Recent News
On September 10, 2025 Criteo announced a partnership with Google to enable onsite retail media via Search Ads 360, starting with a limited beta in the Americas. On August 21, 2025 the company extended its partnership with Zepto to scale quick-commerce retail media in India. On August 26, 2025 Criteo promoted Connor McGogney to Chief Strategy Officer, consolidating partnership and M&A leadership. On July 17, 2025 Criteo and Mirakl Ads launched a global integration to unlock mid-to-long-tail marketplace advertising.
Technical Analysis
ADX at 17.54 indicates no trend strength; that lack of trend reduces conviction for a sustained breakout and supports a sideways bias in price action relative to valuation concerns.
DI+ decreasing suggests bearish directional pressure from recent buying momentum and, paired with DI- decreasing, signals both directional indices easing—DI- decreasing implies some reduction in selling pressure but the net DI+ decline favors near-term downside risk around current valuation levels.
MACD sits at -0.32 while the MACD has crossed above its signal line (-0.35), an improving momentum signal; the crossover signals momentum recovery that could support short-covering or mean reversion against the company’s over-valued appraisal.
MRO at -26.14 with a dip & reversal labels the price as below WMDST’s target, implying potential upside as the oscillator reverses; that mechanical gap to valuation can create upward pressure should retail-media announcements translate into measurable demand gains.
RSI 44.52 with a peak & reversal indicates recent loss of upside momentum, reinforcing the caution generated by compressed margins and weak cash flow when linking technical strength to fundamental durability.
Price sits beneath the 50-day ($23.22) and 200-day ($30.70) averages and below the 12-day EMA (price12dayEMA trend: peak & reversal), aligning medium- and long-term moving averages against the current valuation and suggesting that any rally requires confirmation above short-term averages to change bias.
Fundamental Analysis
Q2 results released July 30, 2025 reported EPS of $0.92 versus an estimate of $0.71, producing an EPS surprise of 29.58% and reflecting better-than-expected per-share profitability for the quarter. The company disclosed $104 million of share repurchases in H1 2025 and raised full-year guidance for Contribution ex-TAC.
Revenue grew 46.55% year-over-year, while sequential revenue growth shows a QoQ change of -137.67% (reflecting strong seasonality or timing effects). Total revenue reached $482,671,000 for the period, supporting top-line expansion even as quarter-to-quarter timing compression affects short-term comparatives.
Operating performance shows operating margin at 6.31% and EBIT margin at 6.07%, both down YoY (EBIT margin YoY -22.78%) and down QoQ (EBIT margin QoQ -46.14%). EBIT sits at $29,311,000 and EBITDA at $66,213,000. EBIT margin at 6.07% sits below the industry peer mean of 35.473%, indicating materially lower operating profitability relative to peers.
Cash flow presents friction: free cash flow totaled -$36,648,000 with a free cash flow yield of -2.81%, below the industry peer mean free cash flow yield of 0.36%. Operating cash flow near breakeven ($-1,397,000) and a cash conversion ratio of 2.51x show mixed cash dynamics versus reported net income.
Balance sheet metrics show total assets $2,114,135,000, cash and short-term investments of $223,587,000, and total debt $117,510,000. Debt-to-assets of 5.56% stays below the industry peer mean of 10.46%, signaling relatively low leverage that provides financial flexibility despite negative free cash flow.
Return metrics remain modest: return on equity 1.95% and return on assets 1.00%, both down QoQ and YoY. Asset turnover at 22.76% exceeds the industry peer mean of 18.66%, indicating relatively efficient use of assets to generate revenue, which partially offsets margin weakness.
