Detailed financial statements for Teads Holding Co. (TEAD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Teads Holding Co., a New York-based firm established in 2006, operates a sophisticated technology platform that seamlessly links media owners and advertisers with highly receptive audiences, aiming to achieve impactful business results.
Analysis Summary
Teads Holding Co. reported revenue of $1.30B in the most recent fiscal year, growing at a 5-year CAGR of 11.1%.
Trailing-twelve-month margins: gross margin 33.2%, operating margin -2.3%, net margin -43.3%.
At the current price of $0.46, TEAD has negative trailing earnings (P/E not meaningful) and an ROE of -314.81%. Market capitalisation stands at $45M.
Balance sheet quality for TEAD: current ratio of 1.1, net debt of $514.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $767.1M | $1.02B | $992.1M | $935.8M | $889.9M | $1.30B |
| Cost of Revenue | $602.1M | $775.4M | $799.4M | $751.0M | $697.8M | $871.4M |
| Gross Profit | $165.1M | $240.3M | $192.7M | $184.8M | $192.1M | $429.1M |
| Research & Development | $29.0M | $39.2M | $40.3M | $36.4M | $37.1M | $43.6M |
| Selling, General & Admin | $125.9M | $166.5M | $165.9M | $157.0M | $167.7M | $401.5M |
| Operating Expenses | $154.9M | $205.7M | $206.2M | $193.4M | $204.7M | $445.0M |
| Operating Income | $10.2M | $34.6M | -$13.5M | -$8.6M | -$12.6M | -$16.0M |
| EBITDA | $27.0M | $12.0M | $16.0M | $42.5M | $24.8M | -$331.1M |
| Interest Expense | $832000 | $7.0M | $7.6M | $5.4M | $3.6M | $75.1M |
| Pre-tax Income | $7.7M | -$14.5M | -$18.6M | $16.4M | $1.7M | -$477.7M |
| Income Tax | $3.3M | -$25.5M | $6.0M | $6.1M | $2.4M | $39.4M |
| Net Income | $4.4M | $11.0M | -$24.6M | $10.2M | -$711000 | -$517.1M |
| EPS | $0.08 | $0.20 | $-0.44 | $0.20 | $-0.01 | $-5.69 |
| EPS (Diluted) | $0.08 | $0.20 | $-0.44 | $-0.06 | $-0.10 | $-5.69 |
| Shares Outstanding (Diluted) | $53.9M | $53.9M | $55.6M | $57.0M | $52.7M | $90.9M |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $93.6M | $455.4M | $105.6M | $70.9M | $89.1M | $128.2M |
| Short-term Investments | 0 | 0 | $166.9M | $94.3M | $77.0M | $10.5M |
| Receivables | $165.4M | $192.8M | $181.3M | $189.3M | $149.2M | $342.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $277.4M | $676.1M | $500.5M | $401.8M | $343.1M | $530.4M |
| Property, Plant & Equipment | $24.8M | $28.0M | $51.0M | $54.6M | $60.3M | $79.8M |
| Goodwill | $32.9M | $32.9M | $63.1M | $63.1M | $63.1M | $281.0M |
| Intangible Assets | $9.8M | $5.7M | $24.6M | $20.4M | $16.9M | $376.6M |
| Total Assets | $356.5M | $795.9M | $781.1M | $664.6M | $549.2M | $1.33B |
| Accounts Payable | $118.5M | $160.8M | $147.7M | $150.8M | $149.5M | $258.6M |
| Short-term Debt | $3.9M | 0 | 0 | 0 | 0 | $17.6M |
| Total Current Liabilities | $256.8M | $288.5M | $300.1M | $297.6M | $289.5M | $484.1M |
| Long-term Debt | 0 | $236.0M | $236.0M | $118.0M | 0 | $605.1M |
| Total Liabilities | $273.9M | $539.1M | $563.4M | $441.6M | $317.9M | $1.23B |
