olivLaw · US equity research
Taboola.com Ltd. TBLA
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Taboola is a technology company that places performance ads on publisher sites, mobile apps and connected devices, outside the Google, Meta and Amazon ecosystems. For a company that closed 2025 with revenues of about 1912 million USD, the launch of the Realize platform and whether it can support growth as the performance market expands are the key questions now. Guidance for 2026 could reflect this transition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Taboola.com Ltd. (TBLA) stock was 2.74 USD (−19.41% on the day), with market capitalisation 921.2 m USD, P/E 21.1 on diluted EPS of 0.13 USD over the last 12 months, beta 0.93, 52-week range 2.74–5.58 USD. Latest reported quarter (Q3 2026): revenue of 462.3 m USD (−6.9% YoY), net income of 18.4 m USD (+250.2% YoY), diluted EPS 60.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 22.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 3.09 – 3.73
- below the lower band · %B -0.55 · band width 18.8%
- SMA 50 / 200
- 3.53 / 4.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.2% | −1.1% | −15.1 pp | — |
| 3 months | −28.6% | −0.5% | −28.1 pp | — |
| 6 months | −42.3% | +4.4% | −46.7 pp | — |
| Year to date | −40.6% | +12.3% | −52.9 pp | — |
| 1 year | −17.7% | +13.5% | −31.3 pp | −21.0% |
| 3 years | −28.5% | +76.4% | −104.9 pp | +0.8% |
| 5 years | −69.9% | +63.7% | −133.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 491.0 m | 427.5 m | 465.5 m | 496.8 m | 522.3 m | 466.4 m | 476.8 m | 462.3 m |
| Cost of revenue | 313.4 m | 308.2 m | 329.9 m | 357.7 m | 346.7 m | 336.8 m | 337.3 m | 309.9 m |
| Gross profit | 177.6 m | 119.3 m | 135.6 m | 139.0 m | 175.6 m | 129.6 m | 139.5 m | 152.3 m |
| Research & development | 36.2 m | 36.0 m | 37.5 m | 37.9 m | 36.7 m | 39.6 m | 38.4 m | 36.7 m |
| Operating income | 47.2 m | -6.3 m | 44.0 k | 6.5 m | 43.8 m | 69.4 m | 7.3 m | 26.9 m |
| Depreciation & amortisation | -38.6 m | 20.7 m | 23.7 m ≈ | 20.4 m ≈ | -35.6 m | 16.1 m | 10.8 m ≈ | 9.7 m ≈ |
| Pre-tax income | 39.0 m | -10.8 m | -2.4 m | 7.0 m | 39.0 m | 69.1 m | 7.3 m | 24.2 m |
| Income tax | 5.8 m | -2.0 m | 1.9 m | 1.8 m | — | 10.1 m | 3.0 m | 5.8 m |
| Net income | 33.1 m | -8.8 m | -4.3 m | 5.2 m | 50.1 m | 59.1 m | 4.3 m | 18.4 m |
| Diluted EPS | — | -0.03 | -0.01 | 20.00 | — | 0.20 | 0.01 | 60.00 |
| Operating cash flow | 61.9 m | 48.1 m | 47.4 m ≈ | 53.2 m ≈ | 59.7 m | 108.7 m | 31.3 m ≈ | 35.6 m ≈ |
| Capex | 10.0 m | 12.0 m | 13.2 m ≈ | 6.9 m ≈ | 12.7 m | 18.4 m | 13.9 m ≈ | 15.2 m ≈ |
| Share repurchases | 9.1 m | 49.3 m | 100.7 m ≈ | 34.6 m ≈ | 70.8 m | 22.7 m | 41.5 m ≈ | 30.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 35.5, median 35.5, max 35.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.2 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | unavailable | +8.7% | +15.9% | +1.6% | +2.8% | +22.7% | +8.3% |
| Net income | -28.0 m | 8.5 m | -24.9 m | -12.0 m | -82.0 m | -3.8 m | 42.3 m |
| Net income YoY | unavailable | unavailable | −393.7% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.11 | -0.36 | -0.26 | -0.05 | -0.24 | -0.01 | 0.13 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -2.6% | 0.7% | -1.8% | -0.9% | -5.7% | -0.2% | 2.2% |
| Free cash flow | -26.3 m | 121.3 m | 24.5 m | 18.6 m | 52.2 m | 149.2 m | 163.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 120.9 m USD
- Financial debt
- 102.3 m USD
- Net debt
- -18.6 m USD
- Equity
- 907.2 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.11x
- Current ratio
- 1.07x
- ROE
- 4.3%
- ROA
- 2.5%
- FCF margin
- 8.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 869.4 m | 937.4 m | 936.9 m | 1.0 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 319.5 m | 441.1 m | 464.3 m | 425.6 m | 534.2 m | 569.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 99.4 m | 117.9 m | 129.3 m | 136.3 m | 142.4 m | 148.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 26.2 m | -13.3 m | -13.7 m | -63.7 m | 25.9 m | 44.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 31.4 m | 30.1 m | 27.7 m | 32.6 m | 37.3 m | 29.2 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 57.6 m ≈ | 16.8 m ≈ | 14.0 m ≈ | -31.1 m ≈ | 63.3 m ≈ | 73.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Pre-tax income | 23.4 m | -2.0 m | -4.5 m | -76.5 m | 13.9 m | 32.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 14.9 m | 23.0 m | 7.5 m | 5.5 m | 17.7 m | — | SEC (XBRL)· 26 Feb 2025verified |
| Net income | 8.5 m | -24.9 m | -12.0 m | -82.0 m | -3.8 m | 42.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -0.36 | -0.26 | -0.05 | -0.24 | -0.01 | 0.13 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 40.3 m | 142.9 m | 254.3 m | — | — | — | SEC (XBRL)· 13 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 242.8 m | 319.3 m | 165.9 m | 176.1 m | 226.6 m | 120.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 158.1 m | 245.2 m | 256.7 m | 306.3 m | 370.1 m | 360.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 426.1 m | 628.9 m | 593.9 m | 559.4 m | 656.0 m | 558.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 52.9 m | 63.3 m | 73.0 m | 72.2 m | 69.4 m | 95.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 19.2 m | 550.4 m | 555.9 m | 555.9 m | 555.9 m | 555.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.9 m | 250.9 m | 189.2 m | 125.3 m | 65.1 m | 13.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 580.2 m | 1.6 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | — | — | — | — | 116.5 m | 102.3 m | SEC (XBRL)· 06 May 2026verified |
| Current liabilities | 300.2 m | 400.6 m | 368.2 m | 424.0 m | 485.6 m | 521.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 46.6 m † | 767.6 m † | 834.5 m † | 1.1 bn † | 1.1 bn † | 907.2 m † | SEC (XBRL)· 25 Feb 2026verified |
| Shares outstanding at year end | — | 234.0 m | — | — | — | — | SEC (XBRL)· 24 Mar 2022verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 139.1 m | 63.5 m | 53.5 m | 84.4 m | 184.3 m | 208.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 17.8 m | 39.1 m | 34.9 m | 32.1 m | 35.2 m | 44.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 121.3 m ≈ | 24.5 m ≈ | 18.6 m ≈ | 52.2 m ≈ | 149.2 m ≈ | 163.4 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | 10.9 m | -620.5 m | -139.6 m | 59.6 m | -30.1 m | -40.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 2.6 m | 631.1 m | -62.9 m | -134.6 m | -100.0 m | -277.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 55.5 m | 73.6 m | 255.4 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 59 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 921.2 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation96
- Returns100
- Quality33
- Balance sheet45
- Growth44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.44 – 38.14 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales5.18 – 38.14 (Mid 10.05)14 companies used · median multiple 1.7x · quartiles 0.9x – 6.6xAPP, BMBL, DOCN, FLUT, GOOGL, HCAT, LGCL, MTCH, NIQ, RXT, SIFY, SNAP, TEAD, WB
- Peers: EV/EBITDA2.44 – 10.97 (Mid 6.22)6 companies used · median multiple 13.8x · quartiles 5.2x – 24.5xAPP, DOCN, FLUT, LGCL, NIQ, WB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 59/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 31.0% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 7.6% | 69 (vs peers) | 9% |
| FCF margin · Quality | 9.1% | 36 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 10.9% | 44 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 8.3% | 45 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.3x | 73 (vs peers) | 6% |
| Current ratio · Balance sheet | 1.1x | 17 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.5x | 93 (vs peers) | 17% |
| FCF yield · Valuation | 19.0% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 18.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet45/100 · 2/2 factors with a value
- Growth44/100 · 2/2 factors with a value
- Quality33/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation96/100 · 2/2 factors with a value
Memo
TABOOLA.COM LTD. (TBLA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 8.3%; net margin 6.8%; ROE 14.3%; net debt/EBITDA -0.3x.
