Criteo S.A. (CRTO)
NASDAQ:CRTO
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Criteo SA
(NASDAQ:CRTO)
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Rating:67Neutral
Price Target:
$21.50
▲(11.00% Upside)
Action:ReiteratedDate:02/28/26
The score is driven by improving profitability/cash flow and a strong balance sheet, supported by an inexpensive P/E. Offsetting these positives are weak technicals (downtrend) and conservative near-term guidance due to client scope reductions and higher investment, which temper the outlook despite constructive longer-term product momentum.
Positive Factors
Cash generation
Sustained operating cash flow (~$311M TTM) and strong free cash flow (~$236M TTM) provide durable internal funding for R&D, AI initiatives, buybacks and capex. Reliable FCF supports strategic flexibility and reduces dependency on external financing across the next several quarters.
Negative Factors
Weak top-line growth
Persistent flat or declining revenue undermines scale advantages in data-driven ad tech and can limit pricing power and take-rates. Slower topline growth raises sustainability questions for margin expansion and makes long-term investment returns more sensitive to client and format changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow (~$311M TTM) and strong free cash flow (~$236M TTM) provide durable internal funding for R&D, AI initiatives, buybacks and capex. Reliable FCF supports strategic flexibility and reduces dependency on external financing across the next several quarters.
Read all positive factors
Criteo SA (CRTO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$990.81M
Dividend YieldN/A
Average Volume (3M)445.59K
Price to Earnings (P/E)5.7
Beta (1Y)0.76
Revenue Growth0.32%
EPS Growth69.78%
CountryUS
Employees3,507
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)1.30
Shares Outstanding49,859,085
10 Day Avg. Volume241,864
30 Day Avg. Volume445,593
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)0.94
Price to Sales (P/S)0.55
P/FCF Ratio5.16
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue0.41
Enterprise Value/Gross Profit0.76
Enterprise Value/Ebitda2.39
Forecast
1Y Price Target
$30.15Price Target Upside55.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)4.37
Revenue Forecast (FY)$1.19B
Criteo SA Business Overview & Revenue Model
Company Description
Criteo S.A., a technology company, provides marketing and monetization services on the open Internet in North and South America, Europe, the Middle East, and Africa, and the Asia-Pacific. The company's Criteo Shopper Graph, which derives clients' ...
How the Company Makes Money
Criteo generates revenue primarily through its performance-based advertising model, where clients pay for ads based on the outcomes they achieve, such as clicks or conversions. Key revenue streams include the sale of advertising inventory across v...
Criteo SA Key Performance Indicators (KPIs)
Any
Number of Clients
Indicates the scale of Criteo's customer base, highlighting market penetration and the potential for revenue growth through client retention and expansion.
Indicates the scale of Criteo's customer base, highlighting market penetration and the potential for revenue growth through client retention and expansion.
Data provided by:
The Fly
The FlyCriteo SA Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive long-term view supported by record 2025 financials (revenue, margins, cash flow), strong underlying Retail Media and Performance Media traction, and promising AI/agentic proof points (60% uplift in recommendation testing; Go delivering >20% higher ROAS). Near-term headwinds from two retail client scope reductions (≈$75M in 2026), category softness (fashion and department stores), mix-driven take-rate pressure, and increased 2026 investments (higher CapEx and AI spending) temper near-term growth and drive conservative 2026 guidance (flat to +2% contribution ex-TAC). Overall, the fundamentals and product momentum materially outweigh the known, disclosed near-term challenges, and management positioned the company for durable growth beyond the transitional year.Positive Updates
Record 2025 Revenue and Strong Profitability
Revenue of $1.9B in 2025; contribution ex-TAC $1.2B, +3.5% at constant currency; adjusted EBITDA margin of 35%; adjusted net income $253M; adjusted diluted EPS $4.62; free cash flow $211M, +16% YoY (52% of adjusted EBITDA); $891M total liquidity and no long-term debt.
Negative Updates
Near-Term Retail Client Scope Reductions
Previously communicated scope changes at two retail clients created a $25M headwind in Q4 and an expected $75M headwind in 2026 (approx $27M impact in Q1), which pressured Q4 and is a key driver of the muted 2026 outlook.
Read all updates
Q4-2025 Updates
Positive
Negative
Record 2025 Revenue and Strong Profitability
Revenue of $1.9B in 2025; contribution ex-TAC $1.2B, +3.5% at constant currency; adjusted EBITDA margin of 35%; adjusted net income $253M; adjusted diluted EPS $4.62; free cash flow $211M, +16% YoY (52% of adjusted EBITDA); $891M total liquidity and no long-term debt.