| Retained Earnings | -$168.2M | -$157.2M | -$179.0M | -$168.8M | -$169.5M | -$686.6M |
| Total Equity | $82.6M | $256.8M | $217.8M | $223.1M | $231.3M | $95.4M |
| Total Debt | $3.9M | $239.1M | $247.7M | $130.9M | $15.8M | $653.5M |
| Net Debt | -$89.8M | -$216.3M | -$24.8M | -$34.3M | -$150.3M | $514.8M |
| Working Capital | $20.7M | $387.6M | $200.4M | $104.2M | $53.7M | $46.3M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | $4.4M | $11.0M | -$24.6M | $10.2M | -$711000 | -$517.1M |
| Depreciation & Amortization | $18.5M | $19.5M | $26.9M | $20.7M | $19.5M | $66.7M |
| Stock-based Compensation | 0 | $26.3M | $11.7M | $12.1M | $15.5M | $13.7M |
| Change in Working Capital | $28.6M | -$16.3M | -$11.3M | -$10.6M | $42.3M | $7.1M |
| Operating Cash Flow | $53.0M | $56.8M | $3.8M | $13.7M | $68.6M | $7.6M |
| Capital Expenditure | -$1.5M | -$20.1M | -$25.9M | -$20.2M | -$17.3M | -$22.8M |
| Acquisitions | $1.1M | 0 | -$45.2M | -$389000 | -$181000 | -$598.3M |
| Stock Repurchased | 0 | -$14.2M | -$32.7M | -$18.5M | -$6.6M | -$646000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $51.5M | $36.7M | -$22.1M | -$6.5M | $51.3M | -$15.2M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +32.4% | -2.3% | -5.7% | -4.9% | +46.1% | |
| Net Income Growth (YoY) | +152.4% | -323.6% | +141.7% | -106.9% | -72624.3% | |
| EPS Growth (YoY) | +147.2% | -320.0% | +145.5% | -107.2% | -39413.9% | |
| Shares Change (YoY) | +0.1% | +3.2% | +2.4% | -7.5% | +72.4% | |
| FCF Growth (YoY) | -28.7% | -160.3% | +70.7% | +890.2% | -129.6% | |
| Gross Margin | 21.5% | 23.7% | 19.4% | 19.7% | 21.6% | 33.0% |
| Operating Margin | 1.3% | 3.4% | -1.4% | -0.9% | -1.4% | -1.2% |
| EBITDA Margin | 3.5% | 1.2% | 1.6% | 4.5% | 2.8% | -25.5% |
| Net Margin | 0.6% | 1.1% | -2.5% | 1.1% | -0.1% | -39.8% |
| FCF Margin | 6.7% | 3.6% | -2.2% | -0.7% | 5.8% | -1.2% |
| Effective Tax Rate | 43.0% | 175.6% | -32.3% | 37.4% | 141.7% | -8.2% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $0.96 | $0.68 | $-0.40 | $-0.11 | $0.97 | $-0.17 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $53.9M | $53.9M | $55.6M | $50.9M | $49.3M | $90.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -314.81% |
| Return on Invested Capital | -3.75% |
| Return on Assets | -45.53% |
| Gross Margin | 33.18% |
| Operating Margin | -2.32% |
| Net Margin | -43.32% |
Financial Health
| Debt / Equity | 86.35 |
| Current Ratio | 0.98 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.29 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | 37.21 | 15.05 | -6.84 | 15.05 | -209.03 | -0.12 |
| P/B | 1.96 | 0.63 | 0.77 | 0.69 | 0.64 | 0.67 |
| P/S | 0.21 | 0.16 | 0.17 | 0.16 | 0.17 | 0.05 |
| Gross Margin | 21.5% | 23.7% | 19.4% | 19.7% | 21.6% | 33.0% |
| Operating Margin | 1.3% | 3.4% | -1.4% | -0.9% | -1.4% | -1.2% |
| Net Margin | 0.6% | 1.1% | -2.5% | 1.1% | -0.1% | -39.8% |
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