olivLaw · US equity research
Criteo S.A. CRTO
Services-Advertising Agencies · SIC 7311 · Vertical: Services-Advertising Agencies (SIC 7311)
Criteo is a global commerce intelligence platform that connects brands, agencies, retailers and media owners through commerce data and AI-driven advertising. In the second quarter of 2026 revenue fell (11)% to $428.0 million and the company cut its annual guidance, making the durability of its position in digital advertising a relevant question.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Criteo S.A. (CRTO) stock was 15.64 USD (+3.10% on the day), with market capitalisation 769.7 m USD, P/E 11.4 on diluted EPS of 1.38 USD over the last 12 months, beta 0.93, 52-week range 14.17–23.28 USD. Latest reported quarter (Q3 2026): revenue of 416.5 m USD (−11.3% YoY), net income of 5.6 m USD (−85.2% YoY), diluted EPS 0.11 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)
- 54.2
- neutral
- Bollinger (20, 2)
- 14.23 – 15.89
- in the upper half of the band · %B 0.85 · band width 11.0%
- SMA 50 / 200
- 16.01 / 18.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.41
- MACD above 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 | +7.9% | −1.1% | +9.0 pp | — |
| 3 months | −8.3% | −0.5% | −7.8 pp | — |
| 6 months | −1.4% | +4.4% | −5.8 pp | — |
| Year to date | −24.1% | +12.3% | −36.4 pp | — |
| 1 year | −29.1% | +13.5% | −42.7 pp | +12.3% |
| 3 years | −34.6% | +76.4% | −111.0 pp | +3.1% |
| 5 years | −61.5% | +63.7% | −125.2 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 | 553.0 m | 451.4 m | 482.7 m | 469.7 m | 541.1 m | 424.6 m | 428.0 m | 416.5 m |
| Cost of revenue | 218.6 m | 187.1 m | 190.6 m | 181.5 m | 211.1 m | 174.3 m | 172.5 m | 176.1 m |
| Gross profit | 301.0 m | 237.0 m | 258.5 m | 256.5 m | 297.4 m | 222.7 m | 222.2 m | 207.7 m |
| Research & development | 67.6 m | 60.7 m | 79.6 m | 67.7 m | 75.3 m | 69.7 m | 71.9 m | 57.2 m |
| Operating income | 94.5 m | 48.2 m | 30.5 m | 51.6 m | 72.5 m | 10.4 m | 15.0 m | 21.0 m |
| Interest expense | 487.0 k | 430.0 k | 657.0 k | 715.0 k | 659.0 k | 764.0 k | 660.0 k | 863.0 k |
| Pre-tax income | 96.7 m | 50.5 m | 28.7 m | 51.6 m | 72.8 m | 12.3 m | 15.3 m | 22.0 m |
| Income tax | 24.8 m | 10.5 m | 5.7 m | 11.5 m | 26.5 m | 3.7 m | 3.6 m | 15.9 m |
| Net income | 71.1 m | 37.9 m | 21.3 m | 37.8 m | 47.6 m | 7.8 m | 11.2 m | 5.6 m |
| Diluted EPS | 1.23 ≈ | 0.66 | 0.39 | 0.70 | 0.90 ≈ | 0.15 | 0.22 | 0.11 |
| Operating cash flow | 169.5 m | 62.3 m | -1.4 m ≈ | 89.6 m ≈ | 160.7 m | 48.2 m | 20.3 m ≈ | 56.9 m ≈ |
| Capex | — | 17.1 m | 35.3 m ≈ | 23.0 m ≈ | 27.4 m | 32.8 m | 58.2 m ≈ | 35.8 m ≈ |
| Share repurchases | 67.1 m | 56.2 m | 48.3 m ≈ | 10.9 m ≈ | 36.6 m | 31.0 m | 30.4 m ≈ | 4.1 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 23 percentile of its own 39-quarter history (min 5.9, median 18.5, max 552.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.3 bn | 2.3 bn | 2.1 bn | 2.3 bn | 2.0 bn | 1.9 bn | 1.9 bn | 1.9 bn |
| Revenue YoY | +0.2% | −1.7% | −8.4% | +8.8% | −10.5% | −3.3% | −0.8% | +0.6% |
| Net income | 88.6 m | 90.7 m | 71.7 m | 134.5 m | 9.0 m | 53.3 m | 111.6 m | 144.6 m |
| Net income YoY | −2.8% | +2.4% | −21.0% | +87.6% | −93.3% | +494.9% | +109.5% | +29.6% |
| Diluted EPS | 1.31 | 1.38 | 1.16 | 2.09 | 0.14 | 0.88 | 1.90 | 2.64 |
| Diluted EPS YoY | −2.2% | +5.3% | −15.9% | +80.2% | −93.3% | +528.6% | +115.9% | +38.9% |
| net % | 3.9% | 4.0% | 3.5% | 6.0% | 0.4% | 2.7% | 5.8% | 7.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | 192.2 m | 108.1 m | 180.0 m | 208.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 342.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.2 bn USD
- Total assets
- 2.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.27x
- ROE
- 12.8%
- ROA
- 6.5%
- FCF margin
- 10.7%
