TTD

Trade Desk, Inc.

Technology • CIK: 0001671933

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Market Cap
$10.97B
P/E (TTM)
25.3x
Rev Growth (TTM)
+15.5%
Net Margin (TTM)
14.6%
FCF Yield (TTM)
7.7%
FCF Margin (TTM)
28.4%

LATEST EARNINGS

•
Q4 FY2025
•
3 months ago
•View source
Revenue
$846.79M
+14.0%
Net Income
$186.95M
+2.6%
EPS
$0.39
+8.3%
Operating
30.3%↑ +3.9%
Net
22.1%↓ -2.5%
  • •Full year 2025 revenue reached $2.9 billion, an 18% increase year-over-year.
  • •Fourth quarter 2025 revenue was $847 million, up 14% year-over-year.
  • •Customer retention remained over 95% for the twelfth consecutive year.
  • •Announced an additional $350 million share repurchase authorization, bringing the total available for future repurchases to $500 million.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$842M
Q1 '26
$279M-2%
Q4 '25
$285M+80%
FCF Margin
TTM28.4%
Q1 '2640.5%+20%
Sector: 8.5%Top 25%
OCF Margin36.8%
OCF/NI2.53x
CapEx Coverage4.4x
FCF Yield7.7%
FCF Growth (2Y)+19%
Cash Conversion Cycle
-1105 days
DSO: 421+DIO: 0−DPO: 1526
View Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM10.6%
Div Yield0.0%
+
Buyback (TTM)10.6%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$842.5M
Stock Repurchases (TTM)$1.2B
Capital Return / FCF137.4%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
14.5%
Moderate
+0.0% YoY-0.2%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
13.2%
8Q: 12.5%
Asset Turnover
0.50x
8Q: 0.48x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 6.6% ≈ 14.5% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
8.80x
8Q:10.30x
-669.0%
Invested Cap Turn
1.09x
8Q:1.02x
+12.5%
CapEx Intensity
9.2%
8Q:7.2%
CapEx/Depreciation
2.03x
Depreciation Rate Trend
⚠ Declining -7.5%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Revenue
$3.0B
$688.9M↓18.7%
$846.8M↑14.5%
$739.4M↑6.5%
$694.0M↑12.7%
$616.0M↓16.9%
$741.0M↑18.0%
$628.0M↑7.4%
$584.5M
Operating Income
$601.5M
$66.6M↓74.1%
$256.9M↑59.3%
$161.2M↑38.1%
$116.8M↑114.5%
$54.5M↓72.1%
$195.3M↑80.0%
$108.5M↑14.5%
$94.7M
Net Income
$432.6M
$40.0M↓78.6%
$186.9M↑61.8%
$115.5M↑28.2%
$90.1M↑77.8%
$50.7M↓72.2%
$182.2M↑93.5%
$94.2M↑10.7%
$85.0M
Operating Cash Flow
$1.1B
$391.8M↑25.7%
$311.6M↑38.7%
$224.7M↑36.2%
$165.0M↓43.4%
$291.4M↑46.2%
$199.4M↓27.0%
$273.3M↑236.4%
$81.3M
Free Cash Flow
$842.5M
$279.1M↓2.2%
$285.3M↑80.1%
$158.3M↑32.2%
$119.8M↓48.4%
$232.3M↑29.6%
$179.2M↓20.2%
$224.6M↑279.8%
$59.1M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
25.3x
Volatile
8Q: 359.3x-41041%
High PEG ratio (3.0x) suggests expensive for growth
Valuation Lenses
Earnings
25.3x
vs – sector
Cash Flow
11.2x
EV/FCF vs –
Growth-Adj
3.0xPEG
Expensive for growth
Quality-Adj
1.7P/E per %ROIC
ROIC: 14.5%
Shareholder Returns
Dividend
–
Buyback
10.6%
Total Yield
10.6%
Market Cap$10.97B
EV$9.46B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
80/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
16.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
14.5%
8Q:–
Flat
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 13.2%
Asset Turnover: 0.50x

Earnings Quality

Cash Conversion

2.53x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin77.8%

Capital Efficiency

Invested Capital Turnover1.09x

Working Capital

Cash Conversion Cycle-1105 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
75/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
15.5%
OpInc Growth YoY
22.4%
EPS Growth YoY
8.4%
FCF 3Y CAGR
18.6%

Growth Quality Analysis

✓Sustainability Index: 7.5/10 - Highly sustainable growth

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
77.8%
Operating
20.3%
Top 25% in sector
Net
14.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+13.8 pts
FCF: 28.4% | Net: 14.6%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.41B
Interest Coverage
–
+Net cash position: $1.41B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis

Research

All research