The estimated value range is 3.81–24.55 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 8.14 USD, the price of 2.74 USD leaves a potential of 196.9% (value / price − 1) and a margin of safety of 66.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 59/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.3x
- EV/Sales: 0.5x
- FCF yield: 19.0%
- Shareholder yield (distributions): 18.0%
- The price is below the estimated value range
What contradicts it
- Gross margin: 31.0%
- Current ratio: 1.1x
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| FLUTFlutter Entertainment plc | 14.2 bn | — | -14.3% | -7.1% | +16.6% | −61% / −48% |
| SNAPSnap Inc | 10.2 bn | — | -15.6% | -4.9% | +10.6% | −23% / −57% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| NIQNIQ Global Intelligence plc | 6.0 bn | — | -65.3% | -8.0% | +5.7% | +29% / unavailable |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| HSTMHealthstream Inc | 949.7 m | 45.4 | 6.0% | 6.6% | +4.3% | +29% / +30% |
| NXDRNextdoor Holdings, Inc | 934.4 m | — | -7.2% | -11.1% | +4.2% | unavailable / unavailable |
| TBLATaboola.com Ltd. | 921.2 m | 7.0 | 14.3% | 6.8% | +8.3% | −18% / −28% |
| CEVACeva, Inc. | 788.9 m | — | -3.6% | -9.5% | +2.5% | +30% / +29% |
| BMBLBumble Inc. | 718.8 m | — | -85.9% | -61.8% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| HUYAHUYA Inc. | 470.7 m | — | -1.9% | -1.7% | +11.6% | −27% / −38% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
| HCATHealth Catalyst, Inc. | 119.7 m | — | -118.1% | -90.6% | +1.5% | −47% / −78% |
| JFJ & Friends Holdings Ltd | 68.4 m | — | — | -82.9% | −66.8% | −3% / −17% |
| GOAIEva Live Inc | 31.8 m | — | -58.5% | -39.3% | +82.6% | unavailable / unavailable |
| HOLOMicroCloud Hologram Inc. | 27.2 m | — | -2.3% | -12.4% | +38.6% | −66% / −100% |
| TEADTeads Holding Co. | 27.0 m | — | -196.2% | -43.3% | +46.1% | −61% / −93% |
1- and 3-year price returns: for TBLA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.72 Total return -37% · Per year -37% | 3.04 Total return 11% · Per year 11% | 4.57 Total return 67% · Per year 67% |
| 3 years | 1.90 Total return -31% · Per year -12% | 3.74 Total return 36% · Per year 11% | 6.14 Total return 124% · Per year 31% |
| 5 years | 2.09 Total return -24% · Per year -5% | 4.60 Total return 68% · Per year 11% | 8.24 Total return 201% · Per year 25% |
- Exit P/E± 0.93
- Net margin± 0.65
- Annual revenue growth± 0.51
- Annual dilution± 0.05
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Taboola is a technology company that places performance ads on publisher sites, mobile apps and connected devices, outside the Google, Meta and Amazon ecosystems. For a company that closed 2025 with revenues of about 1912 million USD, the launch of the Realize platform and whether it can support growth as the performance market expands are the key questions now. Guidance for 2026 could reflect this transition.
SWOT
Strengths
- The company has a large network of digital property partners and a proprietary data set on user behavior that competitors find hard to replicate.
- Multi-year partner contracts and high retention make the advertising supply relatively predictable.
- Growth in adjusted EBITDA and ex-TAC gross profit points to improving operating efficiency.
Weaknesses
- The company depends on a limited number of partners for a significant portion of revenue, which raises concentration risk.
- Minimum guarantees per thousand impressions could reduce gross profit if performance under contracts falls short of thresholds.
- Revenues have fluctuated significantly from quarter to quarter, which makes results hard to forecast.
Opportunities
- Realize could attract performance budgets from clients dissatisfied with social networks.
- Expansion into display and new formats could increase revenue per publisher partner.
- If Realize gains traction, the company could convert more inventory into bid-based sales with better margins.
Threats
- Privacy regulation and restrictions on cookies could limit targeting capability.
- Competitors with far greater resources could offer solutions perceived as superior.
- Tariffs and trade uncertainty could reduce advertising spending by clients.
Risks
- Dependence on major partnershigh
A significant share of revenue comes from a limited number of partners, and losing them could affect results.
- Success of Realizehigh
If Realize fails to gain client adoption or deliver the expected financial benefits, the growth strategy could be affected.
