Trade Desk, Inc.
TTD· Nasdaq· Services-Computer Programming, Data Processing, Etc.
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 27.5%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +28.2%
We record prices for the companies we cover; TTD is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 493.6M
- Revenue
- $2.9B
- Free cash flow
- $795.7M
- Owner earnings
- $305.1M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 20.3%
- Net
- 15.3%
- Free cash flow
- 27.5%
- Owner earnings
- 10.5%
- Stock pay
- 16.9%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 17.8%
- ROE, 5 yr avg
- 10.2%
Growth (CAGR)
- Revenue, 3 yr
- 22.4%
- Revenue, 5 yr
- 28.2%
- Revenue, 9 yr
- 34.4%
- Diluted EPS, 3 yr
- 101.5%
- Diluted EPS, 5 yr
- 12.9%
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- 19.6%
- Free cash flow, 5 yr
- 19.2%
- Free cash flow, 9 yr
- 31.4%
Financial health · FY2025
- Cash and investments
- $1.3B
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 0.1%
Financials: ten years from the 10-Ks
Revenue
$2.9B
+34.4% a year over 9 years
FY2016FY2025
Margins
Operating20.3%Net15.3%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$795.7MOwner earnings$305.1M
Free cash flow +31.4% a year
FY2016FY2025
Diluted shares
493.6M
+170.0% over 9 years, net dilution
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $202.9M | $308.2M | $477.3M | $661.1M | $836.0M | $1.2B | $1.6B | $1.9B | $2.4B | $2.9B |
| Revenue growth | – | 51.9% | 54.9% | 38.5% | 26.5% | 43.1% | 31.9% | 23.3% | 25.6% | 18.5% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 28.3% | 22.5% | 22.5% | 17.0% | 17.2% | 10.4% | 7.2% | 10.3% | 17.5% | 20.3% |
| Net income | $20.5M | $50.8M | $88.1M | $108.3M | $242.3M | $137.8M | $53.4M | $178.9M | $393.1M | $443.3M |
| Net margin | 10.1% | 16.5% | 18.5% | 16.4% | 29.0% | 11.5% | 3.4% | 9.2% | 16.1% | 15.3% |
| Diluted EPS | $-0.15s | $0.11s | $0.19s | $0.23 | $0.49 | $0.28 | $0.11 | $0.36 | $0.78 | $0.90 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $75.0M | $31.2M | $86.6M | $60.2M | $405.1M | $378.5M | $548.7M | $598.3M | $739.5M | $992.7M |
| Capital expenditure | $6.9M | $10.1M | $19.8M | $35.7M | $74.1M | $54.8M | $84.2M | $46.8M | $98.2M | $197.0M |
| Free cash flow | $68.1M | $21.1M | $66.8M | $24.5M | $331.0M | $323.7M | $464.6M | $551.5M | $641.2M | $795.7M |
| Stock-based compensation | $5.1M | $21.3M | $42.2M | $80.8M | $111.8M | $337.4M | $498.6M | $491.6M | $494.7M | $490.6M |
| Owner earnings? | $63.1M | -$203.0K | $24.6M | -$56.2M | $219.2M | -$13.7M | -$34.1M | $59.9M | $146.5M | $305.1M |
| Free cash flow per share | $0.37 | $0.05 | $0.15 | $0.05 | $0.68 | $0.65 | $0.93 | $1.10 | $1.28 | $1.61 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | $0 | $0 | $646.6M | $234.8M | $1.4B |
| Diluted shares | 182.8Ms | 440.6Ms | 457.9Ms | 478.1M | 489.9M | 498.5M | 499.9M | 500.2M | 501.9M | 493.6M |
| Share count change? | 8.9% | 141.0% | 3.9% | 4.4% | 2.5% | 1.8% | 0.3% | 0.1% | 0.3% | -1.7% |
| Balance sheet | ||||||||||
| Cash and equivalents | $133.4M | $155.9M | $207.2M | $130.9M | $437.4M | $754.2M | $1.0B | $895.1M | $1.4B | $658.2M |
| Short-term investments | – | – | – | $124.1M | $186.7M | $204.6M | $416.1M | $485.2M | $552.0M | $644.9M |
| Total debt | – | – | – | – | – | – | – | – | – | – |
| Net debt | – | – | – | – | – | – | – | – | – | – |
| Shareholders' equity | $164.4M | $245.6M | $394.6M | $612.5M | $1.0B | $1.5B | $2.1B | $2.2B | $2.9B | $2.5B |
Latest filings
| 2026-09-18 | DEF 14A | Proxy statement |
| 2026-08-06 | 10-Q | Quarterly report |
| 2026-08-06 | 8-K | Earnings release |
| 2026-05-07 | 10-Q | Quarterly report |
| 2026-05-07 | 8-K | Earnings release |
| 2026-04-09 | DEF 14A | Proxy statement |
| 2026-02-27 | 10-K | Annual report |
| 2026-02-25 | 8-K | Earnings release |
| 2026-01-26 | 8-K | Earnings release |
| 2025-11-06 | 10-Q | Quarterly report |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
