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ZYBERNO

Stock Report

Updated Sep 1, 2026

CRITEO S.A. (CRTO)

NASDAQ

$17.46

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

34.0/100

WEAK BUSINESS

CRITEO S.A. (CRTO) scores 34/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CRTO quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+14.1%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CRTO valuation analysis · → View full CRTO Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.14x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):AVERAGE (14.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CRITEO S.A. (CRTO) stock report — Zyberno Score 34/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, CRITEO S.A. (CRTO) shows a Brina Gap of +14.1%, which strengthens the case: based on the company's ROIC (14.8%) and reinvestment rate (8.8%), the business can fundamentally grow at 1.3% — but the current enterprise value implies the market expects -12.8%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:17.46

Market Cap:$867.14M

Valuation Multiples (2)

P/B Ratio:0.74x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$753.45M

Ev Ebitda Ratio:3.19x

Pfcf Ratio:4.16x

Price Action & Momentum (3)

12-1 Momentum:

-29.7% (20th pctile)

📈 Click to view full CRTO Momentum analysis →

Momentum Percentile:20 / 100

% of 52-Week High:69.0%

B. Profitability Assessment

Return Metrics (5)

Roic:

14.8%

📊 Click to view full CRTO ROIC analysis →

Reinvestment Rate:8.8%

Fundamental Growth Rate (g):1.3%

Market-Implied Growth Rate:-12.8%

Brina Gap:

14.1%

☷ Click to view full CRTO Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:12.1%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.38

📊 Click to view full CRTO Earnings Surprise analysis →

EPS Surprise vs Expected:-45.2%

Latest Earnings Filed:2026-08-05

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-2.7%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):3.5%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):5.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):16.8%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.29x

Quick Ratio:1.29x

Cash Ratio:0.37x

Leverage Analysis (3)

Debt To Equity Ttm:0.14x

Debt-to-Equity Ratio:0.14x

Debt To Ebitda:0.59x

Coverage Ratios (2)

Interest Coverage Ratio:80.75x

Times Interest Earned:80.75

Capital Structure (4)

Working Capital:195,357,000.00

Cash And Cash Equivalents:252,236,000.00

Long Term Debt:$102.13M

Net Debt:-$113.69M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $1.94B

Linear Growth: -2.7%

📊 Click to view full CRTO Revenue analysis & methodology →

Cost Of Revenue Ttm:$770.28M

Profitability Breakdown (2)

Gross profit TTM: $1.05B

Linear Growth: 6.9%

📊 Click to view full CRTO Gross Profit analysis & methodology →

Operating income TTM: $202.77M

Linear Growth: 16.8%

📊 Click to view full CRTO Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $144.60M

Linear Growth: 3.5%

📊 Click to view full CRTO Net Income analysis & methodology →

Income Before Tax:$106.72M

Ebitda Ttm:236,065,000.00

Operating Expenses (5)

Operating Expenses:836,420,000.00

R And D Expense:281,987,000.00

Sga Expense:174,289,000.00

Income Tax Expense:$23.46M

Interest Expense:2,511,000.00

Expense Ratios (3)

R And D To Revenue Percentage:65.9%

Sga To Revenue Percentage:40.7%

Ebitda Margin:12.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$2.01B

Current Assets:$873.07M

Ppe Net:168,378,000.00

Goodwill:531,794,000.00

Intangible Assets:$141.36M

Liability Structure (4)

Total Liabilities:846,653,000.00

Current Liabilities:677,715,000.00

Long Term Debt:$102.13M

Short Term Debt:$36.41M

Equity & Capital (3)

Equity:$1.16B

Retained Earnings:$608.28M

Common Stock:53,728,895.00

Working Capital Items (3)

Accounts Receivable:455,966,000.00

Inventory:0.00

Accounts Payable:0.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:16,442,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $311.24M

Linear Growth: 5.8%

$208.50M

Investment Activities (1)

Investing Cash Flow:-$37.91M

Financing Activities (3)

Financing Cash Flow:-$31.29M

Dividends Paid Ttm:0.00

Stock Repurchase:30,969,000.00

Capital Transactions (3)

Common Stock Issuance:2,074,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:33,300,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$2.91

Revenue & Cash Per Share (2)

Sales Per Share Ttm:39.16

Operating Cash Flow Per Share:$6.27

Book Value & Capital (2)

Book Value Per Share:$23.44

Cash Per Share:5.08

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.93x

Working Capital Turnover Ttm:9.96x

Receivables Management (2)

Receivables Turnover Ttm:4.27x

Days Sales Outstanding Ttm:85.57

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:-999.00

Cash Conversion Cycle:85.57

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:80.00

Quality Score:95.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:8.8%

Fundamental Growth Rate (g):1.3%

Market-Implied Growth Rate:-12.8%

Brina Gap:

14.1%

☷ Click to view full CRTO Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-2.7%

Net Income Growth Rate (Linear):3.5%

Operating Income Growth Rate (Linear):16.8%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):5.8%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):6.9%

Book Value Growth Rate (Linear):0.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:CRTO

Company Name:CRITEO S.A.

Sector:Unknown

Industry:Services-Advertising Agencies

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:49.66M

Shares Outstanding Basic:49.66M

Shares Outstanding Diluted:50.55M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 08:18:23 UTC

Data Timestamp:2026-09-01T08:18:23.822252