Cardlytics, Inc. (CDLX) Stock

Cardlytics, Inc. (CDLX) is a Technology stock trading at $4.28 (as of 2026-08-20), with a market capitalization of $25.17M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cardlytics, Inc. operates an advertising platform in the United States and the United Kingdom. It offers Cardlytics platform, a proprietary native bank advertising channel that enables marketers to reach customers through their network of financial institution partners through digital channels, such as online, mobile applications, email, and various real-time notifications; and Bridg platform, a customer data platform which utilizes point-of-sale data and enables marketers to perform analytics and targeted loyalty marketing, as well as measure the impact of their marketing. The company was incorporated in 2008 and is headquartered in Atlanta, Georgia.

Understand Cardlytics, Inc.: how it makes money

Cardlytics sells a digital advertising platform for marketers, using a proprietary native bank advertising channel to reach customers through financial institution partners, and it also offers Bridg, a customer data platform that uses point-of-sale data to support analytics, targeted loyalty marketing, and marketing impact measurement.

Revenue is tied to marketer engagement outcomes, with engagement-based pricing representing most of new business (Engagement-Based Pricing Share of New Business is 96%), so advertiser results on the Cardlytics network directly affect monetization.

Revenue by segment (latest quarter)
Cardlytics Platform	$0.1B
Bridge	$0.0B

Business quality (Weak): The company has large-scale engagement network indicators and some recurring revenue from Bridg, but it is not yet showing operating profitability, with operating margin at -24.1% in the latest quarter.

Bull case

Engagement-based pricing is dominant in new business (Engagement-Based Pricing Share of New Business is 96%): This suggests the go-to-market is increasingly focused on performance-linked advertising within the Cardlytics platform.
The platform reaches very large audiences (Monthly Active Users and Monthly Qualified Users are both provided at very high levels): Large network scale can support marketer reach and campaign execution across digital channels.
Customer concentration appears limited (Top Five Customers as a Percentage of Revenue is 16%): That can reduce risk from any single advertiser account.

Bear case

Operating margin is negative (operating_margin_pct is -24.1%): The business is currently not achieving operating profitability, which can constrain investment flexibility.
The profit driver is linked to engagement-based outcomes (Engagement-Based Pricing Penetration is 79%): If engagement levels weaken or pricing terms change, monetization could be pressured.
Bridge appears smaller than the Cardlytics platform in the provided breakdown (Cardlytics Platform Revenue is 0.06B, Bridge Revenue is 0.01B): If growth is uneven between the two platforms, the larger component may dominate total results.

Valuation — source: SEC EDGAR (first-party)
Price	$4.28
Market Cap	$25.17M
Price / Sales	0.14
FCF Yield	1.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$233.27M
Net Margin	-44.4%
Revenue Growth (YoY)	-41.7%
FCF Growth (YoY)	-1052.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	-6.51 (distress)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	CAS Investment Partners, LLC ($5.46M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Amit Gupta
Employees	440
Country	US
IPO Date	2018-02-09

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.