Taboola.com Ltd. (TBLA) 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

+38.2%

$4.74

vs $3.43 price

Levered DCF

$8.06

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.44

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	32.93×	-334.86×	-18.04×	-65.39×	-51.87×	7.78×	-16.43×	45×
P/B	1.58×	1.19×	1.42×	0.94×	2.49×	1.41×	63.13×	0×
P/S	0.75×	1.89×	1.04×	0.56×	1.39×	0.06×	0.42×	0.53×
EV / EBITDA	11×	9.74×	46.94×	10.56×	38.22×	-1.63×	22.69×	0×
Gross margin	29.8%	80.4%	29.6%	33.1%	32.0%	26.9%	21.2%	25.8%
Operating margin	2.3%	3.9%	-4.4%	-1.0%	-1.0%	2.2%	-1.8%	1.9%
Net margin	2.2%	-0.6%	-5.7%	-0.9%	-1.8%	0.7%	-2.6%	1.2%
Current ratio	1.04×	1.35×	1.32×	1.61×	1.57×	1.42×	1.31×	0×
Debt / equity	0.21×	0.17×	0.2×	0.36×	0.47×	1.69×	10.44×	0×
Interest coverage	9.38×	2.84×	-4.98×	0×	0×	9.51×	-5.79×	12.88×
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	4.7%	-0.4%	-7.8%	-1.4%	-3.3%	18.2%	-385.6%	0.0%
Return on invested capital	4.0%	-0.6%	-4.9%	-1.2%	-1.1%	3.2%	-7.7%	0.0%
Return on assets	2.6%	-0.2%	-4.8%	-0.8%	-1.6%	1.5%	-5.8%	0.0%
Free cash flow yield	11.4%	11.9%	3.5%	2.4%	1.3%	184.1%	-5.7%	9.3%
Earnings yield	2.9%	-0.3%	-5.5%	-1.5%	-1.3%	12.9%	-6.1%	2.2%
Enterprise value	$1.5B	$1.2B	$1.5B	$916M	$2B	-$98.1M	$447.7M	$0
Net debt / EBITDA	0.53×	-0.37×	1.18×	1.53×	0.85×	-2.73×	-0.56×	0×
Cash conversion cycle (days)	69	-662	-23	-30	-36	-31	-19	0