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Institutional accumulation: ownership increased +1.16% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B 100.0% | $1.93B 100.0% | $1.95B 100.0% | $2.02B 100.0% | $2.25B 100.0% | $2.07B 100.0% | $2.26B 100.0% | $2.30B 100.0% | $2.30B 100.0% | $1.80B 100.0% |
| Cost of Revenue | $770.3M 39.6% | $811.8M 42.0% | $926.8M 47.5% | $1.09B 54.0% | $1.47B 65.3% | $1.38B 66.8% | $1.43B 63.3% | $1.47B 63.7% | $1.48B 64.3% | $1.15B 64.2% |
| Gross Profit | $1.05B 54.0% | $983.0M 50.8% | $863.0M 44.3% | $795.2M 39.4% | $781.9M 34.7% | $688.0M 33.2% | $829.0M 36.7% | $834.2M 36.3% | $819.5M 35.7% | $645.0M 35.8% |
| Research & Development | $283.3M 14.6% | $279.3M 14.4% | $242.3M 12.4% | $187.6M 9.3% | $151.8M 6.7% | $132.5M 6.4% | $172.6M 7.6% | $179.3M 7.8% | $173.9M 7.6% | $123.6M 6.9% |
| Selling, General & Admin | $168.9M 8.7% | $176.1M 9.1% | $137.5M 7.1% | $205.3M 10.2% | $152.6M 6.8% | $116.4M 5.6% | $139.8M 6.2% | $135.2M 5.9% | $127.1M 5.5% | $117.5M 6.5% |
| Total Operating Expenses | $846.6M 43.5% | $831.6M 43.0% | $785.8M 40.3% | $770.9M 38.2% | $630.1M 28.0% | $579.2M 27.9% | $687.8M 30.4% | $687.1M 29.9% | $681.7M 29.7% | $524.0M 29.1% |
| Operating Income | $202.8M 10.4% | $151.4M 7.8% | $77.2M 4.0% | $24.3M 1.2% | $151.9M 6.7% | $108.8M 5.3% | $141.2M 6.2% | $147.1M 6.4% | $137.8M 6.0% | $121.0M 6.7% |
| Interest Expense | $2.5M 0.1% | $1.8M 0.1% | $2.2M 0.1% | $2.0M 0.1% | $2.3M 0.1% | $2.8M 0.1% | $2.4M 0.1% | $2.1M 0.1% | $2.9M 0.1% | $2.4M 0.1% |
| Interest & Investment Income | $5.7M 0.3% | $10.1M 0.5% | $4.7M 0.2% | $1.9M 0.1% | $634K 0.0% | $1.1M 0.1% | $1.5M 0.1% | $1.1M 0.0% | $883K 0.0% | $1.4M 0.1% |
| Other Income (Expense), net | $809K 0.0% | $3.1M 0.2% | -$2.5M -0.1% | $17.8M 0.9% | $1.9M 0.1% | -$1.9M -0.1% | -$5.7M -0.3% | -$5.1M -0.2% | -$9.5M -0.4% | -$546K -0.0% |
| Pretax Income | $203.6M 10.5% | $154.5M 8.0% | $74.7M 3.8% | $42.1M 2.1% | $153.8M 6.8% | $106.9M 5.2% | $135.5M 6.0% | $142.0M 6.2% | $128.3M 5.6% | $120.5M 6.7% |
| Income Tax Expense | $54.2M 2.8% | $39.8M 2.1% | $20.1M 1.0% | $31.2M 1.5% | $16.2M 0.7% | $32.2M 1.6% | $39.5M 1.7% | $46.1M 2.0% | $31.7M 1.4% | $33.1M 1.8% |
| Net Income | $149.0M 7.7% | $115.0M 5.9% | $55.0M 2.8% | $11.0M 0.5% | $138.0M 6.1% | $71.7M 3.5% | $90.7M 4.0% | $88.6M 3.9% | $91.2M 4.0% | $82.3M 4.6% |
| Per Share | ||||||||||
| EPS (Basic) | $2.73 | $2.04 | $0.95 | $0.15 | $2.21 | $1.18 | $1.41 | $1.33 | $1.40 | $1.30 |
| EPS (Diluted) | $2.64 | $1.90 | $0.88 | $0.14 | $2.09 | $1.16 | $1.38 | $1.31 | $1.34 | $1.25 |
| Weighted Avg Shares (Basic) | 52.9M | 54.8M | 56.2M | 60.0M | 60.7M | 60.9M | 64.3M | 66.5M | 65.1M | 63.3M |
| Weighted Avg Shares (Diluted) | 54.8M | 58.6M | 60.2M | 62.8M | 64.2M | 61.8M | 65.6M | 67.7M | 67.9M | 65.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $16.90 today, the market must believe free cash flow compounds -19.8%/yr for a decade (off $166M normalized FCF).
The market's -19.8% is more conservative than its 3-yr track record.
