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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.

12.23 0.90 −6.85%
Market cap
$6.2B
P/E
14.4×
Fwd P/E
19.9×
Dividend yield
—
F-score
7/9
Altman Z
4.07
Beneish M
−2.80
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 148.10
Total sells 5.79
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — — — —
Sell — — — — 1 — 1 — — — — —
Insider Ownership 10.66%

Capital & Financial Ratios $m

Market Cap 6,210.00
Revenue 2,990.14
Net Income 406.89
Free Cash Flow 864.15
Net Debt (1,485.33)
Current Ratio 1.72 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 14.39
Fwd P/E 19.90
P/S ratio 1.92
P/B ratio 2.23
Past 5Y EPS Growth 12.70%
This Y EPS Growth (56.34%) (below 0%: weak)
Next Y EPS Growth (36.68%) (below 0%: weak)
Next Y revenue growth (4.95%) (below 0%: weak)
Next 5Y EPS Growth (22.52%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 16.7×; over the ten years it ranged from 1.4× in 2026 to 56.7× in 2020.
P/E against its own 10 years 0.51%
10-year low 10-year high
P/S against its own 10 years 0.75%
10-year low 10-year high
P/B against its own 10 years 1.23%
10-year low 10-year high
EV/Sales against its own 10 years 0.71%
10-year low 10-year high
EV/FCF against its own 10 years 0.48%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,380 1,921 1,303 1,485
Receivables 2,870 3,330 3,770 3,201
Inventory — — — —
Other — — — —
4,314 5,336 5,261 4,816
2023 2024 2025 Q'26
Payables 2,317 2,631 3,008 2,563
ST’ Debt — — — —
Other — — — —
2,511 2,873 3,266 2,794

Compound Annual Growth %

10y 5y 3y
Sales 38.22% 28.21% 22.44%
Cash Flow 0.00% 19.64% 21.85%
Earnings 48.05% 12.84% 102.50%
Book Value 67.68% 19.65% 5.51%

Revenue $m

Mar Jun Sep Dec Year
’26 689 715 — — —
’25 616 694 739 847 2,896
’24 491 585 628 741 2,445
’23 383 464 493 606 1,946
’22 315 377 395 491 1,578
’21 220 280 301 396 1,196
’20 161 139 216 320 836
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 392 154 — — —
’25 291 165 225 312 993
’24 185 81 273 199 739
’23 188 128 192 91 598
’22 146 92 137 173 549
’21 75 10 130 163 379
’20 53 96 88 168 405
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 276 152 — — —
’25 230 117 155 282 783
’24 176 57 222 177 632
’23 177 119 184 64 543
’22 136 86 112 123 457
’21 61 3 103 151 319
’20 34 76 66 149 325
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.08 0.14 — — —
’25 0.10 0.18 0.23 0.39 0.90
’24 0.06 0.17 0.19 0.36 0.78
’23 0.02 0.07 0.08 0.19 0.36
’22 (0.03) (0.04) 0.03 0.14 0.11
’21 0.05 0.10 0.12 0.02 0.28
’20 0.05 0.05 0.08 0.31 0.50
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 2.20 2.64 4.07 10.94 13.60 46.71 39.00 41.20 61.48 35.65

