The Trade Desk, Inc. (TTD) 10-Year Financial Performance & Capital Metrics

TTD • • Industrial / General

TechnologyApplication SoftwareMarketing & Customer EngagementDigital Advertising

AboutTrade 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.Show more

Revenue $2.44B +25.6%
EBITDA $515M +83.2%
Net Income $393M +119.7%
EPS (Diluted) 0.78 +116.7%
Gross Margin 80.69% -0.6%
EBITDA Margin 21.05% +45.8%
Operating Margin 17.47% +69.6%
Net Margin 16.08% +74.9%
ROE 15.37% +83.9%
ROIC 18.86% +78.8%
Debt/Equity 0.11 -2.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 29.4%
✓FCF machine: 25.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 29.9%
✓Healthy 5Y average net margin of 13.8%

✗Weaknesses

✗Weak momentum: RS Rating 10 (bottom 10%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y49.26%

5Y29.9%

3Y26.9%

TTM20.82%

Profit (Net Income) CAGR

10Y208.71%

5Y29.41%

3Y41.83%

TTM42.32%

EPS CAGR

10Y-

5Y27.67%

3Y40.71%

TTM41.81%

ROCE

10Y Avg22.93%

5Y Avg10.25%

3Y Avg9.73%

Latest15.21%

Peer Comparison

Digital Advertising

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SEMRSemrush Holdings, Inc.	1.54B	11.88	214.83	22.47%	-1.05%	-1.51%	2.8%	0.05
APPAppLovin Corporation	186.71B	606.99	133.99	43.44%	51.28%	192.05%	1.12%	3.26
DSPViant Technology Inc.	199.15M	11.94	99.50	29.74%	1.85%	2.32%	24.74%	0.09
VTEXVtex	327.46M	3.37	54.01	12.5%	7.03%	6.81%	7.69%	0.01
TTDThe Trade Desk, Inc.	15.95B	36.23	46.45	25.63%	15.72%	16.86%	3.96%	0.11
PUBMPubMatic, Inc.	299.11M	7.84	34.09	9.08%	-2.51%	-2.96%	11.67%	0.16
DVDoubleVerify Holdings, Inc.	1.7B	10.56	33	14.72%	6.1%	4.16%	7.79%	0.08
MTCHMatch Group, Inc.	7.46B	31.60	15.64	3.41%	16.2%		11.83%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	113.84M	202.93M	308.22M	477.29M	661.06M	836.03M	1.2B	1.58B	1.95B	2.44B
Revenue Growth %	1.56%	0.78%	0.52%	0.55%	0.39%	0.26%	0.43%	0.32%	0.23%	0.26%
Cost of Goods Sold+	22.97M	39.88M	66.23M	114.1M	156.18M	178.81M	221.55M	281.12M	365.6M	472.01M
COGS % of Revenue	0.2%	0.2%	0.21%	0.24%	0.24%	0.21%	0.19%	0.18%	0.19%	0.19%
Gross Profit+	90.87M	163.05M	241.99M	363.2M	504.88M	657.22M	974.91M	1.3B	1.58B	1.97B
Gross Margin %	0.8%	0.8%	0.79%	0.76%	0.76%	0.79%	0.81%	0.82%	0.81%	0.81%
Gross Profit Growth %	1.84%	0.79%	0.48%	0.5%	0.39%	0.3%	0.48%	0.33%	0.22%	0.25%
Operating Expenses+	52.89M	105.53M	172.63M	255.87M	392.68M	513.01M	850.1M	1.18B	1.38B	1.55B
OpEx % of Revenue	0.46%	0.52%	0.56%	0.54%	0.59%	0.61%	0.71%	0.75%	0.71%	0.63%
Selling, General & Admin	40.07M	78.22M	119.83M	171.98M	275.93M	346.36M	623.96M	863.14M	968.25M	1.08B
SG&A % of Revenue	0.35%	0.39%	0.39%	0.36%	0.42%	0.41%	0.52%	0.55%	0.5%	0.44%
Research & Development	12.82M	27.31M	52.81M	83.89M	116.75M	166.65M	226.14M	319.88M	411.79M	463.32M
R&D % of Revenue	0.11%	0.13%	0.17%	0.18%	0.18%	0.2%	0.19%	0.2%	0.21%	0.19%
Other Operating Expenses	-3K	0	0	0	0	-305K	-2.78M	0	0	0
Operating Income+	37.98M	57.52M	69.36M	107.32M	112.2M	144.21M	124.82M	113.65M	200.48M	427.17M