Market multiples: trailing P/E at 28.39 and forward P/E at 26.35, price-to-sales 2.71, and an enterprise multiple of 18.12. WMDST values the stock as over-valued given compressed margins, negative free cash flow and the premium multiples required to justify current market cap absent sustained margin expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-30 |
| NEXT REPORT DATE: | 2025-10-31 |
| CASH FLOW | Begin Period Cash Flow | $ 286.2 M |
| Operating Cash Flow | $ -1.40 M | |
| Capital Expenditures | $ -35.25 M | |
| Change In Working Capital | $ -52.55 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -80.15 M | |
| End Period Cash Flow | $ 206.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 482.7 M | |
| Forward Revenue | $ 320.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 224.2 M | |
| Depreciation | $ 36.9 M | |
| Depreciation and Amortization | $ 36.9 M | |
| Research and Development | $ 79.6 M | |
| Total Operating Expenses | $ 452.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 258.5 M | |
| EBITDA | $ 66.2 M | |
| EBIT | $ 29.3 M | |
| Operating Income | $ 30.5 M | |
| Interest Income | $ 1.2 M | |
| Interest Expense | $ 657.0 K | |
| Net Interest Income | $ 438.0 K | |
| Income Before Tax | $ 28.7 M | |
| Tax Provision | $ 5.7 M | |
| Tax Rate | 20.011 % | |
| Net Income | $ 21.2 M | |
| Net Income From Continuing Operations | $ 22.9 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.71 | |
| EPS Actual | $ 0.92 | |
| EPS Difference | $ 0.21 | |
| EPS Surprise | 29.577 % | |
| Forward EPS | $ 1.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.1 B | |
| Intangible Assets | $ 695.0 M | |
| Net Tangible Assets | $ 394.0 M | |
| Total Current Assets | $ 1.0 B | |
| Cash and Short-Term Investments | $ 223.6 M | |
| Cash | $ 205.7 M | |
| Net Receivables | $ 667.8 M | |
| Inventory | — | |
| Long-Term Investments | $ 59.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 628.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 833.5 M | |
| Net Debt | — | |
| Total Debt | $ 117.5 M | |
| Total Liabilities | $ 986.6 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ 627.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.81 | |
| Shares Outstanding | 52.327 M | |
| Revenue Per-Share | $ 9.22 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 18.117 | |
| Enterprise Multiple QoQ | -19.487 % | |
| Enterprise Multiple YoY | -45.361 % | |
| Enterprise Multiple IPRWA | high: 158.356 mean: 62.332 median: 57.644 CRTO: 18.117 low: -131.816 |
|
| EV/R | 2.485 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.941 | |
| Asset To Liability | 2.143 | |
| Debt To Capital | 0.097 | |
| Debt To Assets | 0.056 | |
| Debt To Assets QoQ | 14.362 % | |
| Debt To Assets YoY | 334.558 % | |
| Debt To Assets IPRWA | high: 0.886 mean: 0.105 median: 0.071 CRTO: 0.056 low: 0.001 |
|
| Debt To Equity | 0.108 | |
| Debt To Equity QoQ | 11.087 % | |
| Debt To Equity YoY | 305.677 % | |
| Debt To Equity IPRWA | high: 2.013 mean: 0.159 CRTO: 0.108 median: 0.098 low: -1.528 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.199 | |
| Price To Book QoQ | -32.311 % | |
| Price To Book YoY | -41.402 % | |
| Price To Book IPRWA | high: 12.172 mean: 6.992 median: 6.389 CRTO: 1.199 low: -6.612 |
|
| Price To Earnings (P/E) | 28.39 | |
| Price To Earnings QoQ | -11.283 % | |
| Price To Earnings YoY | -21.533 % | |
| Price To Earnings IPRWA | high: 257.071 mean: 82.052 median: 66.348 CRTO: 28.39 low: -196.621 |
|
| PE/G Ratio | -1.735 | |
| Price To Sales (P/S) | 2.705 | |
| Price To Sales QoQ | -35.242 % | |
| Price To Sales YoY | -40.247 % | |
| Price To Sales IPRWA | high: 35.986 mean: 26.706 median: 24.046 CRTO: 2.705 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 26.351 | |
| Forward PE/G | -1.61 | |
| Forward P/S | 4.069 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -6.13 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.228 | |
