Taboola.com Ltd. (TBLA) valuation at a glance
- Price
- $3.81
- Forward P/E
- 5.1×
- Market cap
- $961M
- P/S (TTM)
- 0.5×
CompaniesTBLA
TBLA
Taboola.com Ltd.
Communication Servicesadtechnative advertisingRealize platformrepurchases
Overview
$3.81-1.0%
Market Cap
$961M
SEC filings
P/E (TTM)
8.1×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
29.7%
SEC filings
FCF Yield
20.9%
Calculated from SEC filings
Fair Value
Not established
yahoo chart 2026-09-17 (close $3
Conviction
3/5Cash-generative native ad network at about 1.4x FY2025 ex-TAC gross profit, shrinking its share count, after a Q2 2026 revenue miss and guidance cut.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 80/100
Value4/4
Future1/1
Past4/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Taboola runs a performance advertising platform that places sponsored recommendations and ads on publisher sites such as Yahoo and Microsoft, paying publishers traffic acquisition cost (TAC) and keeping the spread. FY2025 revenue was $1,912.0 million, ex-TAC gross profit $713.5 million, adjusted EBITDA $215.5 million and free cash flow $163.4 million (10-K filed 2026-02-25). At the 2026-09-16 close of $3.81 and 270.2 million shares (10-Q cover, July 30, 2026) the equity is worth roughly $1.03 billion, about 6.3x FY2025 free cash flow, with $133.1 million of cash against $72.0 million drawn on a revolver at June 30, 2026. The company repurchased 16.2 million shares at an average $3.99 in H1 2026 and 26.4 million shares of Yahoo non-voting stock since 2025. Counter-evidence: Q2 revenue of $476.8 million missed the company's own $492-505 million range, full-year revenue guidance was cut, the stock fell 27 percent and a securities class action followed. Yahoo is both the largest publisher and a 16.2 percent voting holder, so concentration and related-party exposure are structural. Confirmation would be Q3 2026 revenue back inside guidance with ex-TAC gross profit and adjusted EBITDA still rising; refutation would be a second revenue miss or a deterioration in the Yahoo relationship.
Bull Case
Cash generationFY2025 free cash flow was $163.4 million on adjusted EBITDA of $215.5 million, a 30.2 percent ratio of adjusted EBITDA to ex-TAC gross profit (10-K filed 2026-02-25).
Capital returnIn H1 2026 the company repurchased 16,244,480 shares at an average $3.99, and the board authorized up to $200 million more for the repurchase program in July 2025 (10-Q filed 2026-08-05).
Profit mixQ2 2026 ex-TAC gross profit rose to $192.4 million from $172.1 million and adjusted EBITDA to $55.5 million from $45.2 million year over year even as revenue missed (10-Q filed 2026-08-05).
Bear Case
ExecutionQ2 2026 revenue of $476.8 million came in under the guided $492-505 million and full-year revenue guidance was cut by about $91 million at the midpoint (company release 2026-08-05).
ConcentrationYahoo represented 16.6 percent of Q2 2026 revenue and Yahoo plus Microsoft about 34 percent of 2025 gross revenue from digital properties (10-Q filed 2026-08-05; 10-K filed 2026-02-25).
LitigationA securities class action covering May 6 to Aug 4, 2026 is pending with a lead-plaintiff deadline of 2026-10-20 (plaintiff-firm release 2026-09-14).
Key Metrics
Market Cap
$961M
SEC filings
Enterprise Value
$985M
Calculated from SEC filings
Revenue (TTM)
$1.96B
SEC filings
P/E (TTM)
8.1×
SEC filings
Forward P/E
5.1×
yahoo chart 2026-09-17 (close $3
P/S (TTM)
0.5×
SEC filings
P/B
1.1×
SEC filings
EV/EBITDA
5.1×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
29.7%
SEC filings
Operating Margin
6.5%
SEC filings
Net Margin
6.0%
SEC filings
Free Cash Flow
$201M
SEC filings
FCF Yield
20.9%
Calculated from SEC filings
Debt / Equity
0.2×
SEC filings
Current Ratio
1.1×
SEC filings
Short Interest
4.2%
SEC filings
Institutional Own.
69.0%
SEC filings
Insider Own.
19.5%
SEC filings
Shares Out.
