The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.11 as of 2026Q1, though $532.5 million in goodwill remains a potential risk for future impairment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 940.29M | 1.07B | 1.22B | 1.35B | 1.26B | 1.26B | 1.06B | 1B | 933.85M | 991.77M | 742.58M | 609.44M | 573.84M | 474.28M | 150.62M | 72.16M | 46.84M |
| Cash & Short-Term Investments | 348.33M | 365.28M | 316.94M | 342.31M | 398.3M | 565.83M | 488.01M | 418.76M | 364.43M | 414.11M | 270.32M | 324.73M | 352.38M | 323.6M | 57.21M | 21.23M | 20.68M |
| Cash Only | 319.98M | 342.04M | 290.69M | 336.34M | 373.2M | 515.53M | 488.01M | 418.76M | 364.43M | 414.11M | 270.32M | 324.73M | 352.38M | 323.6M | 57.21M | 21.23M | 20.68M |
| Short-Term Investments | 28.35M | 23.24M | 26.24M | 5.97M | 25.1M | 50.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 448.27M | 653.38M | 856.29M | 894.24M | 817.6M | 673.42M | 561.13M | 568.7M | 478.66M | 484.1M | 456.19M | 261.58M | 216.92M | 147.51M | 91.15M | 49.28M | 24.85M |
| Days Sales Outstanding | 119.98 | 122.62 | 161.67 | 167.43 | 147.95 | 109.04 | 98.82 | 91.79 | 75.95 | 76.94 | 92.55 | 80 | 87.39 | 87.82 | 92.54 | 96.67 | 103.92 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.24M | 2.45M | 2.77M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 0.8 | 0.78 | 1.32 | - | - | - | - | - |
| Other Current Assets | 143.68M | 53.21M | 10.31M | 75.66M | 8.13M | 0 | 0 | 0 | 1.7M | 93.56M | 0 | 33.27M | 0 | 18.59M | 1.97M | 0 | 0 |
| Total Non-Current Assets | 1.13B | 1.13B | 1.04B | 1.08B | 1.09B | 719.42M | 788.86M | 789.92M | 663.28M | 539.53M | 468.6M | 163.66M | 113.26M | 65.79M | 30.73M | 10.76M | 5.15M |
| Property, Plant & Equipment | 284.19M | 273.54M | 206.69M | 238.98M | 233.38M | 260.22M | 303.52M | 336.2M | 184.01M | 161.74M | 108.58M | 75.76M | 52.32M | 34.13M | 19.26M | 7.58M | 2.67M |
| Fixed Asset Turnover | 7.42x | 7.11x | 9.35x | 8.16x | 8.64x | 8.66x | 6.83x | 6.73x | 12.50x | 14.20x | 16.57x | 15.75x | 17.32x | 17.96x | 18.66x | 24.55x | 32.73x |
| Goodwill | 532.52M | 535.76M | 515.19M | 524.2M | 515.14M | 329.7M | 325.81M | 317.1M | 312.88M | 236.83M | 209.42M | 38.55M | 27.9M | 5.79M | 0 | 0 | 0 |
| Intangible Assets | 148.72M | 151.85M | 158.38M | 180.89M | 175.98M | 82.63M | 79.74M | 86.89M | 112.04M | 96.22M | 102.94M | 15.13M | 12.84M | 9.15M | 953.53K | 388.83K | 30.59K |
| Long-Term Investments | 77.55M | 31.81M | 19.92M | 21.87M | 80.93M | 11.44M | 59.92M | 21.75M | 20.46M | 19.52M | 17.03M | 15.78M | 11.54M | 10.53M | 9.16M | 1.19M | 1.03M |
| Other Non-Current Assets | 77.97M | 136.37M | 61.15M | 60.74M | 50.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.38K | 0 | 0 | 0 |
| Total Assets | 2.07B | 2.2B | 2.27B | 2.43B | 2.35B | 1.98B | 1.85B | 1.79B | 1.6B | 1.53B | 1.21B | 773.1M | 687.1M | 540.07M | 181.36M | 82.92M | 51.99M |
| Asset Turnover | 0.91x | 0.88x | 0.85x | 0.80x | 0.86x | 1.14x | 1.12x | 1.26x | 1.44x | 1.50x | 1.49x | 1.54x | 1.32x | 1.14x | 1.98x | 2.24x | 1.68x |
| Asset Growth % | -14.6% | -2.88% | -6.8% | 3.53% | 18.42% | 7.02% | 3.52% | 12.1% | 4.3% | 26.43% | 56.67% | 12.52% | 27.22% | 197.8% | 118.72% | 59.48% | - |
| Total Current Liabilities | 737.05M | 844.65M | 1.05B | 1.18B | 1.08B | 672.45M | 600.33M | 610.34M | 605.34M | 621M | 519.79M | 327.96M | 262.16M | 163.77M | 95.1M | 49.26M | 27.52M |
| Accounts Payable | 0 | 566.05M | 802.52M | 838.52M | 742.92M | 430.24M | 367.02M | 390.28M | 425.38M | 417.03M | 365.79M | 246.38M | 164.58M | 104.79M | 66.37M | 28.9M | 14.81M |
| Days Payables Outstanding | 178.32 | 230.71 | 308.24 | 281.72 | 221.94 | 106.66 | 96.75 | 99.44 | 105.9 | 103.04 | 115.68 | 117.12 | 103.44 | 96.54 | 107.51 | 96.02 | 106.08 |
| Short-Term Debt | 34.48M | 11.36M | 3.33M | 0 | 31.22M | 34.71M | 49.89M | 47.33M | 13.18M | 982K | 5.52M | 5.97M | 0 | 0 | 2.64M | 0 | 0 |
