Business Description
Trade Desk, Inc. operates as a technology company in the United States and internationally. The company operates a self-service cloud-based platform that allows buyers to create, manage, and optimize data-driven digital advertising campaigns across various ad formats and channels, including display, video, audio, native, and social on various devices, such as computers, mobile devices, and connected TV. It also provides data and other value-added services. The company serves advertising agencies and other service providers for advertisers. The Trade Desk, Inc. was incorporated in 2009 and is headquartered in Ventura, California.
Business History
Generated: Jun 7, 2026 2:49pmPrice Overview
Last updated: Jun 7, 2026 2:46pm (5d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 0.92
Total Equity: $2.48B
Shares: 482,725,000
Total Debt: $76.36M
Cash: $658.18M
EBITDA: $774.54M
Total Debt: $76.36M
Cash: $658.18M
Revenue: $2.90B
Revenue: $2.90B
Revenue: $2.90B
Total Equity: $2.48B
Tax Rate: 32.7%
Equity: $2.48B
Total Debt: $76.36M
Cash: $658.18M
Current Liabilities: $3.27B
Long-Term Debt: $0.00
Total Debt: $76.36M
Total Equity: $2.48B
Shares: 482,725,000
Shares: 482,725,000
CapEx: -$197.01M
Shares: 482,725,000
Stock Price: $19.95
Net Income: $443.30M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 2:52pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.6B | $1.9B | $2.4B | $2.9B |
| Cost of Revenue | $221.6M | $281.1M | $365.6M | $472.0M | $619.1M |
| Gross Profit | $974.9M | $1.3B | $1.6B | $2.0B | $2.3B |
| Operating Expenses | $850.1M | $1.2B | $1.4B | $1.5B | $1.7B |
| Operating Income | $124.8M | $113.7M | $200.5M | $427.2M | $589.3M |
| Net Income | $137.8M | $53.4M | $178.9M | $393.1M | $443.3M |
| EBITDA | $167.0M | $168.1M | $280.9M | $514.7M | $774.5M |
| EPS | $0.29 | $0.11 | $0.37 | $0.80 | $0.92 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 2:49pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $754.2M | $1.0B | $895.1M | $1.4B | $658.2M |
| Total Current Assets | $3.1B | $3.8B | $4.3B | $5.3B | $5.3B |
| Total Assets | $3.6B | $4.4B | $4.9B | $6.1B | $6.2B |
| Current Liabilities | $1.8B | $2.0B | $2.5B | $2.9B | $3.3B |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $2.1B | $2.3B | $2.7B | $3.2B | $3.7B |
| Total Equity | $1.5B | $2.1B | $2.2B | $2.9B | $2.5B |
| Retained Earnings | $612.1M | $665.5M | $197.0M | $354.2M | -$590.9M |
Cash Flow (Annual)
Last updated: Jun 7, 2026 2:52pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $378.5M | $548.7M | $598.3M | $739.5M | $992.7M |
| Capital Expenditure | -$60.0M | -$91.9M | -$55.0M | -$107.1M | -$197.0M |
| Free Cash Flow | $318.5M | $456.8M | $543.3M | $632.4M | $795.7M |
| Acquisitions (net) | -$13.3M | $0 | $0 | $0 | -$4.4M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | -$646.6M | -$234.8M | -$1.4B |
| Net Change in Cash | $316.8M | $276.4M | -$135.4M | $474.3M | -$711.3M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 2:46pm (5d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$3.5B $3.3B – $3.6B
|
$3.8B $3.8B – $3.8B
|
$4.0B $3.8B – $4.1B
|
$4.3B $4.2B – $4.5B
|
| EBITDA |
$1.5B $1.4B – $1.5B
|
$1.6B $1.6B – $1.6B
|
$1.6B $1.6B – $1.7B
|
$1.8B $1.7B – $1.9B
|
| Net Income |
$580.0M $542.7M – $599.7M
|
$625.5M $431.8M – $909.4M
|
$856.0M $810.0M – $908.0M
|
$986.4M $933.4M – $1.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 2:52pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +31.9% | +23.3% | +25.6% | +18.5% |