Analyst estimates 2026–2028

Powerpack
High 3.34 6.73 16.15 28.95 97.28 114.09 93.26 91.85 141.53 127.59
People
People Employees 467 713 944 1,310 1,545 1,967 2,770 3,115 3,522 3,843
Revenue/emp, $m 0.43 0.43 0.51 0.50 0.54 0.61 0.57 0.62 0.69 0.75
Income, $m
Income, $m Revenue 203 308 477 661 836 1,196 1,578 1,946 2,445 2,896
Gross margin, % 80.35 78.51 76.09 76.37 78.61 81.48 82.18 81.21 80.69 78.63
EBT 44 64 106 116 144 122 127 268 507 659
EBT margin, % 21.60 20.64 22.15 17.58 17.21 10.20 8.07 13.77 20.75 22.74
Net income 20 51 88 108 242 138 53 179 393 443
Depreciation 4 7 12 22 29 42 54 80 87 116
Per share, $
Per share, $ Revenue 1.11 0.77 1.12 1.48 1.81 2.51 3.24 3.98 4.98 5.93
Earnings (0.15) 0.13 0.21 0.24 0.52 0.29 0.11 0.37 0.80 0.91
Cash flow 0.41 0.08 0.20 0.14 0.88 0.79 1.13 1.22 1.51 2.03
Capex (0.05) (0.03) (0.06) (0.09) (0.17) (0.13) (0.19) (0.11) (0.22) (0.43)
Free cash flow 0.36 0.05 0.14 0.04 0.70 0.67 0.94 1.11 1.29 1.60
Book value 0.90 0.61 0.93 1.38 2.19 3.20 4.34 4.42 6.01 5.09
Shares, m 183 403 424 445 463 477 487 489 491 488
Valuation, ×
Valuation, × P/E 0.00 36.83 56.36 107.36 154.04 318.19 400.18 190.78 148.77 41.71
P/S 2.42 6.06 10.32 17.50 44.35 36.52 13.59 17.75 23.60 6.40
P/B 2.99 7.61 12.49 18.89 36.59 28.61 10.13 15.96 19.56 7.46
EV/Sales 1.90 5.65 9.95 17.38 43.69 35.78 12.71 17.07 22.84 5.97
EV/FCF 5.85 95.81 77.31 586.21 112.40 134.40 43.91 61.16 88.31 22.10
Cash, $m
Cash, $m Operating cash flow 75 31 87 60 405 379 549 598 739 993
Capex (9) (13) (25) (41) (80) (60) (92) (55) (107) (210)
Free cash flow 66 18 61 20 325 319 457 543 632 783
Balance, $m
Balance, $m Working capital 172 247 343 519 836 1,288 1,816 1,803 2,463 1,995
Total debt 26 27 — 175 255 238 209 — — —
Net debt (108) (129) (207) (255) (624) (959) (1,447) (1,380) (1,921) (1,303)
Shareholders’ equity 164 246 395 613 1,013 1,527 2,115 2,164 2,949 2,484
Returns, %
Returns, % ROA (7.15) 7.61 9.21 7.61 10.81 4.35 1.34 3.86 7.15 7.23
ROIC 63.26 37.17 35.81 19.61 23.16 13.72 10.62 15.98 25.98 31.18
ROE (29.94) 24.78 27.54 21.51 29.81 10.85 2.93 8.36 15.37 16.32
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

The Trade Desk vs peers in Advertising Agencies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OMC Omnicom Group Inc. $22.2B 67.7× 8.5× +63.43% (above 0%: growing) +58.33% (above 0%: growing) −357.80% (below 0%: shrinking) 19.78% 14.06% Compare
TTD The Trade Desk $6.2B 14.4× 19.9× +3.03% (above 0%: growing) −22.22% (below 0%: shrinking) +29.84% (above 0%: growing) 74.22% 14.21%
WPP WPP PLC $5.9B 20.3× 7.5× +7.31% (above 0%: growing) −56.60% (below 0%: shrinking) −21.98% (below 0%: shrinking) 14.73% 0.00% Compare
MGNI Magnite, Inc. $3.5B 20.0× 21.5× +11.24% (above 0%: growing) +75.00% (above 0%: growing) +6,786.00% (above 0%: growing) 67.83% 16.19% Compare
STGW Stagwell Inc. $2.2B 128× 20.8× +11.25% (above 0%: growing) n/m −53.97% (below 0%: shrinking) 34.24% 1.47% Compare
DV DoubleVerify Holdings, Inc. $2.1B 37.5× 21.3× +2.52% (above 0%: growing) +60.00% (above 0%: growing) +63.97% (above 0%: growing) 83.24% 11.88% Compare
ZD Ziff Davis, Inc. $2.0B 3.2× 18.8× −2.74% (below 0%: shrinking) +2,623.81% (above 0%: growing) +100.30% (above 0%: growing) 84.06% (15.60%) Compare
QNST QuinStreet, Inc. $932.2M 11.4× 12.0× +42.67% (above 0%: growing) +450.00% (above 0%: growing) +84.60% (above 0%: growing) 13.32% 5.11% Compare
CRTO Criteo S.A. $879.9M 7.6× 8.2× −11.32% (below 0%: shrinking) −42.50% (below 0%: shrinking) −3.42% (below 0%: shrinking) 51.92% 3.51% Compare
Median of peers $2.2B 20.1× 15.4× +9.28% +60.00% +30.28% 43.08% 4.31%

All 42 Advertising Agencies stocks →

The Trade Desk (TTD) key facts

  • Strength: The Trade Desk’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 18.5% from fiscal 2024.
  • The Trade Desk (TTD) is an Advertising Agencies company in the Communication Services sector, listed on Nasdaq.
  • As of October 16, 2026, TTD traded at $12.23, a market capitalization of $6.2 billion.
  • Return on equity was 16.3% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 4.07 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/TTD · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com