MeritValue

Teads Holding Co.

TEADdata completeness 100%7 fiscal years on file
The thesis, from the filings

Teads Holding Co. earns about -17% on invested capital, but has diluted owners by 69% 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$1.02B1$992.1M2$935.8M3$889.9M3$1.3B3
Net income$11M4−$24.6M5$10.2M6−$711,0006−$517.1M6
Operating cash flow$56.8M7$3.81M8$13.7M9$68.6M9$7.61M9
Capital expenditure$9.74M10$13.4M11$10.1M12$7.38M12$5.61M12
Free cash flow (derived)$47M7−$9.56M8$3.62M9$61.2M9$2M9
Total debt$236M13$236M14$118M15$016$622.7M16
Cash & equivalents$455.4M17$105.6M18$70.9M19$89.1M19$128.2M19
Diluted shares53.9M55.6M57.0M52.7M90.9M

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

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.5
your share of equity
Profit it earned you last year
−$56.91
Free cash flow it threw off
$0.22
Debt you’d be carrying
$68.54

10 shares is a claim on $10.5 of net worth that earned you −$56.91 and generated $0.22 of cash last year, against $68.54 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY21 -22%FY22 -2%FY23 5%FY24 1%FY25 -64%

It earned an average -17% 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
+69% shares · 5y

Share count is up 69% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 164% over the same window.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$3.62M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$3.62M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS 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 0001454938-24-000024 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001454938-25-000020 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001454938-26-000015 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001454938-24-000024 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001454938-25-000020 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001454938-26-000015 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001454938-24-000024 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001454938-25-000020 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001454938-26-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001454938-24-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001454938-25-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001454938-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001454938-23-000029 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001454938-24-000024 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001454938-25-000020 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001454938-26-000015 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001454938-24-000024 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001454938-25-000020 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001454938-26-000015 (CashAndCashEquivalentsAtCarryingValue)