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 | 2.1 bn | 2.3 bn | 2.0 bn | 1.9 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 1.4 bn | 1.5 bn | 1.1 bn | 926.8 m | 811.8 m | 770.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 688.0 m | 781.9 m | 795.2 m | 863.0 m | 983.0 m | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 132.5 m | 151.8 m | 187.6 m | 242.3 m | 279.3 m | 283.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 108.8 m | 151.9 m | 24.3 m | 77.2 m | 151.4 m | 202.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 2.8 m | 2.3 m | 2.0 m | 2.2 m | 1.8 m | 2.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 106.9 m | 153.8 m | 42.1 m | 74.7 m | 154.5 m | 203.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 32.2 m | 16.2 m | 31.2 m | 20.1 m | 39.8 m | 54.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 71.7 m | 134.5 m | 9.0 m | 53.3 m | 111.6 m | 144.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.16 | 2.09 | 0.14 | 0.88 | 1.90 | 2.64 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 61.8 m | 64.2 m | 62.8 m | 60.2 m | 58.6 m | 54.8 m | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 488.0 m | 515.5 m | 348.2 m | 336.3 m | 290.7 m | 342.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 474.1 m | 582.0 m | 708.9 m | 775.6 m | 800.9 m | 582.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.1 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 189.5 m | 140.0 m | 131.2 m | 126.5 m | 107.2 m | 139.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 325.8 m | 329.7 m | 515.1 m | 524.2 m | 515.2 m | 535.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 79.7 m | 82.6 m | 176.0 m | 180.9 m | 158.4 m | 151.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.9 bn | 2.0 bn | 2.3 bn | 2.4 bn | 2.3 bn | 2.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 1.5 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Current liabilities | 600.3 m | 672.5 m | 1.1 bn | 1.1 bn | 1.0 bn | 844.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 700.7 m | 785.3 m | 1.3 bn | 1.3 bn | 1.2 bn | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 185.4 m | 220.9 m | 256.0 m | 224.2 m | 258.2 m | 311.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | — | — | 63.8 m | 116.1 m | 78.1 m | 102.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | — | — | 192.2 m ≈ | 108.1 m ≈ | 180.0 m ≈ | 208.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -101.1 m | -76.4 m | -166.1 m | -108.7 m | -97.9 m | -101.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -57.7 m | -80.1 m | -113.0 m | -147.3 m | -270.5 m | -151.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 43.7 m | 100.0 m | 135.7 m | 125.5 m | 224.6 m | 152.1 m | SEC (XBRL)· 26 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 769.7 m USD
Key indicators
Coverage and freshness
Score by group
65% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.0% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 182.4% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -1.2% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 166.2% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 40.4x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 11.4x | 85 (on a fixed band) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 13.3% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality100/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation92/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CRITEO S.A. (CRTO). 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 0.6%; net margin 4.0%; ROE 6.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.0%
- FCF conversion: 182.4%
- EPS CAGR 3Y: 166.2%
- Interest coverage: 40.4x
- P/E (TTM): 11.4x
- FCF yield: 17.1%
- Shareholder yield (distributions): 13.3%
What contradicts it
- Revenue CAGR 3Y: -1.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Advertising Agencies (SIC 7311) · same industry (4-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| OMCOmnicom Group Inc. | 23.9 bn | 50.9 | 9.7% | 2.8% | +10.1% | +22% / +9% |
| STGWStagwell Inc | 2.7 bn | 281.5 | 1.3% | 0.3% | +2.4% | +105% / +119% |
| CRTOCriteo S.A. | 769.7 m | 11.4 | 6.3% | 4.0% | +0.6% | −29% / −35% |
| GRPNGroupon, Inc. | 703.9 m | — | — | -25.3% | +1.2% | +2% / +53% |
| TJGCTJGC Group Limited | 487.9 m | — | -130.2% | -81.8% | −6.5% | +969% / unavailable |
| VSMEVS MEDIA Holdings Ltd | 36.9 m | — | -317.9% | -114.5% | −8.8% | −95% / −99% |
| SWAGStran & Company, Inc. | 24.4 m | 396.0 | 0.2% | 0.0% | +40.6% | −35% / −2% |