| Gross Profit Growth | +33.0% | +21.9% | +24.8% | +15.4% |
| Operating Income Growth | -8.9% | +76.4% | +113.1% | +38.0% |
| Net Income Growth | -61.2% | +235.2% | +119.7% | +12.8% |
| EBITDA Growth | +0.6% | +67.1% | +83.2% | +50.5% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 2:50pm (5d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-28 | Jacobson Samantha | S-Sale | 53,681.00 | $21.14 | $1.1M |
| 2026-05-24 | Jacobson Samantha | A-Award | 12,477.00 | $0.00 | $0 |
| 2026-05-15 | Kundra Vivek | F-InKind | 6,194.00 | $21.15 | $131,003 |
| 2026-05-15 | Kundra Vivek | F-InKind | 3,146.00 | $21.15 | $66,538 |
| 2026-05-15 | Jacobson Samantha | F-InKind | 197.00 | $21.15 | $4,167 |
| 2026-05-15 | Jacobson Samantha | F-InKind | 690.00 | $21.15 | $14,594 |
| 2026-05-15 | Jacobson Samantha | F-InKind | 1,080.00 | $21.15 | $22,842 |
| 2026-05-15 | Jacobson Samantha | F-InKind | 1,481.00 | $21.15 | $31,323 |
| 2026-05-15 | Jacobson Samantha | F-InKind | 3,225.00 | $21.15 | $68,209 |
| 2026-05-18 | Jacobson Samantha | D-Return | 9,589.00 | $0.00 | $0 |
| 2026-05-18 | Jacobson Samantha | D-Return | 30,037.00 | $0.00 | $0 |
| 2026-05-18 | Jacobson Samantha | D-Return | 61,784.00 | $0.00 | $0 |
| 2026-05-18 | Jacobson Samantha | D-Return | 156,748.00 | $0.00 | $0 |
| 2026-05-15 | GRANT JAY R | F-InKind | 1,288.00 | $21.15 | $27,241 |
| 2026-05-15 | GRANT JAY R | F-InKind | 1,932.00 | $21.15 | $40,862 |
| 2026-05-15 | GRANT JAY R | F-InKind | 1,514.00 | $21.15 | $32,021 |
| 2026-05-15 | GRANT JAY R | F-InKind | 2,076.00 | $21.15 | $43,907 |
| 2026-05-15 | GRANT JAY R | F-InKind | 5,754.00 | $21.15 | $121,697 |
| 2026-05-15 | Davis Tahnil R. | F-InKind | 262.00 | $21.15 | $5,541 |
| 2026-05-15 | Davis Tahnil R. | F-InKind | 861.00 | $21.15 | $18,210 |
Narrative Economics
Advanced Analysis Forensic deep-dive · two lenses
The two lenses tell a clean story: an 83-quality business trading at a 29-value score — meaning the business is excellent and the price is okay-but-not-screaming. That's a 'start buying, don't finish' setup. I want exposure here because the operating trajectory is real (25% revenue CAGR, OpM 10%→20%, FCF nearly tripled, net cash, shares actually shrinking, insiders buying 25:1) and the sentiment reset has clearly overshot — a stock down 60%+ on guidance while fundamentals compound is exactly the kind of dislocation I get paid to lean into. But I'm not pretending the value lens is wrong: charge SBC honestly at 17% of revenue and you're paying ~18-20x for a business decelerating into Amazon DSP, which is fair, not a fat pitch.
Play: starter position at $19.95 — call it 1/3 of target weight (so ~1-1.5% of book if full size is 3-4%). I add another third below $18 where the value lens explicitly flags 'attractive,' and the final third either below $15 (where SBC-adjusted multiple becomes genuinely cheap and I'm getting paid for the Amazon risk) OR on the first quarter that shows growth stabilizing/re-accelerating above 20% — whichever comes first. I do NOT chase above $25; the value gap closes fast and I'd rather redeploy. Catalysts that flip me aggressive: Kokai adoption metrics, CTV share data showing they're holding against Amazon, or another panic flush on a guide. Catalysts that flip me to the exit: growth printing sub-15%, or SBC ratio worsening from here. This is a 'quality you wait for' name and the market is finally giving me a window — I take the window, but I don't sprint through it.
