Deep Value: cash covers more than 100% of the stock price

This company holds roughly $91M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Teads Holding

TEAD

Internet Content & Information · Communication Services

Price

$0.67

+0.03 (+4.95%)

Market Cap

$64.6M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+68.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 53.9M (2021) → 90.9M (2025)

Winston Score History

The full picture

Teads is a digital advertising technology company. It helps brands and advertisers show video and display ads to people across thousands of news websites and online publishers around the world. The company sits between advertisers — like big consumer brands — and media publishers, acting as a marketplace that connects both sides.

Teads makes money by taking a cut of the advertising spending that flows through its platform, charging advertisers for the ad placements it delivers. The company operates globally, with a strong presence in Europe and North America, and works with many of the world's largest premium publishers, which gives it a degree of reach that smaller ad-tech rivals struggle to match. However, with a negative operating margin and low returns on capital, Teads faces real pressure from larger competitors like Google and The Trade Desk, and its path to consistent profitability remains the central challenge for the business going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-17.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-193.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$44M/ year

↑ Rising (+17% vs prior year)

3.3% of revenue

Below sector average (12%)

R&D investment increasing — building for the future

Insider Activity

70.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$91M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Teads Holding's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

33.6%

Modest — 33.6% gross margin

Profit after running costs

Operating Margin

-5.1%

Losing money on operations — -5.1%

Return on the money invested

ROCE

-4.6%

Weak — -4.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+12.3%

Fast-growing sales (+12.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-5.4%

Burning cash (-5.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

83.57

Heavy debt load (83.57)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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