Fluent Valuation Multiples

Fluent Overview

About Fluent

Fluent Inc is a data-driven digital marketing services company. It performs customer acquisition services by operating digital marketing campaigns, through which it connects its advertiser clients with consumers company is seeking to reach. It delivers data and performance-based marketing executions to its clients, such as consumer brands, direct marketers and agencies across a wide range of industries, including Financial Products & Services, Media & Entertainment, Health & Wellness, Staffing & Recruitment and Retail & Consumer.

Founded

2015

HQ

Employees

210

Website

fluentco.com

Sectors

AdTech SoftwareB2B SaaSHorizontal SaaSMarTech

Financials (LTM)

Revenue: $211M

EBITDA: ($6M)

EV

$116M

Valuation Multiples

Multiples.vc

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Fluent Financials

Fluent reported last 12-month revenue of $211M and negative EBITDA of ($6M).

In the same LTM period, Fluent generated $52M in gross profit, ($6M) in EBITDA losses, and had net loss of ($24M).

Fluent P&L

In the most recent fiscal year, Fluent reported revenue of $255M and EBITDA of ($16M).

Fluent expects next 12-month revenue of XXX and NTM EBITDA of XXX

Fluent Stock Performance

Fluent has current market cap of $96M, and enterprise value of $116M.

Fluent's stock price is $3.24.

Fluent Valuation Multiples

Fluent trades at 0.6x EV/Revenue multiple, and (18.1x) EV/EBITDA.

Fluent Financial Valuation Multiples

As of April 2, 2026, Fluent has market cap of $96M and EV of $116M.

Equity research analysts estimate Fluent's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Fluent has a P/E ratio of (4.0x).

Fluent Margins & Growth Rates

Fluent's revenue in the last 12 month grew by 6%.

Fluent's revenue per employee in the last FY averaged $1.2M, while opex per employee averaged $0.4M for the same period.

Fluent's rule of 40 is 3% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Fluent's rule of X is 8% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Fluent Public Comps

See public comps and valuation multiples for other AdTech Software comps.

Fluent M&A Activity

Fluent acquired XXX companies to date.

Last acquisition by Fluent was on XXXXXXXX, XXXXX. Fluent acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Fluent Investment Activity

Fluent invested in XXX companies to date.

Fluent made its latest investment on XXXXXXXX, XXXXX. Fluent invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).