Teads Holding Co. Common Stock (TEAD)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn good returns on capital and sell at a discount to conservative value. Teads does not pass that test today. It runs a two-sided advertising marketplace connecting media owners and advertisers, with 1,700 employees and geographic reach. Scale is real: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $284.6M, and in fiscal 2025, the year ended 2025-12-31, revenue was $1.3B. But scale has not produced profits. I see little evidence of a durable moat; ad technology is competitive, and the numbers show no pricing power. Fiscal 2025 net income was -$517.1M, after -$711,000 in fiscal 2024 (year ended 2024-12-31) and $10.2M in fiscal 2023 (year ended 2023-12-31). In fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $42.5M, worse than the $14.3M loss in fiscal Q2 2025, the quarter ended 2025-06-30. Losses have widened across recent quarters: -$19.7M in fiscal Q3 2025 (quarter ended 2025-09-30), -$38.8M in fiscal Q1 2026 (quarter ended 2026-03-31), and -$42.5M in fiscal Q2 2026 (quarter ended 2026-06-30). Free cash flow is negative $66.0M on a trailing basis, a FCF yield of -144.7% by FairStock's calculation. The balance sheet looks stretched: D/E 87.71, Altman Z-score -0.70, and P/B 6.64 at the $0.47 close on 2026-10-13. With a negative P/E, no dividend, and a FairStock Score of 44/100, the market is not paying for durable earning power. The Lynch category is TURNAROUND because there was a loss in the latest year after earlier profits, but I see no margin of safety yet. A true turnaround needs stable revenue, shrinking losses, and positive cash generation. Until then, this is speculation, not value.

In plain English: Teads runs an online advertising platform that connects media owners and advertisers. Its recent results show falling sales, growing losses and cash going out, so the business looks weak. At 47 cents a share, the price does not look cheap against those weak numbers; it looks expensive relative to the money the company is losing.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer