Start here if you're new
what it is
Teads helps brands buy ads across websites and connected TV instead of relying only on the big closed platforms.
how it gets paid
Last year Teads made $890M in revenue. Brand advertising was the main engine at $311.5M, or 35% of sales.
what just happened
The key takeaway is that revenue hit $948M, but earnings still landed at a loss.
At a glance
C+ balance sheet — struggling to keep the lights on
3.8% return on capital — nothing to write home about
-$0.11 fy2024 eps est
$890M fy2024 rev est
0.8% operating margin
xvary composite: 29/100 — weak
What they do
Teads helps brands buy ads across websites and connected TV instead of relying only on the big closed platforms.
Teads sits between advertisers and publishers, and that two-sided marketplace means both sides show up because the other side already has. Plain English: buyers want reach, sellers want demand, so your ad budget follows the platform with the most useful inventory. The company says it works with global advertisers and premium media owners, and it does that with 1,800 employees, which tells you this is a scaled sales-and-data machine, not a hobby website.
How they make money
$890M
annual revenue
Brand advertising
$311.5M
2.0%
Performance advertising
$222.5M
+3.0%
Video and display
$178.0M
1.0%
Connected TV
$106.8M
+8.0%
SMB and agency accounts
$71.2M
0.0%
The products that matter
sells digital ads across web, app, and tv
Omnichannel Ad Platform
$1.3B revenue in 2025
It generated $1.3B in 2025 revenue, but that is down 3.6% over three years. You are not buying a proven growth engine.
core
pays partners for audience access
Publisher & Traffic Network
$200M Q4 traffic costs
Traffic acquisition costs were $200M on $352M of Q4 revenue. That expense line tells you how much room Teads has to turn ad dollars into gross profit.
margin lever
connected tv expansion
CTV & OEM Partnerships
breakeven–$3M Q1 EBITDA guide
This is part of the 2026 turnaround pitch, but the hard number in front of you is Q1 2026 adjusted EBITDA guidance of breakeven to $3M. The story still needs proof.
prove-it bet
Key numbers
$622M
long-term debt
The company owes about 8.6 times its $72M market cap, which means your upside sits behind a very large creditor claim.
0.8%
operating margin
Operating margin → profit left after running the business → so what: Teads keeps less than 1 cent from each $1 of sales.
3.8%
return on capital
Return on capital → profit from money put into the business → so what: the business is producing weak returns for the cash tied up inside it.
10/100
price stability
That score says the stock's trading history has been rough, which matters when the business already has thin margins and heavy debt.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $622M (90% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TEAD right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The key takeaway is that revenue hit $948M, but earnings still landed at a loss.
Latest-quarter revenue was listed at $948M, up 197% vs. prior year, while EPS was -$1.00. Gross margin was 32.6%, which shows sales scale did not turn into bottom-line strength.
$948M
revenue
-$1.00
eps
32.6%
gross margin
the number that mattered
Gross margin at 32.6% matters because a platform with sub-1% operating margin needs every point of gross profit it can keep.
source: company earnings report, 2026
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What could go wrong
The #1 risk is a debt load that dwarfs the equity. TEAD has $622M of long-term debt against a market cap of about $72M.
med
Leverage and refinancing pressure
Fitch downgraded the debt to 'CCC+' in November 2025. Long-term debt is $622M, or 90% of capital. That limits flexibility before you even get to strategy.
If EBITDA disappoints, Teads has fewer ways to buy time and fewer cheap ways to refinance.
med
The core business is shrinking
Revenue is down 3.6% over three years, and the business shrank 4.9% last year. That is a bad setup for a leveraged ad platform in a market that is supposed to reward scale.
A turnaround needs either growth or margin expansion. Right now you do not have consistent proof of either one.
med
Post-merger integration can still go wrong
The $900M merger with Outbrain was followed by a 15% workforce cut in August 2025. That tells you integration is active, not finished.
If the merger fails to lift margin or stabilize revenue, the combined company is just a larger version of the old problem.
$622M of debt, shrinking sales, and a business still proving the merger math leave very little margin for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
$100M 2026 adjusted EBITDA target
Management put the target on the wall. Q1 2026 guidance is only breakeven to $3M, so the next few quarters need a sharp ramp if that target is supposed to mean anything.
calendar
Q1 2026 earnings report
Expected in May 2026. You want to see whether the Q4 print was the start of a pattern or just one clean quarter in a messy story.
balance sheet
Debt pressure and covenant room
With a 'CCC+' rating and $622M of debt, any stumble in EBITDA matters more here than it would at a normal ad-tech company.
trend
Revenue stabilization
Three-year revenue growth sits at -3.6%, and last year was down 4.9%. If sales keep slipping, cost cuts alone will not rescue the thesis.
Analyst rankings
coverage
thin
in human-speak, there is not a deep analyst bench here to do the work for you.
latest quarter
beat
Q4 came in better than expected, but a single quarter does not settle a turnaround case.
price target data
limited
No reliable long-range target set is available in this feed. Consensus is not the edge here.
source: institutional data
Institutional activity
institutional ownership data for TEAD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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