| HAOHaoxi Health Technology Limited | — | — | -54.1% | -17.4% | +67.1% | −100% / unavailable |
| WPPWPP plc | — | — | -7.1% | -1.6% | −8.1% | +42% / −37% |
1- and 3-year price returns: for CRTO 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 | 9.29 Total return -41% · Per year -41% | 16.47 Total return 5% · Per year 5% | 24.87 Total return 59% · Per year 59% |
| 3 years | 8.01 Total return -49% · Per year -20% | 16.07 Total return 3% · Per year 1% | 26.80 Total return 71% · Per year 20% |
| 5 years | 6.91 Total return -56% · Per year -15% | 15.69 Total return 0% · Per year 0% | 28.87 Total return 85% · Per year 13% |
- Exit P/E± 4.02
- Net margin± 2.81
- Annual revenue growth± 2.44
- Annual dilution± 0.24
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
Criteo is a global commerce intelligence platform that connects brands, agencies, retailers and media owners through commerce data and AI-driven advertising. In the second quarter of 2026 revenue fell (11)% to $428.0 million and the company cut its annual guidance, making the durability of its position in digital advertising a relevant question. 123
SWOT
Strengths
- The company has large-scale commerce data, direct integrations with retailers and a stable client base with high retention over recent years 1.
- Its platform combines predictive AI with access to a very large pool of daily active users, supporting technological differentiation 1.
- Balance sheet and operating cash flow remain solid, and the company has continued its share repurchase program 3.
Weaknesses
- Revenue fell sharply in the second quarter of 2026 and profitability was hit by lower Contribution ex-TAC 23.
- The company depends on a relatively small number of large clients in certain segments, so losing one could have significant effects 1.
- Free cash flow was negative in the second quarter of 2026, showing cash generation is sensitive to investment pace 3.
Opportunities
- Expansion into social, CTV and AI-driven advertising experiences could open new revenue sources 1.
- Partnerships with conversational AI platforms may create new opportunities for product discovery and monetization 3.
- If brands diversify spending beyond the largest platforms, independent retail media networks could gain share 1.
Threats
- Competitive pressure from large platforms with far greater resources could reduce prices and margins 1.
- Economic slowdown and more cautious advertising budgets could further weigh on demand for the company's services 2.
- Limits on data collection and changes across the digital ecosystem could reduce targeting efficiency 1.
Risks
- Client concentrationhigh
A significant share of revenue comes from a few large clients, and a reduction in scope by one of them has already affected results 13.
- Lowered guidancehigh
The company cut its 2026 Contribution ex-TAC guidance and expects a further decline in the third quarter, showing uncertainty about recovery 3.
- Competition from large platformsmedium
Competitors with far greater resources could change market dynamics and pressure prices 1.
- Regulation and privacy changesmedium
Data protection laws and decisions by large technology companies could limit targeting signals 12.
- Fraud and system errorslow
Fraudulent traffic or algorithm errors could impair campaign performance and lead to client losses 1.
Investment thesis
What would need to be true (bull case)
- If retail media and newer channels such as CTV and conversational AI grow quickly, the company could recover revenue growth and margins 13.
- Its commerce data base and high client retention could support a durable niche position in the advertising ecosystem 1.
- The share repurchase program and available liquidity could provide flexibility if operating cash flows improve 23.
What would break the thesis
- If the decline seen in the second quarter of 2026 continues, revenue and Adjusted EBITDA could stay below last year's levels 23.
- Competition from large platforms could limit the company's ability to sustain pricing and market share 1.
- Negative free cash flow and dependence on a few large clients could narrow financial flexibility 13.
