Criteo S.A. (CRTO) 10-Year Financial Performance & Capital Metrics

CRTO • • Industrial / General

Communication ServicesAdvertising & MarketingDigital Advertising PlatformsProgrammatic Advertising Platforms

AboutCriteo 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' proprietary commerce data, such as transaction activity on their digital properties. Its Criteo AI Engine solutions include lookalike finder, recommendation, and predictive bidding algorithms; bidding engine that executes campaigns based on certain objectives set by its clients; dynamic creative optimization+, which assembles customized creative advertising content by optimizing each individual creative component in the advertisement; software systems and processes, which enable data synchronization, storage, and analysis of distributed computing infrastructure in various geographies; and experimentation platform, an offline/online testing platform to enhance the capabilities and effectiveness of prediction models. The company also provides Criteo Marketing Solutions that allow commerce companies to address various marketing goals by engaging their consumers with personalized ads across the web, mobile, and offline store environments; and Criteo Retail Media solutions, which allows retailers to generate advertising revenues from consumer brands, and/or to drive sales for themselves, by monetizing their data and audiences through personalized ads, either on their own digital property or on the open Internet. In addition, it offers real-time access to advertising inventory through its publisher partners; consulting services to companies in distance sales; and business intelligence and analytics services. It serves companies in digital retail, travel, and classifieds industries. Criteo S.A. was incorporated in 2005 and is headquartered in Paris, France.Show more

Revenue $1.93B -0.8%
EBITDA $239M +59.9%
Net Income $112M +109.5%
EPS (Diluted) 1.90 +115.9%
Gross Margin 50.84% +14.8%
EBITDA Margin 12.37% +61.2%
Operating Margin 7.83% +97.7%
Net Margin 5.77% +111.2%
ROE 10.18% +109.5%
ROIC 12.68% +87.2%
Debt/Equity 0.10 -7.1%
Interest Coverage 44.03 +42.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 9/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.7% through buybacks
✓Trading at only 1.1x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.87%

