Rumble
Rumble's revenue rose 5.4% to $101 million in fiscal 2025. Its operating margin was −125.9%, up from −137.0% a year earlier. Free cash flow was −$74 million. It paid out $525 million in dividends and buybacks. The diluted share count rose 24.8%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What Rumble does
Rumble runs a video sharing and livestreaming platform, Rumble.com, along with mobile and connected TV apps. Anyone can watch for free, and creators upload videos and stream live. The company says it was founded in 2013 to give small creators tools and distribution. It also runs Locals.com, where users subscribe to creators, and Rumble Studio, a livestreaming and monetization tool. It reports a user base of 52 million monthly active users in the fourth quarter of 2025.
Rumble has two business units. Rumble Services covers the video platform, Rumble Studio, a crypto wallet that lets viewers tip creators, and Rumble Advertising Center, its own ad marketplace and network. Rumble Cloud sells computing, storage and networking services over the internet. The majority of its revenue comes from advertising: display ads, video ads and creator sponsorships. The rest comes from subscriptions such as Rumble Premium, pay-per-view and tipping. It shares revenue with creators. Average revenue per user was $0.46 in the fourth quarter of 2025.
In February 2025 Tether Investments bought Class A shares for $775 million. In November 2025 Rumble agreed to a business combination with Northern Data, a company in AI and high-performance computing, which Rumble expects to close in the second quarter of 2026. Chris Pavlovski keeps super-majority voting control of Rumble.
Its biggest risks, as it describes them
- Not growing or keeping its active user base, and not reaching or keeping profitability.
- Its dependence on advertising for the majority of revenue, and on advertisers keeping or raising their budgets.
- Significant competition for viewers and advertising spending.
- Dependence on mobile operating systems, internet providers, advertising networks and data centers it does not control.
- Fixed payments to attract content creators that do not depend on the revenue those creators bring in.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
Rumble lost money in fiscal 2025: a net loss of $82 million.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Rumble yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Rumble's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need a positive starting cash flow. Rumble's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.
- Last close, October 26, 2026
- $5.37
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and Rumble's latest diluted earnings per share were negative or zero.
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 47 | 338 | 220 | 114 | 238 |
| Debt incl. finance leases | — | — | — | — | — |
| Net debt (negative means net cash) | — | — | — | — | — |
| Net debt to EBITDA | — | — | — | — | — |
| Debt to equity | — | — | — | — | — |
| Interest coverage | — | — | — | — | — |
| Current ratio | 6.8x | 22.1x | 7.1x | 0.6x | 5.8x |
| Quick ratio | 6.8x | 22.1x | 7.1x | 0.6x | 5.8x |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $10.0 million of Rumble shares on the open market, and none sold any.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 6, 2026 | Giancarlo Devasini10% owner | Bought | 44,355 | $5.48 | $243,065 | Form 4 |
| Feb 5, 2026 | Giancarlo Devasini10% owner | Bought | 538,955 | $5.41 | $2.9 million | Form 4 |
| Feb 3, 2026 | Giancarlo Devasini10% owner | Bought | 193,702 | $5.49 | $1.1 million | Form 4 |
| Nov 21, 2025 | Giancarlo Devasini10% owner | Bought | 270,478 | $5.46 | $1.5 million | Form 4 |
| Nov 20, 2025 | Giancarlo Devasini10% owner | Bought | 440,000 | $5.38 | $2.4 million | Form 4 |
| Nov 19, 2025 | Giancarlo Devasini10% owner | Bought | 353,192 | $5.45 | $1.9 million | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Fail | Fail | Fail |
| Cash from operations is positive | Fail | Fail | Fail |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | Fail | Fail | Pass |
| Share count didn't rise | Pass | Fail | Fail |
| Gross margin rose | — | Pass | Pass |
| Revenue rose relative to assets | Fail | Pass | Pass |
| F-score | — | — | — |
| Accruals ratio | −7.1% | −102.4% | −4.3% |
Compare
Put Rumble side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Rumble | FY25 | 5.4% | −125.9% | −74.0% | — | — | — | |
| Grindr | FY25 | 27.6% | 28.7% | 32.0% | 44.3% | 2.3x | 6 | Compare |
| CarGurus | FY25 | 13.7% | 26.9% | 31.9% | 90.3% | −0.7x | 7 | Compare |
| ZoomInfo | FY25 | 2.9% | 18.1% | 31.2% | 5.3% | 3.6x | 7 | Compare |
| QuinStreet | FY26 | 18.3% | 2.7% | 9.9% | 17.4% | −1.0x | 7 | Compare |
5 years of figures
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 10 | 39 | 81 | 96 | 101 |
| Revenue growth | — | 316.0% | 105.6% | 17.9% | 5.4% |
| Gross profit | — | — | −65 | −43 | −7 |
| Research and development | 2 | 6 | 16 | 19 | 19 |
| Operating income | −10 | −36 | −136 | −131 | −127 |
| Net income | −13 | −11 | −116 | −338 | −82 |
| Diluted EPS (US$) | −0.06 | −0.05 | −0.58 | −1.66 | −0.32 |
| Diluted shares (millions) | 211 | 242 | 201 | 204 | 255 |
| Cash flow | |||||
| Cash from operations | −5 | −32 | −93 | −87 | −70 |
| Capital expenditure | 1 | 8 | 15 | 3 | 4 |
| Free cash flow | −7 | −41 | −107 | −90 | −74 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 0 | 11 | 0 | 0 | 525 |
| Acquisitions | 3 | 0 | 7 | 2 | 0 |
| Stock-based compensation | 1 | 2 | 16 | 22 | 24 |
| Balance sheet at fiscal year end | |||||
| Cash and short-term investments | 47 | 338 | 220 | 114 | 238 |
| Debt incl. finance leases | — | — | — | — | — |
| Total assets | 56 | 367 | 296 | 195 | 337 |
| Total liabilities | 9 | 27 | 44 | 258 | 62 |
| Shareholders' equity | 30 | 340 | 252 | −63 | 275 |
| Margins and ratios | |||||
| Gross margin | — | — | −80.5% | −45.0% | −6.7% |
| Operating margin | −111.0% | −90.4% | −167.4% | −137.0% | −125.9% |
| Net margin | −141.7% | −29.0% | −143.8% | −354.4% | −81.3% |
| Free cash flow margin | −70.2% | −103.7% | −132.8% | −93.9% | −74.0% |
| Return on capital | — | — | — | — | — |
| Return on equity | — | −6.2% | −39.4% | −359.0% | −77.3% |
| Return on assets | — | −5.4% | −35.1% | −137.8% | −30.8% |
| Net debt to EBITDA | — | — | — | — | — |