Latest Ratios: P/E Ratio 8.7x · EV/EBITDA 2.9x · ROE 12.8%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.2B | $1.1B | $2.3B | $1.5B | $1.6B | $2.5B | $1.3B | $1.1B | $1.5B | $1.8B | $2.7B |
| Enterprise Value | $971M | $902M | $2.1B | $1.3B | $1.4B | $2.1B | $913M | $884M | $1.2B | $1.4B | $2.5B |
| P/E Ratio → | 8.74 | 7.78 | 20.82 | 28.77 | 186.14 | 18.60 | 17.53 | 12.56 | 17.34 | 19.43 | 32.86 |
| P/S Ratio | 0.60 | 0.56 | 1.20 | 0.78 | 0.81 | 1.11 | 0.61 | 0.50 | 0.67 | 0.77 | 1.50 |
| P/B Ratio | 1.04 | 0.92 | 2.14 | 1.37 | 1.51 | 2.08 | 1.10 | 1.10 | 1.59 | 1.97 | 4.42 |
| P/FCF | 5.58 | 5.25 | 12.88 | 11.58 | 9.55 | 15.05 | 10.74 | 8.11 | 10.69 | 14.33 | 39.45 |
| P/OCF | 3.74 | 3.52 | 9.00 | 6.80 | 6.39 | 11.30 | 6.84 | 5.10 | 5.90 | 7.20 | 17.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 1.10 | 0.67 | 0.68 | 0.94 | 0.44 | 0.39 | 0.52 | 0.59 | 1.39 |
| EV / EBITDA | 2.94 | 2.73 | 8.93 | 8.74 | 7.86 | 8.69 | 4.24 | 3.71 | 4.73 | 5.84 | 14.12 |
| EV / EBIT | 4.79 | 4.40 | 13.50 | 15.89 | 28.11 | 13.52 | 8.35 | 6.44 | 8.89 | 10.24 | 20.63 |
| EV / FCF | — | 4.33 | 11.86 | 9.92 | 8.01 | 12.72 | 7.73 | 6.31 | 8.25 | 10.99 | 36.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.0% | 54.0% | 50.8% | 44.3% | 39.4% | 34.7% | 33.2% | 36.7% | 36.3% | 35.7% | 35.8% |
| Operating Margin | 10.4% | 10.4% | 7.8% | 4.0% | 1.2% | 6.7% | 5.3% | 6.2% | 6.4% | 6.0% | 6.7% |
| Net Profit Margin | 7.4% | 7.4% | 5.8% | 2.7% | 0.4% | 6.0% | 3.5% | 4.0% | 3.9% | 4.0% | 4.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 10.2% | 4.9% | 0.8% | 11.4% | 6.5% | 9.0% | 9.5% | 12.1% | 15.7% |
| ROA | 6.5% | 6.5% | 4.7% | 2.2% | 0.4% | 7.0% | 3.9% | 5.4% | 5.7% | 6.7% | 8.3% |
| ROIC | 16.1% | 16.1% | 12.7% | 6.8% | 2.2% | 14.2% | 10.3% | 15.1% | 20.0% | 22.8% | 33.1% |
| ROCE | 15.7% | 15.7% | 12.3% | 6.1% | 1.9% | 11.8% | 8.9% | 13.0% | 15.5% | 17.2% | 21.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.10 | 0.11 | 0.10 | 0.11 | 0.12 | 0.16 | 0.01 | 0.00 | 0.14 |
| Debt / EBITDA | 0.45 | 0.45 | 0.45 | 0.79 | 0.62 | 0.53 | 0.62 | 0.70 | 0.05 | 0.01 | 0.47 |
| Net Debt / Equity | — | -0.16 | -0.17 | -0.20 | -0.24 | -0.32 | -0.31 | -0.24 | -0.36 | -0.46 | -0.31 |
| Net Debt / EBITDA | -0.58 | -0.58 | -0.77 | -1.46 | -1.51 | -1.59 | -1.65 | -1.06 | -1.40 | -1.77 | -1.06 |
| Debt / FCF | — | -0.92 | -1.02 | -1.65 | -1.54 | -2.33 | -3.01 | -1.80 | -2.44 | -3.34 | -2.74 |
| Interest Coverage | 117.68 | 117.68 | 45.97 | 32.88 | 32.08 | 78.64 | 43.84 | 48.12 | 60.86 | 44.91 | 50.73 |
Net cash position: cash ($342M) exceeds total debt ($150M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.17 | 1.15 | 1.17 | 1.88 | 1.77 | 1.64 | 1.54 | 1.60 | 1.43 |
| Quick Ratio | 1.27 | 1.27 | 1.17 | 1.15 | 1.17 | 1.88 | 1.77 | 1.64 | 1.54 | 1.59 | 1.42 |
| Cash Ratio | 0.43 | 0.43 | 0.30 | 0.29 | 0.37 | 0.84 | 0.81 | 0.69 | 0.60 | 0.67 | 0.52 |
| Asset Turnover | — | 0.88 | 0.85 | 0.80 | 0.86 | 1.14 | 1.12 | 1.26 | 1.44 | 1.50 | 1.49 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 455.36 | 470.61 |
| Days Sales Outstanding | — | 122.62 | 161.67 | 167.43 | 147.95 | 109.04 | 98.82 | 91.79 | 75.95 | 76.94 | 92.55 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.4% | 12.9% | 4.8% | 3.5% | 0.5% | 5.4% | 5.7% | 8.0% | 5.8% | 5.1% | 3.0% |
| FCF Yield | 17.9% | 19.0% | 7.8% | 8.6% | 10.5% | 6.6% | 9.3% | 12.3% | 9.4% | 7.0% | 2.5% |
| Buyback Yield | 13.1% | 13.9% | 9.7% | 8.2% | 8.3% | 4.0% | 3.4% | 5.2% | 5.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 13.1% | 13.9% | 9.7% | 8.2% | 8.3% | 4.0% | 3.4% | 5.2% | 5.2% | 0.0% | 0.0% |
| Shares Outstanding | — | $53M | $59M | $60M | $63M | $64M | $62M | $66M | $68M | $68M | $66M |
Privacy-driven revenue volatility
