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ZYBERNO

Stock Report

Updated Sep 1, 2026

CARDLYTICS, INC. (CDLX)

Technology • NASDAQ

$4.03

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

28.0/100

POOR BUSINESS

CARDLYTICS, INC. (CDLX) scores 28/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CDLX quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+87.5%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

63.3%

Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)

23.1%

Yield + growth — what the business alone earns you, even if the market never re-rates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CDLX valuation analysis · → View full CDLX Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-49.4%)

Return on Capital (Capital Efficiency):CRITICAL (-46.9%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CARDLYTICS, INC. (CDLX) stock report — Zyberno Score 28/100 (POOR BUSINESS), Margin of Safety +87.5%, 63% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, CARDLYTICS, INC. (CDLX) trades at $4.03 against an estimated intrinsic value per share of $32.12 — a +87.5% Margin of Safety based on Owner Earnings of $9.97M TTM, projected at 8.9% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 63.3% annually.

Over the trailing twelve months, CDLX generated $9.97M in Owner Earnings. Capital was deployed as follows: $389.00K invested in capital expenditures. Reinvestment rate: 38.0%. Owner Earnings have grown at 8.9% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.03

Market Cap:$23.21M

Valuation Multiples (2)

P/S Ratio:0.13x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$181.03M

Pfcf Ratio:2.44x

Price Action & Momentum (2)

12-1 Momentum:

-57.8%

📈 Click to view full CDLX Momentum analysis →

% of 52-Week High:12.3%

B. Profitability Assessment

Return Metrics (4)

ROA:-37.2%

Roic:

-46.9%

📊 Click to view full CDLX ROIC analysis →

Reinvestment Rate:38.0%

Fundamental Growth Rate (g):-17.8%

Margin Analysis (3)

Operating Margin Ttm:-49.4%

Net Margin Ttm:-55.9%

Ebitda Margin:-37.6%

TTM Performance (2)

Operating Margin Ttm:-49.4%

Net Margin Ttm:-55.9%

Yield Metrics (3)

Earnings Yield:-$77.07

Owner Earnings Yield:$40.91

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-1.04

📊 Click to view full CDLX Earnings Surprise analysis →

EPS Surprise vs Expected:-190.6%

Latest Earnings Filed:2026-08-05

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-16.0%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):8.9%

Operating Cash Flow Growth Rate (Linear):10.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.62x

Quick Ratio:1.62x

Cash Ratio:0.45x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:38,721,000.00

Cash And Cash Equivalents:28,039,000.00

Long Term Debt:$184.41M

Net Debt:$157.82M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $179.33M

Linear Growth: -16.0%

📊 Click to view full CDLX Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00-$88.66M

Bottom Line Performance (3)

-$100.28M

Income Before Tax:-$103.38M

Ebitda Ttm:-67,506,000.00

Operating Expenses (5)

Operating Expenses:267,990,000.00

R And D Expense:28,734,000.00

Sga Expense:36,720,000.00

Income Tax Expense:$0.00

Interest Expense:-10,100,000.00

Expense Ratios (3)

R And D To Revenue Percentage:77.9%

Sga To Revenue Percentage:99.6%

Ebitda Margin:-37.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$234.79M

Current Assets:$101.07M

Ppe Net:1,617,000.00

Goodwill:110,305,000.00

Intangible Assets:$16.58M

Liability Structure (4)

Total Liabilities:250,789,000.00

Current Liabilities:62,350,000.00

Long Term Debt:$184.41M

Short Term Debt:$1.45M

Equity & Capital (3)

Equity:-$16.00M

Retained Earnings:-$1.42B

Common Stock:10,000,000.00

Working Capital Items (3)

Accounts Receivable:67,644,000.00

Inventory:0.00

Accounts Payable:12,320,000.00

Special Items (2)

Contract Liabilities:2,194,000.00

Stock Based Compensation:2,355,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $10.35M

Linear Growth: 10.8%

Free cash flow TTM: $9.97M

Linear Growth: 8.9%

📊 Click to view full CDLX Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$2.30M

Capital Expenditures Ttm:389,000.00

Financing Activities (3)

Financing Cash Flow:-$5.02M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$5.00M

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:21,157,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-3.26

-$3.26

Earnings Per Share Ttm:-$17.41

Revenue & Cash Per Share (3)

Sales Per Share Ttm:31.14

Operating Cash Flow Per Share:$1.61

Fcf Per Share Ttm:1.73

Book Value & Capital (2)

Book Value Per Share:-$2.78

Cash Per Share:4.87

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.67x

Working Capital Turnover Ttm:4.63x

Receivables Management (2)

Receivables Turnover Ttm:2.65x

Days Sales Outstanding Ttm:137.68

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:25.08

Cash Conversion Cycle:-886.39

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $9.97M

Linear Growth: 8.9%

📊 Click to view full CDLX Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.73

Owner Earnings Yield:$40.91

Growth Assessment (1)

Owner Earnings Growth Rate:$8.88

Damodaran Growth Analysis (2)

Reinvestment Rate:38.0%

Fundamental Growth Rate (g):-17.8%

Intrinsic Value Models (1)

Intrinsic Value:

$185.00M

📊 Click to view full CDLX DCF valuation →

Margin of Safety (1)

Margin Of Safety:

87.5%

📊 Click to view full CDLX valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:

63.3%

📊 Click to view full CDLX expected return analysis →

Forward Expected Return (Yield + Growth):

23.1%

📊 Click to view full CDLX expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-16.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):8.9%

Operating Cash Flow Growth Rate (Linear):10.8%

Other Growth Rates (2)

Book Value Growth Rate (Linear):-50.0%

Owner Earnings Growth Rate:$8.88

C. Company Profile & Context

Corporate Information (6)

Symbol:CDLX

Company Name:CARDLYTICS, INC.

Sector:Technology

Industry:Software Development

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:5.76M

Shares Outstanding Basic:5.76M

Shares Outstanding Diluted:5.76M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 09:21:32 UTC

Data Timestamp:2026-08-20T23:19:24.493741