CRTOCriteo S.A.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.6×) and margins widening.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CRTO?
Criteo S.A. earns 9.6% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.64 points above what the capital costs: growth creates value
- Operating margin
- 5.8%
Operating margin · Advertising Agencies median 5.7% · 12 months to Q2 2026
- Cash conversion
- 1.59×
Cash conversion · 2.30× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 16%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 5.3% |
| FY2021 | 6.7% |
| FY2022 | 1.2% |
| FY2023 | 4.0% |
| FY2024 | 7.8% |
| FY2025 | 10% |
Details›
- Gross margin12 months to Q2 2026
- 53%
- Operating margin12 months to Q2 2026
- 5.8%
- Net margin12 months to Q2 2026
- 4.4%
- Free cash flow margin
- −0.78%
- R&D as % of revenue
- 16%
- Revenue, trailing twelve months
- $1.79B
- Free cash flow, trailing twelve months
- −$14M
- Net income, trailing twelve months
- $78M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.