| Deferred Revenue (Current) | 16.71M | 0 | 9.64M | 25.92M | 16.34M | 16.5M | 12.32M | 13.85M | 10.95M | 34.2M | 12.3M | 6.4M | 4.52M | 3.33M | 1.17M | 347.35K | 138.32K |
| Other Current Liabilities | 702.57M | 77.51M | 170.44M | 150.14M | 190.9M | 85.1M | 83.2M | 80.68M | 148.11M | 192.99M | 3.1M | 1.83M | 10.26M | 56.55M | 10.01M | 15.29M | 964.61K |
| Current Ratio | 1.28x | 1.27x | 1.17x | 1.15x | 1.17x | 1.88x | 1.77x | 1.64x | 1.54x | 1.60x | 1.43x | 1.86x | 2.19x | 2.90x | 1.58x | 1.46x | 1.70x |
| Quick Ratio | 1.28x | 1.27x | 1.17x | 1.15x | 1.17x | 1.88x | 1.77x | 1.64x | 1.54x | 1.59x | 1.42x | 1.85x | 2.19x | 2.90x | 1.58x | 1.46x | 1.70x |
| Cash Conversion Cycle | -58.34 | - | - | - | - | - | - | - | - | -25.31 | -22.35 | -35.8 | - | - | - | - | - |
| Total Non-Current Liabilities | 165.57M | 170.82M | 138.75M | 140.04M | 187.79M | 112.82M | 100.39M | 142.06M | 23.9M | 12.6M | 81.52M | 4.46M | 7.92M | 10.27M | 6.32M | 213.85K | 420.27K |
| Long-Term Debt | 99.22M | 0 | 297K | 0 | 74K | 360K | 0 | 636K | 0 | 1.8M | 77.4M | 3.27M | 0 | 0 | 5.12M | 0 | 0 |
| Capital Lease Obligations | 275.91M | 105.28M | 77.58M | 83.05M | 77.54M | 93.89M | 83.01M | 117.99M | 0 | 0 | 0 | 0 | 25K | 287.22K | 170.6K | 0 | 0 |
| Deferred Tax Liabilities | 19.57M | 5.29M | 4.07M | 1.08M | 3.46M | 3.05M | 5.3M | 9.27M | 10.77M | 2.5M | 686K | 132K | 1.15M | 418.4K | 19.84K | 0 | 0 |
| Other Non-Current Liabilities | 61.17M | 60.26M | 56.8M | 55.91M | 106.72M | 15.51M | 12.09M | 14.16M | 13.13M | 8.3M | 3.44M | 1.45M | 6.75M | 9.98M | 234.09K | 213.85K | 420.27K |
| Total Liabilities | 902.62M | 1.02B | 1.19B | 1.32B | 1.27B | 785.27M | 700.72M | 752.4M | 629.24M | 633.6M | 601.31M | 332.43M | 270.08M | 174.04M | 101.42M | 49.47M | 27.95M |
| Total Debt | 133.7M | 149.72M | 107.02M | 118.45M | 108.83M | 128.96M | 132.9M | 165.96M | 13.18M | 2.78M | 82.92M | 9.27M | 43.78K | 1.38K | 8.04M | 0 | 0 |
| Net Debt | -186.28M | -192.32M | -183.68M | -217.89M | -264.37M | -386.57M | -355.11M | -252.81M | -351.24M | -411.33M | -187.4M | -315.46M | -352.34M | -323.6M | -49.18M | -21.23M | -20.68M |
| Debt / Equity | 0.11x | 0.13x | 0.10x | 0.11x | 0.10x | 0.11x | 0.12x | 0.16x | 0.01x | 0.00x | 0.14x | 0.02x | 0.00x | 0.00x | 0.10x | - | - |
| Debt / EBITDA | 0.50x | 0.45x | 0.45x | 0.79x | 0.62x | 0.53x | 0.62x | 0.70x | 0.05x | 0.01x | 0.47x | 0.08x | 0.00x | 0.00x | 0.41x | - | - |
| Net Debt / EBITDA | -0.69x | -0.58x | -0.77x | -1.46x | -1.51x | -1.59x | -1.65x | -1.06x | -1.40x | -1.77x | -1.06x | -2.82x | -4.45x | -10.25x | -2.53x | -1.24x | -1.91x |
| Interest Coverage | 117.52x | 117.68x | 45.97x | 32.88x | 32.08x | 78.64x | 43.84x | 48.12x | 60.86x | 44.91x | 50.73x | 107.18x | 107.24x | 11.47x | 958.25x | 130.09x | 119.61x |
| Total Equity | 1.17B | 1.19B | 1.08B | 1.11B | 1.08B | 1.2B | 1.15B | 1.04B | 967.89M | 897.7M | 609.88M | 440.67M | 417.02M | 366.03M | 79.93M | 33.45M | 24.05M |
| Equity Growth % | 28.9% | 9.68% | -2.73% | 2.8% | -9.78% | 3.96% | 11.05% | 7.24% | 7.82% | 47.19% | 38.4% | 5.67% | 13.93% | 357.92% | 138.99% | 39.09% | - |
| Book Value per Share | 22.95 | 22.33 | 18.45 | 18.45 | 17.23 | 18.66 | 18.65 | 15.82 | 14.30 | 13.23 | 9.29 | 6.77 | 6.57 | 6.81 | 1.45 | 0.60 | 0.43 |
| Total Shareholders' Equity | 1.13B | 1.15B | 1.05B | 1.08B | 1.05B | 1.16B | 1.12B | 1.01B | 943.67M | 881.52M | 600.13M | 436.35M | 415.27M | 365.74M | 80.26M | 33.45M | 24.05M |
| Common Stock | 1.87M | 1.87M | 1.93M | 2.02M | 2.08M | 2.15M | 2.16M | 2.16M | 2.2M | 2.15M | 2.09M | 1.56M | 1.85M | 1.96M | 1.56M | 476.96K | 478.79K |
| Retained Earnings | 635.93M | 630.75M | 571.74M | 555.46M | 577.65M | 601.59M | 491.36M | 451.73M | 387.87M | 300.21M | 198.35M | 54.3M | 41.77M | 1.47M | 1.3M | 7.94M | 6.27M |
| Treasury Stock | 0 | -120.85M | -125.3M | -161.79M | -174.29M | -131.56M | -85.57M | -74.9M | -79.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -77.32M | -68.88M | -108.77M | -85.33M | -91.89M | -40.29M | 16.03M | -40.1M | -30.52M | -12.24M | -88.59M | 102.59M | 48.77M | 28.87M | 15.85M | 2.66M | -5.04M |
