Quality Investor

Criteo S.A.

Rank #71Capital Return

CRTO · Nasdaq · Communication Services

Criteo S.A. (CRTO) — Rank #71 by gross profitability (GP/assets 0.52) · ROE 12.8% · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001576427 · all metrics point-in-time as of the filing date.

About

Criteo S.A., a technology company, provides platform to connects the commerce ecosystem for brands, agencies, retailers, and media owners to drive measurable business outcomes in North and South America, Europe, the Middle East, Africa, and the Asia-Pacific.

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It operates in two segments, Retail Media and Performance Media. The Retail Media segment connects brands to shoppers at the digital point of sale through personalized ads that appear on retailer websites and across the open internet. The Performance Media segment encompasses commerce activation, monetization, and services that enable advertisers to reach and convert consumers across channels. It also offers Commerce Max, a suite of retail media demand-side tools that allow brands, agencies, and retailers to plan and buy media across retailer and open internet inventory with closed-loop, product-level measurement, and return-on-ad-spend optimization; Commerce Growth, a solution for continuous customer acquisition and retention for performance marketers and agencies; and GO, an AI-driven solution that automates campaign creation and optimization. In addition, the company provides Commerce Yield, which offers monetization solutions that help retailers and marketplaces maximize the value of their digital assets through inventory and data management, packaging, and in-depth insights; Commerce Grid, a commerce-focused supply side platform for media owner data and inventory monetization; and Criteo Shopper Graph, which derives clients' proprietary commerce data, such as transaction activity on their digital properties. It serves retail, travel and marketplaces, and other commerce companies. Criteo S.A.

was incorporated in 2005 and is headquartered in Paris, France.

Industry
Advertising Agencies
Sector
Communication Services
State
N4
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
criteo.com

Price History

CRTO-51.6% · -13.5% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

$838.62M

P/E (annual)

6.5

P/S (annual)

0.4

P/B

0.7

P/OCF (annual)

2.7

Shareholder Yield

16.5%

Employees

3,543

Industry

Advertising Agencies

Exchange

Nasdaq

Signal Flags

2 green1 yellow
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.52
Return on equity
12.8%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.73
Current ratio
1.29×
Net cash
$303.08M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.0%

Growth

2/2 pass
Revenue growth
8.1%
Piotroski F-Score
N/A
Share dilution
-16.5%

Terry Smith quality gate

Passes 2/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-13.8%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -16.5% — per-share value needs a total required return of -30.3% once share-count change is priced in.

vs. own 6-year median revenue growth: 31.8%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-16.7%

r = 10% (base)

-13.8%

r = 12%

-11.2%

Net debt / market cap: -32.3%

Base FCF: $208.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

15.4xCheap
8.9xmed 25.9x68.1x

P / S

Price / revenue per share

0.9xFair
0.4xmed 1.0x3.2x

P / B

Price / book value per share

1.8xCheap
0.8xmed 2.1x7.5x

P / GP

Price / gross profit per share

2.7xFair
1.0xmed 2.9x8.8x

FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.52

Primary signal (Novy-Marx).

75th pctl of 98 SIC 73 peers

Return on equity

12.8%

Gross margin

54.0%

34th pctl of 97 SIC 73 peers

Revenue growth (YoY)

8.1%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2016201720202021
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

-1.3%

Earnings CAGR (3Y)

152.8%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.73

55th pctl of 87 SIC 73 peers (best = lowest)

Current ratio

1.29×

18th pctl of 97 SIC 73 peers

Quick ratio

1.09×

Net cash

$303.08M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$208.50M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.44

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.0%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20142021
Hypergrowth
Capital Return