Operating Margin %	0.33%	0.28%	0.23%	0.22%	0.17%	0.17%	0.1%	0.07%	0.1%	0.17%
Operating Income Growth %	48.71%	0.51%	0.21%	0.55%	0.05%	0.29%	-0.13%	-0.09%	0.76%	1.13%
EBITDA+	39.81M	61.32M	76.56M	119.14M	133.86M	172.84M	167.04M	168.08M	280.9M	514.66M
EBITDA Margin %	0.35%	0.3%	0.25%	0.25%	0.2%	0.21%	0.14%	0.11%	0.14%	0.21%
EBITDA Growth %	26.57%	0.54%	0.25%	0.56%	0.12%	0.29%	-0.03%	0.01%	0.67%	0.83%
D&A (Non-Cash Add-back)	1.83M	3.8M	7.21M	11.82M	21.66M	28.63M	42.22M	54.42M	80.42M	87.49M
EBIT	31M	46.91M	69.36M	107.32M	112.2M	144.21M	124.82M	113.65M	200.48M	427.17M
Net Interest Income+	-1.14M	-3.08M	-1.7M	333K	4.72M	656K	-1.03M	12.76M	68.51M	78.84M
Interest Income	0	0	93K	333K	4.72M	656K	0	12.76M	68.51M	78.84M
Interest Expense	1.14M	3.08M	1.79M	0	0	0	1.03M	0	0	0
Other Income/Expense	-8.13M	-13.68M	-5.73M	-1.59M	4.02M	-305K	-2.78M	13.72M	67.52M	80.14M
Pretax Income+	29.86M	43.83M	63.63M	105.74M	116.22M	143.9M	122.04M	127.37M	268M	507.3M
Pretax Margin %	0.26%	0.22%	0.21%	0.22%	0.18%	0.17%	0.1%	0.08%	0.14%	0.21%
Income Tax+	13.93M	23.35M	12.83M	17.6M	7.9M	-98.41M	-15.73M	73.98M	89.06M	114.23M
Effective Tax Rate %	0.53%	0.47%	0.8%	0.83%	0.93%	1.68%	1.13%	0.42%	0.67%	0.77%
Net Income+	15.93M	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M
Net Margin %	0.14%	0.1%	0.16%	0.18%	0.16%	0.29%	0.12%	0.03%	0.09%	0.16%
Net Income Growth %	3184.8%	0.29%	1.48%	0.74%	0.23%	1.24%	-0.43%	-0.61%	2.35%	1.2%
Net Income (Continuing)	15.93M	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.05	0.12	0.19	0.23	0.49	0.28	0.11	0.36	0.78
EPS Growth %	-	2.82%	1.38%	0.58%	0.21%	1.13%	-0.43%	-0.61%	2.27%	1.17%
EPS (Basic)	0.02	0.05	0.13	0.19	0.24	0.52	0.29	0.11	0.37	0.80
Diluted Shares Outstanding	497.92M	406.26M	440.56M	457.93M	478.06M	489.88M	498.54M	499.93M	500.18M	501.92M
Basic Shares Outstanding	472.82M	384.09M	402.62M	457.93M	445.33M	462.87M	476.85M	486.94M	489.26M	490.88M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	199.8M	516.4M	765.81M	1.06B	1.45B	2.31B	3.09B	3.85B	4.31B	5.34B
Cash & Short-Term Investments	4.05M	133.4M	155.95M	207.23M	254.99M	624.04M	958.78M	1.45B	1.38B	1.92B
Cash Only	4.05M	133.4M	155.95M	207.23M	130.88M	437.35M	754.15M	1.03B	895.13M	1.37B
Short-Term Investments	0	0	0	0	124.11M	186.69M	204.63M	416.08M	485.16M	552.03M
Accounts Receivable	191.94M	377.24M	599.57M	834.76M	1.17B	1.58B	2.02B	2.35B	2.87B	3.33B
Days Sales Outstanding	615.44	678.54	710.02	638.37	644.01	691.6	616.45	542.99	538.33	497.2
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	0	51.84M	63.35M	84.63M
Total Non-Current Assets+	10.43M	21.19M	31.35M	61.35M	279.54M	443.33M	485.69M	535.06M	574.73M	775.49M
Property, Plant & Equipment	6.63M	14.78M	17.41M	33.05M	237.46M	364.01M	369.95M	394.15M	359.15M	473.09M
Fixed Asset Turnover	17.18x	13.73x	17.71x	14.44x	2.78x	2.30x	3.23x	4.00x	5.42x	5.17x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.69M	2.76M	4.4M	8.1M	9.08M	11.51M	14.33M	18.54M	16.9M	14.62M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	942K	1.88M	6.19M	11.74M	14.05M	17.65M	33.17M	28.34M	43.83M	57.56M
