TTD
Trade Desk, Inc.
Technology • CIK: 0001671933
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Market Cap
$24.10B
P/E (TTM)
55.1x
Rev Growth (TTM)
—
Net Margin (TTM)
15.7%
FCF Yield (TTM)
2.9%
FCF Margin (TTM)
24.7%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$690M
Q3 '25
$158M+32%
Q2 '25
$120M-48%
FCF Margin
TTM24.7%
Q3 '2521.4%+24%
Sector: 14.5%Top 25%
OCF Margin31.6%
OCF/NI2.01x
CapEx Coverage4.6x
FCF Yield2.9%
FCF Growth (2Y)–
Cash Conversion Cycle
-1175 days
DSO: 421+DIO: 0−DPO: 1596
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.2%
Div Yield0.0%
+Buyback (TTM)4.2%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$689.7M
Stock Repurchases (TTM)$1.0B
Capital Return / FCF147.2%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
13.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
13.6%
Asset Turnover
0.48x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 6.5% ≈ 13.8% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
10.83x
8Q:–
Invested Cap Turn
1.01x
8Q:–
CapEx Intensity
6.9%
8Q:–
CapEx/Depreciation
1.77x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.8B | $739.4M↑6.5% | $694.0M↑12.7% | $616.0M↓16.9% | $741.0M↑18.0% | $628.0M↑7.4% | $584.5M↑19.0% | $491.3M↓18.9% | $605.8M |
Operating Income | $527.8M | $161.2M↑38.1% | $116.8M↑114.5% | $54.5M↓72.1% | $195.3M↑80.0% | $108.5M↑14.5% | $94.7M↑230.5% | $28.7M↓80.2% | $144.4M |
Net Income | $438.6M | $115.5M↑28.2% | $90.1M↑77.8% | $50.7M↓72.2% | $182.2M↑93.5% | $94.2M↑10.7% | $85.0M↑168.6% | $31.7M↓67.5% | $97.3M |
Operating Cash Flow | $880.5M | $224.7M↑36.2% | $165.0M↓43.4% | $291.4M↑46.2% | $199.4M↓27.0% | $273.3M↑236.4% | $81.3M↓56.2% | $185.5M↑103.5% | $91.1M |
Free Cash Flow | $689.7M | $158.3M↑32.2% | $119.8M↓48.4% | $232.3M↑29.6% | $179.2M↓20.2% | $224.6M↑279.8% | $59.1M↓66.8% | $178.2M↑170.4% | $65.9M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
55.1x
Valuation Lenses
Earnings
55.1x
vs – sector
Cash Flow
-2.5x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
4.0P/E per %ROIC
ROIC: 13.8%
Shareholder Returns
Dividend
–
Buyback
4.2%
Total Yield
4.2%
Market Cap$24.10B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
85/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
16.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
13.8%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 13.6%
Asset Turnover: 0.48x
Earnings Quality
Cash Conversion
2.01x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin78.8%
Capital Efficiency
Invested Capital Turnover1.01x
Working Capital
Cash Conversion Cycle-1175 days
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
48.6%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
78.8%
Operating
18.9%
Above Avg in sector
Net
15.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+9.0 pts
FCF: 24.7% | Net: 15.7%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.45B
Interest Coverage
–
+Net cash position: $1.45B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis