Criteo SA (CRTO)
NASDAQ:CRTO
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Criteo SA
(NASDAQ:CRTO)
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Rating:67Neutral
Price Target:
$21.50
▲(10.37% 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
$811.27M
Dividend YieldN/A
Average Volume (3M)254.01K
Price to Earnings (P/E)26.3
Beta (1Y)0.85
Revenue Growth1.04%
EPS Growth34.86%
CountryUS
Employees3,507
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)2.73
Shares Outstanding50,098,140
10 Day Avg. Volume220,514
30 Day Avg. Volume254,011
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 Cap0.77
Enterprise Value/Revenue0.32
Enterprise Value/Gross Profit0.60
Enterprise Value/Ebitda1.87
Forecast
1Y Price Target
$27.95Price Target Upside43.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)4.37
Revenue Forecast (FY)$1.18B
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: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
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
19.48
Price Trends
18.21
Positive
19.15
Positive
20.85
Negative
Market Momentum
0.26
Negative
63.65
Neutral
87.55
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 18.18, above the 50-day MA of 18.21, and below the 200-day MA of 20.85, indicating a neutral trend. The MACD of 0.26 indicates Negative momentum. The RSI at 63.65 is Neutral, neither overbought nor oversold. The STOCH value of 87.55 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 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.92B | 96.63 | 17.85% | ― | 6.85% | 530.35% | |
67 Neutral | $811.27M | 26.31 | 13.04% | ― | 1.04% | 34.86% | |
63 Neutral | $1.65B | 928.67 | 2.62% | ― | 3.54% | -22.24% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $571.68M | -0.96 | -34.48% | ― | -1.15% | 46.59% | |
| ― | $2.54M | -22.59 | -194.72% | ― | -11.51% | 74.50% |
* Communication Services Sector Average
CRTO
Criteo SA
15.86
-11.80
-42.66%
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VSME
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0.92
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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.