Total Assets+	210.23M	537.6M	797.16M	1.12B	1.73B	2.75B	3.58B	4.38B	4.89B	6.11B
Asset Turnover	0.54x	0.38x	0.39x	0.43x	0.38x	0.30x	0.33x	0.36x	0.40x	0.40x
Asset Growth %	1.06%	1.56%	0.48%	0.4%	0.55%	0.59%	0.3%	0.22%	0.12%	0.25%
Total Current Liabilities+	118.9M	344.14M	518.53M	713.99M	930.37M	1.47B	1.8B	2.03B	2.51B	2.87B
Accounts Payable	108.46M	321.16M	490.38M	669.15M	868.62M	1.35B	1.66B	1.87B	2.32B	2.63B
Days Payables Outstanding	1.72K	2.94K	2.7K	2.14K	2.03K	2.75K	2.73K	2.43K	2.31K	2.03K
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	1.68x	1.50x	1.48x	1.48x	1.56x	1.57x	1.71x	1.90x	1.72x	1.86x
Quick Ratio	1.68x	1.50x	1.48x	1.48x	1.56x	1.57x	1.71x	1.90x	1.72x	1.86x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	52.98M	29.08M	33.05M	9.31M	185.87M	265.82M	246.73M	236.02M	213.63M	289.34M
Long-Term Debt	44.89M	25.85M	27M	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	174.87M	254.56M	238.45M	208.53M	180.37M	247.72M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	8.1M	3.23M	6.05M	9.31M	11M	11.26M	8.28M	27.49M	33.26M	41.62M
Total Liabilities	171.88M	373.22M	551.58M	723.3M	1.12B	1.74B	2.05B	2.27B	2.72B	3.16B
Total Debt+	44.89M	25.85M	27M	0	189.45M	292.43M	284.6M	260.96M	235.89M	312.21M
Net Debt	40.84M	-107.55M	-128.95M	-207.23M	58.57M	-144.92M	-469.56M	-769.55M	-659.24M	-1.06B
Debt / Equity	1.17x	0.16x	0.11x	-	0.31x	0.29x	0.19x	0.12x	0.11x	0.11x
Debt / EBITDA	1.13x	0.42x	0.35x	-	1.42x	1.69x	1.70x	1.55x	0.84x	0.61x
Net Debt / EBITDA	1.03x	-1.75x	-1.68x	-1.74x	0.44x	-0.84x	-2.81x	-4.58x	-2.35x	-2.05x
Interest Coverage	33.29x	18.71x	38.72x	-	-	-	121.18x	-	-	-
Total Equity+	38.35M	164.38M	245.58M	394.57M	612.52M	1.01B	1.53B	2.12B	2.16B	2.95B
Equity Growth %	0.75%	3.29%	0.49%	0.61%	0.55%	0.65%	0.51%	0.39%	0.02%	0.36%
Book Value per Share	0.08	0.40	0.56	0.86	1.28	2.07	3.06	4.23	4.33	5.88
Total Shareholders' Equity	38.35M	164.38M	245.58M	394.57M	612.52M	1.01B	1.53B	2.12B	2.16B	2.95B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	13.1M	-14.82M	35.98M	124.12M	232.44M	474.37M	612.13M	665.51M	196.95M	354.25M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-36.56M	75.03M	31.22M	86.6M	60.2M	405.07M	378.51M	548.73M	598.32M	739.46M
Operating CF Margin %	-0.32%	0.37%	0.1%	0.18%	0.09%	0.48%	0.32%	0.35%	0.31%	0.3%
Operating CF Growth %	-1.46%	3.05%	-0.58%	1.77%	-0.3%	5.73%	-0.07%	0.45%	0.09%	0.24%
Net Income	15.93M	20.48M	50.8M	88.14M	108.32M	242.32M	137.76M	53.38M	178.94M	393.08M
Depreciation & Amortization	1.83M	3.8M	7.21M	11.82M	21.66M	28.63M	42.22M	54.42M	80.42M	87.49M
Stock-Based Compensation	374K	5.06M	21.32M	42.21M	80.76M	111.78M	337.41M	498.64M	491.62M	494.7M
Deferred Taxes	338K	-607K	-1.58M	-5.1M	-10.49M	-31.22M	-16.78M	-11.51M	-61.6M	-76.9M
Other Non-Cash Items	6.68M	12.51M	2.99M	5.02M	22.66M	38.61M	47.57M	47.94M	31.54M	50.38M
Working Capital Changes	-61.71M	33.79M	-49.51M	-55.49M	-162.7M	14.96M	-169.68M	-94.15M	-122.6M	-209.28M