252.1M
SEC filings
Float
145.2M
SEC filings
Valuation
Price vs Fair Value
Now $3.81
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| TBLA | $1.03B | 9.7× | 0.5× | 7.8× | +2.0% | 30.0% | 6.0% |
| TTD | $6.78B | 17.2× | 2.3× | 8.2× | +3.0% | 77.0% | 14.0% |
| MGNI | $3.57B | 22.6× | 4.8× | 22.2× | +11.0% | 65.0% | 22.0% |
| PUBM | $806M | – | 2.8× | 275.1× | +10.0% | 64.0% | -5.0% |
| CRTO | $835M | 8.7× | 0.4× | 2.6× | -11.0% | 54.0% | 6.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 1,401 | 1,440 | 1,766 | 1,912 |
| Cost of Revenue | 936.9 | 1,014 | 1,232 | 1,343 |
| Gross Profit | 464.3 | 425.6 | 534.2 | 569.5 |
| Operating Income | (13.7) | (63.7) | 25.9 | 44.1 |
| EBITDA | 77.6 | 32.8 | 126.8 | 127.5 |
| Net Income | (12.0) | (82.0) | (3.8) | 42.3 |
| Diluted EPS | -0.05 | -0.24 | -0.01 | 0.13 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 165.9 | 176.1 | 226.6 | 120.9 |
| Total Assets | 1,530 | 1,708 | 1,719 | 1,610 |
| Total Debt | 298.7 | 214.9 | 180.9 | 194.1 |
| Total Liabilities | 695.1 | 650.7 | 666.8 | 702.6 |
| Shareholders' Equity | 834.5 | 1,057 | 1,052 | 907.2 |
| Shares Out. (M) | 254.1 | 340.9 | 337.3 | 276.4 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 53.5 | 84.4 | 184.3 | 208.4 |
| Capital Expenditure | (34.9) | (32.1) | (35.2) | (44.9) |
| Free Cash Flow | 18.6 | 52.2 | 149.2 | 163.4 |
| Investing Cash Flow | (139.6) | 59.6 | (30.1) | (40.9) |
| Financing Cash Flow | (62.9) | (134.6) | (100.0) | (277.3) |
Figures normalized from Taboola.com Ltd.'s SEC 10-K filed 2026-02-25. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-02-25 ↗
Catalysts
Benchmark TMT conference, tone on Q3 pacing
Corporate
Benchmark Annual TMT Conference appearance
Third investor conference since the Q2 print, per the company's 2026-08-05 conference release: https://www.globenewswire.com/news-release/2026/08/05/3339667/31297/en/Taboola-to-Participate-in-Upcoming-Investor-Conferences.html
Lead-plaintiff deadline, then amended complaint
Regulatory
Securities class action lead-plaintiff deadline
Class period 2026-05-06 to 2026-08-04 per plaintiff-firm release: https://www.globenewswire.com/news-release/2026/09/14/3361028/1020/en/kaplan-fox-reminds-investors-of-a-securities-class-action-against-taboola-com-ltd-nasdaq-tbla-deadline-is-october-20-2026.html
Q3 revenue vs guidance, ex-TAC GP, repurchase pace
Earningshigh relevance
Q3 2026 results (date not yet announced)
The Q3 2025 10-Q was filed 2025-11-05, so early November is the expected window: https://data.sec.gov/submissions/CIK0001840502.json
FY2026 10-K, FY2027 guidance, Yahoo terms
Earnings
FY2026 results and 10-K
The FY2025 10-K was filed 2026-02-25: https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Publisher concentration: Yahoo and Microsoft are the two largest digital properties (about 34 percent of 2025 gross revenue from digital properties, top five about 44 percent), with contracts carrying minimum guarantees | Operational | High | Medium | Loss or repricing of one partner would cut ex-TAC gross profit and could turn minimum-guarantee TAC into a loss |
| Revenue guidance credibility after the Q2 2026 miss and $91 million midpoint cut to FY2026 revenue | Market/Macro | Medium | Medium | A second miss would extend the derating and strengthen the class action |
| Securities class action (class period 2026-05-06 to 2026-08-04) | Regulatory | Medium | Medium | Legal cost and management distraction; settlements in comparable cases are typically covered by insurance but not always |
| Competition for performance budgets from search, social and DSPs, and dependence on the new Realize platform gaining acceptance | Competition | Medium | Medium | If Realize does not deliver the accretion the 10-K expects, ex-TAC gross profit growth stalls |
| Related-party structure: Yahoo is the largest publisher, a 16.2 percent voting holder with a board seat, and a source of $262.1 million of Commercial agreement asset on the balance sheet | Governance | Medium | Low | Renegotiation of the Yahoo agreement could impair the asset and the revenue line at the same time |
Technical Snapshot
52-Week Range
–$3.81–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