TTD is a structurally attractive business: revenue compounded from $1.20B (2021) to $2.90B (2025) — roughly 25% CAGR — while operating margin expanded from 10.4% to 20.3% and FCF nearly tripled from $318M to $796M. Gross margin sits at ~79-82%, consistent with a software/platform model, and OCF/NI of ~4.1x with accruals at -8.2% of assets indicates earnings are conservatively stated rather than inflated. Beneish M at -2.94 and a clean accrual profile show no manipulation flags. Net cash of $1.23B against zero capital need (self-funding) means survival math is irrelevant.
Dilution discipline is genuinely good for a tech company: diluted share count actually fell from 501.9M (2024) to 482.7M (2025), and buybacks are 97.8% of SBC — i.e., management is sterilizing dilution in cash. That said, SBC at 16.9% of revenue (~$490M run-rate) is a real economic cost being recycled, not eliminated; GAAP net income of $443M materially understates the true comp burden if you back it out properly, and inversely, 'adjusted' figures overstate it. The $148M of insider buying vs. only $5.8M of selling is a meaningful directional signal, though the recent tape shown is dominated by tax-withholding F-codes and one small S-sale by Jacobson — not the buys themselves.
Durability inference: TTD's position as the leading independent DSP, with CTV tailwinds and a customer-aligned (non-conflicted vs. Google) model, is consistent with the margin expansion and pricing power visible in the numbers. Altman Z at 2.58 (grey) is a quirk of low tangible asset base, not distress — net cash positive companies don't go bankrupt.
Verify before trusting this (7)
- Customer concentration disclosure — what % of spend runs through top agency holding companies
- CTV revenue mix and growth rate within the 78.6% gross margin to confirm mix-shift vs. pricing pressure
- Composition of the $148M insider buying — single insider (founder Green?) or broad-based
- Detail on the buyback authorization size and pace vs. SBC dollar issuance going forward
- Whether the recent gross margin compression is structural (infra/CTV) or one-time
- Competitive posture vs. Amazon DSP and Google's DV360 — share gains or losses in latest 10-K commentary
- Kokai (AI platform) adoption metrics if disclosed
At $19.95, TTD's market cap is ~$9.4B against ~$800M of FCF — roughly 12x FCF for a business compounding revenue at ~25% with expanding operating margins and a net cash balance sheet. On headline numbers that is conspicuously cheap for a category-leading platform; the e2e synthesis flagging 'disconnected from fundamentals' is directionally right that price has overshot to the downside versus the operating trajectory. A defensible deserved value for a quality-83 business at this growth and FCF profile sits closer to ~25–30x FCF, or ~$25–$30 per share, implying meaningful but not heroic upside.
The honest haircut: SBC runs ~17% of revenue, so 'real' owner FCF is materially lower than the GAAP/cash FCF print — perhaps closer to ~$450–550M once you treat SBC as the cash compensation it economically is. On that adjusted basis the multiple is closer to ~18–20x, which is reasonable rather than a steal for a business whose growth is decelerating off prior 30%+ levels and whose 'platform monopoly' narrative is being actively tested by Amazon DSP and walled-garden encroachment. Net: there is a real gap between price and deserved value, but it is ~20–30%, not a multi-bagger setup.
Verify before trusting this (5)
- Next-quarter revenue growth — does it stabilize in the 20-25% range or step down to mid-teens
- SBC trajectory — is management guiding to reduce SBC % of revenue or is it sticky at 17%
- Kokai platform adoption metrics and any commentary on take-rate pressure
- CTV ad spend share and any disclosure on Amazon DSP competitive losses
- FY guidance and implied Q4 exit run-rate for FCF