Change in Receivables	-114.17M	-187.74M	-224.64M	-239.9M	-331.37M	-418.05M	-444.34M	-291.75M	-554.01M	-474.23M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	50.02M	209.48M	171.79M	177.68M	191.76M	481.31M	309.41M	187.12M	475.46M	298.92M
Cash from Investing+	-6.38M	-9.22M	-16.06M	-25.19M	-163.84M	-143.27M	-93.64M	-304.37M	-107.59M	-157.51M
Capital Expenditures	-5.13M	-6.88M	-10.11M	-19.8M	-35.69M	-74.06M	-54.8M	-84.16M	-46.79M	-98.24M
CapEx % of Revenue	0.05%	0.03%	0.03%	0.04%	0.05%	0.09%	0.05%	0.05%	0.02%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.8M	-2.34M	-2.95M	-5.4M	-4.91M	-6.05M	-5.17M	-7.72M	-8.23M	-8.82M
Cash from Financing+	29.67M	63.54M	7.39M	-10.13M	27.28M	44.68M	31.93M	31.99M	-626.11M	-107.61M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-293K	-1.14M	7.39M	16.87M	27.28M	44.68M	31.93M	31.99M	20.49M	127.17M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-43.49M	65.81M	18.16M	61.41M	19.6M	324.95M	318.54M	456.85M	543.3M	632.39M
FCF Margin %	-0.38%	0.32%	0.06%	0.13%	0.03%	0.39%	0.27%	0.29%	0.28%	0.26%
FCF Growth %	-1.64%	2.51%	-0.72%	2.38%	-0.68%	15.58%	-0.02%	0.43%	0.19%	0.16%
FCF per Share	-0.09	0.16	0.04	0.13	0.04	0.66	0.64	0.91	1.09	1.26
FCF Conversion (FCF/Net Income)	-2.30x	3.66x	0.61x	0.98x	0.56x	1.67x	2.75x	10.28x	3.34x	1.88x
Interest Paid	895K	1.7M	1.32M	817K	412K	1.55M	518K	995K	967K	986K
Taxes Paid	12.93M	16.74M	19.16M	17.29M	19.73M	4.98M	3.61M	4.21M	151.9M	158.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	52.91%	20.21%	24.78%	27.54%	21.51%	29.81%	10.85%	2.93%	8.36%	15.37%
Return on Invested Capital (ROIC)	57.74%	63.43%	59.98%	52.96%	19.61%	14.05%	9.72%	7.09%	10.55%	18.86%
Gross Margin	79.82%	80.35%	78.51%	76.09%	76.37%	78.61%	81.48%	82.18%	81.21%	80.69%
Net Margin	13.99%	10.09%	16.48%	18.47%	16.39%	28.98%	11.51%	3.38%	9.19%	16.08%
Debt / Equity	1.17x	0.16x	0.11x	-	0.31x	0.29x	0.19x	0.12x	0.11x	0.11x
Interest Coverage	33.29x	18.71x	38.72x	-	-	-	121.18x	-	-	-
FCF Conversion	-2.30x	3.66x	0.61x	0.98x	0.56x	1.67x	2.75x	10.28x	3.34x	1.88x
Revenue Growth	155.54%	78.26%	51.89%	54.86%	38.5%	26.47%	43.11%	31.87%	23.34%	25.63%

Frequently Asked Questions

Valuation & Price

The Trade Desk, Inc. (TTD) has a price-to-earnings (P/E) ratio of 46.4x. This suggests investors expect higher future growth.

Growth & Financials

The Trade Desk, Inc. (TTD) reported $2.79B in revenue for fiscal year 2024. This represents a 6164% increase from $44.5M in 2014.

The Trade Desk, Inc. (TTD) grew revenue by 25.6% over the past year. This is strong growth.

Yes, The Trade Desk, Inc. (TTD) is profitable, generating $438.6M in net income for fiscal year 2024 (16.1% net margin).

Dividend & Returns

The Trade Desk, Inc. (TTD) has a return on equity (ROE) of 15.4%. This is reasonable for most industries.

The Trade Desk, Inc. (TTD) generated $681.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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