Cardlytics, Inc.

CDLX

Communication ServicesAdvertising AgenciesNASDAQ

$0.64

Market Cap: $35.25M

Cardlytics, Inc. (CDLX) Valuation Summary

Updated May 10, 2026 22:40

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.08 – $33.82	$0.08	-87.8%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	-$0.49 – $2.95	$2.69	+320.5%

Valuation History

DCF Analysis

Cardlytics, Inc. (CDLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.08

Market Price

$0.64

Upside / Downside

-87.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -20.2% to a target of 10.4% over 5 years, discounted at a WACC of 5.6%, Cardlytics, Inc. (CDLX) has an intrinsic value of $0.08 per share (range: $0.08 – $33.82).

Key Assumptions

Current Operating Margin

-20.2%

Target Operating Margin

10.4%

WACC

5.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

17.8%

D&A/Revenue

11.9%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	158	-32.1%	-14.1%	-22	-22	19	(11)	-21	7	6
2027	165	4.4%	-8.0%	-13	-13	20	(16)	3	-12	-11
2028	160	-3.3%	-1.8%	-3	-3	19	(20)	-2	-2	-1
2029	155	-3.3%	4.3%	7	5	18	(23)	-2	2	2
2030	149	-3.3%	10.4%	16	12	18	(27)	-2	5	4

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)218

PV of Terminal Value171

Enterprise Value171

(–) Net Debt167

Equity Value4

(÷) Shares Outstanding53

Fair Value per Share$0.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
3.6%	$-4	$2	$13	$23	$34
4.6%	$-4	$-1	$2	$6	$10
5.6%	$-4	$-2	$0	$2	$5
6.6%	$-4	$-3	$-1	$1	$2
7.6%	$-4	$-3	$-1	$-0	$1

Current price: $0.64. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 38.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.69

Market Price

$0.64

Upside / Downside

+320.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cardlytics, Inc. (CDLX) has a fair value of $2.69 based on 7 comparable companies in the Advertising Agencies industry.

EV/Revenue Valuation — Advertising Agencies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cardlytics, Inc.CDLX	34	0.9x	0.7x
Townsquare Media, Inc.TSQ	113	1.4x	1.3x
TravelzooTZOO	102	1.1x	1.2x
IZEA Worldwide, Inc.IZEA	75	0.8x	0.7x
Marchex, Inc.MCHX	70	1.3x	1.2x
Fluent, Inc.FLNT	54	0.4x	0.4x
FingerMotion, Inc.FNGR	50	1.4x	1.8x
VS Media Holdings Limited Class A Ordinary SharesVSME	3	0.6x	—
Industry Median		1.1x	1.2x
(*) Revenue		233	305
= Enterprise Value		260	359
(-) Net Debt		167	167
Equity Value		94	192
(/) Outstanding shares		53	53
Fair Price		$2	$4

Selected Fair Value (avg of trailing + forward)

$2.69

+320.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.08 – $33.82

$0.08

-87.8%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

-$0.49 – $2.95

$2.69

+320.5%

DCF Analysis

Cardlytics, Inc. (CDLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.08

Market Price

$0.64

Upside / Downside

-87.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-20.2%

Target Operating Margin

10.4%

WACC

5.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

17.8%

D&A/Revenue

11.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	158	-32.1%	-14.1%	-22	-22	19	(11)	-21	7	6
2027	165	4.4%	-8.0%	-13	-13	20	(16)	3	-12	-11
2028	160	-3.3%	-1.8%	-3	-3	19	(20)	-2	-2	-1
2029	155	-3.3%	4.3%	7	5	18	(23)	-2	2	2
2030	149	-3.3%	10.4%	16	12	18	(27)	-2	5	4

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)218

PV of Terminal Value171

Enterprise Value171

(–) Net Debt167

Equity Value4

(÷) Shares Outstanding53

Fair Value per Share$0.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
3.6%	$-4	$2	$13	$23	$34
4.6%	$-4	$-1	$2	$6	$10
5.6%	$-4	$-2	$0	$2	$5
6.6%	$-4	$-3	$-1	$1	$2
7.6%	$-4	$-3	$-1	$-0	$1

Current price: $0.64. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 38.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$2.69

Market Price

$0.64

Upside / Downside

+320.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cardlytics, Inc. (CDLX) has a fair value of $2.69 based on 7 comparable companies in the Advertising Agencies industry.

EV/Revenue Valuation — Advertising Agencies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cardlytics, Inc.CDLX	34	0.9x	0.7x
Townsquare Media, Inc.TSQ	113	1.4x	1.3x
TravelzooTZOO	102	1.1x	1.2x
IZEA Worldwide, Inc.IZEA	75	0.8x	0.7x
Marchex, Inc.MCHX	70	1.3x	1.2x
Fluent, Inc.FLNT	54	0.4x	0.4x
FingerMotion, Inc.FNGR	50	1.4x	1.8x
VS Media Holdings Limited Class A Ordinary SharesVSME	3	0.6x	—
Industry Median		1.1x	1.2x
(*) Revenue		233	305
= Enterprise Value		260	359
(-) Net Debt		167	167
Equity Value		94	192
(/) Outstanding shares		53	53
Fair Price		$2	$4

Selected Fair Value (avg of trailing + forward)

$2.69

+320.5%