Read all positive updates
Company Guidance
For 2026 Criteo expects contribution ex-TAC to be flat to up 2% at constant currency (but, excluding a $75M headwind from two retail clients, underlying contribution ex‑TAC is expected to grow high‑single‑digits), with forex estimated to add ~$8–12M for the full year; Retail Media contribution ex‑TAC is expected to decline mid‑to‑high teens at constant currency (but excluding the two clients it should accelerate to high‑teens/≈20% vs. 16% in 2025) while Performance Media contribution ex‑TAC should grow mid‑single‑digits at constant currency. Management expects a ~32%–34% adjusted EBITDA margin for 2026, a normalized tax rate of 27%–32%, CapEx of about $190M, and free‑cash‑flow conversion of roughly 40% of adjusted EBITDA; guidance assumes no revenue from agentic commerce and a flat share count. For Q1 2026 the company guides contribution ex‑TAC of $245M–$250M (down ~9%–11% CC), reflecting an approximate $27M near‑term headwind (~10ppt drag) and an ~$8–10M positive forex impact, and adjusted EBITDA of $50M–$55M.Criteo SA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.94B | 1.93B | 1.95B | 2.02B | 2.25B |
| Gross Profit | 1.05B | 982.97M | 863.04M | 795.20M | 781.94M |
| EBITDA | 333.45M | 245.84M | 154.60M | 199.05M | 247.02M |
| Net Income | 144.57M | 111.57M | 53.26M | 8.95M | 134.46M |
Balance Sheet | |||||
| Total Assets | 2.20B | 2.27B | 2.43B | 2.35B | 1.98B |
| Cash, Cash Equivalents and Short-Term Investments | 365.28M | 316.94M | 342.31M | 398.30M | 565.83M |
| Total Debt | 149.72M | 107.02M | 118.45M | 108.83M | 128.96M |
| Total Liabilities | 1.02B | 1.19B | 1.32B | 1.27B | 785.27M |
| Stockholders Equity | 1.15B | 1.05B | 1.08B | 1.05B | 1.16B |
Cash Flow | |||||
| Free Cash Flow | 208.50M | 180.05M | 131.75M | 171.19M | 165.93M |
| Operating Cash Flow | 311.24M | 257.70M | 224.25M | 255.99M | 220.91M |
| Investing Cash Flow | -101.13M | -97.90M | -108.71M | -166.12M | -76.37M |
| Financing Cash Flow | -151.48M | -270.50M | -147.25M | -113.04M | -80.12M |
Criteo SA Technical Analysis
Positive
19.37
Price Trends
18.17
Positive
19.15
Positive
20.89
Negative
Market Momentum
0.13
Negative
62.69
Neutral
73.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRTO, the sentiment is Positive. The current price of 19.37 is above the 20-day moving average (MA) of 18.00, above the 50-day MA of 18.17, and below the 200-day MA of 20.89, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 62.69 is Neutral, neither overbought nor oversold. The STOCH value of 73.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRTO.
Criteo SA Risk Analysis
Criteo SA disclosed 1 risk factors in its most recent earnings report. Criteo SA reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Criteo SA Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $990.81M | 5.65 | 13.04% | ― | 0.32% | 69.78% | |
67 Neutral | $1.91B | 16.00 | 17.85% | ― | 6.27% | 226.16% | |
63 Neutral | $1.78B | 928.67 | 2.62% | ― | 5.70% | 97.88% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $372.44M | -1.25 | -34.48% | ― | -7.12% | -7.75% | |
| ― | $2.66M | -22.59 | -194.72% | ― | -11.51% | 74.52% |
* Communication Services Sector Average
CRTO
Criteo SA
19.37
-9.83
-33.66%
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ADV
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28.43
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VSME
VS Media Holdings Limited Class A
0.97
-15.21
-94.02%
Criteo SA Corporate Events
Business Operations and StrategyStock BuybackDelistings and Listing ChangesShareholder Meetings
Criteo Shareholders Approve Redomiciliation to Luxembourg
Positive
Feb 27, 2026
On February 27, 2026, Criteo shareholders overwhelmingly approved a cross-border conversion to shift the company’s legal domicile from France to Luxembourg, while maintaining corporate continuity and appointing Deloitte Audit as statutory au...
Business Operations and StrategyDelistings and Listing ChangesShareholder Meetings
Criteo Wins Support for Redomiciliation and Nasdaq Listing
Positive
Feb 13, 2026
On February 13, 2026, Criteo S.A. announced that proxy advisory firms Glass Lewis and ISS have recommended shareholders vote in favor of its planned redomiciliation from France to Luxembourg and the replacement of its American Depositary Shares wi...
Business Operations and StrategyDelistings and Listing ChangesShareholder Meetings
Criteo Plans Redomiciliation to Luxembourg and Nasdaq Listing
Positive
Jan 7, 2026
On January 7, 2026, Criteo S.A. announced that its board of directors, following a favorable opinion from the company’s works council, has approved the planned transfer of its legal domicile from France to Luxembourg via a cross-border conve...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.