Criteo S.A. (CRTO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1954.6%

$307.58

vs $14.97 price

Levered DCF

$357.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.24

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.55×	19.39×	26.65×	173.73×	17.59×	17.24×	12.29×	17.08×
P/B	0.94×	2.07×	1.32×	1.49×	2.03×	1.12×	1.11×	1.6×
P/S	0.55×	1.12×	0.73×	0.78×	1.05×	0.6×	0.49×	0.66×
EV / EBITDA	2.64×	8.07×	7.79×	6.53×	7.99×	4.52×	3.68×	4.89×
Gross margin	54.0%	50.8%	44.3%	39.4%	34.7%	33.2%	36.7%	36.3%
Operating margin	10.4%	7.8%	4.0%	1.2%	6.7%	5.3%	6.2%	6.4%
Net margin	7.4%	5.8%	2.7%	0.4%	6.0%	3.5%	4.0%	3.9%
Current ratio	1.27×	1.17×	1.15×	1.17×	1.88×	1.77×	1.64×	1.54×
Debt / equity	0.13×	0.1×	0.11×	0.1×	0.11×	0.12×	0.16×	0.01×
Interest coverage	116.21×	44.03×	30.86×	15.96×	76.52×	43.66×	49.52×	67.12×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	10.6%	4.9%	0.9%	11.6%	6.4%	9.0%	9.4%
Return on invested capital	10.6%	9.0%	4.4%	0.5%	10.1%	5.8%	8.2%	9.9%
Return on assets	6.6%	4.9%	2.2%	0.4%	6.8%	3.9%	5.1%	5.6%
Free cash flow yield	19.4%	8.3%	9.3%	10.9%	7.0%	9.5%	12.6%	9.5%
Earnings yield	13.4%	5.1%	3.7%	0.6%	5.7%	5.7%	8.1%	5.9%
Enterprise value	$884.2M	$2B	$1.2B	$1.3B	$2B	$893.5M	$861.6M	$1.2B
Net debt / EBITDA	-0.57×	-0.75×	-1.41×	-1.33×	-1.56×	-1.8×	-1.08×	-1.48×
Cash conversion cycle (days)	-108	-147	-114	-74	2	2	-8	-30