What to watch
- Delivery against the third quarter 2026 Contribution ex-TAC guidanceQ3 2026
- Revenue trend in Retail Media after the scope changes with two clientsQ4 2026
- Completion of the transfer of legal domicile from Luxembourg to the United StatesJanuary 2027
- Launch of additional countries for ChatGPT advertising and further AI partnerships2027
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
Criteo was incorporated in France and runs its Commerce Intelligence Platform, which combines large-scale commerce data, media access and predictive AI to deliver measurable advertising results. The company serves approximately 17,000 clients and its average client retention rate stayed at approximately 90% over the last three years 1. Revenue in 2025 was $1,944.9 million, up 1% 1. The company also announced a redomiciliation from France to Luxembourg, completed by 2026, and a planned later transfer to the United States 13.
Much of its revenue still comes from click or impression-based pricing, and it charges retailers a negotiated SSP fee, sometimes a technology fee, while brands pay a negotiated DSP fee 1. Contribution ex-TAC, a non-GAAP measure akin to gross profit, reached $1,174.6 million in 2025 1. Retail Media grew in 2025 while Performance Media was flat 1.
Adjusted EBITDA was $406.7 million in 2025 1, and the company spent $61 million on share repurchases in the first six months of 2026 3. Total financial liquidity at June 30, 2026 was approximately $767 million, including the revolving credit facility 23.
Segments
Retail Media
Retail Media lets retailers monetize their traffic and audiences through advertising and helps brands sell products at the digital point of sale. In the second quarter of 2026 revenue from this segment fell (21)%, driven by scope changes with two clients, even as the broader retail partner base grew strongly 3. New partners include Loblaw Advance and Monoprix 3.
Performance Media
Performance Media covers targeting, media acquisition and AdTech services, with managed and self-service offerings such as Commerce Growth and GO 1. In the second quarter of 2026 revenue fell (10)%, reflecting weak Commerce Growth partly offset by better AdTech Services trends 3. Expansion into social and CTV is a stated strategic priority 1.
Market context
The company estimates its serviceable market for retail media, excluding Amazon and China, could reach about $42 billion in advertising spend in 2026 and $50 billion in 2027, a compound annual growth rate of about 20% 1. The total addressable market including Amazon and China is projected at about $204 billion by 2027 1. Retail media remains one of the fastest growing segments, and budgets are moving away from search and social toward more transparent channels 1.
However, macroeconomic uncertainty, inflation and high interest rates could reduce advertising budgets, and in 2026 the company saw an impact on budgets in the Middle East and its Travel vertical 2. Global ecommerce penetration continues to expand, creating more advertising inventory 1.
Trends
- Ecommerce growthtailwind
Rising online retail penetration creates more advertising inventory in commerce environments and shifts budgets toward measurable channels 1.
- Budgets shifting to retail mediatailwind
Brands are moving budgets from shopper and trade marketing toward retail media because of its proximity to the point of sale and closed-loop measurement 1.
- CTV and social advertisingtailwind
CTV is described as the second fastest growing advertising channel, and the company is extending its platform into social and CTV 1.
- Privacy rules and lost signalsheadwind
Privacy regulation and decisions by large technology companies that limit tracking signals could reduce targeting effectiveness 12.
Competitive position
Criteo operates in a highly competitive market where large platforms with closed ecosystems have far greater resources and dominant positions in products such as Amazon Advertising, Google Search, YouTube and Meta 1. Competition could increase pricing pressure and reduce fees and gross margins 1.
A further risk is that large retailers, possibly including current clients, could develop retail media technology in-house, reducing demand for outside solutions 1. Competition for advertising inventory on exchanges could also raise acquisition costs 1.
- Amazon AdvertisingAMZN
Advertising arm of a dominant retailer, cited in Criteo's risk factors as a competitor with far greater resources 1.
- Google (Search and YouTube)GOOGL
Advertising platform with strong positions in search and video, named among large technology competitors 1.
- Meta PlatformsMETA
Social platform with vast advertising inventory, cited among large companies competing for advertising budgets 1.
- Retailer-owned retail media networks
Retail media networks built in-house by retailers or marketplaces, which could reduce the need for outside solutions 1.
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.
Loading the links…
News & filings
In the press
- Advertising Technology Firm Criteo Attracts Vista Equity-Backed Takeover OfferBloomberg Markets · 06 Jul 2026 · EN
The latest news item in our archive is from 06 Jul 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report29 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report05 Aug 2026Material agreement · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Departure or appointment of officers · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report31 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report29 Jun 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Proxy statement08 May 2026
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Criteo S.A. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Criteo S.A. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Criteo S.A. · 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.