No dual-class supervoting structure exists: the 2026 proxy (filed 2026-04-30) lists 244,333,119 voting Ordinary shares as of March 27, 2026, with College Top Holdings (Yahoo, an Apollo affiliate) at 39,525,691 shares or 16.2 percent plus 41,239,586 Non-voting Ordinary shares, Dan Tocatly 8.4 percent, Evergreen 6.2 percent, founder and CEO Adam Singolda 6.1 percent (14,999,047 shares including vested awards), and all executive officers and directors as a group 20.6 percent. Yahoo has the right to appoint one director. Non-voting shares fell from 30,039,644 to 18,039,644 in Q2 2026 when 12,000,000 were reclassified into Ordinary shares. Recent Form 4s (2026-08-10 and 2026-08-18) are code F tax-withholding share disposals on vesting, for example CFO Stephen Walker disposed of 113,073 shares at $4.05 on 2026-08-16 leaving 3,047,361. Sources: https://www.sec.gov/Archives/edgar/data/1840502/000114036126018296/ny20067407x3_def14a.htm ; https://www.sec.gov/Archives/edgar/data/1840502/000184050226000012/tbla-20260630.htm ; https://www.sec.gov/Archives/edgar/data/1840502/000162828026057674/wk-form4_1787084597.xml
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Apollo Management Holdings Gp, Llc | 10% Owner | Sell | 12M | $4.40 | 2026-05-28 | $52.8M |
| Mijaleski Monica | Director | Sell | 61K | $5.04 | 2026-05-08 | $307.4K |
| Sundjaja Kristy | Chief People Officer | Sell | 40.9K | $5.00 | 2026-05-07 | $204.4K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| TBLA | $1.03B | 9.7× | 0.5× | 7.8× | +2.0% | 30.0% | 6.0% |
| TTD | $6.78B | 17.2× | 2.3× | 8.2× | +3.0% | 77.0% | 14.0% |
| MGNI | $3.57B | 22.6× | 4.8× | 22.2× | +11.0% | 65.0% | 22.0% |
| PUBM | $806M | – | 2.8× | 275.1× | +10.0% | 64.0% | -5.0% |
| CRTO | $835M | 8.7× | 0.4× | 2.6× | -11.0% | 54.0% | 6.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026: revenue miss, profit metrics up, revolver reduced
Q2 2026 revenue was $476.8 million (Q2 2025: $465.5 million) with net income of $4.3 million; H1 2026 net income of $63.4 million includes about $77.0 million of pre-tax other income from a February 2026 legal settlement in which the company was plaintiff. Cash was $133.1 million and the revolver balance $72.0 million (maturity March 18, 2030) at June 30, 2026, down from $102.3 million at year end. H1 free cash flow was $107.6 million and Q2 free cash flow $17.3 million. Source: https://www.sec.gov/Archives/edgar/data/1840502/000184050226000012/tbla-20260630.htm
2026-09-17SEC 10-K
FY2025 baseline and the Yahoo relationship
FY2025 revenue was $1,912.0 million, ex-TAC gross profit $713.5 million, adjusted EBITDA $215.5 million, free cash flow $163.4 million and GAAP net income $42.3 million. Yahoo revenue was $201.6 million (10.5 percent of total) with $349.0 million of Yahoo-related TAC. A share repurchase agreement with Yahoo bought 14,170,762 non-voting shares for about $44.3 million through October 14, 2025 before terminating when Israeli counsel advised no Competition Authority approval was needed for Yahoo to exceed 25 percent. Sources: https://www.sec.gov/Archives/edgar/data/1840502/000184050226000004/tbla-20251231.htm ; https://www.sec.gov/Archives/edgar/data/1840502/000184050226000012/tbla-20260630.htm
2026-09-17Research
Post-print information flow
Since the 2026-08-05 print the only dated items have been three investor conferences (Citi 2026-09-08, B. Riley 2026-09-10, Benchmark 2026-09-17) and plaintiff-firm class-action reminders; no 10-Q, 8-K, going-concern or dilution event has been filed since 2026-08-18. Sources: https://www.globenewswire.com/news-release/2026/08/05/3339667/31297/en/Taboola-to-Participate-in-Upcoming-Investor-Conferences.html ; https://www.globenewswire.com/news-release/2026/09/14/3361028/1020/en/kaplan-fox-reminds-investors-of-a-securities-class-action-against-taboola-com-ltd-nasdaq-tbla-deadline-is-october-20-2026.html
Sources
Taboola.com Ltd. valuation questions
What is Taboola.com Ltd.'s forward P/E ratio?
Taboola.com Ltd. (TBLA) trades at a forward P/E of 5.1×, and 0.5× trailing sales.
What is Taboola.com Ltd.'s market cap?
Taboola.com Ltd. (TBLA) has a market capitalization (its market value, often searched as "net worth") of $961M, and an enterprise value of $985M.