Quality Investor

Criteo S.A.

Rank #70Capital ReturnWatchlistCompare with other stocks

CRTO · Nasdaq · Communication Services

Criteo S.A. (CRTO) — Rank #70 by gross profitability (GP/assets 0.52) · ROE 12.8% · Piotroski F-Score N/A.

As-of 2026-10-30 · 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

Company Snapshot

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

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

3,543

Industry

Advertising Agencies

Exchange

Nasdaq

11/11

Flags passed

CRTO passes 11/11 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

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
0.6%
Piotroski F-Score
N/A
Share dilution
-6.5%

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

Profitability

Does it make money well?

No warning flags · GP/assets 78th percentile of 96 SIC 73 peers

Gross profitability (GP / assets)

0.52

Primary signal (Novy-Marx).

78th pctl of 96 SIC 73 peers

Return on equity

12.8%

Gross margin

54.0%

33rd pctl of 95 SIC 73 peers

Revenue growth (YoY)

0.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-1.2%

Revenue CAGR (5Y)

-1.3%

Earnings CAGR (3Y)

152.8%

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 44% above net income

Free cash flow

$208.50M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

44.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.0%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $303.08M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.73

50th pctl of 87 SIC 73 peers (best = lowest)

Current ratio

1.29×

19th pctl of 95 SIC 73 peers

Quick ratio

1.09×

Net cash

$303.08M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

4.0 / 5

Strong
Share count trend(net buybacks)
-6.5%5/5 Strong
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
2.6%4/5 Strong

Lifecycle Phase History

20202025
Decline
Value
Capital Return

Price History

CRTO-54.2% · -14.4% CAGRSPY+82.9% · +12.8% CAGR