5Y-3.09%

3Y-4.99%

TTM0.53%

Profit (Net Income) CAGR

10Y10.32%

5Y4.22%

3Y-6.03%

TTM67.84%

EPS CAGR

10Y10.19%

5Y6.6%

3Y-3.13%

TTM73.26%

ROCE

10Y Avg12.4%

5Y Avg8.21%

3Y Avg6.75%

Latest12.25%

Peer Comparison

Programmatic Advertising Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGNIMagnite, Inc.	2.14B	14.90	93.13	7.82%	8.25%	7.17%	9.46%	0.79
CRTOCriteo S.A.	1.05B	20.49	10.78	-0.83%	8.71%	14.55%	17.18%	0.10
NEXNNexxen International Ltd.	347.81M	6.14	6.02	10.09%	10.46%	8.36%	36.6%	0.07
DRCTDirect Digital Holdings, Inc.	2.12M	1.69	-1.02	-60.35%	-26.76%
MNTNMNTN Inc.	494.51M	11.18	-26	27.95%	-16.47%	-16.84%	6.59%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.19B	1.8B	2.3B	2.3B	2.26B	2.07B	2.25B	2.02B	1.95B	1.93B
Revenue Growth %	0.32%	0.51%	0.28%	0%	-0.02%	-0.08%	0.09%	-0.11%	-0.03%	-0.01%
Cost of Goods Sold+	767.86M	1.15B	1.48B	1.47B	1.43B	1.38B	1.47B	1.22B	1.09B	950.32M
COGS % of Revenue	0.64%	0.64%	0.64%	0.64%	0.63%	0.67%	0.65%	0.61%	0.56%	0.49%
Gross Profit+	425.56M	644.98M	819.5M	834.24M	829.04M	688.02M	781.94M	795.2M	863.04M	982.97M
Gross Margin %	0.36%	0.36%	0.36%	0.36%	0.37%	0.33%	0.35%	0.39%	0.44%	0.51%
Gross Profit Growth %	0.31%	0.52%	0.27%	0.02%	-0.01%	-0.17%	0.14%	0.02%	0.09%	0.14%
Operating Expenses+	356.02M	523.97M	681.65M	687.13M	687.82M	579.19M	630.07M	770.92M	785.83M	831.57M
OpEx % of Revenue	0.3%	0.29%	0.3%	0.3%	0.3%	0.28%	0.28%	0.38%	0.4%	0.43%
Selling, General & Admin	277.71M	400.32M	507.73M	507.87M	503.35M	446.68M	478.25M	583.33M	543.54M	552.23M
SG&A % of Revenue	0.23%	0.22%	0.22%	0.22%	0.22%	0.22%	0.21%	0.29%	0.28%	0.29%
Research & Development	78.31M	123.65M	173.93M	179.26M	172.59M	132.51M	151.82M	187.6M	242.29M	279.34M
R&D % of Revenue	0.07%	0.07%	0.08%	0.08%	0.08%	0.06%	0.07%	0.09%	0.12%	0.14%
Other Operating Expenses	0	0	0	0	11.88M	0	0	0	0	0
Operating Income+	69.53M	121M	137.84M	147.11M	141.21M	108.83M	151.88M	24.28M	77.22M	151.4M
Operating Margin %	0.06%	0.07%	0.06%	0.06%	0.06%	0.05%	0.07%	0.01%	0.04%	0.08%
Operating Income Growth %	0.43%	0.74%	0.14%	0.07%	-0.04%	-0.23%	0.4%	-0.84%	2.18%	0.96%
EBITDA+	112M	177.62M	231.84M	250.5M	238.32M	215.42M	240.14M	113.33M	149.55M	239.16M
EBITDA Margin %	0.09%	0.1%	0.1%	0.11%	0.11%	0.1%	0.11%	0.06%	0.08%	0.12%
EBITDA Growth %	0.41%	0.59%	0.31%	0.08%	-0.05%	-0.1%	0.11%	-0.53%	0.32%	0.6%
D&A (Non-Cash Add-back)	42.47M	56.61M	93.99M	103.39M	97.11M	106.59M	88.26M	89.05M	72.34M	87.75M
EBIT	72.35M	121.59M	132.32M	133.39M	137.22M	109.27M	156.09M	48.79M	82.26M	158.09M
Net Interest Income+	1.43M	-1.05M	-2.06M	-1.14M	-1.32M	-1.37M	-1.35M	412.23K	2.18M	6.63M
Interest Income	2.11M	1.35M	890.31K	1.05M	1.53M	1.12M	633.01K	1.93M	4.69M	10.05M
Interest Expense	675K	2.4M	2.95M	2.19M	2.85M	2.49M	1.98M	1.52M	2.5M	3.44M
Other Income/Expense	-4.54M	-546K	-9.53M	-5.08M	-5.75M	-1.94M	1.94M	17.78M	-2.49M	3.1M
Pretax Income+	65.44M	120.46M	128.31M	142.02M	135.47M	106.89M	153.82M	42.06M	74.73M	154.5M
Pretax Margin %	0.05%	0.07%	0.06%	0.06%	0.06%	0.05%	0.07%	0.02%	0.04%	0.08%
Income Tax+	8.69M	33.13M	31.65M	46.14M	39.5M	32.2M	16.17M	31.19M	20.08M	39.78M
Effective Tax Rate %	0.83%	0.68%	0.71%	0.62%	0.67%	0.67%	0.87%	0.21%	0.71%	0.72%
