The Trade Desk, Inc.

Services-Computer Programming, Data Processing, Etc.

TTDMixed9 of 10 basics passed

$12.10

-1.92%

Market cap $5.72B

$12.10

-1.92%

Market cap $5.72B

The Trade Desk provides a self-service platform that helps advertisers and ad agencies programmatically find and purchase digital ad inventory (display, video, audio, and social) on devices like computers, smartphones, and connected TVs.

It is a $5.72B technology company. Revenue grew 11.6% over the last year, and it keeps 14¢ of every dollar of sales as profit. It trades at 14.0× earnings — near the lowest of its own history.

Website: thetradedesk.com
Location: Ventura, CA
Employees: 3 843
Sector: Technology

Share price · 3 years

$85.16 → $12.10-85.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.99B
Profit: keeps 14¢ of every $1 sold; $407M
Free cash flow: cash left after running the business; $863M
P/E: years of profit in the price; 14.0
EPS: earnings per share, TTM; $0.82
Shares: up 170% since 2016 — dilution; 493.6M
Volatility: beta vs the market — under 1 swings less; 1.07

Revenue, last 10 years

52-week range

Low $11.92$12.10High $54.13

Today's price is 0% of the way from the year's low to its high.

P/E vs its history5y

14.0×median 187.8×

Higher than 0% of past days — near the lowest of its own history.

Valuation vs own history

P/E

14.0×

100%

P/S

1.9×

100%

EV/EBITDA

7.9×

96%

P/B

2.2×

100%

FCF yield

15.2%

100%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Technology

Size$5.72Btop 95%
Revenue growth+22%top 20%
Net margin14%top 46%
Return on equity16%top 50%
P/E14.0×top 10%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation, growth, profitability, quality and moat; Health lags behind.

Valuation100

P/E vs own history0th pct · 25/25
FCF yield15.1% · 25/25
P/S1.9x · 25/25
EV/EBITDA6.4x · 25/25

Growth82

Revenue CAGR24.7% · 25/25
Net income CAGR33.9% · 25/25
EPS CAGR ~5Y12.7% · 20/25
Fwd implied growth13.6% · 12/25

Profitability85

ROIC37.5% · 25/25
ROE16.1% · 20/25
Net margin13.6% · 20/25
Operating margin19.6% · 20/25

Health43

Altman Zn/a · 0/25
Current ratio1.72 · 18/25
Interest coverage44.6x · 25/25
Net cash / debtn/a · 0/25

Quality77

Piotroski F6/9 · 15/25
Beneish M-2.91 · 25/25
FCF conversion212% · 25/25
Margin stabilityσ 8.2% · 12/25

Moat87

ROIC >12% years10/10 yrs · 25/25
Median gross margin79.5% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 3.4% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$443M net income
FY2021Financial
Revenue crossed $1B
$1.20B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$1 709 today — price return only

$2.9B revenue in FY2025

Revenue up 11.6% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

3 843 employees

ROIC of 37.5%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (76.9%)
Revenue growing 11.6% year over year
Strong cash conversion — FCF is 28.9% of revenue
Interest covered 44.6× by operating earnings
High returns on invested capital (ROIC 37.5%)

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+11.6% YoY
Profitable — makes more than it spends$407M TTM
Profit growing — earnings are higher than last year+103.4% YoY
Generates cash — cash left after running and investing$863M TTM
Debt under control — could handle its obligationscurrent ratio 1.72
Established company — not a micro-cap — lower blow-up risk$5.72B market cap
Not printing shares — share count not ballooning — you keep your slice+0.7% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 43/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 14.0

Peer comparisonThe Trade Desk, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
TTD this company	$5.7B	14.0	+11.6%	13.6%	Mixed
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: TTD vs NVDA · TTD vs AAPL · TTD vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 4Hold 27Sell 10Strong sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.99B · net income $407M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.99B

YoY 11.6%

Net income (TTM)

$407M

Margin 13.6%

Gross margin

76.9%

Operating margin

19.6%

P/E ratio

14.0

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.8	1.2	1.6	1.9	2.4	2.9
Gross profit	0.7	1.0	1.3	1.6	2.0	2.3
Operating income (EBIT)	0.1	0.1	0.1	0.2	0.4	0.6
Net income	0.2	0.1	0.1	0.2	0.4	0.4
EPS (diluted)	0.49	0.28	0.11	0.36	0.78	0.90

Cash flowFree cash flow $863M · operating cash flow $1.08B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$863M

Margin 28.9%

Operating cash flow (TTM)

$1.08B

FCF margin

28.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.4	0.5	0.6	0.7	1.0
Capital expenditure	-0.1	-0.1	-0.1	-0.0	-0.1	-0.2
Free cash flow	0.3	0.3	0.5	0.6	0.6	0.8
FCF margin	39.6%	27.1%	29.4%	28.3%	26.2%	27.5%

Balance sheetAssets $6.15B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $6.15B of assets is financed

60%

40%

Liabilities $3.67B — borrowed moneyEquity $2.48B — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

44.6x

EBIT ÷ interest expense

ROE

16.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	1.0	1.4	1.4	1.9	1.3
Total assets	2.8	3.6	4.4	4.9	6.1	6.2
Total liabilities	1.7	2.1	2.3	2.7	3.2	3.7
Total debt	—	—	—	—	—	—
Equity	1.0	1.5	2.1	2.2	2.9	2.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of TTD on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $12.10 · market cap $5.72B.