Assertion Partly supported AI assessment confidence: 85% certainty 3/5 debate potential 2/5

Criteo valuation multiples fell from 2.5x to 1.8x gross revenue

Oren Harnevo · 1114 Personalized Video Adtech Company Hits $60m TTM Revenues · Aug 12, 2018 · at 12:09

Eyeview CEO Oren Harnevo discusses ad tech valuation multiples with Nathan Latka.

0:00 / 0:16exact quote · 16.7s

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“Well, top line, if you look at Criteo, they're public, and they're sort of a similar guaranteed performance like us, public company, they're running at about two and a half X. Well, they were running about two and a half X multiple on gross. I think now it's down to like 1.8 because the market's really changing.”

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The claim, plainly

Criteo's public market valuation multiple fell from around 2.5x gross revenue down to approximately 1.8x gross revenue.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

The claim bundles two assertions regarding Criteo S.A.'s (NASDAQ: CRTO) valuation multiples. First, Criteo did historically trade near a 2.5x gross revenue multiple (in 2014, with ~$933M in gross revenue and a ~$2.46B market cap, it traded at ~2.6x). Second, while Criteo's valuation multiple compressed sharply by August 2018, its gross revenue multiple did not fall to ~1.8x—it had fallen significantly further, to ~0.63x–0.72x (based on TTM gross revenue of ~$2.31B and a market cap of ~$1.45B–$1.65B). The ~1.8x figure closely reflects Criteo's multiple on Revenue ex-TAC (net revenue, which traded at ~1.55x–1.75x in August 2018) or its gross multiple at its mid-2017 peak (~1.6x–1.8x), but is inaccurate for August 2018 gross revenue.

In 2014, Criteo traded at approximately 2.6x gross revenue ($2.46 billion market capitalization on $933 million in gross revenue).
As of August 2018, Criteo's market capitalization of $1.45B–$1.65B against TTM gross revenue of ~$2.31B represented a gross revenue multiple of ~0.63x–0.72x (not ~1.8x).
The ~1.8x multiple closely matched Criteo's valuation multiple on Revenue ex-TAC (net revenue) around August 2018 (~1.55x–1.75x on ~$950M–$966M ex-TAC revenue).

Checked against

[1] investorroom.com [2] nofluffadvisory.com [3] edisongroup.com [4] companiesmarketcap.com [5] companiesmarketcap.com [6] companiesmarketcap.com [7] macroaxis.com [8] criteo.com

"Criteo" valuation multiple "August 2018" OR "2017" "revenue" Criteo stock price market cap August 2018 2017 gross revenue "Criteo" multiple "gross revenue" 2017 OR 2018 Criteo revenue 2017 2018 market cap enterprise value gross revenue multiple "Criteo" "gross revenue" "2.5x" OR "1.8x" "CRTO" "Price to Sales" historical "2015" "2016" "2017" "2018" Criteo historical price to sales ratio 2017 2018 Criteo market cap 2017 2018 revenue ex-TAC gross revenue "CRTO" stock price August 2018 "market cap" OR shares outstanding

assessed as of 2026-09-02

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Mentioned

Criteo

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Assertion Not checkable as stated

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Assertion Not checkable as stated

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Criteo valuation multiples fell from 2.5x to 1.8x gross revenue

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