Net Income+	54.3M	82.27M	91.21M	88.64M	90.75M	71.68M	134.46M	8.95M	53.26M	111.57M
Net Margin %	0.05%	0.05%	0.04%	0.04%	0.04%	0.03%	0.06%	0%	0.03%	0.06%
Net Income Growth %	0.3%	0.52%	0.11%	-0.03%	0.02%	-0.21%	0.88%	-0.93%	4.95%	1.09%
Net Income (Continuing)	62.28M	87.33M	96.66M	95.88M	95.97M	74.69M	137.65M	10.88M	54.64M	114.71M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	4.32M	9.74M	16.17M	24.22M	30.72M	35.54M	35.19M	33.06M	31.79M	31.91M
EPS (Diluted)+	0.91	1.25	1.34	1.31	1.38	1.17	2.09	0.14	0.88	1.90
EPS Growth %	0.26%	0.37%	0.07%	-0.02%	0.05%	-0.15%	0.79%	-0.93%	5.29%	1.16%
EPS (Basic)	0.96	1.30	1.40	1.33	1.41	1.19	2.21	0.15	0.95	2.04
Diluted Shares Outstanding	65.1M	65.63M	67.85M	67.66M	65.6M	61.82M	64.23M	62.76M	60.23M	58.61M
Basic Shares Outstanding	61.84M	63.34M	65.14M	66.46M	64.31M	60.88M	60.72M	60M	56.17M	54.82M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	609.44M	742.58M	991.77M	933.85M	1B	1.06B	1.26B	1.26B	1.35B	1.22B
Cash & Short-Term Investments	324.73M	270.32M	414.11M	364.43M	418.76M	488.01M	565.83M	398.3M	342.31M	316.94M
Cash Only	324.73M	270.32M	414.11M	364.43M	418.76M	488.01M	515.53M	373.2M	336.34M	290.69M
Short-Term Investments	0	0	0	0	0	0	50.3M	25.1M	5.97M	26.24M
Accounts Receivable	261.58M	456.19M	484.1M	478.66M	568.7M	561.13M	673.42M	817.6M	894.24M	856.29M
Days Sales Outstanding	80	92.55	76.94	75.95	91.79	98.82	109.04	147.95	167.43	161.67
Inventory	2.77M	2.45M	3.24M	0	0	0	0	0	0	0
Days Inventory Outstanding	1.32	0.78	0.8	-	-	-	-	-	-	-
Other Current Assets	33.27M	0	93.56M	1.7M	0	0	0	8.13M	75.66M	10.31M
Total Non-Current Assets+	163.66M	468.6M	539.53M	663.28M	789.92M	788.86M	719.42M	1.09B	1.08B	1.04B
Property, Plant & Equipment	75.76M	108.58M	161.74M	184.01M	336.2M	303.52M	260.22M	233.38M	238.98M	206.69M
Fixed Asset Turnover	15.75x	16.57x	14.20x	12.50x	6.73x	6.83x	8.66x	8.64x	8.16x	9.35x
Goodwill	38.55M	209.42M	236.83M	312.88M	317.1M	325.81M	329.7M	515.14M	524.2M	515.19M
Intangible Assets	15.13M	102.94M	96.22M	112.04M	86.89M	79.74M	82.63M	175.98M	180.89M	158.38M
Long-Term Investments	15.78M	17.03M	19.52M	20.46M	21.75M	59.92M	11.44M	80.93M	21.87M	19.92M
Other Non-Current Assets	0	0	0	0	0	0	0	50.82M	60.74M	61.15M
Total Assets+	773.1M	1.21B	1.53B	1.6B	1.79B	1.85B	1.98B	2.35B	2.43B	2.27B
Asset Turnover	1.54x	1.49x	1.50x	1.44x	1.26x	1.12x	1.14x	0.86x	0.80x	0.85x
Asset Growth %	0.13%	0.57%	0.26%	0.04%	0.12%	0.04%	0.07%	0.18%	0.04%	-0.07%
Total Current Liabilities+	327.96M	519.79M	621M	605.34M	610.34M	600.33M	672.45M	1.08B	1.18B	1.05B
Accounts Payable	246.38M	365.79M	417.03M	425.38M	390.28M	367.02M	430.24M	742.92M	838.52M	802.52M
Days Payables Outstanding	117.12	115.68	103.04	105.9	99.44	96.75	106.66	221.94	281.72	308.24
Short-Term Debt	5.97M	5.52M	982K	13.18M	47.33M	49.89M	34.71M	31.22M	0	3.33M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.83M	3.1M	192.99M	148.11M	80.68M	83.2M	85.1M	190.9M	150.14M	170.44M
Current Ratio	1.86x	1.43x	1.60x	1.54x	1.64x	1.77x	1.88x	1.17x	1.15x	1.17x
Quick Ratio	1.85x	1.42x	1.59x	1.54x	1.64x	1.77x	1.88x	1.17x	1.15x	1.17x
Cash Conversion Cycle	-35.8	-22.35	-25.31	-	-	-	-	-	-	-
Total Non-Current Liabilities+	4.46M	81.52M	12.6M	23.9M	142.06M	100.39M	112.82M	187.79M	140.04M	138.75M
Long-Term Debt	3.27M	77.4M	1.8M	0	636K	0	360K	74K	0	297K
Capital Lease Obligations	0	0	0	0	117.99M	83.01M	93.89M	77.54M	83.05M	77.58M
Deferred Tax Liabilities	132K	686K	2.5M	10.77M	9.27M	5.3M	3.05M	3.46M	1.08M	4.07M
Other Non-Current Liabilities	1.45M	3.44M	8.3M	13.13M	14.16M	12.09M	15.51M	106.72M	55.91M	56.8M
Total Liabilities	332.43M	601.31M	633.6M	629.24M	752.4M	700.72M	785.27M	1.27B	1.32B	1.19B
Total Debt+	9.27M	82.92M	2.78M	13.18M	165.96M	132.9M	128.96M	108.83M	118.45M	107.02M
Net Debt	-315.46M	-187.4M	-411.33M	-351.24M	-252.81M	-355.11M	-386.57M	-264.37M	-217.89M	-183.68M
Debt / Equity	0.02x	0.14x	0.00x	0.01x	0.16x	0.12x	0.11x	0.10x	0.11x	0.10x
Debt / EBITDA	0.08x	0.47x	0.01x	0.05x	0.70x	0.62x	0.54x	0.96x	0.79x	0.45x
Net Debt / EBITDA	-2.82x	-1.06x	-1.77x	-1.40x	-1.06x	-1.65x	-1.61x	-2.33x	-1.46x	-0.77x
Interest Coverage	103.01x	50.48x	46.79x	67.12x	49.52x	43.66x	76.52x	15.96x	30.86x	44.03x
Total Equity+	440.67M	609.88M	897.7M	967.89M	1.04B	1.15B	1.2B	1.08B	1.11B	1.08B
Equity Growth %	0.06%	0.38%	0.47%	0.08%	0.07%	0.11%	0.04%	-0.1%	0.03%	-0.03%
Book Value per Share	6.77	9.29	13.23	14.30	15.82	18.65	18.66	17.23	18.45	18.45
Total Shareholders' Equity	436.35M	600.13M	881.52M	943.67M	1.01B	1.12B	1.16B	1.05B	1.08B	1.05B
Common Stock	1.56M	2.09M	2.15M	2.2M	2.16M	2.16M	2.15M	2.08M	2.02M	1.93M
Retained Earnings	54.3M	198.35M	300.21M	387.87M	451.73M	491.36M	601.59M	577.65M	555.46M	571.74M
Treasury Stock	0	0	0	-79.16M	-74.9M	-85.57M	-131.56M	-174.29M	-161.79M	-125.3M
Accumulated OCI	102.59M	-88.59M	-12.24M	-30.52M	-40.1M	16.03M	-40.29M	-91.89M	-85.33M	-108.77M
Minority Interest	4.32M	9.74M	16.17M	24.22M	30.72M	35.54M	35.19M	33.06M	31.79M	31.91M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	123.68M	153.47M	245.46M	260.73M	222.83M	185.36M	220.91M	255.99M	224.25M	258.16M
Operating CF Margin %	0.1%	0.09%	0.11%	0.11%	0.1%	0.09%	0.1%	0.13%	0.12%	0.13%
Operating CF Growth %	0.16%	0.24%	0.6%	0.06%	-0.15%	-0.17%	0.19%	0.16%	-0.12%	0.15%
Net Income	56.75M	87.33M	96.66M	95.88M	95.97M	74.69M	137.65M	10.88M	54.64M	114.71M
Depreciation & Amortization	42.47M	62.73M	104.03M	111.83M	97.11M	106.59M	90.93M	150.26M	72.34M	87.75M
Stock-Based Compensation	21.64M	43.26M	71.61M	66.6M	41M	28.77M	44.53M	65.03M	97.19M	106.61M
Deferred Taxes	8.65M	33.17M	31.65M	46.14M	-12.6M	14.59M	-12.6M	-6.94M	-20.04M	0
Other Non-Cash Items	-18.85M	-43.56M	-51.4M	-70.13M	769K	4.68M	2.02M	-23.33M	-46.21M	-2.25M
Working Capital Changes	13.02M	-29.46M	-7.09M	10.41M	582K	-43.96M	-41.61M	60.08M	66.34M	-48.67M
Change in Receivables	-75.25M	-117.97M	-76.91M	1.36M	876K	-3.96M	-134.95M	-41.91M	-56.43M	-28.52M
Change in Inventory	12.13M	16.67M	50.17M	8.16M	19.02M	0	13.29M	0	0	0
Change in Payables	90.23M	81.86M	32.91M	9.05M	-14.14M	-33.31M	82.69M	133.79M	88.07M	-17.16M
Cash from Investing+	-91.05M	-312.76M	-106.25M	-226.72M	-103.89M	-101.09M	-76.37M	-166.12M	-108.71M	-97.9M
Capital Expenditures	-67.09M	-85.13M	-122.2M	-116.98M	-82.72M	-67.29M	-54.98M	-84.8M	-92.5M	-77.97M