Based on current market data, Criteo trades at a forward P/E of 4.14x, a significant discount to peers like The Trade Desk, which suggests investors are heavily discounting the company's future earnings potential due to the ongoing structural shift away from legacy third-party cookie-based advertising models.
The low valuation multiples, including an EV/EBITDA of 2.10x, indicate that the market is pricing Criteo as a declining asset rather than a growth-oriented retail media platform. This valuation gap warrants investigation into whether the market is underestimating the long-term durability of the company's proprietary retail integrations.
As reported in financial statements, Criteo's ROIC has struggled to maintain momentum, falling to 0.8% in 2026Q1 from a peak of 7.8% in 2023Q4, which highlights the difficulty in generating consistent returns while simultaneously funding a major technological pivot toward a new commerce media ecosystem.
The compression in ROIC suggests that the capital deployed into the Retail Media segment has yet to reach the scale necessary to offset the declining returns of the legacy business. Investors should monitor whether future capital expenditures lead to improved asset utilization or if returns remain suppressed by ongoing R&D requirements.
According to recent quarterly filings, Criteo's DSO has remained elevated, averaging over 130 days, which indicates significant friction in the cash conversion cycle and suggests that the company's ability to collect payments from its diverse base of global retail partners remains a persistent operational challenge.
The lack of consistent improvement in DSO, combined with the absence of clear DPO trends, points to a complex working capital structure that is highly sensitive to settlement timing. This inefficiency may be masking the true underlying cash generation capabilities of the core advertising platform.
Based on comparative analysis, Criteo's valuation and profitability metrics lag behind high-growth peers like The Trade Desk, with a net margin of 2.0% in 2026Q1 compared to the double-digit margins typically seen in the broader digital advertising agency and platform sector, indicating a structural performance gap.
While peers benefit from higher-margin software-as-a-service models, Criteo's reliance on traffic acquisition costs creates a structural ceiling on its profitability. The gap in valuation multiples appears to be a reflection of this fundamental difference in business model rather than a temporary market mispricing.
The most commonly misapplied metric for Criteo is headline revenue, which obscures the company's true earning power by including pass-through traffic acquisition costs, leading analysts to potentially misinterpret the company's growth trajectory and margin profile compared to pure-play software firms that do not carry such costs.
Investors should prioritize 'Revenue ex-TAC' as the primary metric for assessing growth and profitability, as it better reflects the value-add of the company's technology stack. Relying on headline revenue figures risks misjudging the success of the Retail Media pivot, which operates with a fundamentally different cost structure.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying CRTO stock.
Criteo S.A.'s current P/E ratio is 8.7x. The historical average is 38.5x. This places it at the 8th percentile of its historical range.
Criteo S.A.'s current EV/EBITDA is 2.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Criteo S.A.'s return on equity (ROE) is 12.8%. The historical average is 10.8%.
Based on historical data, Criteo S.A. is trading at a P/E of 8.7x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Criteo S.A. has 54.0% gross margin and 10.4% operating margin. Operating margin between 10-20% is typical for established companies.
Criteo S.A.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.