Teads Holding Co. TEAD
On February 3, 2025, Outbrain Inc. ("Outbrain") completed its acquisition (the "Acquisition") of TEADS, a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg ("Legacy Teads"). The consideration paid at the closing of the Acquisition was approximately $900 million, comprising a cash payment of $625 million, subject to certain customary adjustments, and 43.75 million shares of the Company's common stock, $0.001 par value per share, and following the closing, Altice Teads S.A. owned approximately 46.6% of the Company's issued and outstanding Common Stock. Effective June 6, 2025, Outbrain changed its corporate name to Teads Holding Co. ("Teads"). Effective June 10, 2025, Teads' shares started trading on The Nasdaq Stock Market LLC under the trading symbol TEAD.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.30B | $889.9M | $935.8M | $992.1M | $1.02B | $767.1M | $687.3M | — |
| Cost of revenue | $871.4M | $697.8M | $751.0M | $799.4M | $775.4M | $602.1M | $545.5M | — |
| Gross profit | $429.1M | $192.1M | $184.8M | $192.7M | $240.3M | $165.1M | $141.8M | — |
| R&D | $43.6M | $37.0M | $36.0M | $40.3M | $39.2M | $29.0M | $26.4M | — |
| SG&A | $124.1M | $70.1M | $57.9M | $57.1M | $70.7M | $48.4M | $51.0M | — |
| Total operating expenses | $828.1M | $204.7M | $193.4M | $206.2M | $205.7M | $154.9M | $156.4M | — |
| Operating income | -$399.0M | -$12.6M | -$8.6M | -$13.5M | $34.6M | $10.2M | -$14.6M | — |
| Interest expense | $75.1M | $3.6M | $5.4M | $7.6M | $4.0M | $832.0K | $601.0K | — |
| Pre-tax income | -$477.7M | $1.7M | $16.4M | -$18.6M | -$14.5M | $7.7M | -$15.0M | — |
| Income tax | $39.4M | $2.4M | $6.1M | $6.0M | $25.5M | $3.3M | $5.5M | — |
| Net income | -$517.1M | -$711.0K | $10.2M | -$24.6M | $11.0M | $4.4M | -$20.5M | — |
| EPS, basic | -5.69 | -0.01 | 0.20 | -0.44 | 0.31 | 0.10 | -1.34 | — |
| EPS, diluted | -5.69 | -0.11 | -0.06 | -0.44 | 0.20 | 0.08 | -1.34 | — |
| Shares, diluted (wtd. avg.) | $90.9M | $52.7M | $57.0M | $55.6M | $53.9M | $20.2M | $15.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $128.2M | $89.1M | $70.9M | $105.8M | $455.6M | $94.1M | $50.0M | $44.4M |
| Short-term investments | $10.5M | $77.0M | $94.3M | $166.9M | $0 | — | — | — |
| Receivables | $342.4M | $149.2M | $189.3M | $181.3M | $192.8M | $165.4M | — | — |
| Total current assets | $530.4M | $343.1M | $401.8M | $500.5M | $676.1M | $277.4M | — | — |
| Property, plant and equipment | — | — | — | — | $28.0M | $24.8M | — | — |
| Goodwill | $281.0M | $63.1M | $63.1M | $63.1M | $32.9M | $32.9M | — | — |
| Other intangibles | $376.6M | $16.9M | $20.4M | $24.6M | $5.7M | $9.8M | — | — |
| Total assets | $1.33B | $549.2M | $664.6M | $781.1M | $795.9M | $356.5M | — | — |
| Accounts payable | $258.6M | $206.9M | $150.8M | $147.7M | $160.8M | $118.5M | — | — |
| Short-term debt | $17.6M | $0 | — | — | — | — | — | — |
| Total current liabilities | $484.1M | $289.5M | $297.6M | $300.1M | $288.5M | $256.8M | — | — |
| Long-term debt | $605.1M | $0 | $118.0M | $236.0M | $236.0M | $0 | — | — |
| Total liabilities | $1.23B | $317.9M | $441.6M | $563.4M | $539.1M | $273.9M | — | — |
| Retained earnings | -$686.6M | -$169.5M | -$168.8M | -$179.0M | -$157.2M | -$168.2M | — | — |
| Total equity | $95.4M | $231.3M | $223.1M | $217.8M | $256.8M | -$79.8M | -$89.7M | -$112.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.6M | $68.6M | $13.7M | $3.8M | $56.8M | $53.0M | $16.7M | — |
| Depreciation and amortisation | $9.2M | $6.3M | $6.9M | $11.1M | $7.5M | $6.6M | $6.2M | — |
| Stock-based compensation | $13.7M | $15.5M | $12.1M | $11.7M | $26.3M | $3.6M | $3.9M | — |
| Capital expenditure | $5.6M | $7.4M | $10.1M | $13.4M | $9.7M | $1.5M | $2.5M | — |
| Investing cash flow | -$554.2M | $67.2M | $69.6M | -$317.9M | -$20.1M | -$9.4M | -$7.6M | — |
| Financing cash flow | $585.3M | -$117.7M | -$117.1M | -$31.7M | $325.9M | -$4.2M | -$3.7M | — |
| Buybacks | $646.0K | $6.6M | $18.5M | $32.7M | $14.2M | $280.0K | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001454938-26-000015.
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