CapEx % of Revenue	0.06%	0.05%	0.05%	0.05%	0.04%	0.03%	0.02%	0.04%	0.05%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3.42M	7.91M	14.84M	-8.55M	-16.59M	-32.63M	-10.96M	56.7M	-21.81M	1.35M
Cash from Financing+	7.03M	90.57M	-29.47M	-62.68M	-59.11M	-57.75M	-80.12M	-113.04M	-147.25M	-270.5M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1M	-222K	25.31M	16.82M	-1.19M	-1.66M	-4.04M	21.61M	-23.71M	-50.45M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	56.59M	68.34M	123.25M	143.74M	140.12M	118.07M	165.93M	171.19M	131.75M	180.05M
FCF Margin %	0.05%	0.04%	0.05%	0.06%	0.06%	0.06%	0.07%	0.08%	0.07%	0.09%
FCF Growth %	-0.11%	0.21%	0.8%	0.17%	-0.03%	-0.16%	0.41%	0.03%	-0.23%	0.37%
FCF per Share	0.87	1.04	1.82	2.12	2.14	1.91	2.58	2.73	2.19	3.07
FCF Conversion (FCF/Net Income)	2.28x	1.87x	2.69x	2.94x	2.46x	2.59x	1.64x	28.60x	4.21x	2.31x
Interest Paid	0	0	2.1M	1.7M	1.4M	2.15M	1.49M	1.3M	1.54M	1.36M
Taxes Paid	0	0	56.36M	67.05M	52.09M	17.61M	28.77M	38.12M	40.13M	40.7M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.66%	15.66%	12.1%	9.5%	9.05%	6.54%	11.44%	0.79%	4.86%	10.18%
Return on Invested Capital (ROIC)	54.93%	33.14%	22.75%	20.01%	15.11%	10.31%	14.16%	2.24%	6.77%	12.68%
Gross Margin	35.66%	35.85%	35.68%	36.27%	36.66%	33.2%	34.69%	39.42%	44.27%	50.84%
Net Margin	4.55%	4.57%	3.97%	3.85%	4.01%	3.46%	5.96%	0.44%	2.73%	5.77%
Debt / Equity	0.02x	0.14x	0.00x	0.01x	0.16x	0.12x	0.11x	0.10x	0.11x	0.10x
Interest Coverage	103.01x	50.48x	46.79x	67.12x	49.52x	43.66x	76.52x	15.96x	30.86x	44.03x
FCF Conversion	2.28x	1.87x	2.69x	2.94x	2.46x	2.59x	1.64x	28.60x	4.21x	2.31x
Revenue Growth	31.72%	50.76%	27.65%	0.16%	-1.69%	-8.35%	8.76%	-10.52%	-3.35%	-0.83%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Retail Media	-	-	-	-	-	247M	202.32M	209.01M	258.3M
Retail Media Growth	-	-	-	-	-	-	-18.09%	3.31%	23.59%
Marketing Solutions	-	-	-	-	-	2.01B	1.76B	1.62B	-
Marketing Solutions Growth	-	-	-	-	-	-	-12.19%	-8.20%	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	730.87M	990.42M	954.07M	952.15M	894.85M	916.83M	891.27M	887.25M	892.17M
Americas Growth	-	35.51%	-3.67%	-0.20%	-6.02%	2.46%	-2.79%	-0.45%	0.56%
EMEA	660.52M	808.96M	839.83M	806.2M	749.67M	844.31M	706.86M	672.61M	676.46M
EMEA Growth	-	22.47%	3.82%	-4.00%	-7.01%	12.62%	-16.28%	-4.85%	0.57%
Asia Pacific	407.75M	497.31M	506.42M	503.17M	428.09M	493.1M	418.88M	389.59M	364.66M
Asia Pacific Growth	-	21.96%	1.83%	-0.64%	-14.92%	15.19%	-15.05%	-6.99%	-6.40%

Frequently Asked Questions

Valuation & Price

Criteo S.A. (CRTO) has a price-to-earnings (P/E) ratio of 10.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Criteo S.A. (CRTO) reported $1.96B in revenue for fiscal year 2024. This represents a 952% increase from $186.1M in 2011.

Criteo S.A. (CRTO) saw revenue decline by 0.8% over the past year.

Yes, Criteo S.A. (CRTO) is profitable, generating $170.3M in net income for fiscal year 2024 (5.8% net margin).

Dividend & Returns

Criteo S.A. (CRTO) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

Criteo S.A. (CRTO) generated $222.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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