The Trade Desk
TTD Communication Services Advertising Agencies
The Trade Desk’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 18.5% from fiscal 2024. In the quarter to June 2026, revenue grew 3.03%, EPS fell 22.2% and free cash flow grew 29.8%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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The Trade Desk (TTD) Altman Z-score
The Trade Desk's Altman Z-score for fiscal 2025 is 4.07, 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 | 4.07 | (8.07) |
| FY2024 | 12.14 | 3.35 |
| FY2023 | 8.79 | 1.85 |
| FY2022 | 6.94 | (6.97) |
| FY2021 | 13.91 | 0.05 |
| FY2020 | 13.86 | 6.50 |
| FY2019 | 7.36 | 2.01 |
| FY2018 | 5.35 | 2.24 |
| FY2017 | 3.11 | 1.22 |
| FY2016 | 1.89 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.39 | |
| Retained earnings / total assets | (0.10) | — | −0.13 | |
| EBIT / total assets | 0.10 | — | 0.32 | |
| Market value of equity / total liabilities | 5.05 | — | 3.03 | |
| Sales / total assets | 0.47 | — | 0.47 | |
| Altman Z-score | Safe zone | 4.07 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.17 | ||
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. compare | 6.4× |
| TTD The Trade Desk | 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× |
| OMC Omnicom Group Inc. compare | 0.8× |
| WPP WPP PLC compare | 0.8× |
| MGNI Magnite, Inc. compare | 0.7× |
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