Criteo S.A. (CRTO)
NASDAQ:CRTO
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Criteo SA
(NASDAQ:CRTO)
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Rating:59Neutral
Price Target:
$19.00
▼(-2.46% Downside)
Action:Reiterated
Date:05/09/26
The score is held up by solid financial quality (low leverage, consistent free cash flow) and supportive strategic/capital-structure moves, but is constrained by weak technical momentum and a cautious 2026 outlook that includes near-term contribution declines and a delayed return to growth. Valuation looks only fair given the growth pressure and lack of dividend support.
Positive Factors
Conservative balance sheet
Low leverage and a large equity base give Criteo enduring financial flexibility to fund product investment, cover cyclical ad-market downturns, and sustain buybacks or M&A without stressing liquidity. This structural strength reduces insolvency risk and supports multi-quarter planning horizons.
Negative Factors
Client concentration risk
Large revenue swings tied to a few retail customers create structural volatility in contribution and planning. Material scope reductions from key partners can rapidly erode reported growth and cash generation, forcing cautious guidance and distracting management from longer-term product execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a large equity base give Criteo enduring financial flexibility to fund product investment, cover cyclical ad-market downturns, and sustain buybacks or M&A without stressing liquidity. This structural strength reduces insolvency risk and supports multi-quarter planning horizons.
Read all positive factors
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 (CRTO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$895.25M
Dividend YieldN/A
Average Volume (3M)315.25K
Price to Earnings (P/E)8.0
Beta (1Y)0.81
Revenue Growth-0.43%
EPS Growth-15.84%
CountryUS
Employees3,507
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)2.19
Shares Outstanding50,244,526
10 Day Avg. Volume336,539
30 Day Avg. Volume315,248
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 Cap0.82
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit0.71
Enterprise Value/Ebitda2.44
Forecast
1Y Price Target
$24.75Price Target Upside27.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)4.27
Revenue Forecast (FY)$1.14B
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 primarily makes money by monetizing advertising spend flowing through its platform and services. A key revenue stream is its performance and commerce advertising business, where advertisers (brands and agencies) run campaigns using Criteo’s...
Criteo SA Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strategic, product and commercial progress (notably Agentic AI/OpenAI partnership, GO launch, Retail Media product momentum and a record media spend milestone) alongside meaningful near-term financial headwinds (contribution decline driven by two Retail Media client scope reductions, large U.S. client budget softness, EPS compression, and higher CapEx). Management emphasized disciplined execution, strong liquidity, share buybacks and an expectation that underlying growth (excluding known client losses) will reaccelerate later in 2026, but they pushed a return to growth to Q4 and provided a cautiously reduced outlook for 2026.Positive Updates
Media Spend Milestone
Activated media spend topped $1.0 billion in Q1 for the first time, with media spend up 30% year-over-year in the quarter across 4,150 global brands.
Negative Updates
Contribution ex-TAC Decline in Q1
Reported Q1 contribution ex-TAC of $250 million; at constant currency contribution ex-TAC was down 9% year-over-year. The decline included a $27 million headwind in Q1 from two Retail Media client scope reductions; excluding that impact, contribution ex-TAC grew 1%.
Read all updates
Q1-2026 Updates
Positive
Negative
Media Spend Milestone
Activated media spend topped $1.0 billion in Q1 for the first time, with media spend up 30% year-over-year in the quarter across 4,150 global brands.
Read all positive updates
Company Guidance
Criteo guided that full‑year 2026 contribution ex‑TAC is now expected to decline by low single digits at constant currency (the midpoint is ~300 bps below prior expectations — ~150 bps from indirect macro effects and ~150 bps from U.S. client‑specific dynamics) and that return to growth is pushed to Q4 with reacceleration into 2027; this outlook reflects a $75M Retail Media client scope reduction (excluding that headwind, underlying contribution ex‑TAC is expected to grow mid‑single digits). They expect Retail Media contribution ex‑TAC to decline mid‑ to high‑teens y/y at constant currency (but, excluding the two clients, underlying Retail Media growth should accelerate toward the high end of the high‑teens to ~20% versus 16% in 2025), and Performance Media contribution ex‑TAC to be flat to up low single digits cc. FX is expected to be a ~$6–8M full‑year tailwind to contribution ex‑TAC (Q2 FX may be a ~$(2)M headwind); Q2 contribution ex‑TAC is guided to $260–264M (down 11%–9% cc) with Q2 adjusted EBITDA $67–71M. Full‑year targets include adjusted EBITDA margin of ~32%–34%, normalized tax rate 27%–32%, CapEx ~ $190M, operational cash‑flow conversion ≈85% (vs 76% in 2025) and free‑cash‑flow conversion ≈35% of adjusted EBITDA; the guide assumes no material revenue from Agentic AI in 2026.Criteo SA Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.92B | 1.94B | 1.93B | 1.95B | 2.02B | 2.25B |
| Gross Profit | 1.04B | 1.05B | 982.97M | 863.04M | 795.20M | 781.94M |
| EBITDA | 300.63M | 333.45M | 245.84M | 154.60M | 199.05M | 247.02M |
| Net Income | 114.46M | 144.57M | 111.57M | 53.26M | 8.95M | 134.46M |
Balance Sheet | ||||||
| Total Assets | 2.07B | 2.20B | 2.27B | 2.43B | 2.35B | 1.98B |
| Cash, Cash Equivalents and Short-Term Investments | 348.33M | 365.28M | 316.94M | 342.31M | 398.30M | 565.83M |
| Total Debt | 133.70M | 149.72M | 107.02M | 118.45M | 108.83M | 128.96M |
| Total Liabilities | 902.62M | 1.02B | 1.19B | 1.32B | 1.27B | 785.27M |
| Stockholders Equity | 1.13B | 1.15B | 1.05B | 1.08B | 1.05B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | 178.66M | 208.50M | 180.05M | 131.75M | 171.19M | 165.93M |
| Operating Cash Flow | 297.28M | 311.24M | 257.70M | 224.25M | 255.99M | 220.91M |
| Investing Cash Flow | -121.65M | -101.13M | -97.90M | -108.71M | -166.12M | -76.37M |
| Financing Cash Flow | -128.08M | -151.48M | -270.50M | -147.25M | -113.04M | -80.12M |
Criteo SA Technical Analysis
Positive
19.48
Price Trends
17.98
Positive
18.48
Negative
20.00
Negative
Market Momentum
-0.12
Negative
56.33
Neutral
85.98
Negative
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 19.48 is above the 20-day moving average (MA) of 17.24, above the 50-day MA of 17.98, and below the 200-day MA of 20.00, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 56.33 is Neutral, neither overbought nor oversold. The STOCH value of 85.98 is Negative, 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 2 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.07B | 12.96 | 18.57% | ― | 7.10% | 404.29% | |
62 Neutral | $1.68B | 37.34 | 2.55% | ― | -1.81% | -35.73% | |
62 Neutral | $519.71M | -2.01 | -40.17% | ― | 1.81% | 42.29% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $895.25M | 8.05 | 10.17% | ― | -0.43% | -15.84% | |
| ― | $2.68M | -2.22 | -194.72% | ― | -8.74% | 88.46% |
* Communication Services Sector Average
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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.