- Minimum guarantees to publishersmedium
If performance under contracts with guarantees falls short of thresholds, gross profit could decline.
- Data regulationmedium
Regulatory changes and browser practices could limit access to data and targeting efficiency.
- Volatility of resultslow
Quarterly results vary strongly because of seasonality and client spending, which makes forecasting difficult.
Investment thesis
What would need to be true (bull case)
- If Realize expands successfully, the company could open new performance budgets and could improve its margins.
- Improving adjusted EBITDA and the raised 2026 guidance could signal better operating discipline.
- Its first-party data and publisher network could make the company hard to replace as cookie restrictions tighten.
What would break the thesis
- Competition with Google and Meta, which have far greater resources, could limit revenue growth.
- Guarantees to publishers and pressure on revenue shares could compress margins.
- If tariffs and economic uncertainty reduce client budgets, results could weaken.
What to watch
- Development of revenue and ex-TAC gross profit against the 2026 guidanceQ3 2026
- Adoption of Realize and its contribution to revenue2026
- Number of publisher partners and their retentionnext 10-K
- Announced legal settlement gain and its effect on resultsQ1 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Taboola helps businesses grow by placing ads on the digital properties of its partners, which numbered about 14000 in 2025. The company earns revenue when consumers click, buy or in some cases view ads, and then shares that revenue with the publishers who display them. The model is B2B, with no competing consumer interests against its partners.
The company's AI engine predicts which content and ads will interest each user, without relying on search queries or social profiles. Management says its data on what people read and buy is its main competitive advantage.
Realize, launched in February 2025, is the performance platform through which the company extends beyond native advertising into standard display and other formats. Management describes this as a strategic shift that could open new performance budgets for publisher partners.
Segments
Native advertising and recommendations on digital properties
This is the main revenue generator, where the company does not bid for placements but sees all users who visit partner pages. Multi-year contracts and high retention make the supply relatively stable and predictable.
Realize and performance advertising
This is the growing segment, where the company bids for placements, especially on sites where it has a first-party data advantage. The company expects a growing share of its business to be tied to this inventory, but the margin effect is not yet clear.
E-commerce through Connexity
The Connexity subsidiary provides publishers with access to over 500 million product listings and monetizes clicks and actions through CPC or CPA. The company says real-time feedback and network effects make the solution hard to replicate.
Market context
The company estimates a 55 billion USD opportunity for Realize, but this is an internal and external industry estimate, not a confirmed figure. The market follows the shift of advertising budgets from traditional media to digital, where a significant share of spending still sits within the Google, Meta and Amazon ecosystems.
Growth in online shopping is a supportive factor, and privacy rules and the removal of third-party cookies favor players with first-party data. These trends could increase the value of direct partnerships with publishers.
Trends
- Shift of budgets to digitaltailwind
Advertising continues to move from traditional media to digital channels, and connected TV and digital audio extend this trend. The company says this has become a lasting movement.
- Privacy regulation and cookiesmixed
Browsers and Google Chrome limit third-party cookies, while GDPR and CCPA increase regulatory pressure. Companies with first-party data could gain, while those without it may lose ground.
- Concentration of budgets in walled gardensmixed
More than half of digital ad budgets flow into the Google, Meta and Amazon ecosystems, which limits room for independent platforms. The company says saturation of social advertising could open opportunities for alternatives.
- Growth of online shoppingtailwind
The company expects online shopping to grow faster than physical retail, which could support customer acquisition budgets. A risk is that advertising sales remain sensitive to economic cycles.
Competitive position
Competition for advertising budgets is intense, and the company acknowledges rivals with far greater resources, such as Google and Facebook. Rivals have greater visibility, larger client bases and better access to premium inventory.
Competition on the publisher side could force the company to increase revenue shares or accept less favorable pricing models. This pressure could reduce revenues and margins if not offset by innovation.
- Google (Alphabet)GOOGL
Search and display platform with access to user intent, cited by the company as its main rival.
- Meta PlatformsMETA
Social platform with detailed user profiles, named as a competitor for performance budgets.
- AmazonAMZN
Closed ecosystem that attracts digital ad budgets and competes for the attention of online shoppers.
- Fragmented DSP platforms
Programmatic buying platforms that the company says focus too much on branding rather than performance.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report25 Feb 2026
- Current report25 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Taboola.com Ltd. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Taboola.com Ltd. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Taboola.com Ltd. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.