MeritValue

Taboola.com Ltd.

TBLAdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Taboola.com Ltd. earns about -0% on invested capital, but has diluted owners by 107% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.38B1$1.4B2$1.44B3$1.77B3$1.91B3
Net income−$24.9M4−$12M5−$82M6−$3.76M6$42.3M6
Operating cash flow$63.5M7$53.5M8$84.4M9$184.3M9$208.4M9
Capital expenditure$39.1M10$34.9M11$32.1M12$35.2M12$44.9M12
Free cash flow (derived)$24.5M7$18.6M8$52.2M9$149.2M9$163.4M9
Total debt—————
Cash & equivalents$319.3M13$165.9M14$176.1M15$226.6M16$120.9M16
Diluted shares142.9M254.3M295.7M——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 2%FY22 1%FY23 -8%FY24 1%FY25 3%

It earned an average -0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+107% shares · 5y

Share count is up 107% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001140361-24-009866 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001840502-25-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001840502-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-24-009866 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001840502-25-000019 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001840502-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001140361-24-009866 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001840502-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001840502-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001140361-24-009866 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001840502-25-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001840502-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-23-011303 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-009866 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001840502-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001840502-26-000004 (CashAndCashEquivalentsAtCarryingValue)