| Asset Turnover Ratio QoQ | 10.756 % | |
| Asset Turnover Ratio YoY | 5.596 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 CRTO: 0.228 median: 0.188 mean: 0.187 low: 0.021 |
|
| Receivables Turnover | 0.734 | |
| Receivables Turnover Ratio QoQ | 17.742 % | |
| Receivables Turnover Ratio YoY | -3.154 % | |
| Receivables Turnover Ratio IPRWA | high: 7.018 mean: 2.159 median: 1.819 CRTO: 0.734 low: 0.147 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 124.29 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.508 | |
| CapEx To Revenue | -0.073 | |
| CapEx To Depreciation | -0.955 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.1 B | |
| Invested Capital | $ 1.1 B | |
| Net Tangible Assets | $ 394.0 M | |
| Net Working Capital | $ 192.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.268 | |
| Current Ratio | 1.231 | |
| Current Ratio QoQ | 0.702 % | |
| Current Ratio YoY | 3.292 % | |
| Current Ratio IPRWA | high: 8.003 mean: 1.915 median: 1.904 CRTO: 1.231 low: 0.138 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.775 | |
| Cost Of Debt | 0.476 % | |
| Interest Coverage Ratio | 44.613 | |
| Interest Coverage Ratio QoQ | -62.31 % | |
| Interest Coverage Ratio YoY | -50.768 % | |
| Interest Coverage Ratio IPRWA | high: 183.313 mean: 112.7 median: 64.63 CRTO: 44.613 low: -91.892 |
|
| Operating Cash Flow Ratio | 0.032 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 269.898 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.649 % | |
| Revenue Growth | 6.92 % | |
| Revenue Growth QoQ | -137.666 % | |
| Revenue Growth YoY | 46.548 % | |
| Revenue Growth IPRWA | high: 32.915 % mean: 8.28 % CRTO: 6.92 % median: 5.951 % low: -24.903 % |
|
| Earnings Growth | -16.364 % | |
| Earnings Growth QoQ | -55.943 % | |
| Earnings Growth YoY | -146.754 % | |
| Earnings Growth IPRWA | high: 228.571 % mean: -9.55 % CRTO: -16.364 % median: -18.182 % low: -233.333 % |
|
| MARGINS | ||
| Gross Margin | 53.56 % | |
| Gross Margin QoQ | 2.031 % | |
| Gross Margin YoY | 8.412 % | |
| Gross Margin IPRWA | high: 99.585 % mean: 65.305 % median: 57.404 % CRTO: 53.56 % low: -5.811 % |
|
| EBIT Margin | 6.073 % | |
| EBIT Margin QoQ | -46.137 % | |
| EBIT Margin YoY | -22.775 % | |
| EBIT Margin IPRWA | high: 52.96 % mean: 35.473 % median: 30.974 % CRTO: 6.073 % low: -66.239 % |
|
| Return On Sales (ROS) | 6.31 % | |
| Return On Sales QoQ | -44.035 % | |
| Return On Sales YoY | -19.761 % | |
| Return On Sales IPRWA | high: 75.933 % mean: 33.098 % median: 26.795 % CRTO: 6.31 % low: -66.239 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -36.65 M | |
| Free Cash Flow Yield | -2.807 % | |
| Free Cash Flow Yield QoQ | -216.958 % | |
| Free Cash Flow Yield YoY | 823.355 % | |
| Free Cash Flow Yield IPRWA | high: 16.991 % mean: 0.358 % median: 0.23 % CRTO: -2.807 % low: -11.555 % |
|
| Free Cash Growth | -180.99 % | |
| Free Cash Growth QoQ | 160.924 % | |
| Free Cash Growth YoY | -81.831 % | |
| Free Cash Growth IPRWA | high: 246.161 % mean: -53.549 % median: -85.386 % CRTO: -180.99 % low: -696.812 % |
|
| Free Cash To Net Income | -1.725 | |
| Cash Flow Margin | 5.495 % | |
| Cash Flow To Earnings | 1.248 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.002 % | |
| Return On Assets QoQ | -41.947 % | |
| Return On Assets YoY | -18.801 % | |
| Return On Assets IPRWA | high: 6.379 % mean: 5.554 % median: 4.433 % CRTO: 1.002 % low: -13.071 % |
|
| Return On Capital Employed (ROCE) | 2.289 % | |
| Return On Equity (ROE) | 0.02 | |
| Return On Equity QoQ | -45.243 % | |
| Return On Equity YoY | -24.614 % | |
| Return On Equity IPRWA | high: 0.22 mean: 0.079 median: 0.058 CRTO: 0.02 low: -0.378 |
|
| DuPont ROE | 1.974 % | |
| Return On Invested Capital (ROIC) | 2.153 % | |
| Return On Invested Capital QoQ | -43.193 % | |
| Return On Invested Capital YoY | -115.59 % | |
| Return On Invested Capital IPRWA | high: 14.585 % mean: 7.014 % median: 5.337 % CRTO: 2.153 % low: -23.653 % |
|