A Business at a Glance
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Acquisition of Teads On February 3, 2025, Outbrain Inc. (“Outbrain”) completed the previously announced acquisition (“Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). The consideration paid at the closing of the Acquisition was approximately $900 million, comprised of a cash payment of $625 million, subject to certain customary adjustments, and 43.75 million shares of Outbrain’s common stock, $0.001 par value per share (“Common Stock”). In this Annual Report on Form 10-K (this “Report”), the financial statements of Outbrain do not include the financial position or results of operations of Teads, since the Acquisition occurred subsequent to year-end.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 890M | 936M | 992M | 1.0B | 767M |
| Net Income | -89M | -711K | 10M | -25M | 11M | 4.4M |
| EPS | $-1.01 | $-0.11 | $-0.06 | $-0.44 | $0.20 | $0.08 |
| Free Cash Flow | 35M | 61M | 3.6M | -9.6M | 47M | 51M |
| ROIC | -4.0% | -0.3% | 3.0% | -5.4% | 92.5% | 1.6% |
| Gross Margin | 30.8% | 21.6% | 19.7% | 19.4% | 23.7% | 21.5% |
| Debt/Equity | 1.20 | 0.00 | 0.53 | 1.08 | 0.92 | -0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -50M | -13M | -8.6M | -14M | 35M | 10M |
| Operating Margin | -4.3% | -1.4% | -0.9% | -1.4% | 3.4% | 1.3% |
| ROE | -17.1% | -0.3% | 4.6% | -11.3% | 4.3% | - |
| Shares Outstanding | 95M | 94M | 94M | 56M | 55M | 54M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 767M | 1.0B | 992M | 936M | 890M | 1.2B |
| Gross Margin | 21.5% | 23.7% | 19.4% | 19.7% | 21.6% | 30.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 10M | 35M | -14M | -8.6M | -13M | -50M |
| Op. Margin | 1.3% | 3.4% | -1.4% | -0.9% | -1.4% | -4.3% |
| Net Income | 4.4M | 11M | -25M | 10M | -711K | -89M |
| Net Margin | 0.6% | 1.1% | -2.5% | 1.1% | -0.1% | -7.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 1.6% | 92.5% | -5.4% | 3.0% | -0.3% | -4.0% |
| ROE | N/A | 4.3% | -11.3% | 4.6% | -0.3% | -17.1% |
| ROA | 1.2% | 1.4% | -3.1% | 1.5% | -0.1% | -5.2% |
| Cash Flow | ||||||
| Op. Cash Flow | 53M | 57M | 3.8M | 14M | 69M | 43M |
| Free Cash Flow | 51M | 47M | -9.6M | 3.6M | 61M | 35M |
| Owner Earnings | 43M | 23M | -19M | -5.3M | 47M | 21M |
| CapEx | 1.5M | 9.7M | 13M | 10M | 7.4M | 7.6M |
| Maint. CapEx | 6.6M | 7.5M | 11M | 6.9M | 6.3M | 6.3M |
| Growth CapEx | 0 | 2.2M | 2.3M | 3.2M | 1.1M | 1.3M |
| D&A | 6.6M | 7.5M | 11M | 6.9M | 6.3M | 6.3M |
| CapEx/OCF | N/A | 17.2% | 350.8% | 73.7% | 10.8% | 17.6% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 14M | 33M | 19M | 6.6M | 6.6M |
| Buyback Yield | N/A | 1.9% | 17.4% | 4.5% | 1.0% | 10.4% |
| Stock-Based Comp | 3.6M | 26M | 12M | 12M | 15M | 15M |
| Debt Repayment | 4.8M | 4.3M | 0 | 96M | 110M | 110M |
| Balance Sheet | ||||||
| Net Debt | -94M | -219M | -36M | -47M | -166M | 483M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 138M |
| Long-Term Debt | 0 | 236M | 236M | 118M | 0 | N/A |
| Debt/Equity | 0.00 | 0.92 | 1.08 | 0.53 | 0.00 | 1.20 |
| Interest Coverage | 12.2 | 8.7 | -1.8 | -1.6 | -3.5 | -3.5 |