2-stage DCF · 0.05B shares · net debt -$342M
mean 12.9% · volatility σ 55% · implied rate exceeded in 2/3 yrs
Central path = implied -19.8%/yr growth; shaded band = ±1σ (55%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
8/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $152M buybacks = $152M returned on $208M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $342M covers all $2M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 192 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GOOG | $4.10T | 31.4× | 27.4× | 10.2× | 15.1% | 59.7% | 32.8% | 31.8% | 28.5% | 0.3× | 4,874 |
| META | $1.70T | 28.7× | 16.9× | 8.4× | 22.2% | 82.0% | 30.1% | 27.8% | 21.9% | 0.6× | 4,839 |
| AMX | $1.40T | — | — | — | — | — | — | — | — | — | 318 |
| CHT | $350.5B | — | — | — | — | — | — | — | — | — | 206 |
| NFLX | $322.6B | 30.2× | 24.0× | 7.1× | 15.9% | 48.5% | 24.3% | 41.3% | 26.7% | 1.1× | 3,458 |
| CCZ | $239.2B | 12.0× | 6.4× | 1.9× | -0.0% | — | 16.2% | 20.6% | 19.4% | 0.2× | 1 |
| VZ | $210.3B | 12.3× | 4.3× | 1.5× | 2.5% | — | 12.4% | 16.2% | 16.2% | 0.0× | 3,122 |
| DIS | $203.3B | 15.6× | 10.5× | 2.1× | 3.4% | — | 13.1% | 11.3% | 8.2% | 1.8× | 2,883 |
| TMUS | $195.1B | 18.1× | 8.7× | 2.2× | 8.5% | — | 12.4% | 18.6% | 7.6% | 2.7× | 1,648 |
| T | $185.4B | 8.5× | 6.9× | 1.5× | 2.7% | — | 17.5% | 17.4% | 8.1% | 3.2× | 2,848 |
| VEON | $126.7B | — | — | — | — | — | — | — | — | — | 97 |
| DASH | $84.0B | 92.4× | 54.2× | 6.1× | 27.9% | — | 6.8% | 9.3% | 9.3% | — | 973 |
| WBD | $69.6B | 96.8× | 15.2× | 1.9× | -5.1% | — | 1.9% | 2.0% | 1.1% | 5.1× | 1,259 |
| EA | $52.6B | 59.7× | 36.1× | 7.0× | 0.9% | 79.0% | 11.8% | 13.1% | 13.1% | — | 998 |
| LYV | $40.3B | — | 25.5× | 1.6× | 8.8% | — | 2.0% | 183% | 5.9% | 5.0× | 779 |
| TTWO | $39.3B | — | 426.8× | 5.9× | 18.2% | 57.2% | -4.5% | -8.5% | -4.9% | 26.7× | 1,011 |
| TWLO | $36.4B | 1137.5× | 103.9× | 7.2× | 13.7% | 48.9% | 0.7% | 0.4% | 0.4% | 2.8× | 776 |
| RDDT | $29.4B | 60.1× | 62.1× | 13.3× | 69.4% | 91.2% | 24.1% | 18.1% | 18.1% | — | 765 |
| FOX | $27.3B | 12.1× | — | 1.7× | 16.6% | — | 14.1% | 19.2% | 12.4% | — | 505 |
| OMC | $24.8B | — | 57.9× | 1.4× | 10.1% | 8.5% | -0.3% | -0.5% | -0.3% | 15.8× | 1,083 |
| ROKU | $22.9B | 262.9× | 534.0× | 4.8× | 15.2% | 43.8% | 1.9% | 3.3% | 3.3% | — | 665 |
| FWONA | $21.9B | — | 40.0× | 4.9× | 22.7% | — | 12.4% | 7.2% | 4.3% | 7.9× | 283 |
| NWS | $19.0B | 16.1× | — | 2.3× | 2.4% | — | 14.0% | 13.4% | 11.0% | — | 304 |
| CHTR | $18.2B | 3.7× | 5.4× | 0.3× | -0.6% | — | 9.1% | 31.1% | 4.5% | 4.5× | 760 |
| TKO | $15.6B | 85.2× | 14.0× | 3.3× | -3.1% | — | 4.1% | 5.2% | 2.6% | 2.9× | 616 |
| CRTO | $875M | 6.5× | 2.3× | 0.5× | 0.6% | 54.0% | 7.4% | 12.6% | 12.6% | — | 138 |
Peers = companies sharing CRTO's sector (Communication Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 12-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 12-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 56.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 63.7 | 63.3 | 66.8 | 65.3 | 54.0 | 47.5 | 42.0 | 39.6 |
| Gross Profit | 36.3 | 36.7 | 33.2 | 34.7 | 39.4 | 44.3 | 50.8 | 54.0 |
| R&D | 7.8 | 7.6 | 6.4 | 6.7 | 9.3 | 12.4 | 14.4 | 14.6 |
| SG&A | 5.9 | 6.2 | 5.6 | 6.8 | 10.2 | 7.1 | 9.1 | 8.7 |
| Operating Income | 6.4 | 6.2 | 5.3 | 6.7 | 1.2 | 4.0 | 7.8 | 10.4 |
| Income Tax | 2.0 | 1.7 | 1.6 | 0.7 | 1.5 | 1.0 | 2.1 | 2.8 |
| Net Income | 3.9 | 4.0 | 3.5 | 6.1 | 0.5 | 2.8 | 5.9 | 7.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CRTO: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.