| Minority Interest | 36.62M | 36.52M | 31.91M | 31.79M | 33.06M | 35.19M | 35.54M | 30.72M | 24.22M | 16.17M | 9.74M | 4.32M | 1.74M | 294.13K | -324.01K | 0 | 0 |
Privacy-driven revenue volatility
According to reported financial statements, Criteo's total assets have remained relatively stable at $2.1 billion as of 2026Q1, suggesting that the company is maintaining its core infrastructure despite the ongoing strategic pivot away from legacy third-party cookie-based advertising models toward proprietary retail media solutions.
The consistency in total asset levels indicates that management is successfully managing the transition without significant asset impairment or liquidation. However, investors should monitor whether this stability reflects a mature business model or a lack of aggressive reinvestment in new growth engines.
Based on the provided balance sheet data, Criteo maintains a conservative capital structure with a debt-to-equity ratio of 0.11 as of 2026Q1, reflecting a disciplined approach to leverage that provides the company with significant financial buffer during its high-stakes technological transition.
The low reliance on debt suggests that the company is not forced to service heavy interest obligations, which is critical given the volatility in operating margins. This financial positioning appears to grant management the flexibility to pursue strategic acquisitions or share repurchases without compromising long-term solvency.
As reported in recent filings, Criteo's current ratio of 1.28 in 2026Q1 demonstrates a sufficient liquidity position to cover short-term obligations, although the fluctuation in cash balances from $411.3 million in 2023Q4 to $320.0 million in 2026Q1 warrants ongoing scrutiny regarding cash burn.
While the current ratio remains above parity, the downward trend in absolute cash levels suggests that the company is consuming capital to fund its pivot and share buyback programs. This liquidity profile appears adequate for current operations, but may become strained if revenue headwinds persist.
Based on the company's financial disclosures, equity has remained anchored at approximately $1.1 billion over the last ten quarters, a trend that reflects a balance between retained earnings growth and the consistent use of share repurchases to manage the company's capital base.
The reliance on buybacks to support equity value suggests that management is prioritizing shareholder returns over aggressive organic reinvestment. Investors should evaluate whether this capital allocation strategy is sustainable if the core business continues to face margin compression and revenue deceleration.
Analysis of the balance sheet reveals that goodwill accounts for $532.5 million of total assets as of 2026Q1, representing a significant portion of the company's book value that could be subject to impairment if the Retail Media segment fails to meet long-term growth expectations.
The high concentration of intangible assets relative to total equity suggests that the company's valuation is heavily dependent on the success of past acquisitions. Any failure to integrate these assets effectively or a decline in the performance of the acquired units may necessitate non-cash write-downs that would impact reported equity.
Quick answers to the most common questions about buying CRTO stock.
As of 2025, Criteo S.A. (CRTO) had total assets of $2.20B including $1.07B in current assets.
Criteo S.A. (CRTO) carries total debt of $149.7M, offset by $365.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Criteo S.A. (CRTO) has total shareholders' equity (book value) of $1.15B ($22.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Criteo S.A. (CRTO) reported a current ratio of 1.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.