DoubleVerify Holdings, Inc.
DV Communication Services Advertising Agencies
DoubleVerify Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $748.3 million, up 13.9% from fiscal 2024. In the quarter to June 2026, revenue grew 2.52%, EPS grew 60.0%, free cash flow grew 64.0% and total debt rose 106.6%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for five.
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DoubleVerify Holdings, Inc. (DV) Altman Z-score
DoubleVerify Holdings, Inc.'s Altman Z-score for fiscal 2025 is 6.43, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.43 | (5.20) |
| FY2024 | 11.63 | (11.61) |
| FY2023 | 23.25 | 8.53 |
| FY2022 | 14.71 | (18.11) |
| FY2021 | 32.82 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.29 | — | 0.35 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 8.36 | — | 5.02 | |
| Sales / total assets | 0.55 | — | 0.55 | |
| Altman Z-score | Safe zone | 6.43 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.39 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DV DoubleVerify Holdings, Inc. | 6.4× |
| TTD The Trade Desk compare | 4.1× |
| QNST QuinStreet, Inc. compare | 3.2× |
| CRTO Criteo S.A. compare | 2.4× |
| ZD Ziff Davis, Inc. compare | 1.6× |
| STGW Stagwell Inc. compare | 0.9× |
| WPP WPP PLC compare | 0.8× |
| MGNI Magnite, Inc. compare | 0.7× |
| EVC Entravision Communications Corporation compare | −1.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets