Deep Value: cash covers more than 100% of the stock price

This company holds roughly $28.0M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Stock

Cardlytics

CDLX

Advertising Agencies · Communication Services

Also trades as: 0LEC.L GBP 0.02 (-5.23%)

Price

$1.75

-0.12 (-6.15%)

Market Cap

$10.3M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

6/30

Growth

Mixed

5/20

Cash Flow

Weak

0/10

Stability

Weak

0/10

Valuation

Data not available

0/10

Ownership

Good

8/15

Dividends

Not counted

n/a

19 of 95 counted points = Winston Score 20. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+64.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.2M (2021) → 5.3M (2025)

§Winston Score History

The full picture

Cardlytics is a technology company that helps banks and retailers work together on advertising. It runs a platform embedded inside banking apps — like Bank of America and Chase — where customers see personalized cash-back offers based on their real spending history. The company sits inside the advertising industry but uses actual purchase data, not browsing behavior, to target ads.

Cardlytics makes money by charging brands and retailers a fee when a customer sees and redeems an offer through the bank's app. It operates mainly in the United States, with a smaller presence in the United Kingdom. Its main competitive advantage is access to verified purchase data from millions of bank accounts, which is difficult for competitors to replicate. However, the company has not yet turned a profit, and its growth depends heavily on convincing more advertisers to shift budgets onto its platform while keeping its large banking partners engaged — both of which remain ongoing challenges.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-41.7% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

-43.3% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-1.80

30 Jun 2026: $-2.58

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS decreased year over year

R&D Spend

$40M/ year

↓ Declining (-20% vs prior year)

17.0% of revenue

In line with sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

6.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

$28M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Cardlytics has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

50.5%

Healthy — 50.5% gross margin

Profit after running costs

Operating Margin

-14.8%

Losing money on operations — -14.8%

Return on the money invested

ROCE

-3.1%

Weak — -3.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-32.6%

Shrinking sales (-32.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-4.8%

Burning cash (-4.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

3.75

Heavy debt load (3.75)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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