| Equity | -80M | 257M | 218M | 223M | 231M | 519M |
| Total Assets | 356M | 796M | 781M | 665M | 549M | 1.7B |
| Total Liabilities | 274M | 539M | 563M | 442M | 318M | 1.2B |
| Intangibles | 33M | 33M | 63M | 63M | 63M | 63M |
| Retained Earnings | -168M | -157M | -179M | -169M | -169M | -169M |
| Working Capital | 21M | 388M | 200M | 104M | 54M | 54M |
| Current Assets | 277M | 676M | 501M | 402M | 343M | 343M |
| Current Liabilities | 257M | 288M | 300M | 298M | 289M | 289M |
| Per Share Data | ||||||
| EPS | 0.08 | 0.20 | -0.44 | -0.06 | -0.11 | -1.01 |
| Owner EPS | 0.79 | 0.42 | -0.34 | -0.06 | 0.50 | 0.22 |
| Book Value | -1.47 | 4.67 | 3.90 | 2.37 | 2.46 | 5.44 |
| Cash Flow/Share | 0.97 | 1.03 | 0.07 | 0.15 | 0.73 | -0.87 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 54.5M | 55.0M | 55.9M | 93.9M | 93.9M | 95.5M |
| Valuation | ||||||
| P/E Ratio | N/A | 67.4 | N/A | N/A | N/A | -0.7 |
| P/FCF | N/A | 15.7 | N/A | 114.7 | 11.2 | 1.8 |
| EV/EBIT | N/A | 15.1 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 2.9 | 0.9 | 1.9 | 3.0 | 0.1 |
| Price/Sales | N/A | 0.9 | 0.4 | 0.5 | 0.5 | 0.1 |
| FCF Yield | N/A | 6.3% | -5.1% | 0.9% | 9.0% | 55.7% |
| Market Cap | N/A | 741M | 188M | 415M | 683M | 64M |
| Avg. Price | N/A | 16.43 | 7.32 | 4.60 | 4.67 | 0.67 |
| Year-End Price | N/A | 13.47 | 3.36 | 4.42 | 7.28 | 0.67 |
Teads Holding Co. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 1.8x vs a median of 13.5x. The company's 5-year average ROIC is 18.3% with a gross margin of 21.2%. Total shareholder yield (buybacks) is 10.4%. At current prices, the estimated annualized return to fair value is -13.3%.
Teads Holding Co. (TEAD) has a 5-year average return on invested capital (ROIC) of 18.3%. This indicates strong capital allocation and a potential competitive advantage.
Teads Holding Co. (TEAD) has a market capitalization of $64M. It is classified as a small-cap stock.
Teads Holding Co. (TEAD) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 10.38%.
Teads Holding Co. (TEAD) operates in the Services-Computer Programming, Data Processing, Etc. industry, within the Technology sector.
Teads Holding Co. (TEAD) reported annual revenue of $890 million in its most recent fiscal year, based on SEC EDGAR filings.
Teads Holding Co. (TEAD) has a net profit margin of -0.1%. The company is currently unprofitable.
Teads Holding Co. (TEAD) generated $61 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Teads Holding Co. (TEAD) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Teads Holding Co. (TEAD) reported earnings per share (EPS) of $-0.11 in its most recent fiscal year.
Teads Holding Co. (TEAD) has a return on equity (ROE) of -0.3%. A negative ROE may indicate losses or negative equity.
Teads Holding Co. (TEAD) has a 5-year average gross margin of 21.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 5 years of financial data for Teads Holding Co. (TEAD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Teads Holding Co. (TEAD) has a book value per share of $2.46, based on its most recent annual SEC filing.