$10MNCMI FY2024: $54.5MNCMI FY2025: $2.8MFY18FY19FY20FY21FY22FY23FY24FY25
FLNT -$1.5MNCMI $2.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Fluent and National CineMedia

Which is bigger by revenue, Fluent or National CineMedia?

National CineMedia is bigger by revenue: $243.2M in fiscal 2025, against $208.8M for Fluent in fiscal 2025.

Which keeps more of its revenue as profit, Fluent or National CineMedia?

Fluent had a net margin of -13.0% in fiscal 2025; National CineMedia had -4.4% in fiscal 2025.

Which grew revenue faster, Fluent or National CineMedia?

In their latest fiscal years revenue changed by -18.0% at Fluent and +1.0% at National CineMedia.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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